LAS VEGAS, NV – According to reports, despite the fact that rental prices for apartments in the Las Vegas area have increased over the past 12 months more than any other major U.S. metropolitan area in the United States, the market is nonetheless still considered by experts as remaining quite healthy and affordable, especially compared to neighboring states such as California.
Experts say that Las Vegas’ prices are still considered a bargain, especially when compared to regions where rental prices have increased to points where the cost of living has become prohibitive. File photo: Pixabay.
In a recently-released Zillow report, the median rent in Las Vegas for all property types was $1,435, which represents a 10 percent jump from the same period one year prior. However, local realtors are disputing this figure, noting that the median rental price is more around $1,100; this price is made possible by the fact that developers have been working long and hard over the past year to construct more apartments and condos to satisfy the rapidly-growing demand for affordable housing options in Vegas.
However, reports note, developers have not quite met housing demands as of yet; Clark County occupancy is currently at 95 percent, which is considered the hallmark of a healthy rental market, and further stability of the market would be ensured if more building was completed.
Experts say that Las Vegas’ prices are still considered a bargain, especially when compared to regions where rental prices have increased to points where the cost of living has become prohibitive, such as Seattle, Washington or California’s Bay Area.
Recognizing Las Vegas’ need to expand its rental options in order to further lower prices, developers have been hiring in droves in order to bolster their workforces; experts note that apartments can’t be built fast enough, and that the market has yet to completely recover from the lack of construction activity that took place in Vegas during the recession, a time when numerous projects where either abandoned or outright cancelled.
Another factor that real estate experts say will be affecting the market in the near future is the impact that professional sports will have upon rentals in Las Vegas; once the Las Vegas Raiders NFL Football team begins hosting home games in the city at the start of their 2020 season, demand for rental units – which are typically cheaper than renting hotel suites for ten or more games per year – will likely increase even more as fans of the team flood the city on a regular basis.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – According to reports, Bleutech Park Properties, Inc. recently announced a truly ambitious project that is slated to break ground in the Las Vegas Valley in December 2019 – Bleutech Park, a so-called “smart mini-city” that will combine cutting-edge tech with new design principles which the developer claims will influence future construction.
Bleutech Park, a $7.5 billion project will feature renewable energy source-powered “net-zero” buildings, cutting-edge tech with new design principles which is expected to influence future construction. Photo credit: Bleutech Park.
Its description certainly makes Bleutech Park sound like something out of “Star Wars,” or “The Jetsons” with the developer noting that the $7.5 billion project will feature renewable energy source-powered “net-zero” buildings, meaning buildings with zero net energy consumption; the total amount of energy used by the buildings on an annual basis will be roughly equal to the amount of renewable energy created on the site, reports say.
In addition, Bleutech Park will have automated multi-functional designs, autonomous vehicles, artificial intelligence, augmented reality, robotics, self-healing concrete structures and more. Environmentally-friendly “green” technology will be at the forefront of design principles, including water purification, energy generation and storage, waste-heat recovery, and more. A network of “supertrees” is slated to help reduce imported water consumption by 95 percent.
With zero carbon emissions the project’s stated goals, according to reports, the outside surfaces of all buildings will utilize photo-voltaic glass, essentially turning them all into giant solar panels capable of generating significant amounts of electrical power.
The project is privately funded and is expected to take approximately six years for construction to be completed; once finished, it will offer mixed-use space combining worker housing, office and retail space, in addition to luxury hotel and entertainment options for residents and guests.
More details on the Bleutech Park project – which is expected to create more than 25,000 jobs – are expected to be announced shortly. But the degree of technology that is being talked about – much of the tech is still early in development, but progressing at a steady pace – could truly make Bleutech Park a beacon for community design for all developers in the future – if the project is successfully pulled off.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
Fed Chair Jay Powell initially did not indicate that there would be any further interest rate decreases in the near future which drew the ire of President Trump, who has been critical of the actions taken by the Federal Reserve. Photo credit: C-SPAN.
WASHINGTON – On July 31, the Federal Reserve cut interest rates by 25 points, making it the first time they have done so since the national recession in 2008. In addition, the central bank also ended quantitative tightening – a process of shrinking its balance sheet – two months ahead of schedule.
The interest rate cut changes the target benchmark rate to a range of 2 percent to 2.25 percent amid concerns of a possible slowing of the nation’s economy, citing “implications of global developments for the economic outlook as well as muted inflation pressures” .
According to a statement by the Federal Open Market Committee, business fixed investment is considered “soft” and inflationary pressures “remain low.” Job gains are considered “solid” by the Fed, with 224,000 added according to the June jobs report; unemployment currently is at 3.7 percent nationally, representing a slight increase.
The consumer market has shown continued improvement, however, with household spending increasing across the board.
Fed Chair Jay Powell initially did not indicate that there would be any further interest rate decreases in the near future, stating that the cut was simply a “midcycle adjustment” and that the economy was not in such a state of slowdown as to make necessary a longer rate-cutting cycle.
Powell’s lack of indication of future cuts drew the ire of President Donald Trump, who has been critical of the actions taken by the Federal Reserve recently as it pertains to the economy.
“As usual, Powell let us down, but at least he is ending quantitative tightening, which shouldn’t have started in the first place – no inflation,” Trump wrote on Twitter. “We are winning anyway, but I am certainly not getting much help from the Federal Reserve!”
….As usual, Powell let us down, but at least he is ending quantitative tightening, which shouldn’t have started in the first place – no inflation. We are winning anyway, but I am certainly not getting much help from the Federal Reserve!
It is perhaps this backlash from the President that caused the Fed to issue a follow-up statement, noting that it will “act as appropriate to sustain the expansion,” and that the committee will contemplate “the future path of the target range for the federal funds rate,” thus leaving the door open for potential future cuts.
Expectations were high in economic markets that the Federal Reserve would be making a 25 point cut, and some were even anticipating a potential 50 point cut.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
Plenty has changed in our local real estate market over the past several years, so we have outlined the steps involved in working with a real estate agent to find the best deal and get an offer accepted on a home. Photo credit ShutterStock.com, licensed.
We’re Here To Help Make Buying Simple
Buying a home can be a complicated at times, especially when dealing with short sales or distressed foreclosure properties. Plenty has changed in our local real estate market over the past several years, so we have outlined the steps involved in working with a real estate agent to find the best deal and get an offer accepted on a home.
At A Glance – The Steps Involved In Buying A Home:
The bullets above are obviously a simple outline of the homebuying process. There is a lot more to know about mortgages, title and escrow, appraisals, home inspections, selecting the right real estate agent, purchasing short sales or foreclosures….
Our goal with this Las Vegas home buyer section is to help prepare you with all of the information you need so that you will have the confidence you need to make an informed decision about the next home you buy in Southern Nevada.
The following tabs on this page break down the details with summaries and links to more comprehensive articles about each one of the steps above.
And please feel free to Call our real estate team at 702-376-7379 if you have any questions about changes in the Las Vegas real estate market or want to tour a few properties you find.
Preparing To Buy A Home
Do you start by contacting an agent or mortgage professional first? Or, is it easier to search for Las Vegas properties online and then contact the listing agent when you have found something you’d like to look at?
Shelter Realty recommends inventing a little time to educate yourself about the homebuying process and the local real estate market before jumping in the car with an agent or sitting down with a mortgage professional to get a pre-qualification letter.
Home Buyer Frequently Asked Questions
The more questions you know to ask about buying a home in Las Vegas, the greater level of confidence you’ll have in making the right decision.
How do I know when I’m ready to buy a home?
Buying a home is a personal decision that should not be taken lightly. Many people purchase real estate to live in when they plan on staying in the same location for more than 5 years. Your estate planner, CPA and attorney are great resources to consult about any potential benefits that you may gain from owning a home.
Factors to consider include monthly payment, down payment, savings over renting vs buying, location and lifestyle.
You should also consider the time you plan on staying in your property before either selling or renting it out and purchasing something new.
Depending on whether we’re in a “Buyer’s” or Seller’s” market may also influence your decision to purchase real estate at any given moment.
What’s the difference between a Buyer’s and Seller’s market?
Simple economics is the rule of thumb here. Everyone wants to “buy low and sell high,” but the truth of the matter is there is no way that can happen for everyone, every time.
Seller’s Market = More buyers than sellers (or available properties)
Buyers Market = More sellers (or available properties) than buyers
When there is limited inventory that multiple buyers are competing for, then sellers generally have the advantage of accepting the most favorable offer they receive. An experienced real estate agent representing a buyer knows how to present attractive offers that may be considered by a seller.
On that note, having a solid loan pre-qualification letter or even a full conditional bank approval before shopping for homes is a wise decision, unless you are paying cash and not interested in leveraging your money with a mortgage loan.
Should I rent or buy a home right now?
This can be a decision based on economics, your personal financial scenario or simply emotion. Renting tends to be a short-term solution, while purchasing real estate has longer lasting benefits or consequences.
If interest rates appear to be moving up along with the price of homes, then securing a lower rate and purchase price now might make financial sense… provided you are considering purchasing real estate in the near future.
However, if you are unsure about your future plans for living or a particular area for the next five years, then you may consider renting.
Most people get in trouble with buying real estate to live in when they let the “investment opportunity” discussion dictate the outcome of this important decision.
If you have decided to stay in one area for a while, and the cost of purchasing is less than renting, then it might be an easy choice to make.
The term “First-Time Home Buyer” is defined differently, depending on which mortgage program or state grant a borrower is applying for. There are many mortgage programs that are tailored to new buyers and endorsed or guaranteed by the government to help increase home ownership opportunities. The U.S. Department of Housing and Urban Development, of which the Federal Housing Administration is a part, defines a first-time home buyer is anyone who has not bought a primary residence in the past three years.
Also considered first-time buyers for the purposes of FHA Loans are single parents and displaced homemakers who have recently returned to the workforce; someone whose primary residence falls short of local or state building codes and cannot be brought up to code for less than the cost of a new home; someone whose home is not permanently fixed to a foundation, such as a mobile home.
How many homes should I preview before I make an offer?
As many as you need. The primary benefit of advanced technology with real estate is that buyers can literally search thousands of available properties online to get a good feel for neighborhoods, market patterns, local amenities, schools… and the list goes on. LOOK to right of this page for a quick drop down of links to pre-defined property searches to get started.
You can also contact our real estate team to customize a no obligation automated search for you that will email you daily or instantly when something hits the market that matches your criteria.
Keep in mind that the Internet cannot replace the experience and knowledge real estate professionals who know the landscape due to the fact that they spend hours and hours a day driving through communities and analyzing important data.
Find a real estate agent or loan officer first?
Both are part of your Real Estate Team, and either should have a trusted source of referral partners that they can introduce you to while you’re in the process of interviewing real estate professionals to help you with your home purchase. If you need a mortgage, then your real estate agent should require you to have a pre-qualification letter prior to scheduling an appointment to preview properties, especially in a Seller’s market.
The benefit of meeting with a mortgage professional ahead of time is that you can discuss various mortgage programs that may require specific language or property criteria that your agent needs to know about. Knowing what size mortgage you can afford will also help your agent research and recommend the right listings for you to preview.
Waiting around for a loan pre-approval letter shouldn’t prevent you from researching the market though. Our website has several options for previewing properties online, and you can also have your real estate agent email you specific homes that meet your criteria.
Yes, you will need to have a pre-qualification letter prior to submitting a purchase offer if the sale of the property relies on you obtaining mortgage financing. Experienced real estate agents (the ones you should be working with) generally require buyers to have that initial prequalification discussion with a mortgage company before getting serious about driving around to look at properties with the intent on making an offer.
However, you can start the conversation with a real estate agent about communities, properties, the market conditions… and so on prior to having that mortgage pre-qualification letter in hand.
The mortgage company plays a major role throughout the entire process and the responsibility for closing on time theoretically rests with their team of processors and underwriters. If the mortgage company has a strong working relationship with the participating real estate agents, then the transactions tend to go more smoothly.
Many home buyers actually start with a mortgage company that they like and trust first, and then ask them for a referral to a few agents that they work strongly with who would be a good fit.
A “Buyer’s” agent represents a buyer in the buyer’s best interest. A “Seller’s” agent represents the seller in the seller’s best interest.
Some buyers feel like they would get a better deal if they work directly with the agent selling the home, but that is generally not the case for the reasons mentioned above.
Since a sales price is negotiated between a buyer and seller, don’t you feel like the seller would have a competitive advantage if they had professional representation in their corner?
It is common that a seller will pay the buyer’s agent’s commission, unless specifically stated in a contract. Also keep in mind that a property should sell at fair market value, which is backed up by the professional opinion of the agent representing the buyer and validated by an appraisal.
Do I need an agent if I’m buying new construction?
It is highly recommended for the reasons mentioned above. The listing agent representing the builder is looking out for the builder’s best interests. Important – If you preview model homes without your buyer agent, then the new home builder may not pay your agent’s commission. This may put you in a situation where you have to deal directly with the builder’s representing agent alone.
Built-in appliances, such as dishwasher, microwave, oven / range, disposal… are considered part of the home. Items such as refrigerator, washer and dryer are the seller’s property, but could be negotiated as part of the sales contract.
Where does my earnest money go?
The Earnest Money Deposit is credited back towards the buyer’s closing costs and/or down payment. Any additional funds are given back to the buyer from the escrow company.
This is a topic to be discussed as part of your mortgage pre-qualification process, which is why it’s important to have the initial conversation with the lender before putting up earnest money and entering into a sales contract. If you can qualify for a new home loan with both mortgage liabilities, then the next question you need to answer for yourself is whether or not you can truly afford both payments in the case that property A doesn’t sell for a while.
Some buyers come up with the idea of buying a second home to live in and then letting the current property go into default / foreclosure. This practice is actually considered fraud and could end very badly.
However, it is an honest challenge that many buyers/sellers face, regardless of which type of market they are in.
If it is easy to sell, then finding a property and getting an offer accepted might be difficult.
On the flip side, in a buyer’s market, it might be easy to find a home and hard to sell.
Work with your real estate agent and lender to strategically plan how to make this transition without breaking the law or putting yourself in a stressful situation.
Will I get a better deal if I buy a short sale or foreclosure?
Maybe, provided your real estate agent knows what they’re doing and how to communicate the obstacles to you. Cash vs Mortgage play a key role in this scenario as well.
Ask your lender about an FHA 203k Renovation loan, which is a special program that allows a buyer to purchase an uninsurable or simply ugly property with as little as 3.5% down and roll all of the upgrades and rehab costs into a 30 year lower interest rate mortgage.
An “uninsurable” property is one that a typical lender wouldn’t finance. For example, a foreclosure where the previous owners literally took the kitchen sink when they vacated the property. Since cash-buyers are primarily the only people who these types of properties are marketed to, the selling prices tend to be lower due to market demand.
Are there benefits to buying in a Home Owners Association HOA?
Yes and No, it depends on your personal opinion based on several factors. HOA’s have several rules and regulations that all homeowners have to follow. There are also extra monthly HOA dues that you’ll need to pay in addition to your mortgage payment, property taxes and homeowner’s insurance. Las Vegas Home Owner Associations do have their advantages with extra amenities, such as gated communities, parks, landscaping…
By including title insurance when purchasing property, your title insurer takes on accountability for legal expenses to defend your property title, should it ever be challenged. Many different occurrences can come into play to warrant the need for title insurance.
The title company responsible will then take on the legal expenses to defend the property for as long as you are in possession of an interest in the property under the title.
If the defense is not successful, you will be reimbursed for any loss of value of the property.
We believe yes, because it will save you money. Some mortgage programs require a home inspection. The home inspection report should clearly identify any potential significant defects, and give the home buyer a realistic estimate of the costs of repairs so that they can be negotiated in an updated purchase contract.
An inspection should also highlight any areas or features that need to be addressed in the near future which may be reaching the end of their useful life span.
When the final closing documents are signed, funds have been delivered from your mortgage company (if getting a home loan) and the deed has been recorded. This process can take anywhere from 10 – 72 hours generally. Weekends, end of the month, acts of God and final mortgage funding conditions can stall this process.
Your lender and real estate agent will be all over everyone to make sure this final step is quick and painless.
You may hear your real estate agent or title company use the following terms throughout your homebuying experience. It is not necessary for you to know how to speak real estate in order to buy a home, but it helps to understand certain things your homebuying team are talking about when they fail to communicate effectively.
Acceptance:
Generally used when a seller accepts the terms presented in a purchase contract offer.
Contingency:
A “Subject To” provision in a purchase contract or mortgage approval that requires more work or documents to be submitted prior to a final decision to be completed.
Due-Diligence:
The period of time described in a purchase contract for the buyer and seller to perform certain duties such as appraisal, loan approval and inspections.
Deed of Trust:
In real estate, a trust deed or deed of trust, is a document wherein specific financial interest in the title to real property is transferred to a trustee, which holds it as security for a loan (debt) between two other parties.
One is referred to as the trustor the other referred to as the beneficiary. In its simplest terms the trustor would be the receiver of money and the beneficiary would be the lender of money. The trust deed document most likely would be recorded (constructive notice) with the County Recorder where the property is located as evidence of and security for the debt.
When the loan is fully paid, the monetary claim on the title is transferred to the borrower by reconveyance to release the debt obligation. If the borrower defaults on the loan, the trustee has the right to foreclose on and transfer title to the lender or sell the property to pay the lender from the proceeds.
Earnest Money:
The deposit money deposited in escrow by a buyer in good faith to secure a purchase transaction.
Escrow:
A third party that holds money or property in trust until a transaction has been complete. There are several uses for the word “Escrow” in the real estate or mortgage process. Closing Escrow describes when a purchase transaction is complete. An Escrow or Impound account involves having your annual property and hazard insurance payments handled by a third party and taken out of monthly installments in a mortgage payment.
Equity:
The difference between a loan balance and a property’s fair market value.
LAS VEGAS, NV – According to reports, the cost of the upcoming and in-progress Las Vegas Stadium – future home of the Las Vegas Raiders National Football League’s (NFL) team come 2020 – has risen beyond previously stated points, with an extra $40 million added to the price tag as the project hits its mid-point. Currently, the new price tag comes in at $1.9 billion, reports say.
Approximately $1 billion has been spent on construction and design work thus far; the stadium is expected to be completed on-time for the start of the Raiders’ 2020 season, at which point the famed NFL team will have transplanted themselves from their current home in Oakland, California. Photo: Manica Architecture.
$750 million of the project’s cost is coming from taxpayer funds. The additional money is said to be going towards new additions to the project, including 20 additional suites and a club area situated at the stadium’s north end. Approximately $1 billion has been spent on construction and design work thus far; the stadium is expected to be completed on-time for the start of the Raiders’ 2020 season, at which point the famed NFL team will have transplanted themselves from their current home in Oakland, California.
The Raiders broke ground on the 65,000-seat stadium on Nov. 13, located on a 63-acre plot of land situated between Russell Road and Hacienda Avenue, west of Interstate 15.
The next phase of construction involves completing the mounting of the stadium’s 26 canopy trusses – three currently remain to be installed – as well as installing the intricate cable steel roofing system, which will support the massive transparent roof that is set to be installed near the end of the project.
In addition, sports and live entertainment venue company AEG Facilities has been hired to run the stadium; in addition to professional and college football games (the University of Nevada – Las Vegas football team will share the stadium with the Raiders), AEG will also schedule other events, such as concerts, Mixed Martial Arts, and more. The company will also be in charge of hiring and training staff for the facility, and running all aspects of its day-to-day operations.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS – Last week, Southern California was rocked by earthquakes as high as 7.1 in magnitude in the Death Valley region, causing a plethora of issues in communities near and far of the affected areas. Luckily, there was no loss of life reported, despite the fact that numerous buildings were damaged and multiple fires started as a result of the intense tremors.
The NFL Raiders football stadium project had recently encountered minor issues when it was discovered several roof trusses did not fit properly, but the issues were not going to create any significant delay in the completion of the project, which is expected to host the Raiders for the start of their 2020 NFL season.
The quakes were felt in Los Angeles, Mexico, and even nearby Las Vegas, Nevada, causing concerns that the currently-ongoing construction of the NFL Raiders football stadium would be affected. However, according to reports, the effects of the quake did not cause any issues with the stadium or any injuries to construction personnel, and progress is such that they are still on track to meet its projected 2020 completion date.
According to reports, the company in charge of constructing the stadium noted that the earthquakes resulted in no injuries and no structural damage whatsoever to the project. The company said the stadium was thoroughly inspected and that all critical structural elements had been examined by an independent testing firm. The fact that the stadium is currently incomplete did afford it an increased level of vulnerability when compared to other structures of his type, but apparently work was of such quality that the stadium was able to absorb the effects of the earthquake with no issues.
As a precaution, work crews concentrated their efforts on ground-level work – as opposed to work higher up – in order to maintain an acceptable level of safety until inspectors had given the green light to resume normal operations. The stadium itself is being constructed with the ability to withstand intense seismic events, which likely figured in to its ability to ride out the California quakes with no damage.
The stadium project had recently encountered minor issues when it was discovered that several roof trusses did not fit properly, but it was noted by the construction company that the issues were not going to create any significant delay in the completion of the project, which is expected to host the Raiders for the start of their 2020 NFL season.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS – Work on the Las Vegas Stadium – the near-future home of the famed Oakland Raiders National Football League (NFL) team – has entered what the reports are referring to as the“most difficult” and “most dangerous” phase of its ongoing construction efforts. Since breaking ground on the new $2 billion, 65,000-seat stadium on Nov. 13, building crews are set to begin elevating 22 canopy trusses – each weighing 65 tons apiece – in order to affix them to the rim of the stadium at its highest points, many of which are as high as 120 feet off the ground.
These efforts require complex and exceedingly precise work between multiple departments involved in the construction of the stadium, such as the engineers, supervisors, iron workers, and more, all while taking into consideration the weather on any given day as rain or even minor shifts in wind velocity can have a major effect when working with the canopy trusses at such heights. Reports note that work can only take place at times when winds are lower than a sustained 17 miles per hour, for example. Regardless, lifting and affixing the canopy trusses will be relatively unique each and every time it is done, with work crews having to take into consideration any number of random variables that may not have been anticipated during the initial planning stages.
In addition, the canopy trusses must be put in place with extreme precision in order to incorporate them into the enormous translucent roof of the stadium, which will enable natural light to permeate the interior in order to give attendees the feeling of being outdoors. The roof is currently slated to be constructed on the floor of the stadium, and once the canopy trusses are in place, the roof will be lifted and affixed to them. Placement of the canopy trusses is slated to be completed by July 31.
Work on the stadium is currently going according to schedule, reports say, with anticipation of the Raiders playing the opening game of their 2020 season there. Anticipation of a major NFL team now calling Las Vegas home has helped to spark the local Las Vegas economy, driving businesses and tourism to the region and greatly increasing the city’s fortunes since its come back from the mid-2000s recession.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS – The Reno, Nevada home of late Stephen Paddock, the individual behind the tragic 2017 Las Vegas shooting that claimed the lives of killed 58 people and wounded 422, has been sold for $305,000 in cash after sitting on the market for the past nine months, according to reports.
The MLS photo for the W Del Webb Parkway home in Reno as it sat for sale.
Northern Nevada real estate agent Margaret O’Neill purchased the two-bedroom property, offering a bid that was $5,000 higher than a couple who were also interested in it. O’Neill was quoted in media reports as saying that her firm will likely attempt to re-sell the home, which is located in a 55-and-older community.
On the night of October 1, 2017, Stephen Paddock opened fire on a crowd of concertgoers at the Route 91 Harvest music festival on the Las Vegas Strip in Nevada. He killed 58 people and wounded 422, and the ensuing panic brought the injury total to 851. Paddock, a 64-year-old man from Mesquite, Nevada, fired more than 1,100 rounds of ammunition from a suite on the 32nd floor of the Mandalay Bay Hotel. The shooting occurred between 10:05 and 10:15 p.m. PDT; about an hour later, Paddock was found dead in his room from a self-inflicted gunshot wound. His motive remains undetermined.
The incident is the deadliest mass shooting committed by an individual in the history of the United States.
According to a court ruling, any money generated via the sale of Paddock’s assets – including this home, as well as a second home he owned in Mesquite that sold earlier this year, both of which were seized by the court and put on the market – will be distributed among the families of the 58 people he is responsible for killing.
The Reno house was initially appraised for $367,000 and listed on the market for $400,000, considered at the time an unrealistic amount due to Paddock’s infamy and it’s expected affect on the home’s real-world value; after no offers were made on the property, the price was lower to $374,900 before eventually selling for $305,000. According to reports, the majority of people who showed up to open houses for the property were there more out of morbid curiosity than any real desire to purchase the house. In contrast, Paddock’s Mesquite house was appraised for $394,000 but sold in January for $425,000 to an Oregon couple.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS – Despite recent reports to the contrary, construction on the upcoming Las Vegas NFL Raiders Stadium – while facing a series of hurdles in recent days – will nonetheless be opening on time for the team’s first pre-season game, slated to take place on August 6, 2020.
According to reports, the Raiders’ construction manager, Jones Lang LaSalle, recently and erroneously told the team’s board that the July 31, 2020 completion date for the stadium has been bumped back to August 4; right afterwards, most major media outlets reported the incorrect news, spreading headlines declaring that the finish of the project had been delayed.
Some of the issues attributed to this alleged delay include issues with the delivery of steel supplies to the construction zone; a real problem, according to officials, but not one that will have any significant impact upon work, they say.
The Raiders broke ground on the new $2 billion, 65,000-seat stadium on November 13, 2017 – a joint-use agreement with the football team of the University of Las Vegas – and the impending arrival of the world-famous footballers has already attracted new businesses and investors to Las Vegas who believe that a local professional sporting team will serve as a massive boon to their bottom lines.
Indeed, this has already been proven to be the case; hotel room tax proceeds for the city of Las Vegas related to Raiders-influenced tourism have exceeded original projections by 0.6 percent, for a total of nearly $94 million through January of 2020, according to reports.
In addition to Raiders Stadium, work is also underway on a $100 million training facility/team headquarters that is located in the vicinity of Henderson Executive Airport. The headquarters will offer 323,000 square feet consisting of advanced training and workout facilities – including three practice areas located outside as well as an indoor football field – in addition to numerous corporate offices to house the team’s management, executives, and other personnel.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS – With the recession over and done with and the real estate market on the mend in a major way, living expenses overall in Las Vegas – particularly rents – have been experiencing a steady climb over the course of the last few years as the improved economy is luring businesses and jobs into the region. Henderson is an especially poignant example of this phenomenon, having been currently ranked by ApartmentList.Com as the city with the fastest-growing rental prices in the United States.
Henderson is the second-largest city in Nevada, and according to reports, it has been experiencing growth in the cost of rental properties that outpaces any comparable city in the country over the course of the past year. The current 2019 monthly rent of an average two-bedroom apartment in Henderson comes in at $1,340, which represents a jump if 3.7 percent over the same period one year ago; the national average rental price, however, only increased 0.9 percent. This cements Henderson as a growing location in terms of demand, but it remains to be seen that, if rent continues to climb at its current rate, if the cost of living will eventually outstrip that demand.
A close contender in terms of rising rents is Las Vegas itself, which currently ranks fifth in the country; a two-bedroom apartment in Vegas will typically set you back $1,160 per month in 2019, which is an increase of 3.1 percent over the same period in 2018. Again, it remains to be seen if these increases will eventually become prohibitive to renters who are looking to get the most for their money in terms of living expenses.
Henderson and Las Vegas are standouts in the sense that, in much of the rest of the United States, rental costs – while also increasing overall – have nonetheless risen at a comparatively much slower rate throughout 2018. Las Vegas’ rental scene has seriously ramped up in recent years, with the area seeing a large increase in development, especially in suburban areas. In addition, investors have been making numerous purchases of apartment buildings, rental complexes, and reduced vacancies – brought on by a large influx if new residents looking for jobs have produced a climate where rents have been rising to the point that some tenants are finding difficult to keep pace with. Work, however, is being undertaken by numerous developers in order to construct new and affordable housing options in order to bring more stability to Southern Nevada’s housing and rental market.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
Matter Real Estate Group Looking to Develop $400M Las Vegas-Based Mixed-Use Project
LAS VEGAS – San Diego-based Matter Real Estate Group recently announced plans to create a $400 million project spanning 40 acres in Southwest Las Vegas. The project, dubbed UnCommons by Matter owner Jim Stuart, is to be a mixed-use development consisting of office, retail, and rental space.
The UnCommons office park, slated to be located at the corner of the 215 Beltway and Durango Drive, will consist of 500,000 square feet of office space, 100,000 square feet of retail space, and 875 apartments, Matter officials said. The development is planned to be designed with ease of access to foot traffic in mind, with early design renders illustrating a variety of walkways situated within a densely built series of buildings offering visitors access to a wide array of amenities, including coffee shops, a food hall, restaurants and live entertainment venues.
Matter is currently in the process of purchasing the land needed for the UnCommons project; currently, the company owns approximately 8 acres, but plans on acquiring the remainder of the property by the start of summer this year, once project plans have been officially approved by Clark County officials.
The southwest valley of Las Vegas is considered a fast up-and-comer in terms of business growth and construction, and UnCommons stands to help that reputation continue to develop. Matter officials have noted that the design approach that their company is taking with the project – especially in terms of office construction – is catered to attract young professionals who expect a little something extra in terms of a modern, exciting, and interesting work environment.
In addition to UnCommons, Matter has unveiled plans to construct multiple warehouses in the Southern Nevada region. These include a 540,000 square foot industrial park adjacent to North Las Vegas Airport, a facility spanning 10 acres in the southwest valley, and a 300,000 square foot Henderson-based development located beside the practice facility of the Las Vegas Raiders NFL team.
Matter is currently in the process of working with borrowing institutions to provide capital for the UnCommons project, as well as courting various companies and retail businesses regarding leases at the office park. There is currently no official timetable for when the project is expected to commence or when the project is to be completed by, but Matter representatives indicated that they are keen to get the ball rolling on the project as soon as possible in order to take advantage of the rapid growth that the southwestern Las Vegas valley is currently experiencing.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
LAS VEGAS, NV – Las Vegas is home to a great many eye-catching structures and oddities, but one of the most remarkable of them isn’t eye catching at all… mainly because it’s located 26 feet underground.
The Underground House at 3970 Spencer St, Las Vegas, NV 89119 (50 photos, link below)
The infamous “Underground House,” originally constructed by Avon founder and subterranean living enthusiast Jerry Henderson in 1979, has been officially put on the Vegas real estate market for a whopping $18 million. That’s quite a mark-up from its previous selling price in 2015 of $1,150,000, but the current owners maintain that the novelty – combined with the sheer expense involved in attempting to replicate the house’s unique design elsewhere – make the inflated price tag well worth it. Henderson allegedly built the Underground House owing to fears over nuclear war or other catastrophes, although modern reports indicate that it would likely provide inadequate protection from a serious nuclear attack.
The above-ground portion of the Underground House – located 2.5 miles from the Las Vegas Strip – looks plain enough upon first inspection, being a simple townhouse that Jerry Henderson’s widow lived her remaining years in upon her husband’s passing in 1983. But delve into the earth below and you’ll discover a vast complex boasting five bedrooms, six bathrooms, and numerous extravagant amenities, all designed with a flashy 1970’s flair that goes the proceedings a distinctively retro-look.
Visitors to the Underground House – with the 15,000 square-foot space accessible via stairs or elevator – will find themselves greeted by a faux “outdoor” yard populated with a grass-colored carpet, artificial trees, bushes, and rocks, as well as murals on the walls and ceilings depicting the sky, horizon, and various bits of country scenery. Lights can be adjusted to represent different times of the day, and twinkling lights in the ceiling represent a starry nighttime sky.
In the center of it all is the house itself, reflecting a 1970’s design sensibility and including an elaborate bar and a kitchen with a vibrant pink color scheme. Glass panel doors, as you would normally see on a typical above-ground house leading into the backyard, separate the interior of the house from the “outdoor” area.
Speaking of the outdoor area, it is replete with a number of perks, including a pool, two hot tubs, a sauna, a dance floor, a barbecue area (complete with a picnic table and chairs), and a four-hole putting green. In addition, there is a separate guest “house” on the “property” for when visitors come calling. Despite the 70’s design aesthetic, prospective buyers of the Underground House will be happy to know that the current owners – the mysterious Society for the Preservation of Near Extinct Species – didn’t skimp on adding modern technological aspects. Climate control is provided by eight heavy-duty air conditioning units, cell phone service is accessible via underground repeaters, and cable TV and Internet are available as well. In addition, the property has a 1,000 fresh water tank as well.
It just goes to show you that just when you think you’ve seen it all in Las Vegas, you only have to direct your gaze downward to find that there’s even more going on beneath the surface.
Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos or rental info? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
