LAS VEGAS, NV – After holding steady for several months, the prices of homes in Las Vegas finally began to rise in April, even as sales of homes continued to dip amid rising inflation and high rates on home mortgage loans.

According to a new report released by Las Vegas Realtors, in April the median price for an existing single-family home in Southern Nevada was $430,000, which represents a 1.2 percent increase from March, at which time the median price was $425,000.

Despite the price finally rising after several months of meaning flat, that number nonetheless remains well below the same period of time in April 2022, when the median price was $475,000.

When it comes to condominiums and townhomes, April’s medium price was $270,000, which is a 3.8 percent increase over March but still down 1.8 percent year-over-year.

Lee Barrett of Las Vegas Realtors said that Southern Nevada is beginning to experience what many cities across the country are: a recent downturn in the housing market after several years of rising prices and prosperity. However, the uptick in prices in April indicates that the market is on the verge of bouncing back yet again.

“With local home and condo prices rising slightly from the previous month, this may be another indication that we are either at or maybe even past the bottom of this cycle,” Barrett said. “Until April, local home prices hadn’t really changed since December. It had been more than four years since local home prices stayed flat for that long.”

Approximately 2,500 existing homes, townhomes, and condominiums were sold in Las Vegas in April; that number represents a 34.6 percent decrease for homes year-over-year, and a 31.1 percent decrease for condos and townhomes.

There were 3,737 single family homes listed for sale in Southern Nevada without any offers at the end of April, an increase of 53.1 percent from the same period of time one year prior. Meanwhile, there were 964 condos and townhomes without any offers, which is a 90 percent year-over-year increase.

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 – After initially announcing a deal in late April to purchase property off of the Las Vegas Strip in order to construct a $1.5 billion ballpark, the Oakland Athletics MLB team – who are following the NFL Raiders in uprooting and transplanting themselves from California to Nevada – reversed themselves this week and announced they have instead reached an agreement with Bally’s Corp. to purchase land currently occupied by the Tropicana Resort & Casino, where they will now construct their new baseball stadium.

The new home of the Athletics’ will now be on a nine-acre plot of land situated on the 35-acre Tropicana site, located at Las Vegas Boulevard and Tropicana Avenue. Currently, the plan is to demolish the Tropicana to make way for the A’s stadium and to build a new 1,500-room hotel and casino on the remaining acreage.

The A’s home stadium is slated to take the form of a 35,000-seat retractable roof stadium, with the project currently pending the passing of state legislation for public financing. Once the monies are obtained, full development of the ballpark would be in the hands of Bally’s, according to the company’s president, George Papanier.

“We are honored to have been selected to partner with the Oakland Athletics on this monumental step in helping to bring Major League Baseball to the great city of Las Vegas,” Papanier said. “To be a part of the once in a generation opportunity of having a professional baseball team located within a short walk of the Las Vegas Strip.”

Papanier noted that the development of the A’s new stadium would be steeped in the long-standing history of the site on to which it is to be erected, becoming an iconic landmark in the city of Las Vegas on par with the Tropicana itself.

“The Tropicana has been a landmark of Las Vegas for generations, and this development will enhance this iconic site for generations to come.” he said. “We are committed to ensuring that the development and ballpark built in its place will become a new landmark, paying homage to the iconic history and global appeal of Las Vegas and its nearly 50 million visitors a year.”

The project is expected to cost $1.5 billion.

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 – A new report released by a national moving company indicates that Las Vegas, Nevada currently ranks as the second-highest location in the United States that both people and businesses are moving to.

In its 13th annual top moving destinations list, Penske Truck Rental noted that – for the second year running – Las Vegas was the second most popular city for customers to rent its moving trucks for a one-way trip in 2022, indicating that these travelers were intending to stay at their destination permanently.

Houston, Texas topped the company’s list as the country’s most popular one-way moving destination for the second year in a row. Third, fourth, and fifth places were held by Orlando, Phoenix, and Atlanta – the city’s first appearance on the list since 2020 – respectively.

In 2022, approximately 27.3 million people moved in the United States according to the U.S. Census Bureau, representing a 4 percent year-over-year increase.

In recent years, Las Vegas has been experiencing a great influx of new residents from neighboring states such as California who are looking to escape high taxes and exorbitant cost of living increases; a new report also indicates that more and more individuals from a wholly unexpected state – Florida – are also making the decision to relocate to Southern Nevada as well, for a variety of reasons.

One of the reasons that Southern Nevada is growing in popularity with Floridians, reports say, is that it offers the same business-friendly environment as their native state – as well as similar low cost of living benefits – but without the regular threat of natural disasters such as hurricanes and tropical storms threatening both property and well-being.

The fact that Las Vegas has slightly cheaper real estate prices overall when compared to Florida – allowing new transplants to get more bang for their buck – is another strong motivating factor, according to experts.

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 – While the housing market in the United States is currently experiencing a slight uptick, the scene in Las Vegas is being described as “flat,” bucking the current trend for the rest of the country. However, according to experts, the situation in Southern Nevada may actually be considered a positive development overall for a number of different reasons.

The national median home price for a single-family home in February, according to reports, was $293,170, which represents a small increase from January’s amount, which was $292,611; February was the first time that the median home price increased month-to-month nationally after dropping from $308,336 in June 2022.

The prices of homes in Las Vegas, however, are bucking the upward trend that the rest of the country is showing, but only to a slight degree. According to Las Vegas Realtors (LVR), median price of a single-family home in March 2023 remained relatively unchanged since December 2022, when that number hit $425,000; this represents the first time since 2018 that prices in the region remained flat for this amount of time.

However, the hardiness of the market in Las Vegas – as illustrated by the fact that prices are currently neither rising nor falling, in contrast to the rest of the country – is a positive development, according to LVR president Lee Barrett.

“Flat is stabilization. Conditions of the market are stabilizing. The consumer is getting used to interest rates,” he said. “The seller is getting used to pricing that is not the same as it was in April of 2022 where they could ask 20, 30, 40, 50-thousand dollars for the property and people were wanting to pay it because of the shortage of inventory.”

Local Las Vegas real estate agents have noted recently that buyers are becoming less and less deterred about the current high interest rates on mortgage loans, noting that while rates are hovering around 7 percent, business has continued to be brisk, especially as a result of the influx of buyers from states such as California, Illinois, and Florida.

But while the Las Vegas real estate market is showing a degree of stability the rest of the nation is lacking, experts are predicting that home prices across the country could decline by as much as 5 percent in the second half of 2023, which could contribute to a recession; only time will tell if this becomes the case.

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 – With baseball season in full swing, we have already seen several interesting storylines. However, the one that has generated the most buzz doesn’t have much to do with the game itself. Instead, it has to do with the relocation of the Oakland Athletics to Las Vegas.

In a move that shocked most of the baseball world, the Athletics agreed to a contract with the city to allow them to build a new stadium just west of the Las Vegas Strip. While this is good news for sports fans in the area, it could also have a tremendous impact on the surrounding real estate. 

According to Nicholas Irwin, an Assistant Professor of Economics at UNLV, adding a new professional sports team to the area would cause the land nearby to be worth more. However, Irwin did have the following to say about the advantages and disadvantages of the Athletics coming to town:

“If land prices do go up, it would push some people out of the area. It could lead to more commercial activity in the area as well. You never really know what type of impact it will have on the city as a whole until it comes in and you see the aftereffects.”

While many residents are excited about the news, there is one thing many people are worried about — traffic. The traffic situation in Las Vegas is already stressful for many tourists, and a bad situation could worsen with the addition of the baseball team. 

County Commissioner Jim Gibson stated that his team plans on reviewing all transportation options to ensure the city is prepared for the influx of visitors and fans. 

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 – Members of the Nevada state legislature are currently mulling over legislation that, if passed, would institute a ceiling on the amount that landlords could increase the rent of their tenants, with the cap tied to the local cost of living index for the rental unit’s surrounding area, a number that would be determined by the Nevada State Housing Authority.

In addition, the legislation in its current form would also mandate that landlords would be prohibited from imposing any rent increases upon a tenant during the first year they inhabit the unit in question. 

The bill – authored by Nevada State Senator Pat Spearman – also includes language that would officially declare a housing crisis in the state if it were passed.

“A minimum-wage earner would need to work 62 hours to afford a studio apartment,” Senator Spearman said to the Senate Commerce and Labor Committee last week, adding that women and people of color are disproportionately affected by the affordability gap when it comes to housing options.

Senator Spearman also noted that approximately 30 percent of single-family homes in Nevada are currently owned by investors.

While several groups have come out in support of Spearman’s legislation, there is also a fair amount of opposition to it as well; State Senator Jeff Stone – who rents out properties himself – expressed concern over a clause in the bill that pertains to the degree of profit a landlord can gain from their rental units.

“How do you define reasonable return on investment, when there are so many variables that different landlords have to contend with?” Stone asked, who said that simple mom and pop landlords – among whose number he counts himself – to be disproportionately affected if this bill is passed in its current form.

“To create all these bureaucratic pathways that I have to go through to justify what I can charge a tenant, not to charge 5 percent when inflation is 8.5 percent, you’re already requiring landlords to take a 3.5 percent hit,” Stone said.

Stone said another clause in the bill governing new construction does not do enough to incentivize new housing developments and only offers an advantage to large-scale investors.

“You are going to hinder investment,” he said. “And if you hinder investment, it’s going to exacerbate the supply and demand issues that we have here in Nevada.”

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 – Elon Musk’s The Boring Company has announced their proposed plan to increase the size of their Las Vegas Loop – the underground transport system they constructed underneath the city – by approximately 50 percent, representing a grand total of 65 miles. This is provided that local officials approve the plan, which seems likely given the project’s initial success so far.

The Loop is comprised of a series of underground tunnels, dug by The Boring Company, that currently ferries people back and forth to the Las Vegas Convention Center in a series of Tesla automated electric cars in approximately two minutes each way. Normally, the route would take an average of 30 minutes for a person to walk on their own.

The Boring Company had previously stated they plan on expanding the tunnel system, with plans for new people mover routes to various area resorts and the airport having already been submitted to city officials.

The proposed additions would be comprised of a series of crisscrossing tunnels underneath the streets of the city that would enable passengers to travel to casinos, retail areas, the University of Nevada Las Vegas campus, and even residential areas. If approved by city officials, the Loop network would expand to 69 stations and a total of 65 miles of tunnels, as well as an additional undetermined number of Tesla vehicles to navigate them.

If the plan comes to fruition, a Loop station would conceivably be located within a few blocks of almost anywhere in central Las Vegas, Including stations adjacent to the University of Nevada, Allegiant Stadium – home of the Las Vegas Raiders NFL team – as well as Harry Reid International Airport.

There would also be an additional tunnel added that would run parallel to the Las Vegas Strip with several stations throughout its length, which could conceivably offer a high-speed express route joining the North and South sections of the city; currently, a similar tunnel connects the east and West sections.

he city of Las Vegas has not yet commented on the proposed additions to the Las Vegas Loop.

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 – Construction of the greatly anticipated Dream Las Vegas hotel-casino project has been “fully stopped” after developer Bill Shopoff revealed this week that his funding has temporarily dried up, leaving him owing approximately $25 million to $30 million for work on the resort.

Despite the whopping debt he owes currently, Shopoff – President and CEO of Shopoff Realty Investments – is insisting that the project is only briefly halted, and that work will resume “once the terms of the financing are finalized.”

Work has fully stopped at the site, other than anything required for safety,” Shopoff said.

Construction on Dream Las Vegas broke ground on Las Vegas Boulevard last year and is slated to take a different approach from the massive mega-resorts that the city is known for, offering a “smaller, boutique-style experience.”

Shopoff – along with his partner in the project, Contour CEO David Daneshforooz – said that he is in “active” discussions with his lender, and that he anticipates the kinks in his funding to be worked out within the next month or so.

“Clearly, we’re delayed on getting some financing,” he said, explaining that some of the issues regarding Dream’s funding are tied to skyrocketing loan interest rates caused by the record-high inflation plaguing the country.

Currently, the budget for Dream is in the neighborhood of $550 million to $575 million; until now, Shopoff and Daneshforooz have been paying for its development with cash out of their own pockets, and are currently negotiating with their lender for a $400 million plus loan.

Development for Dream is being spearheaded by contractor McCarthy Building Companies, whom Shopoff insisted will be paid and will continue work on finishing the 531-room hotel-casino.

Obviously people want to get paid for their work, and we want them to be paid,” Shopoff said. “They will be paid, and the project will get built.”

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 – While Las Vegas has been seeing a great influx of new residents in recent years from neighboring states such as California who are looking to escape high taxes and exorbitant cost of living increases, a new report indicates that more and more individuals from a wholly unexpected state – Florida – are also making the decision to relocate to Southern Nevada as well, for a variety of reasons. 

In 2022, approximately 5 percent of new residents in Las Vegas were transplants from Florida; while far less than the 38.3 percent that had relocated from Florida that year, it nonetheless represented a higher-than-average amount than from other regions, the first time this has been the case. 

According to Zar Zanganeh, a managing partner with The Agency in Las Vegas, one of the reasons that Southern Nevada is growing in popularity with Floridians is that it offers the same business-friendly environment and low cost of living benefits, but without the regular threat of natural disasters such as hurricanes and tropical storms threatening both property and well-being. 

Lots of people on the East Coast automatically think of Florida when they’re looking for a friendly business environment and no state income tax,” he said. “Some of them start to explore other places if they aren’t sure they want to stay in Florida and discover that Nevada offers the same financial benefits as Florida.” 

The big benefit of Las Vegas compared to Florida and other places is that there are zero natural disasters here,” Zanganeh continued. “No hurricanes, no earthquakes, no tornadoes, no landslides and no wildfires.” 

Some local realtors are also reporting that a number of former Las Vegas residents who moved to Florida actually started moving back to Sin City after the highly-destructive Hurricane Ian hit the Sunshine State in late 2022. 

And finally, another draw for Floridians is the fact that Las Vegas has slightly cheaper real estate prices overall, Zanganeh said, allowing new transplants to get more bang for their buck. 

“There aren’t as many multimillion-dollar condos in Las Vegas as there are in places like Miami,” he said. “Our prices in the luxury market average around $1,000 per square foot, but some are well over $2,000 per square foot. Dollar for dollar, our prices are a little better than Florida, but usually luxury buyers are making a pretty equal trade.” 

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 – The luxury real estate market in Southern Nevada recorded its top transaction in January when Mark Davis, owner of the Las Vegas Raiders NFL team, sold his Summit Club condominium for an impressive $10.5 million.

Davis’ condo was built in 2021 and comes in at 2,662 square feet in size, with two bedrooms and three baths; reports say that he sold the dwelling in order to live full-time in his upcoming $14 million home at 77 Sunset Strip in the Henderson hillsides of Ascaya.

Previously, Davis has purchased a 1.21-acre lot in Summit Club for $8.5 million in 2017, but instead of building a home as was his original intention, he instead sold the lot for $10.5 million in July 2020, stating at the time that he had changed his mind because – part-way through the design process – he realized he would be unable to see the Raiders’ Allegiant Stadium, which was “starting to drive me crazy,” Davis said.

The Ascaya residence is currently under construction by luxury builder Blue Heron on a 6.3-acre plot of land that Davis purchased for $6 million.

Overall, 75 homes in Las Vegas and its surrounding areas worth at least $1 million or more sold in January; this eclipses the 71 sales the luxury market saw in November and 67 in December, but still a far cry from the eye-opening 122 closings in January 2022 and 86 closings in January 2021.

In addition, January saw five sales of properties that were valued at $5 million or more; Davis had originally listed his condo for $13.5 million after having paid $5.3 million for it in March 2021.

Coming in second for January’s luxury sales after Davis’ condo is a home on Flying Cloud Lane in Azure at The Ridges in Summerlin for $8.2 million; the 9,930 square-foot residence features five bedrooms and a five-car garage.

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 – After months and months of skyrocketing rent increases that drove very real affordability concerns, the rental market in Las Vegas has finally begun to show signs of stabilizing in a positive manner.

While units are still being leased at a healthy rate in Vegas and landlords are still purchasing buildings and developers are constructing new projects, rent increases have been dialed back and tenants have even begun to negotiate rental rates once again, a tactic that was pretty much nonexistent for the past couple of years, experts say.

Whereas rent hikes of anywhere from $200 to $1,000 were the norm during the pandemic, increases as of late appear to be “on hold.” At the end of 2022, the average monthly rent for a Southern Nevada apartment was $1,422, a decrease of just one percent year-over-year; in contrast, rents in Vegas jumped a whopping 22 percent in 2021.

This echoes the real estate situation throughout the United States, which overall reported three months in a row where rents either held steady or even decreased, indicating that there is some degree of breathing room in the market these days.

In addition, with the national economy currently in rough shape – along with a looming recession – people have been leery about the idea of moving, resulting in more rental units sitting empty for longer periods of time. For example, in early 2022 Las Vegas rental properties would last on the market no more than 14 days; today, that average is closer to 30 to 45 days.

The rental market in Las Vegas exploded during the pandemic as tenants – including an influx of new residents to the city – looked for more space amid widespread work-from-home arrangements. Investors sat up and took notice, purchasing 199 apartment complexes in Southern Nevada in 2021, and twice the number in 2020.

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 – After months of record-breaking increases, the red-hot housing market in Las Vegas began to slow down in late 2022, and according to newly-released figures, that trend is continuing into 2023, with home prices holding steady so far in the New Year.

In January, the median sales price of previously owned single-family homes in Las Vegas was $425,000, holding at the exact same price they were in December 2022 and representing a 2.3 percent drop overall year-over-year.

In January, 1,325 homes were sold in Vegas, which is a decrease of 13.6 percent from December 2022 and 48.3 percent from January 2022, respectively.

In addition, the inventory of available homes has also swelled in Vegas, with a total of 5,450 houses on the market without offers at the end of January; this is a drop of 12.3 percent from December but an increase of 199.3 percent – yes, you read that correctly – from the end of January 2022.

One of the main reasons for the real estate slowdown in Vegas is one that it shares with the rest of the country: mortgage rates, which have increased as of late due to the Federal Reserve raising interest rates several times last year in order to combat rising inflation.

After a significant period of time during the COVID-19 pandemic where the Las Vegas real estate market was on fire – with ever-increasing prices and low inventory being the norm – experts such as Las Vegas Realtors President Lee Barrett have correctly predicted that the market would stabilize as national inflation and mortgage rates have increased.

With higher borrowing costs buyers have pulled back, but lowering mortgage rates as of late may yet spark home sales once again.

“What a difference a year makes,” Barrett said. “After seeing mortgage rates rise for several months, rates settled down recently. We’re still seeing more homes listed for sale and fewer people buying — especially when you compare what’s happening now to where we were a year ago.”

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.