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 Property Management specializes 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 Property Management specializes 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 Property Management specializes 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 Property Management specializes 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 Property Management specializes 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 – Following long-standing reports that the residents of several neighboring states – in particular California – are moving to Las Vegas for its cheaper cost of living, a new development is seeing a large influx of Hawaiian residents now making their way to Sin City as well for more affordable lifestyles as well.

Currently, Hawaiians – who refer to Las Vegas as the “ninth island” – are moving to Southern Nevada to escape the skyrocketing prices of housing on their home state, and when looking at the numbers, it’s easy to see why.

In late 2022, the median price of an average single-family home in Las Vegas was approximately $430,000; in contrast, that price in Hawaii is – for the same type of dwelling – is a staggering $800,000 or higher, a price that is driving out local residents of the island paradise in record numbers.

Scott Suzuki of Ohana Realty – a realtor originally hailing from Hawaii, but now residing and working in Southern Nevada – says that the Las Vegas valley is proving to be the ideal location for his former neighbors to resettle after saying “aloha” to the high prices of their home state.

“The home prices in Hawaii right now…the condos are about $500K and homes could be around $1.1 million,” said Suzuki.

While the median household income for the average Hawaii resident is nearly $90,000, that sum is not matching the rising costs associated with living on the island; meanwhile, the $65,000 that the average Las Vegas resident takes home – while less than Hawaii – is nonetheless far more in line with the local cost of living.

New Las Vegas transplant, Trevis Nishioka, said that he moved from Hawaii recently and hasn’t regretted it due to not being able to afford a residence back home.

“I like Vegas. Vegas is pretty dope. There’s no other place. Vegas is one of a kind,” he said. “We moved here because my wife and i had a family. We wanted our own place. We were living with my auntie and her parents.”

Shelter Realty Property Management specializes 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 on new upcoming Formula 1 headquarters, located near the Las Vegas Strip, officially commenced this week in preparation for the organization’s upcoming Grand Prix race this November, with the esteemed sporting event taking place in a new racetrack – which is currently in development as well – next door.

Currently, building materials are being dropped off at the site of the headquarters and construction equipment such as bulldozers and tractors are excavating land and preparing for the laying of the infrastructure needed to make the project a reality, less than ten months from now.

Upon completion, the Formula 1 headquarters will stand four stories tall and will offer 300,000 square-feet of office space and other facilities; in addition, it will also serve as both start and finish line for the Grand Prix race itself and will offer VIP seating sections where special guests can enjoy the racing action up-close and personal.

Meanwhile, with the impending arrival of the Formula 1 Grand Prix, local Las Vegas hotels and entertainment venues are gearing up for the influx of tourists and out-of-towners who will be making use of their establishments. Indeed, the Grand Prix is anticipated by many to create a large economic boom in Sin City this November.

A major note on the Formula 1 headquarters is that it will be open year-round – and not just during races – and will offer Formula 1-related activities every single day, ensuring that racing fans will be flocking to Las Vegas throughout the year and not just on Grand Prix weekends.

Formula One originally announced in March 2022 that it would hold a 50-lap Grand Prix in Las Vegas in November 2023; the track that is currently in the works will, upon completion, run for 3.8 miles, with racers expected to hit top speeds of 212 miles per hour.

Shelter Realty Property Management specializes 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 – As the real estate marketplace continues to experience a cooldown amid record national inflation, spiking interest rates on mortgages, and skyrocketing home prices, one crafty Las Vegas seller is getting attention for the bold move of listing their house with a starting price of just $1 in an effort to draw more offers. 

In a real estate climate that are seeing more and more homes sitting on the market for extended periods of time when compared to the mid-pandemic housing boom where they were selling hand-over-fist amid fierce competition, sellers are trying to figure out new ways of drawing prospective buyers to their listings. 

And if you’re browsing ads for a new home and notice a residence in the vicinity of St. Rose Parkway and I-15 with an initial asking price of $1, real estate agent Lana Boley wants to assure you that is not a typo. Instead, it’s part of a strategy intended to help move the house quickly for clients who are in a rush to sell in a slow market. 

“It is not a mistake. You basically have to talk to the listing agent and see what’s the highest you could do for that home,” she said. “Sometimes people just need to move to another state, or they have a different situation, and they don’t want to wait for an offer. So if they would like to sell it fast, they could list it for $1, or really, really low, so they could receive several offers and choose the best one.” 

The creative move comes as sellers in Vegas are dropping the prices of their homes after sales have dropped in recent months; according to reports, 2.4 percent of homes for sale in Southern Nevada have actually been “delisted” by their agents in order to wait for the market to recover. 

79 LOCKHEED AVENUE, LAS VEGAS – Accepting Offers

However, Boley noted that this is a sign that what was recently a very strong seller’s market is transitioning into a buyer’s market… albeit slowly. 

“There are a lot of opportunities, especially for the first-time homebuyers,” she said. 

Shelter Realty Property Management specializes 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 “fix and flip” luxury residence located on Boulderback Drive in Las Vegas that was purchased and extensively renovated has now been listed on the open market for a whopping $5.895 million.

Shelly Kramarczuk, principal and owner of SK Design, first noted the home earlier in 2022, and after purchasing the single-story, four-bedroom, 4,832 square-foot property, oversaw a complete transformation of its interior.

Many of the changes in the home made extensive use of Neolith, a type of sintered stone made from three types of natural materials: Glass, Porcelain, and Quartz. The stone puts together the best features of these raw materials, creating a stone that is highly durable, waterproof, scratch resistant, and resistant to UV rays.

1 BOULDERBACK DRIVE, HENDERSON – $5,895,000.00

An entire wall in the home’s great room is completely made up of Neolith, Kramarczuk noted, and influenced her decision to make it a common design motif throughout.

“It transformed the entire feeling of the home. I am in love with the Neolith product line. It’s so rich in its look and appeal,” she said. “I immediately saw it in my mind when I first entered the home. I had a vision of re-slabbing it to transform the feeling of the home, so that is where I started.”

The great room Neolith wall features a 98-inch television with an integrated sound system and a 100-inch Dimplex fireplace – with the components are built into an AV media wall box behind the television – all of which have been incorporated seamlessly into the structure.

Kramarczuk added a number of other elegant design aspects into the home over the course of its 5-month renovation process, including a $70,000 custom Bocci chandelier hanging over the formal dining table, floor-to-ceiling glass throughout much of the residence, dual contrasting waterfall islands with quartz countertops in the kitchen, and much more, creating what Kramarczuk referred to as a “timeless, organic-modern aesthetic.”

“Boulderback is a special property,” she said. “The floor plan is functional, with four bedrooms and flex rooms that can be customized to the buyer’s interests and needs.”

Shelter Realty Property Management specializes 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 a newly-released report, the housing market in Las Vegas is continuing to show signs of cooling, with prices – although still relatively high – dropping from September to October amid slowed activity brought about by high inflation and mortgage rates.

In October, the median price for an existing single-family home sold in Southern Nevada was $440,000, which represents a 2.2 percent decrease month-over-month from September, when that price was $450,000.

October’s drop was the fourth time in five months when home prices in Vegas have lowered from the previous all-time record for the region, which hit a whopping $482,000 in May of this year. Regardless, the median price for an existing single-family home in October was still up 7.3 percent from the same period of time in 2021.

Meanwhile, prices of townhomes and condominiums in Southern Nevada also dropped last month, although not to the degree of houses. In October, the median townhome and condo price was $266,000, a decrease of 1.5 percent from September but an increase of 12.7 percent from October 2021.

Brandon Roberts, president of Las Vegas REALTORS®, said that ever since the Federal Reserve began jacking up interest rates in an effort to curb national inflation, it has had a correspondingly harsh effect upon real estate, even in strong markets such as Nevada.

“Ever since mortgage interest rates started rising this summer, we’ve seen the housing market cool down,” he said. “Prices have been going down slightly since we hit our all-time peak in May. We’re seeing more homes on the market, and fewer homes are selling. Through October, local home sales are down about 22% from this time last year.”

In October, 2,192 homes, condos and townhomes were sold in Las Vegas, which is a drop of 44 percent year-over-year for homes and 41.9 percent for condos and townhomes, respectively.

Shelter Realty Property Management specializes 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 real estate in Las Vegas – along with the entire country – has been facing a recent slowdown amid rampant inflation, high prices, and increasing mortgage rates, one aspect of the market has not only endured, but has actually continued to flourish- Southern Nevada’s warehouse market.

In October, newly-built industrial park SunPoint West sold for $143 million to German asset manager DWS Group. What was especially notable about the sale was that before the construction on the facility was even completed in September, it had already been fully-leased by tenants.

SunPoint West represents just one of a series of new warehouses near North Las Vegas Airport that are being snapped up as quickly as they are being built. The faciltiy’s developers, SunCap Property Group and Diamond Realty Investments, originally announced plans for the facility in 2021 as a six-building project spanning nearly 40 acres and covering approximately 730,770 square feet.

While demand for industrial real estate in Las Vegas grew quickly in the last few years, it only increased more during the COVID-19 pandemic and hasn’t let up since; greatly heightened public reliance on internet-based shopping paved the way for a much larger need for distribution facilities, with Southern Nevada proving to be extremely valuable in that regard.

Currently, industrial vacancies in the region are at record-lows, and rents are correspondingly rising higher and higher, with more and more landlords purchasing buildings and developers announcing new projects, with the main focus being placed on North Las Vegas.

Much like the home-purchasing frenzy in Vegas during the pandemic when buyers were often over-bidding and closing on houses sight-unseen, it’s now become fairly common within the last several years for industrial facilities to be fully-leased before construction on them has even been completed, with demand currently outstripping supply.

Essentially – despite the overall hurdles facing the real estate market currently – developers in Las Vegas seemingly can’t build industrial and warehouse space fast enough.

Shelter Realty Property Management specializes 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 – Plans for a massive resort and casino on the famed Las Vegas Strip submitted by Houston, Texas-based billionaire businessman Tilman Fertitta have been approved by the Clark County Commission, paving the way for work on the luxury establishment to begin in the near future.

Fertitta’s currently-unnamed resort is slated to be constructed upon a 6.3-acre plot of land located on the east side of Las Vegas Boulevard South and Harmon Avenue near the Planet Hollywood Resort and Casino. When completed, the resort will have an impressive 2,420 rooms spread out over 42 stories, in addition to a 2,536 seat theater and an on-site multi-story parking garage as well.

Clark County records indicate that the resort will also include retail space, indoor and outdoor restaurants, an extensive 37,000 square-foot spa and fitness center, 91,000 square-feet of convention space, business offices, a wedding chapel, and even an auto showroom.

Fertitta – owner of Fertitta Entertainment Incorporated – reportedly paid the sum of $270 million in June for the parcel of land that the establishment is to be built upon. No stranger to hotel-casinos, Fertitta is also responsible for the Golden Nugget Las Vegas as well as gambling venues in New Jersey, Louisiana, and Mississippi.

Rebecca Miltenberger, a lawyer from the Las Vegas law firm Brownstein Hyatt Farber Schreck LLP that represents Fertitta Entertainment Incorporated, recently laid out the approximate timeline for completion of the project for Clark County Commissioners.

“We are very excited to bring this project to fruition over the next two years,” she said.

Despite nationwide inflation reaching levels not seen in 40 years, large-scale construction projects are still making major progress in Las Vegas, with multiple venues currently in the works, including entertainment, gambling, and medical complexes, which have all begun to spring up en masse in the wake of the COVID-19 pandemic.

Shelter Realty Property Management specializes 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.