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 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 – 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 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 holding steady for months amid lowering home and condo prices due to the nation’s inflation and rising mortgage interest rates, prices of luxury homes in Las Vegas have finally begun to feel the sting as well, with September representing their first decrease in value since January 2021.

However, experts are saying that this lull is only temporary, with values are already starting to pick up once again as October nears its end, proving that despite the nation’s economic woes having a very real negative impact upon the housing market, luxury homes remain very much in demand.

In Las Vegas during the month of September, reports indicate that 99 homes with a value of $1 million or more were closed upon, a 1.5 percent decrease from August; this is the lowest number since January 2021, when 86 closings of homes in this value range.

The all-time record for the Vegas luxury marketplace, in contrast, was 218 closing in April 2022; this was followed by 178 luxury closings in May, 156 in June, 106 in July, 118 in August, and 99 in September.

But real estate experts say that, despite the dip in September, the market appears to already be bouncing back, with 164 pending deals in-place at the start of October, representing a significant uptick from the month before.

Experts are attributing the lower-than-expected sales of luxury homes in Vegas in September to increasing national mortgage rates – which currently sit at 6.94 percent and rising – which has fueled the highest rates on 30-year fixed-rate home mortgages in 20 years.

In addition to pricing some buyers out of the market, the inflated interest rates have also caused a slowdown of sales due to some sellers now taking a “wait-and-see” approach to listing their properties until interest rates go back down and the market improves.

However, the Vegas luxury market is less affected by these factors, experts say, due to the fact that a few interest points more or less may not dissuade individuals with the significant buying power and net worth from purchasing homes sooner rather than later, as opposed to middle-to-lower-class buyers who not might want, but need – to wait.

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 – As Las Vegas’ real estate market begins to cool down overall amid rising mortgage rates and record inflation nationwide, the massive rent increases tenants have been seeing have started being walked back recently.

While the average rent in Las Vegas in August was approximately $1,890 – representing an 8 percent jump from the same period of time in 2021 – it’s a far cry from the whopping 25 percent increase rents experienced from August 2020 to August 2021, reports say.

So, while rents are still going up in some instances, the degree of which – with the amounts being called “unsustainable” in the long run by experts – appear to be slowing down significantly, and in some cases going down slightly.

According to Susy Vasquez, interim executive director of the Nevada State Apartment Association (NVSAA), part of that reason is the overall change of the rental market in Las Vegas when compared to last year.

While still a popular destination for many transplants from elsewhere in the country, Vasquez notes that the overall the number of people moving to Southern Nevada is lowering and, due to high prices, more rental units are sitting on the market for longer periods of time. As a result, some landlords are offering various concessions to prospective tenants, such as lowered rent.

But despite these changes in the market, experts say that demand is still “very high” when compared to most other places in the country – due to the still-relatively low cost of living and booming job market – and the current high cost of homes is driving many to rentals until prices come down.

Renting in Southern Nevada is expected to further stabilize in light of a $500 million affordable housing plan launched by Governor Steve Sisolak in early 2022, which would provide funding for initiatives such as new multifamily development, rehabilitation and preservation of existing properties, land acquisition for new construction, and homeowner financial assistance.

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 – As the Federal Reserve continues to raise interest rates in an attempt to curb the 40-year high inflation that has been holding Americans in its crushing financial grip, home mortgage interest rates have been correspondingly raising along with them, hitting 6 percent last Thursday for the first time since the housing market crash of 2008.

The loss of the cheap money that was fueling the nation’s home-buying frenzy during the COVID-19 pandemic has resulted in an overall slowdown of the market, both in Las Vegas and nationwide, as prospective buyers have been putting the brakes on their house hunting and sellers – who lately have been lowering their asking prices after seeing them skyrocket for the past year – have seen offers dwindle.

Last Thursday, the average rate on a 30-year home loan reached 6.02 percent – the highest level since November 2008, which was 14 years ago – up from 5.89 percent last week and 2.86 percent at this point in time one year ago.

For the past year, home prices and demand in Southern Nevada have surged, breaking records on a monthly basis; however, as inflation has gradually increased along with mortgage rates, the market in Las Vegas has shown some distinct signs of slowing down. Nonetheless, numbers still remain at higher levels than last year, and higher than average for the U.S. overall.

At the end of August 2022, there were almost 8,000 pre-owned houses on the market without offers, representing a 146 percent increase over August 2021; the median sales price of these homes was $450,000 in August, down 3.2 percent, or $15,000, from July, but still 11 percent higher than they were year-over-year. Nonetheless, August was the third month in a row that home prices in Southern Nevada have decreased, following a hot streak where they failed to drop for nearly two years.

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 home of the NFL’s Las Vegas Raiders, Allegiant Stadium, is due to receive a new neighbor on Las Vegas Boulevard in the form of a new hotel in order to give the hundreds of thousands of individuals who travel to Southern Nevada per year to watch the pro football team’s games a nearer place to stay.

In 2021 over 1 million sporting fans flocked to Allegiant Stadium, and out of that impressive number, approximately 500,000 of them were visitors from out-of-state. Therefore, after proving to be such a draw as the nation emerges from the COVID-19 pandemic, real estate firm New Angle Development got the bright idea to propose the development of a new hotel right next to Allegiant to give visitors the opportunity to stay as close as possible to the Raiders’ home base.

The currently unnamed project, whose plans have already been submitted to Clark County officials, will take the form of a $275 million, 19-story, 340-room establishment that will be loaded with the high-quality amenities that would be expected of any hotel located on the famed Las Vegas Strip, including a restaurant, spa, pool bar, rooftop bar, ballroom and meeting space.

Clark County Commissioners are scheduled to review the project plans on October 4, 2022; if approval is granted, New Angle Development has stated they expect the project’s groundbreaking to take place in early 2024.

Approval for the project is expected to be granted provided there are no unexpected hurdles, as Clark County’s Comprehensive Planning Department has been quoted as saying that the site chosen by the developer for this hotel would be “ideal” for a hotel, given the high number of tourists that are drawn to Las Vegas each year for Raiders games and other events at Allegiant Stadium.

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 housing market in Las Vegas, once completely on-fire and breaking records left and right, has now just experienced yet another month of cooling as prices of homes have continued to drop for the third month in a row.

In August, the median sales price of previously owned single-family homes – which makes up the majority of the market in Southern Nevada – was down 3.2 percent to $450,000, which represents a $15,000 drop from the previous month.

However, all is not grim; despite the drop, home prices are still 11.1 percent higher year-over-year, but the decrease is still raising eyebrows due to the fact that – prior to three months ago – prices consistently increased month-to-month for over two years.

In addition, sales overall in the Las Vegas marketplace have decreased as well amid higher mortgage interest rates, high home prices, and national inflation hitting a 40-year high. 2,002 single-family homes sold in August in Southern Nevada, which was a drop of 3.1 percent from the month before; also, the end of August saw 7,997 houses were on the market without offers, an increase of 9.1 percent from July.

This isn’t a situation that is unique to Las Vegas, as currently homes in the United States are now selling below their asking prices for the first time in 18 months, whereas previously cheap mortgage interest rates during the pandemic had fueled a slew of homes sales and – as a consequence – that demand drove home prices to skyrocket.

But due to a series of rate increases on behalf of the Federal Reserve in an effort to curb inflation, those low-cost mortgages are now becoming a thing of the past; in August, the average rate on a 30-year home loan was 5.22 percent, as opposed to being just 2.84 percent in August 2021.

However, according to Zillow senior economist Nicole Bachaud, despite the drop in home prices and purchases as of late, sales overall are “still up substantially from last year,” and, despite not yet being a buyer’s market, “it’s becoming a better time to buy, with more time to consider options and less chance of being dragged into a bidding war.”

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 high rents that many Las Vegas residents have been struggling with recently are expected to remain at their current levels for the time being, according to a new report.

The one-two punch combination of 40-year high levels of national inflation and increased interest rates brought about by the Federal Reserve’s several recent rate hikes – done in an attempt to curb inflation – have contributed greatly to the strain that’s hitting many Southern Nevada renter’s wallets, said Las Vegas economist Mike PeQueen.

“Rent is probably the single largest expense for anybody at this point,” he said. “While it’s a bad sign for the community, it’s not really unexpected because we’ve all watched with interest the last couple of years as residential real estate prices have increased. That is great for people that own homes. For people that rent residential units, it makes the price of living in residential units more expensive, and that over time does hurt a community.”

In addition to inflation and higher interest rates, the realities of supply and demand have also remained a constant factor; simply put, there are fewer apartments in Vegas than people who want to rent them, allowing some landlords and property managers to charge premium rates.

Also, the mid-2000’s recession saw a drastic reduction in the number of homes being built; that, coupled with another construction decrease during the COVID-19 pandemic, has resulted in a high degree of scarcity when it comes to residential homes. With that being the case, many prospective homebuyers are turning to rentals to tide them over, exacerbating the demand for them even more and correspondingly driving up rent even further.

Currently, the average rent for a 2-bedrrom apartment in Las Vegas runs $1,600 a month, with that number reaching as high as $1,800 in more affluent and in-demand places such as Henderson.

PeQueen notes, however, that rents will eventually drop down to more manageable levels once more apartments and houses are built in Southern Nevada and the national economy stabilizes; it will just take some time for that to happen, he said.

“Until we see lower interest rates, and a chance for developers to catch up with what’s in the pipeline of building already, we’re probably not going to see much relief on rents,” PeQueen said. “We have seen recently the rate of increase of rents in Southern Nevada has started to top out. So I don’t think they’re going to shoot up a lot from here, but we’re probably not going to see decreases in rent at this time.”

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 swanky home located in Summerlin’s high-end The Ridges master-planned community was Las Vegas’ top-priced sale in July, fetching a cool $8 million. This goes a long way to proving that while the housing market in Southern Nevada is experiencing an overall slowdown – much like the rest of the country – its luxury homes can still generate some very impressive sales figures regardless.

The home in question is located on Promontory Ridge Drive in The Ridges and is situated upon 0.54 acres; originally built in 2005, the home comes in at 12,345 square feet with six bedrooms, 7.25 baths, and a four-car garage, and has recently undergone a complete remodel with higher-end finishes.

Also, the home boasts an indoor basketball court, a gym, putting green, game room and movie theater, and the backyard has a resort-style pool/spa and outdoor kitchen.

Overall, the luxury housing market in Las Vegas is in the midst of its slowest period since January 2021 – an issue that is affecting the majority of the housing industry nationwide amid skyrocketing inflation, mortgage interest rates, and overall economic woes – but it still managed to net 105 closings on homes with values of $1 million or more in July.

Nonetheless, this number still represents a significant decrease from the 155 luxury closings in June, and the 167 luxury closings year-over-year. However, July’s figures certainly eclipse January 2021’s luxury sales figures, when just 86 luxury homes were closed on.

In addition, these are still 157 sales of homes valued at $1 million or higher currently pending – just 10 fewer then June – which experts say cements the fact that while Las Vegas luxury real estate has indeed taken a hit from the nation’s current economic turmoil, the $1 million or higher marketplace is still proving to be an overall significant money-maker.

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 – Due to rising interest rates on home loans marking the end of cheap borrowed money – combined with national inflation currently at a 40-year high – home prices in Las Vegas have actually dropped for the second consecutive month in a row after over a year of consistent, record-setting monthly gains, leading experts to remark that the market in Southern Nevada is “definitely turning.”

In July, the median sales price of previously owned single-family homes was $465,000, representing a drop of 3.1 percent – amounting to $15,000 in value – from June, at which time the median sales price was $480,000, down from $482,000 in May.

However, home prices in July remained 14.8 percent higher year-over-year, which amounts to a $60,000 increase overall. The reality of the last two months can’t be denied, as June’s price drop was the first time home values in Southern Nevada have decreased at all in over two years, and July only served to reinforce that trend.

It remains to be seen if the same occurrence happens in August and prices dip yet again, but the current market is seeing home inventory in the region – previously scarce – steadily rising now as buyers pull back to see what happens next. But buyers still looking to acquire a home in Vegas are now finding themselves with lowered prices and a degree of bargaining power they could only dream of just a few months ago, according to Las Vegas Realtors (LVR) President Brandon Roberts.

“We’re definitely seeing a shift in the housing market. We haven’t seen prices slow down like this in several years,” he said. “This is encouraging news for people looking to buy a home, although rising interest rates and today’s prices still present challenges for many potential buyers.”

2,066 single-family homes sold in Las Vegas in July, a decrease of 22.6 percent from the prior month and 38.4 percent year-over-year. 7,331 were available on the market without offers when July ended, an increase of 27.6 percent from the month before and 143.8 percent from July 2021.

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 market for high-rise condominiums in Las Vegas has finally begun to slow after enjoying a period of red-hot activity, reflecting the rest of the cooling real estate scene in Southern Nevada due to rampant national inflation and rising mortgage rates.

While many are anticipating some degree of improvement with the announcement earlier this week that mortgage interest rates have dropped below 5 percent for the first time in months, experts note that the scorching hot Vegas summer is also playing a factor in lower high-rise sales, with fewer people willing to brave the heat at the moment to house-hunt.

According to the Las Vegas Realtors’ Association Multiple Listing Service, 644 high-rise condominiums of five stories and above were closed on through the first six months of 2022, which represents a 2.5 percent increase over the 628 closings in the same period of time in 2021. However, the 87 closings that were recorded in June fall short of the closings achieved year-over-year, with 129 closings taking place in June of 2021.

Since the high-rise condominium sales initially slowed due to the onset of COVID-19 – which can be attributed to buyers wanting more space for the sake of health – the market in Las Vegas became extremely popular as the pandemic began to wane and restrictions aimed at curbing the spread of the virus were dropped.

According to experts who examined 21 high-rises – most located along the famed Las Vegas Strip – there were 618 closings between January and June 2022, which represented a 14.2 percent jump over the same period of time in 2021, when there were 541 closings. This contrasts with the mere 225 closed upon in the first half of 2020, and the 204 in the first half of 2019.

The average sale price of high-rises sold in Vegas in 2022 was $595,508, with a square-foot price of $486.

While the market for high-rise condominiums is indeed showing some degree of cooling with the economic uncertainty in the country, experts are nonetheless predicting the market will remain to perform well, and with the possibility that mortgage rates may be sliding downward slightly, may begin to pick up once again in the very near future.

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 ongoing inflation crisis in the United States, coupled with rapidly-rising interest rates on mortgages, have resulted in the once white-hot housing market significantly cooling in recent months, a ray of sunshine has poked through the clouds as home loan interest rates dropped below 5 percent for the first time in months, providing hope that the market may rebound some for sellers in the near future.

For the past year, home prices and demand in Southern Nevada have surged, breaking records on a monthly basis; however, as inflation has gradually increased along with mortgage rates, the market in Las Vegas has shown some distinct signs of slowing down. But according to this week’s announcement by mortgage buyer Freddie Mac, the average rate on a 30-year mortgage dropped to 4.99 percent, a noticeable reduction from last week’s 5.3 percent.

Interest rates on mortgages have not fallen below 5 percent since April, but while this week’s number is just barely below that level, it has given experts hope that the marketplace is beginning to stabilize to a degree where both buyers and sellers can each find their respective advantages.

Nonetheless, even with this week’s drop, interest rates on mortgages are still much higher than last year’s historically low numbers, and it’s certainly not a sign that cheap money will be on the table once again for those looking to buy a home. But amid slowing sales in Vegas – and growing inventory as a result – continued drops in interest for home loans could once again drive sales, experts say.

However, for the time being, Freddie Mac Chief Economist Sam Khater noted that sellers shouldn’t get their hopes up too much, as loan rates will most likely “remain variable” due to the nature of the nation’s current economic turmoil.

Currently, 2,670 single-family homes were sold in Las Vegas in June, representing an 8 percent drop from the month before and a 25 percent drop year-over-year. The June median sales price was $480,000, a decrease of 0.4 percent from May, and the first time home prices in Southern Nevada have decreased – as opposed to increased – in over two years.

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.