LAS VEGAS, NV – The housing market in Las Vegas has been setting records for months, thanks in part to cheap money in the form of low-interest mortgages and a serious increase in buyers from out of state – many from California, who are looking for investment opportunities, and when you put those two factors together, you get a town that is on-course to becoming the house-flipping capital of the country.

Southern Nevada has been described by experts as an “extreme seller’s market” as of late, so when it comes to flipping a home – that is, buying it, renovating it, and then selling it for a profit – competition can be fierce for buyers; however, when it comes to selling, these homes are often going for more than their asking prices.

The demand for housing in Las Vegas –  and indeed, across the United States – is such that it has given birth to a new flipping phenomenon known as “iBuyers,” or “instant buyers,” which are people who will buy a home, make “light repairs,” and then “quickly resell” them for a profit. Oftentimes a buyer will have offers within 24 hours of listing a property, reports say, and often they will be in the form of cash due to the influx of wealthy out-of-state investors.

Investors have been snapping up homes across the country in recent months, but the focus as of late appears to specifically be Southern Nevada. Reports say that residential real estate investors purchased 3,043 homes in the Las Vegas area in the second quarter of 2021, which represents a whopping increase of 279 percent from the second quarter of 2020 – the highest year-over-year increase nationally – when the market was being negatively impacted by the COVID-19 pandemic.

Nearly 23 percent of all homes bought in Southern Nevada during the first quarter of 2021 were by investors, reports say, and the region was ranked fifth nationally among 41 metro areas in the number of investor purchases.

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 has been enjoying a year of success amid skyrocketing home prices that has resulted in all-time records being set while sellers are often offered more than their asking prices by desperate buyers. However, August appeared to buck that trend – albeit only slightly, with prices appearing to stabilize – before the market resumed its hot streak in September as if nothing ever happened.

According to a recently-released report, the median sales price of previously owned single-family homes in Las Vegas appeared to plateau after hitting an all-time record in July with $405,000, as that price – which had been steadily climbing for the past year – remained at that exact level in August as well.

Regardless, it illustrated how far the housing market in Vegas has recovered, as that August $405,000 median sales price still represents a 25 percent increase over the same period of time in 2020.

However, it was soon revealed that the housing market in Southern Nevada had not hit a plateau, but simply experienced more of a momentary lull; according to trade association Las Vegas Realtors, rising prices in the region had taken a “momentary pause” during August while the market prepared for a pre-holiday surge.

Once the holiday season hits, the market can be expected to temporarily flatten once again, as it did from November 2020 to January 2021 when the median sales price of pre-owned homes remained at $345,000; in January, prices began climbing once again.

However, it remains to be seen if the market flattens as much – or for as long – this upcoming holiday season, as one of the reasons for the intense house-buying activity that Vegas has been experiencing as of late is being driven by historically-low mortgage rates, which are driving buyers to snap up every property they can.

What that being the case, there remains the possibility that this holiday season may not slow down as much as in previous 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 – Thrive, a new townhouse complex in Summerlin, has exemplified the massive demand for housing options in Southern Nevada in a very eye-opening way- by completely selling out of all its units before the project has even broken ground.

Developer Edward Homes notes that Thrive isn’t actually slated to begin construction until August 1, which is situated along Charleston Boulevard, less than a mile west of Red Rock Resort. The project is anticipated to be finished by the first quarter of 2023, owner Brock Metzka says, but that still hasn’t stopped people from putting their hard-earned money down well in advance of move-in day.

“It was really fast,” Metzka said, noting that prior to the recent real estate boom in Las Vegas, he’s never completely sold out a planned development before it was even built.

The development was originally slated to be completed in phases, with the initial phase consisting of model homes to show off to prospective buyers. However, given the fact that all of the townhome units sold out in less than 90 days, such an approach was no longer necessary; instead, full-up construction of the entire community is now planned to commence in August.

Thrive, which will consist of 43 homes, sits on 2.6 acres of land in the Las Vegas Valley, sold out so quickly due to the massive demand for housing options in Southern Nevada these days, coupled with cheap loan options and a huge influx of out-of-state buyers who are flocking to the region for its blossoming economy, vibrant job market, and low cost of living when compared to many other parts of the country.

Located at the southwest corner of Charleston Boulevard and Plaza Centre Drive near the 215 Beltway, Thrive’s townhouses range in price from $440,000 to $550,000, with the higher-end residences coming in at three-stories. Many of the buyers hail from nearby California, according to Metzka, and most of them are paying cash.

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, Ascaya – a master-planned luxury community located in Henderson that was formed by blasting 15 million cubic yards out of a mountain range – has seen sales on-pace to double their number this year when compared to 2020, a year when sales profits were already at a level that were three times higher than they were throughout the previous three years.

Among the recent new buyers of land in Ascaya is Mark Davis, owner of the Las Vegas Raiders NFL team, who purchased a 6-acre plot to construct his custom home featuring views of Allegiant Stadium, his team’s home base.

And according to the developer, the number one draw of Ascaya is the community’s breathtaking views of the surrounding region; in addition, it also features a $25 million clubhouse and a two-acre park currently in the works.

The majority of sales in Ascaya have consisted of vacant lots upon which buyers have been building their own homes to their personal specifications; a small number of sales have been made up of speculative-built homes, reports say.

Currently, the developer of Ascaya – Henry Cheng, a Hong Kong billionaire and owner of NWS Holdings Ltd. – has closed over $38 million in sales in 2021 alone, with an additional $8 million in sales currently under contract. This is in stark contrast to the dismal rate of sales when the community essentially “stalled” due to the housing crash of the mid-2000’s, or even when it re-opened in 2014.

However, with the recent recovery of the Southern Nevada economy and housing market, Ascaya has attracted a new breed of upscale clientele who were attracted by low mortgage rates and the greater bang for their buck Las Vegas afforded them. With that being the case, Ascaya has seen its growth explode over the past year or so.

Ascaya currently features over 300 homesites, and homes that are constructed there are mandated to be of at least 4,500 square-feet in size, according to the developer. Currently, 26 new homes have been built, 18 are currently being constructed, and 21 are in the planning stages.

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 Native American tribe in North Dakota, flush with cash – $1.7 billion in tax revenues, to be exact – from lucrative oil-drilling operations they have carried out on their land for the past 15 years, have used some of those profits to purchase a multi-million dollar vacant lot adjacent to the famed Las Vegas Strip in Nevada, reports say.

However, what the tribe plans to do with their investment acquisition remains a mystery for the moment.

The Mandan, Hidatsa and Arikara Nation – known collectively as the Three Affiliated Tribes – had discovered a bankruptcy auction in Southern Nevada that had divided a large, vacant plot of land just off of Vegas’ famed central casino-lined corridor, and purchased an 8.7-acre plot of land for $12 million; according to tribal Chairman Mark Fox, the land could be used for a variety of different purposes, including building a casino or a parking lot.

“We saw it as an opportunity to get land — prime real estate land — in Las Vegas for a good price, and that’s essentially why we went there,” he said.

The 95 E. Ali Baba Lane property is situated just off the south end of the Vegas strip near the 43-story Mandalay Bay casino and about one mile from Allegiant Stadium, home to the Las Vegas Raiders NFL team.

Originally, the property purchased by the Three Affiliated Tribes was part of a 38.5 acre lot that was divvied up into smaller parcels of land after a developer had failed to get a Ferris wheel venture going and declared bankruptcy. The lot was completely unused, except for a brief stint where obstacle course-based reality television show American Ninja Warrior filmed some episodes there.

“We’re still in that phase of trying to develop a concept of development for the acreage. Nothing beyond that right now,” Fox said, noting that his tribe is meeting with developers to discuss potential uses for the property.

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 newly-released truck rental data report, Las Vegas tops the list of places to move to amid the ongoing COVID-19 pandemic, despite the relative shortage of housing options available at the moment.

Penske truck rental has confirmed that Las Vegas is the number one spot to move to, basing that declaration on the sheer number of truck rentals that are one-way; this jibes with the large increase Southern Nevada has been experiencing since 2020, a time when the region’s economy and job market first began to experience a boom, and continues to do well despite the pandemic.

U.S. Census Bureau data also shows Nevada’s population grew by 15 percent in 2020.

A lot of this influx of people is coming due in large part to so-called “tax refugees” from California, with both companies and private residents leaving in droves due to the exorbitant taxes imposed upon them at their former home state. Clearly, the much lower cost of living that Nevada affords them is an attractive alternative, especially when the pandemic has given rise to “virtual commutes” to work, where a computer and an internet connection can allow people to work anytime, anywhere.

Estimates indicate that 38 percent of the homes sold in Las Vegas in 2020 were to former California residents, a whopping number that indicates just how much the city and its surrounding areas are proving to be a huge attraction for those looking to get a fresh start in life and their careers from that nearby area.

Penske serves customers in North America, South America, Europe, Asia, and Australia; among its services are full-service commercial truck leasing, truck fleet maintenance, truck rentals, and used truck sales. The company currently employs more than 36,000 workers worldwide and operates a fleet of more than 300,000 vehicles.

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 Raiders owner Mark Davis recently closed on a new $5.3 million clubhouse tower condo in Summerlin’s Summit Club, in addition to having recently purchased property in Ascaya – located in the Henderson mountains – upon which he intends to build his primary residence, according to reports.

Obviously needing a new place to hang his hat after bringing the famed Raiders NFL team to Las Vegas, Davis’ new residence in the Summit Club is a place where numerous executives and celebrities either already own luxury custom homes or are in the process of having them constructed. The closing on his home, which took place back on March 15, is the fourth highest price paid for a home in the area in the first quarter of 2021, reports say.

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 lot in Ascaya – located closer to the Raiders’ Henderson headquarters is being constructed by luxury builder Blue Heron and yes, the property does indeed have a nice view of the stadium, he said.

This news come amid reports that luxury home sales and construction in the Las Vegas region is still exceeding real estate experts’ predictions, having shown very little negative impact due to the ongoing COVID-19 pandemic. For example, approximately one month ago a Vegas broker put a $1.8 million home on the market, and six minutes later he had a taker; another broker listed a $12.5 million home shortly afterwards, and within days she had two buyers she was actively negotiating with.

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 – Real estate experts are reporting that home-buying in Las Vegas is reaching a fever pitch, and are recommending that residents who are looking to change careers in the near future to consider real estate, as things will likely get even better when the COVID-19 pandemic eventually comes to an end.

With a large influx of people into Southern Nevada looking to take advantage of record-low mortgage rates, low inventory, and the low cost of living when compared to many other regions of the United States, real estate in Las Vegas is already bouncing back from the pandemic far more quickly than first anticipated. Demand is so great, experts say, that buyers are getting so competitive with one another that many are actually skipping property inspections, buying homes sight unseen, and even paying well over the appraised value.

However, when the pandemic finally comes to an end, thousands more homes are expected to enter the marketplace when eviction moratoriums – put into place both locally and federally to aid those financially impacted by COVID – finally come to an end and foreclosures start happening en masse.

While waiting for eviction moratoriums to eventually end, experts say, an individual looking to get into real estate could be working on their license, which can be obtained in only four to five months.

The rapid economic growth exhibited by Las Vegas prior to the pandemic is another reason people should be considering entering the real estate field, experts say, as the region is bringing in many big-league corporations, and professional sports teams who are attracted by the businesses-friendly climate Nevada offers.

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 recent reports, Southern Nevada –  and Las Vegas in particular – have closed out 2020 by setting huge final sales records that show an increase of 38 percent over 2019 for homes valued at $1 million or more. However, the so-called “uber-luxury” market – comprised of homes valued at $4 million or more – has risen to levels never before seen in the history of the region.

The 2020 sales of uber-luxury homes in Las Vegas were at least 50 percent higher than they were in 2019, reports say, and all while the ravages of the COVID-19 pandemic are otherwise wreaking havoc on the Nevada economy.

According to recently-released figures, 129 homes and condominiums costing $1 million or more were sold in December 2020, a marked improvement over the 98 such homes sold in November; reports indicate that many buyers were attempting to close before the end of the year for tax purposes, causing a log-jam of sorts in terms of sales at the tail of 2020.

However, 13 residences valued at $5 million or more occurred in December 2020 alone, for a grand total of 32 for the entire year; in contrast, only 14 such sales took place in all of 2019, illustrating that 2020 was a record-crusher in that regard.

Some real estate experts attribute the jump in upper-luxury sales in 2020 to the impact of the COVID-19 pandemic and lockdowns set by local governments in order to curb the spread of the disease influencing people with the financial means to improve their living conditions as much as possible.

After all, if you’re going to be stuck in your home for months at a time, why not do so in a spacious, luxurious residence during a period of time when mortgage interest rates are at an all-time low?

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 – Nevada Governor Steve Sisolak’s statewide eviction moratorium is currently in effect until March 31, which prevents tenants and homeowners from being evicted from their homes due to financial reasons stemming from the ongoing COVID-19 pandemic.

While this offers a layer of protection for individuals affected by the economic damage inflicted upon Nevada, it nonetheless demands that landlords continue to suffer massive losses in the form of unpaid rent. While this has caused a great deal of hardship for landlords – many of which are small, mom-and-pop operations who use rentals to get by – there is a clause in the current eviction ban that offers a layer of protection for landlords if the worst should happen.

According to experts, the Governor’s moratorium will nonetheless allow a landlord to begin the process of evicting a tenant if they are facing a very real threat of foreclosure on their property. However, this dire financial hardship would have to be proven in a court of law; once a judge has been satisfied that a landlord literally has no other recourse and is in very real danger of losing their home or apartment complex, eviction proceedings would then be allowed to begin.

“If the homeowner is facing a very real threat of foreclosure, they can go ahead and move forward with an eviction process,” said Bailey Bortolin, Nevada Legal Aid Policy Director.

With that being the case, experts also stress the vital importance of tenants and landlords setting up payment plans for whatever amount the tenant can realistically afford, keeping an open channel of communication between all parties, and putting in an application to Clark County’s CHAP program for rental assistance, since Sisolak’s eviction ban does not absolve a tenant from paying back rent.

Governor Sisolak’s statewide eviction moratorium is currently running concurrently with a federal moratorium issued by the CDC; however, experts note that the Nevada ban essentially overrides the federal one, due to end on Jan. 31.

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 – This week, Congress and the Senate approved a massive $892 billion COVID-19 economic stimulus bill in order to help combat the financial damage inflicted upon the country by the ongoing COVID-19 pandemic. Including in the bill – in addition to $300 weekly unemployment benefits and $600 stimulus checks – is also a one-month extension of the current national eviction moratorium and an emergency rental assistance program.

Originally decreed by President Donald Trump and enacted by the Centers of Disease Control and Prevention (CDC) in September, the Federal eviction moratorium was originally set to expire on December 31. However, as mandated in the new stimulus package – which has cleared both the House and Senate, the bill now moves to Trump’s desk for signature by an extended deadline of January 31. Late last night Trump asked Congress to increase the amount in the stimulus checks to $2,000 for individuals or $4,000 for couples before he signs it into law, instead of what he called the “ridiculously low” $600 for individuals.

In addition, the stimulus package also contains $25 billion in emergency rental assistance funds and moves back the deadline for the use of funds remaining from the first stimulus package enacted by the government, known as the CARES Act.

While an additional month where tenants cannot be evicted due to non-payment of rent will not be the news that most landlords will want to hear, the additional emergency rental assistance funds that will be made available – in addition to the aforementioned $600 checks and $300-a-week unemployment boost – will hopefully mean that delinquent tenants will be able to catch on up back rent in the near future.

It should be noted that a recent statewide eviction moratorium was enacted by Governor Steve Sisolak in response to the original Dec. 31 end date of the federal eviction moratorium, which will bar most evictions in Nevada throughout the end of March 2021. It is unknown at this time if Sisolak will revise his own moratorium based on the newly-passed federal extension or not.

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, a judge has blocked an attempt by Nevada Governor Steve Sisolak’s office to designate evictions as “non-essential” during the COVID-19 pandemic, opening the doors for landlords to begin eviction proceedings that go into effect at the end of December when a federal mandate against them is set to expire.

Currently, some tenants are protected from eviction via a mandate on the part of President Donald Trump, by way of the Center for Disease Control and Prevention (CDC); in addition, they have access to rental assistance provided by way of the CARES Act, originally passed by Congress to aid those who have been financially impacted by the pandemic. However, both of these are set to end come January 1, at which time a flood of evictions are expected to come.

Governor Sisolak has not announced any further extensions on his own now-expired eviction moratorium – which came to an end in mid-October – but his office recently sent a letter to the Las Vegas Justice Court (LVJC) regarding the influx of eviction paperwork, stating that they were concerned over crowding conditions these “non-essential” cases may be causing – allegedly violating social distancing guidelines – and asking chief justice Suzan Baucum to put a stop to them.

“The overcrowding of people within the LVJC during this statewide pause is a public health issue, and the Governor urges you to direct that all in-person appearances (including evictions) be suspended during this statewide pause for the express purpose of helping to contain the spread of COVID-19,” the letter said.

It should be noted that evictions were not the only case type mentioned – although they were highlighted – in the letter from Sisolak’s office, but rather all in-person court appearances be stopped in order to help curb the spread of COVID-19.

Baucum, in response, did institute several measures in order to increase safety in the courts and decrease the amount of social contact, but while some hearings have been postponed until 2021, eviction proceedings – which the chief justice deemed “essential” – were allowed to continue on an in-person basis, or through other means where possible.

When responding to the letter, Baucum noted that Sisolak’s moratorium on evictions has expired and that the court thusly had no cause to stop eviction hearings from going forward. Also, the Trump/CDC mandate does not serve as full protection against evictions, but only covers those who qualify and have opted into the program.

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.