LAS VEGAS, NV – With the housing market – both in Las Vegas and nationwide – breeding affordability concerns and pricing many out of the market altogether, buyers have been turning to more affordable options such as townhomes and condominiums. Southern Nevada developers, in turn, have sat up and taken notice, with more of them focusing on building these dwellings in order to produce denser developments and larger returns on their respective investments.

In May 2023, 29.1% of new home sales consisted primarily of townhomes and other such attached products, and this newfound attention from buyers on these housing options are not showing any sign of slowing its current momentum.

Skyrocketing interest rates on home mortgage loans have been the primary factor driving this increased interest in townhomes and condos, as single-family houses are currently outside of many people’s price range. Density in the form of two-story condominium projects are now starting to become a greater emphasis for many developers in the Las Vegas area.

In the first half of 2023, closings for new homes were down 12% year-over-year, with 4,106 single family homes closed on during that span of time. In contrast, 1,237 attached homes were closed on during that same time period, which represents a 6% increase from the first six months of 2022.

Of the new homes sold during the first six months of 2023, 23% of them were attached, including 29.1% in May and 25 percent in June. According to Touchstone Living’s Tom McCormick – one of the main townhome developers in the region – the number of townhomes and condominiums being sold in Las Vegas are on their way to reaching an all-time record high if these trends continue.

I’ve been here since the 1990s, and we’ve never seen it this high.” he said. “It’s about affordability and lifestyle. Land is so expensive and driving housing unaffordability, but with town homes, you can put more homes on the same amount of land. That makes the land cost per home lower and leads to a lower sales price.”

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 continued its upward trend in July 2023, with the median price of a pre-existing, single-family home increasing by over $9,000 month-over-month, showing a sustained degree of growth that unfortunately was not shared in the city’s condominium and townhome markets. 

A new report released by Las Vegas Realtors indicates that the median value of a home in Las Vegas for July was $450,000, in contrast to just one month prior in June when that number was $440,990. 

That price increase can be contributed to several factors that continue to persist despite the fact that interest rates for home mortgages remain historically high. These factors include the high degree of demand combined with a shrinking amount of housing inventory in Southern Nevada, which is serving to drive up the value of what homes are remaining available on the market. 

The all-time record for the median price of a home in Las Vegas was $482,000, which was achieved in May of 2022. 

While the prices of homes in Las Vegas continued to climb in July, the lower demand for condos and townhomes resulted in the median price dropping to $273,500, a $1,500 month-to-month difference from June when that number was $275,000. 

In their report, Las Vegas Realtors noted that 83.2 percent of homes and 85.6 percent of condos and townhomes sold within 60 days in July 2023; this represents a significant year-over-year decrease, as 95.2 percent of homes and 95.7 percent of condos and townhomes sold within 60 days in July 2022. 

Another decrease in July came in the form of cash buyers for real estate, as they made up one-quarter of all sales for the month; in contrast, that percentage was one-third during the same period of time one 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.

The Las Vegas Condo-hotel Concept Pt. II

As with any potential real estate investment, a buyer should cautiously examine contractual details, make observations, and examine facts before deciding on whether or not a Las Vegas Condo-Hotel is in line with your goals and lifestyle.

• The location of your prospective purchase should be in a desirable area. Although the condo home itself may be a well designed and luxurious unit, location is an important factor in desirability and will most certainly reflect upon the ultimate appreciation of the property.
• Is the unit located in a structure built specifically as a luxury hi-rise, or has the building been converted from a standard hotel or apartment complex into condo units?
• When was the structure built? Some older condo conversion buildings may have smaller floor plans, less desirable locations and fewer amenities, but are usually much less expensive.
• Good management and a developer of excellent reputation is a most important factor in value appreciation of the investment.
• The units themselves increase in desirability if they have spacious, well-designed floor plans, high ceilings, sizeable balconies, impressive views, top quality appliances, granite counter tops, and marble vanities.
• What amenities are available? Among the most desirable features are: a state-of-the-art security system, secured parking, 24-hour front desk, concierge services, work-out room, swimming pool (or pools,) lighted tennis court, on premises maintenance crew, card room, library, clubhouse or meeting room. Nicely landscaped grounds add to eye appeal.

Owner/management agreements generally include the following specifications:

• Amount of net (after deductions) rental revenue shared by condo owner and the management
• Condo-hotel owner responsibilities for insurance, real estate taxes, capital improvements, debt service, etc.
• Management responsibilities, including maintenance, housekeeping, administrative, front office, marketing, other operational expenses, etc.
• Rental program agreement specifying number of days annually that the unit will be available for rental purposes and notice requirements, and contingency procedures

Although it is, of course, not a requirement of purchase to rent a condo-hotel a number of times per year, or rent it at all.  Renting the unit, however, not only defrays owner costs but is profitable as well. In fact, that convenience is the primary reason, of course, that these kinds of units are purchased in the first place.

However, some come-and-go condo hotel owners may eventually decide to stay permanently. In that case, the rental agreement with management would be canceled.

In fact, a condo hotel purchase should be considered similar to investing in a second or vacation home, but with an added part-time rental feature, and hassle-free, with no maintenance or grounds keeping chores to come home to.

Feel free to give us a call at 702.376.0088 with any questions about the Las Vegas High Rise Condo market.

The Las Vegas Condo-Hotel Concept

The veritable explosion of high-rise condo construction in Las Vegas has not only dramatically altered the city’s skyline, but has considerably altered the lifestyle of many Las Vegans, and the repeat visitors to our city.

Prior to  the proliferation of hi-rise condos in Las Vegas, repeat visitors such as vacationers, businessmen and women, and high rollers would primarily check in at a hotel, motel or, depending on the reason and length of stay of the visit, rent a private home on a temporary basis.

The availability of conveniently located luxury condos convinced many of these repeat visitors that it would make economic sense to purchase a Las Vegas Condo home of their own, that in the long run would build equity, and be more cost-effective than renting a hotel room or suite and dining out for every meal.

Additionally, many investors were attracted by the offer of many of the big name luxury hotels such as the Ritz-Carlton, Sonesta, Starwood, Hilton, Trump, Four Seasons, etc. to purchase units (condo-hotel homes) that are part of the hotel structure, or luxury units built as adjacent structures to the hotel, such as Palm Towers, for example.

These condo hotels offer owners who plan to use their purchases as vacation homes, or use the condo intermittently on business trips, the opportunity to temporarily rent out their units when the owners are away.

Benefits are twofold.  The owner agrees to place the property into an organized rental program, saving the unit owner the trouble and expense of self-advertising, and rental revenue, shared with the rental program operator, allows a portion of the rental fees to be credited to the condo owner.

The operator of the rental program who shares rental fees with the owner, performs a number of services on behalf of the property, among which are marketing the unit to temporary renters as a hotel, maintains the property, supervising the front desk, overseeing housekeeping services, providing- concierge services, and food and beverage services.

Another attractive aspect of condo hotel ownership that has appealed to investors is that these units can be sold at anytime by the owner at his/her discretion.

The vacation home convenience and income potential of owning these units was an irresistible attraction to many investors who are frequent Las Vegas visitors, however, these purchases have proven just as vulnerable to the downturn in the nation’s economy as has the rest of the housing industry.

Additional information that a potential condo-hotel unit buyer should be aware of before considering this kind of investment will be covered in a follow up article, and will include such details as:

• Typical buyer/management agreements
• Guarantees –if any – offered to the buyer
• Analyzing the units for best location, amenities, etc.
• Key elements to look for when analyzing the profit potential of a condo-hotel purchase

Feel free to give us a call at 702.376.0088 with any questions about the Las Vegas High Rise Condo market.

LAS VEGAS, NV – Las Vegas Realtors (LVR) released a new report this week showing that home prices within the Valley are continuing their trend of increasing in 2024.

According to the report, LVR notes that in March the median price of existing single-family homes sold through its Multiple Listing Service in Southern Nevada was $465,000, which represents a 9.4 percent increase year-over-year, when that amount was $425,000. This, however, still falls below the all-time record set in May 2022, when the median price of homes in Las Vegas hit $482,000.

When it comes to condominiums and townhomes sold in Las Vegas during the month of March, the median price was $282,500, which was a jump of 8.7 percent over March 2023’s amount of $260,000; last month’s prices are starting to approach the Valley’s all-time record originally set in August 2022, which was $287,000.

LVR President Merri Perry noted in the organization’s report that following the slowdown that it experienced in 2023 – owed in large part to low inventory and high mortgage rates – the Las Vegas housing market is showing renewed signs of momentum and a return to form in 2024.

Although prices have been rising recently, they’re still below the all-time high we hit in 2022,” she said. “One of our biggest issues continues to be our housing supply. As we’ve been saying for a long time, it would help our local housing market if we had more homes to sell.”

There were 3,323 single-family homes listed for sale without any offers at the end of March, according to the LVR report, which represents a whopping 20.8 percent drop year over year; on the condo and townhome front, that number came in at 1,179, an increase of 6.9 percent from March 2023.

And to wrap things up, there were 2,672 existing homes, condos, and townhomes sold in Las Vegas during the month of March, a decrease of 11.8 percent for homes and 1.8 percent for condos and townhomes, respectively, from one year ago. The Southern Nevada market currently has less than a two-month housing supply, which is about on par with how the market was last year

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.

Cadence Community

Located in the suburban neighborhood of Henderson, Nevada, the Cadence master planned community sits near its southern tip. When fully developed the community, which contains hundreds of single-family homes, townhomes, and condos, is expected to be 1,200 acres total. Construction on the first homes in Cadence started sometime in late 2016 or early 2017.

As of 2024, prices for homes range from the upper $260s to $500s and the neighborhood is known for its affordability, family-friendly amenities, and a strong sense of community. Local amenities include Central Park, a 50-acre park with walking trails, an amphitheater, playgrounds, swimming pools, splash pads, and more. Other parks and trails throughout the community offer various recreational opportunities.

Several schools provide education for community residents including Cadence Academy Elementary School, part of the Clark County School District, which opened in 2020, and serves grades K-5. Cadence Middle School, also part of the Clark County School District, opened in 2023, and serves grades 6-8. A high school within Cadence is planned, but not yet built. For the time being, students currently attend Coronado High School, just off Sunridge Heights Parkway. As of 2024, the high school serves approximately 3,400 students according to GreatSchools.com data. There are also two charter schools within the community. Pinecrest Cadence K-High School and Legacy Traditional School K-8, both are tuition-free public charter schools.

Shopping options for residents of Cadence have been evolving for a number of years as the community continues to grow. Existing options include Smith’s Marketplace, a large grocery store offering a wide variety of food and household essentials in addition to pharmacy services. Smith’s also includes a gas station. There is a limited number of convenience stores within community limits. Construction is underway on a 16-acre retail complex at the entrance of Cadence. This is expected to open in phases, with the first in late 2024 or early 2025. Confirmed tenants include Starbucks, Domino’s, Jersey Mike’s, Teriyaki Madness, Wells Fargo, and Cadence Family Dental. Other community resources include a dog park, fitness center, and more.

While the community is still under development, new phases are being added regularly. HOA fees are considered relatively low compared to other master planned communities in the Las Vegas area. The location is further east than some other suburbs, so commute times to the Strip can be longer. Some residents have raised concerns about noise levels from nearby construction and traffic. The community provides a website at https://www.cadencecommunityassociation.com

If you are considering relocating in or around the Cadence community, our company would be delighted to help you find your way or pick the best place to settle in or find your dream home. Please give us a call at 702.376.7379 so we can answer any questions you may have.

• Aliante Nevada
• Anthem Nevada
• Boulder City
• Cadence, Henderson
• Centennial Hills
• Desert Shores Nevada
• Eldorado
• Enterprise, Nevada
• Green Valley
• Henderson, Nevada
• Iron Mountain Ranch, Las Vegas
• Lake Las Vegas Nevada
• Las Vegas Nevada
• MacDonald Highlands, Las Vegas
• Mountain’s Edge Nevada
• North Las Vegas Nevada
• Providence Nevada
• Reverence Nevada
• Rhodes Ranch Nevada
• Seven Hills Nevada
• Silverado Ranch Nevada
• Southern Highlands Nevada
• Spanish Trail, Nevada
• Spring Mountain Ranch, Las Vegas
• Summerlin Nevada
• Sun City Anthem, Henderson
• The Lakes
• The Vistas

LAS VEGAS, NV – With 2023 representing the slowest year for real estate in Las Vegas in over a decade, January 2024 showed a significant rebound with both home and condominium sales improving significantly, giving experts hope that the upcoming year will show great improvement as the national economy continues to stabilize.

According to a new report by Las Vegas Realtors, the prices of homes were higher – and the inventory lower – last month when compared to January 2023. The median sales price of an existing single-family home in January was $445,000, which represents an approximate 5 percent increase year-over-year. In addition, the median sales price of condominiums and townhomes in Las Vegas in January was $275,000, nearly a 9 percent increase from the same month one year prior.

Merri Perry, President of Las Vegas Realtors, noted that the escalating economy – coupled with the affordability factor that has long been associated with Las Vegas – is contributing to the improvements in the local real estate market in the new year.

Over the past few months, we’ve seen benefits from lower interest rates and relatively stable home prices here in Southern Nevada,” she said. “Now, if we could just get more homes on the market, we’d really be in good shape.”

Sales of homes, condominiums, and townhomes in Las Vegas totaled almost 2,000 in total in January, representing an approximate 12 percent increase in home sales year-over-year, and a 20 percent increase for condos in townhomes.

At the end of last month there were over 3,555 single-family homes for sale on the open market without any offers, which is a whopping 35 percent decrease from January 2023; in addition, there were more than 1,130 condos and townhomes listed for sale without offers, which is an 8 percent decrease.

The total combined value of all Las Vegas-based real estate transactions in January was more than $842 million for homes – a year-over-year increase of 19.6 percent – and approximately $139 million for condos and townhomes, up 17 percent.

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 a new report released on Wednesday by local industry association Las Vegas Realtors, home prices increased slightly in Southern Nevada during the month of November 2023, where the housing supply itself showed continued signs of shrinking. 

Last month, the median price for an existing single-family home in Las Vegas was $450,000; this amount represents a small increase from October’s median price, which was $449,000, and a 4.4 percent increase year-over-year, when that amount was $430,990. 

The median price for condominiums and townhomes sold in Vegas during the month of November 2023 was $275,000, which is a 5.8 percent increase from the same period of time in 2022. 

Lee Barrett, president of Las Vegas Realtors, noted in a statement that seasonal trends were being bucked in Southern Nevada due to a number of factors, including a limited number of homes on the market as well as increasing interest rates on home mortgages, which are currently hovering precariously close to 8 percent. 

Interest rates are higher now than in past years and our housing supply is about as low as it gets,” Barrett said “These factors seem to be propping up home prices and slowing down home sales.” 

At the end of November, 4,353 single family homes were available for sale in Las Vegas without any offers, which is a year over year decrease of 40 percent; when it comes to condos and townhomes listed without offers, that amount comes in at 1,261, a year-over-year decrease of 22.8 percent. 

1,894 existing homes, condos, and townhomes in Vegas were sold in November 2023; that number represents a 5.7 percent decrease for homes and a 0.6 percent decrease for condos/townhomes when compared to November 2022. 

Currently, Las Vegas has an approximate four-month supply of properties for sale, in contrast to the same period of time in 2022, when there was a four-month supply. 

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 – Realtors in Las Vegas have noted that sales of high-rise condominiums have gone through numerous ups and downs since the mid-2000’s recession. However, the latest surge in the market has been driven by something taking many by surprise: the phenomenon known as sports tourism, with the latest example being driven by an intense and unprecedented level of demand for high-rise apartments along the Las Vegas Strip due to the ongoing Vegas Grand Prix Formula 1 race. 

Heidi Williams, a Las Vegas realtor specializing in selling high-rise condos out of The Signature at MGM Grand, said that prices for luxury units at the complex “have increased anywhere from 30 percent to 50 percent depending on the type of unit” due to the Las Vegas F1, which runs along the Strip this week. 

I don’t think a lot of people understood how much money there was in F1 and how much money there is in the sport, in the backing (of fans),” Williams said. “I think that people are very excited about F1, and I think a lot of these people just want to be a part of it.” 

The 30-floor Signature at MGM Grand boasts 1,750 suites and offers condos ranging from 520-square-foot properties listed for $320,000 to 1,394-square-foot properties priced as high as $800,000. 

Williams noted that she began seeing purchases at the property related to the F1 race starting approximately nine months ago, with approximately 25 to 30 percent of her clients indicating to her that their condo purchases were specifically due to wanting to be in proximity to the race. 

The F1, running from November 16-19, has been anticipated to draw as many as 170,000 people to Las Vegas. The racecourse runs at the Formula One Pit Building across the street from the Signature off Harmon. From there, it heads down Koval Lane, circles around the MSG Sphere and then goes on Sands Avenue before turning onto Las Vegas Boulevard for a mile; from there, the course turns onto Harmon Avenue and then finally back toward the Pit Building. 

That being said, it’s no wonder units are being snapped up at The Signature at MGM Grand, as the building offers unique views of the racecourse that aren’t available to most spectators. Williams noted that many of the condos being sold at the facility are being purchased by people who solely wish to use them each year just to view the F1 race; The Signature at MGM Grand has a policy that allows units to be rented out when they are not “owner occupied,” thus allowing tourists to purchase them to generate income during the remainder of the year they are not residing there. 

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 real estate sales figures for Las Vegas in the month of September are in, and the median sales price of an existing single-family home in Southern Nevada was $450,000, which is the exact same price it was one year ago in September of 2022. 

The coincidences don’t stop there; the median sales price for condominiums and townhouses in Las Vegas was $270,000 in September, which is once again the same exact price year-over-year. 

These prices were reported by Las Vegas Realtors, and according to the group’s president, Lee Barrett, it’s an example of a degree of stability in the current local housing market that he envisions continuing for the foreseeable future. 

We should probably get used to the current housing market since it’s not likely to change much anytime soon,” he said in a statement. 

Bartlett noted that since March 2022, the Federal Reserve has increased interest rates 11 times in an effort to curb skyrocketing inflation; however, those rate increases have not had much effect upon the Las Vegas real estate market, he said. 

Hopefully, some of our national experts are right in predicting that interest rates could begin to come down a bit sometime next year,” Bartlett said. “Even at current rates and with our very tight housing supply, owning a home here in Southern Nevada is a better deal than renting for most people, especially when you consider that homeownership is still one of the best ways to build wealth and financial stability over time.” 

Las Vegas Realtors reports that available housing options are not remaining on the open Las Vegas market for any significant amount of time, with 85.7 percent of homes and 86.3 percent of condos and townhouses that were sold in September only having been available on the open market for a period of time spanning 60 days or less. 

At the end of September, there were 4,066 homes available on the market without any offers, which represents a 49.9 percent decrease year-over-year; as for condos and townhouses, 1,035 were available at the end of the month without 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 – The prices of homes in Las Vegas during the month of August remained stable but in contrast, the prices condominiums and townhomes fetched during that span of time reached an all-time record high according to new report released by Las Vegas Realtors on Wednesday. 

The median price for an existing single-family home sold in Las Vegas in August was $447,435, which is only a very slight decrease from the $450,000 that represented the median price in July; year-over-year, August’s prices were down only 0.6 percent, showing that the real estate market in Southern Nevada has achieved a degree of stability after several years of ever-climbing prices. 

However, the market for condos and townhomes showed no such restraint in August, with the medium price hitting an all-time high of $287,000; this represents an 8.3 percent increase year-over-year and bests the previous record set in May 2022, when that price was $285,000. 

Inventory in the housing market and several spikes in home mortgage rates are still leaving a lasting effect upon the market, according to Las Vegas Realtors President Lee Barrett. 

Homes prices haven’t changed much lately. As for the record price for condos and townhomes, I attribute that to the demand for lower-priced housing options exceeding our supply,” he said. “Mortgage rates are obviously a factor. But as we’ve been saying all year, the biggest challenge we face in the local housing market is a very tight housing supply.” 

There were 3,881 single family homes listed for sale without any offers at the end of August, which is a decrease of 50 percent year-over-year; Condos and townhomes saw similar numbers, with 978 units listed for sale without offers, a decrease of 46 percent from the same period of time one year prior. 

2,649 existing homes, townhomes, and condos were sold last month, up 0.3 percent for homes and 4.7 percent for condos and townhomes when compared to August 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 – With the rental market in Las Vegas growing by leaps and bounds as of late, this positive situation has unfortunately also given rise to an equally hazardous one – an exponential increase in the number of rental scams, which have already cost would-be renters of homes and condos in the valley thousands of dollars. 

Patsy Wagner had wanted to move to Las Vegas; unbeknownst to her, the individual she contacted about a home they claimed to be renting was a scammer, who took her for a $950 down payment but then never showed up at the address to meet her in person. 

I cannot tell you how many times I sat there for two hours waiting for this scammer to show up and never showed up. He had excuses,” she said. “I never thought this would happen to me. I’m supposed to be smarter than that.” 

Unfortunately, Wagner’s experience mirrors that of a growing number of people in the Las Vegas real estate market as of late; experts say the problem is mainly caused by people who are not utilizing licensed realtors when looking for a rental. 

If they would have used a licensed realtor, I’m pretty confident that maybe none of them would have been scammed,” said one local realtor, who noted that he had had six clients who had come to him after being scammed out of as much as $3,000 beforehand. 

Many scammers prey upon their victims by creating a “phantom rental,” which is essentially a fake listing; some of them even manage to gain access to lock box codes to show houses to individuals who are interested in renting them, which adds a veneer of legitimacy to their attempted grift. 

Expert say that the best way to avoid being scammed when looking to rent a house or condo is to only deal with a licensed realtor, and to try not paying any money up front if possible. In addition, never wire money, don’t provide a security deposit or first month’s rent before signing a lease, and be especially wary of property owners or realtors who do not wish to meet you in person.  

In addition, if you are the victim of a scam, you can report it to the Better Business Bureau of Southern Nevada by clicking here. 

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.