Despite Lower Overall Demand Nationwide Post-COVID, Demand for Office Space in Las Vegas Remains High

LAS VEGAS, NV – Remote work, which came to prominence during COVID-19, has remained a work model that is quite popular amongst many individuals even now that the pandemic is officially over, leading to a nationwide decline in the demand for office space; indeed, many metro areas are still reporting high degrees of vacancy and experts expect a hybrid work model to remain the norm for the foreseeable future. 

However, Las Vegas is one of the few major metropolitan areas in the United States that is bucking this trend, with reports indicating that demand for office space in the city continues to remain strong in direct contrast to most other regions in the country. 

Marc Magliarditi, a first vice president at the commercial real estate firm CBRE, notes that while office vacancy is still slightly off from pre-pandemic numbers, the rates of office occupancy in Las Vegas didn’t come close to experiencing the same negative impact that the pandemic had upon other cities, and that demand has been steadily increasing more and more each day. 

Magliarditi contributes that continued growth to numerous factors that are unique to Vegas, such as several professional sports teams recently taking up residence in Southern Nevada; an increasing population; a robust and ever-growing economy; and its greater number of suburban residents when compared to other cities 

We’ve been fortunate here in Las Vegas,” he said. “That demand has been pretty steady, and I would even say strong, post-pandemic.” 

Las Vegas’ business-friendly taxes has also been a draw in terms of filling office space, with numerous companies relocating from California and other parts of the country to do business in the Valley, and the one thing that these companies all have in common – in addition to wanting to save money, that is – is that they all need commercial space to reside in. 

In addition, these companies are investing in new and improved office space in an effort to entice and retain new employees in a post-pandemic work market, currently making Las Vegas office space some of the most sought-after real estate in the country. 

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 Las Vegas City Council is currently considering a proposal that, if approved, would add a new mixed-use project to the downtown Arts District planned to be made up of new apartments, hotel rooms, and commercial space. 

The proposed project – which is slated to be located on a 1.78-acre site at the corner of West Utah Avenue and Fairfield Avenue – would take the form of an 83-foot-tall building comprised of 279 apartments, 97 hotel rooms, 2,800 square-feet of commercial space and a 1,000 square foot plaza.  

The application documents have been filed with the city of Las Vegas, with the City Council anticipating discussing the project at its Wednesday meeting this week. Multifamily developer Mojave Group is the firm that has submitted the application to the city, although the documents currently don’t indicate what company would be responsible for managing and operating the hotel that would be located in the building if it comes to fruition. 

Currently, the site of the proposed mixed-use project is occupied by an equipment supply company called Mobile Mini; as part of the application process, Mojave Group is seeking to have the property rezoned so it can be utilized for commercial purposes. 

During a meeting to discuss the project back on August 8, Las Vegas Planning Commissioner Trinity Schlottman noted that despite there being some minor concerns about the mixed-use facility being proposed, the Commission would be voting unanimously to recommend its approval to the Las Vegas City Council due to the pressing need for more housing options in the city’s downtown area. 

This is exactly what we need,” Schlottman said during the August meeting. “We need more households down in the Arts District and downtown. We can tell by Symphony Park since everything that gets built there ends up getting filled up pretty quickly.” 

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 by online real estate brokerage Redfin, somewhere in the neighborhood of 5,000 people relocated from Los Angeles to Las Vegas during the month of August, showing that Southern Nevada is still a very desirable place for people to move to, especially from states with a very high cost of living such as California. 

This impressive number of transplants nonetheless represents a decrease year-over-year; in August 2022, 6,800 people moved to the Las Vegas Valley from Los Angeles. Redfin stated they have gathered this data by utilizing an algorithm that tracks searches made by home buyers in markets outside of their local area, indicating a desire to relocate; this algorithm, according to the company, has a 90 percent success rate in predicting moving behaviors. 

An interesting fact is that while Las Vegas is one of the most popular cities to move to in the country currently – ranked second nationally behind only Sacramento – Los Angeles is actually at the top of the list of cities that people are moving out of.  

Along with Los Angeles, other top cities in the country that people are presently relocating from in large numbers include San Francisco, New York, and Washington D.C., according to the Redfin report; the reasons cited by residents of these cities for leaving include affordability issues, high taxes, crime rates, and the ability to work many jobs remotely becoming more and more commonplace. 

Relocations are holding up better than in-metro moves largely because homebuyers are searching for affordability, and remote work gives many Americans the freedom to move,” the report states. “Nine of the 10 most popular migration destinations have a lower median home-sale price than the most common origin of homebuyers moving in.” 

Currently, according to the UNLV Center for Business and Economic Research, the population of Las Vegas is swelling by approximately 115 residents on a daily basis. 

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 are beginning to show serious concern over a growing trend that eerily reflects market conditions prior to the mid-2000s recession; back then, it was Wall Street packaging risky subprime mortgages into mortgage-backed securities.  

Fast-forward to today, and Las Vegas Realtor Noah Herrera says that Wall Street is back at it again in a slightly different fashion, purchasing as many homes in the valley as they can, renting them out in what some allege is a “predatory” fashion, and packaging them as rental-backed securities. 

Wall Street is destroying Main Street…again,” Herrera said. “And it’s kind of hard to stomach because at the end of the day, this is capitalism.” 

Herrera Isn’t the only one expressing these concerns; reports indicate that many real estate agents based in the Las Vegas Valley are chiming in on multi billion dollar Wall Street hedge funds and investors snapping up homes left and right, pushing everyday homebuyers out of the market with what many are referring to as “aggressive buying and rental tactics.” 

In Clark County alone, 80,000 single-family homes are owned by investors and hedge funds, which represents approximately 14 percent of the 563,000 homes within its borders. In addition, almost 10 percent of all home purchases within Clark County since 1988 had been made by Wall Street, reports say, and about 13 percent of all single-family home sales in the county since 2012 were made by investors. 

Wall Street home purchases in the Las Vegas Valley hit their highest level in 2021, making up approximately 18 percent of all sales; home purchases by investors swelled even higher in other parts of Southern Nevada, reaching as high as 20 percent in some regions. 

According to Shawn McCoy, director of UNLV’s Lied Center for Real Estate, many of these homes being snapped up over the decades by Wall Street never again hit the market. 

Since 1988, 77 percent of homes that were purchased by investors were never sold again, suggesting that roughly three quarters of homes that are purchased by investors are held as long-term rentals,” McCoy said. 

Las Vegas Realtor Steve Hawks said this situation has the effect of pricing out local buyers and results in a large portion of local Las Vegas housing inventory being owned not by residents, but by out-of-state investors. 

Wall Street hedge funds have completely destroyed the traditional real estate cycle and industry as we know it,” he said. “For example, entry-level buyers no longer have access to affordable entry-level homes. People wanting to downsize no longer see it worthwhile to downsize due to the lack of entry-level homes under $500,000.” 

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 – Hollywood actor Mark Wahlberg, well-known for starring in blockbuster movies such as “Transformers,” “Boogie Nights,” and “Pain and Gain,” has just sold his Las Vegas home just over one year after having purchased it, making an impressive profit in the process. 

In August 2022, Wahlberg bought a 7,327 square-foot, two-story, four-bedroom townhome for $14.5 million in the Summerlin-based The Summit Club, a stylish, private neighborhood catering to affluent families and individuals.  

One month prior to that purchase, Wahlberg had acquired a 2.5-acre plot of residential land for $15.6 million in the same community with the potential goal of using it to construct a mansion from the ground up. 

Just over one year later, the actor sold the townhouse on September 22 for over $16.6 million, netting himself a $2 million return on his investment. However, to date, it is still not known what the plans for the vacant plot of Summit Club land that he owns are. 

The Summit Club describes itself as a “555-acre extraordinary sanctuary” that is nestled between Red Rock Canyon National Conservation Area and the Las Vegas Strip, located off Town Center Drive south of Flamingo Road. The website goes on to say “The Summit Club is the only private residential lifestyle club community in Las Vegas. Sit back and enjoy five-star amenities, a championship golf course, a robust outdoor pursuits program and unique terrain-to-table culinary offerings.” 

The website also notes a plethora of wellness and recreation programs for residents, as well as snacks-laden golf course “comfort stations” and pickle ball and tennis courts that are adjacent to Wahlberg’s new residence. 

This is not the first expensive property that Wahlberg has parted with recently; earlier this year, he also sold his Beverly Hills Mansion for $55 million after previously listing the property for $87.5 million in 2022. He and his wife had previously purchased the estate in 2009 for $8.25 million. 

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 – During the mid-2000s recession, numerous families lost their homes to the dreaded malady of foreclosure. And while the housing market has obviously improved significantly since those days, experts are noting that the number of foreclosures nationwide is starting on an upward trajectory once again, with Las Vegas being considered as currently having the highest number of them. 

However, it’s not time to panic just yet, as the current level of foreclosures aren’t even close to approaching those seen during the recession; however, a new report from Attom Data does provide some sobering insight into the current state of the real estate industry, with both Las Vegas and Nevada as a whole placing prominently in it. 

According to Attom Data’s real estate market data analysis, approximately one in every 2,200 homes in Nevada is currently in a state of foreclosure, which is currently the highest rate out of any other state in the country. 

Las Vegas itself ranks 4th in the country among metropolitan areas with over 200,000 residents, with about one in 1,800 homes in foreclosure; the city also ranks first among metropolitan areas with over one million inhabitants. 

However, real estate experts are not sounding the alarm yet, because this is a situation that was anticipated for numerous reasons, the main being that pandemic-era mortgage moratoriums are no longer in effect after a sustained period of time when they were in force following COVID-19 related job losses.  

Current issues caused by the economy and inflation are also contributing to families having difficulty meeting their monthly home payments. 

However, experts note that there is indeed a light at the end of the tunnel, as the Federal Reserve appears to be almost done with the rate hikes they’ve been imposing in order to curb inflation and avoid a potential recession. With that being the case, it is most likely that mortgage rates will start to decrease back to more affordable levels, which should prove to be a large boon to the housing market.  

In the meantime, if you are having difficulty making your housing payments, foreclosure may not be your first option; it is recommended that you look into any programs that your local government or municipality may offer to assist you. 

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 Rockefeller Group – a private company based in New York City primarily involved in real estate operations and a subsidiary of Mitsubishi Estate Company – announced this week that they had purchased the 19-acre location of a former Walmart supercenter located in Las Vegas, with plans to redevelop the property into an industrial complex.

The project, dubbed the Craig Road Logistics Center – which will be The Rockefeller Group’s third industrial development in Vegas thus far – is located at the intersection of Craig Road and North Nellis Boulevard in Clark County and is slated to be made up of at least two speculative industrial buildings, spanning a total of approximately 369,198 square-feet in size.

The company reportedly paid $19 million for the property, and Marc Berg – Vice President and Regional Director for The Rockefeller Group – noted that demolition of the existing Walmart building will start before the end of September, and that construction is anticipated to be finished on the new industrial complex by June 2025.

The buildings will be designed by Lee & Sakahara Architects and TWC Construction will serve as general contractor.

As for the potential tenants for the complex, Berg noted that they could consist of representatives from a variety of different industries, such as distribution, warehousing, e-commerce, light manufacturing, and assembly.

Clark County Commissioner Marilyn Kirkpatrick applauded The Rockefeller Group’s intention to redevelop the former big box store property, saying it would be tremendously helpful to the local economy.

Since the Walmart location closed in 2016, we have been looking for an innovative way to redevelop the parcel and bring back jobs to the area,” she said. “We are confident that we have found the right use for the project and the right partner in The Rockefeller Group.”

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 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 – To a novice, there are many aspects of the real estate industry that might remain a mystery to them, and experts say one of the most commonly asked questions they receive are from those inquiring about the differences between a real estate agent and a Realtor, with many people actually believing the two professions are one in the same. There are some very distinct differences, however, and we will briefly touch upon them in this article.

There is actually a large difference between real estate agents and Realtors. Simply put, real estate agents are licensed to buy and sell homes – much the same as a Realtor – but are not members of the National Association of REALTORS®(NAR), with the primary distinguishing factors between the two coming down to the certification, training, and professional standards required by the organization.

Members of NAR are held to a strict set of standards and a code of ethics – over and above what would be expected of a real estate agent – which revolves around the concept of “treating all parties honestly.” The professional standards of the organization are revised on an annual basis in order to incorporate any changes to laws and practices governing the industry, and a Realtor collaborates alongside local Realtor associations, unlike a real estate agent.

To put it in basic terms, not all real estate agents are Realtors, but all Realtors are real estate agents.

Real estate agents are required to take classes and pass a state exam that tests their knowledge of housing laws, sales, and purchases. They are expected to continue to take classes to keep their knowledge current and their license must be renewed every couple of years.

You must already be a licensed real estate agent to become a Realtor, taking the same classes and exams to keep your knowledge base current. However, being a Realtor comes with additional requirements over and above those that are expected of a real estate agent, including having a valid and active real estate license; actively working in the real estate business; having a record clear of official sanctions for unprofessional conduct; not having a recent or pending bankruptcy; and abiding by the professional standards imposed by NAR.

Real estate agents who are able to adhere to those requirements can then become a NAR member, officially making them a REALTORS®.

Abiding by NAR’s code of ethics of treating all parties involved in a transaction as fairly and honestly as possible is what has garnered Realtors the stellar reputation that they enjoy in the industry; it gives the clients and agents you are dealing with the comfort of knowing that you are looking out for their best interests throughout any transaction, and it is why some individuals prefer working with Realtors as opposed to real estate agents.

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 this week by Rent.com, the average rent for a one-bedroom apartment in the Las Vegas Valley decreased by percentage points in the double digits over the course of the past year, with only a minor bump seen in August disrupting this trend. 

The average rental rate for a one-bedroom apartment in Las Vegas in August was $1,654, which represents a 11.9 percent decrease from the same period of time one year prior. However, that average increased slightly this past August, bumping up by a mere 0.36 percent. 

Apartment prices coming down is good news for many Southern Nevada residents, as it represents the fact that rent is beginning to stabilize after skyrocketing for several years and drawing concerns in regard to affordability; however, according to Rent.com CEO Jon Ziglar, prices still remain higher than they were prior to COVID-19. 

I would say the biggest thing, both in Las Vegas and nationally, is that price growth has slowed relative to the last two years, but prices remain elevated well above pre-pandemic norms,” Ziglar said. “Nationally prices were down too, albeit at a much lower rate of 0.06 percent. The caveat to that is prices today are being compared to a period that produced the highest prices we’ve ever seen. But on a longer-term basis, prices continue to be elevated.” 

Part of the reason for the drop in rent is due to the fact that many developers ramped up their efforts to address the massive housing demands – and take advantage of low interest rates and construction costs at the time – that occurred in the Las Vegas Valley during the pandemic.

With many of those projects now being completed and hitting the market, inventory has begun to increase – and will continue to do so into the future – and as a result demand, albeit while still high, is now slowing, the point where some landlords are now offering concessions to prospective tenants to lure them to their properties. 

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 commonplace in many other cities, visitors to the famed Las Vegas Strip will take note of the general lack of individual, freestanding retail storefronts lining the four-mile stretch of roadway; instead, the majority of stores are located either within casino hotels or enclosed malls.  

However, one New York-based developer is looking to change that via two street-facing retail projects, with one recently opened and another currently under construction. 

Developer Eli Gindi – whose family founded and owns the Century 21 retail chain – is behind the under-construction “door on the street” retail property dubbed BLVD located at 3743 South Las Vegas Boulevard. Upon completion, this property will utilize 300,000-square-feet of space to deliver two stories of street-facing retail space, with a 100,000-square-foot rooftop overlooking the Strip offering dining and “hang out” area options for patrons. 

Meanwhile, Project 63 at Harmon Avenue and Las Vegas Boulevard is already open for business, offering up 186,000-square-feet of street-facing retail space right next to the upscale The Shops at Crystals, an enclosed mall owned by the Simon Property Group. 

The move to developing street-facing retail on the Strip shows how the area has evolved over the years, with a major sporting component being added to its impressive gambling and entertainment options. With new venues opening nearby – such as the Golden Knights hockey team’s T-Mobile Arena and the NFL Raiders‘ Allegiant Stadium – more and more sports fans are being lured to Las Vegas and, subsequently, the stores nearby their favorite team’s events that they came there to see. 

Additional sporting attractions – including an upcoming stadium for the Oakland Athletics baseball team, as well as the city hosting a Formula 1 race in November – should prove to continue to draw fans to the Las Vegas, resulting in even further retail expansion in and around the Strip. 

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.