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Category Archive : Real Estate

Lake Tahoe Nevada

Lavish 16,000+ Square-Foot Lake Tahoe Estate Hits Market for Whopping $64.5 Million

LAS VEGAS, NV – Crystal Pointe Estate – a massive, lavish abode overlooking Lake Tahoe’s Crystal Bay – has been listed on the Nevada real estate marketplace, with the sellers hoping to fetch a massive payday of $64.5 million when or if it sells.

Crystal Pointe Estate, located at 300 Highway 28 in Crystal Bay, is an astounding feat of architecture. The home is a custom, private-gated estate consisting of a huge, 16,232 square-foot main residence, adjoining guest wing, detached garage pavilion and a 3,600 square-foot beach house, all interconnected by two hillside funicular trams enclosed in glass.

The asking price, if met, is record-breaking for the region; the previous record-holder is $56 million for the purchase of the Whittell Estate – including the historic Thunderbird Lodge – that took place back in 1998 by the Del Webb Corporation.

Crystal Pointe Estate was originally the brainchild of Stuart and Geri Yount, a couple who painstakingly designed every aspect of it from the ground-up. After buying the property it stands upon in 1994, the development of the main residence alone took five years; due to permit issues, the beach house took an additional 10 years to finish, having been completed in 2016.

The estate is comprised of 5.1 private acres that includes 525 feet of lakefront with a terraced beach, four buoys and a pier. The house itself has eight bedrooms, 12 baths, formal dining and living rooms, 13 fireplaces, a primary bedroom office with leather door inlays and a Brazilian mahogany library, an old English pub-inspired billiards room with bar, 1,687-bottle wine cellar, game room, movie theater, and caretaker’s apartment.

The home also features floor-to-ceiling windows, custom-designed fireplaces, wood vaulted ceilings, grand wood pillars and custom lighting. Throughout the estate intricate detail abounds and no two rooms look the same, with Geri Yount stating that when designing the home, “We went room by room and I insisted nothing be the same anywhere. Everything in the house is unique to its own space.”

Upon completion of the home, the couple resided there for the 24 years, only recently deciding to put it up for sale in order to move to be closer to their grandchildren.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Jerry Lewis

Home of Late Comedian Jerry Lewis to Hit Market Again, Seller Asking $2.7 Million

LAS VEGAS, NV – The Las Vegas home of late comedian Jerry Lewis, which has changed hands several times over the years since his passing, has been listed on the real estate marketplace once again, with its current owner asking for a cool $2.7 million for the former abode of the legendary funnyman.

Lewis had resided in the home – located in Las Vegas’ swanky Scotch 80s neighborhood – for almost 35 years; upon his death in 2017, it initially had difficulty in finding a buyer before eventually being sold to Jane Popple in 2019 for $1.2 million. It was then auctioned off for the sum of $2.5 million, but when the bid fell through, it was listed on the open market for $1.8 million.

Thereafter, the property, 1701 Waldman Ave, Las Vegas, was sold to Iddo Gavish of Century 21 Gavish Real Estate for approximately $1.4 million.

Gavish had spruced up the property before putting it up for sale, modernizing the home – while not taking away from the home’s nostalgia or history, he said – with several large-scale updates due to its need for “rehab and renovation.” The work included a renovation of the landscaping, gates, pool, master bathroom and kitchen.

The home, coming in at 7,230 square-feet and offering an impressive six bedrooms and six bathrooms, will officially be listed on the market this week for $2.7 million

Gavish also noted that he wanted to pay homage to Lewis’ legacy – especially due to his history as a long-time advocate of the Muscular Dystrophy Association with his famous “Jerry’s Kids” fundraisers – by hosting several charity events sponsored by his agency, with the proceeds going to the organization that Lewis represented for so many years.

The main fundraiser will take the form of a “socialthon” – the date of which will be announced – will run on multiple social media platforms, during which supporters can make online donations.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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

Las Vegas Valley’s Tight Real Estate Inventory Finally Seeing Small Increases

LAS VEGAS, NV – After months and months of an infamously tight inventory driving up prices in the ultra-competitive Las Vegas residential real estate marketplace, that slim inventory is finally showing some signs of growing due to a number of contributing factors, including rising interest rates on home mortgages cooling the market somewhat for the time being.

Previously, Las Vegas has been inundated with constant bidding wars between homebuyers, with some even being willing to purchase a property sight unseen in order to get an edge; low inventory, combined with historically-low interest rates on home loans, were seen as the main driving factors of the home buying frenzy.

However – due to rate increases on the part of the Federal Reserve to combat skyrocketing national inflation – the interest rate on a standard 30-year fixed-rate mortgage is currently hovering near the 6 percent mark; this is a big increase compared to the same point in time one year prior, when rates averaged just 2.93 percent.

According to Jennifer Graff, founder of New Home Experts Las Vegas with Coldwell Banker, now that money is growing more expensive to borrow, it’s little surprise that the demand for housing is starting to show signs of dropping, leading to increases in overall home inventory in Vegas.

“About $480,000 right now is essentially the median home price for here in Las Vegas,” Graff said. “So when you take into account, when we talked back in January, to when we’re speaking today…that payment for your average conventional loan is up almost $1,000 for that $480,000 home.”

Experts say that at the tail end of 2021, a monthly mortgage payment of $2,500 could get you a home worth $517,000; however, with interest rates currently being what they are, that same monthly payment could only get you a home valued at $400,000.

However, Graff noted that Las Vegas will always remain a hot real estate market, and she expects that the current economic woes facing the nation will do little more in Southern Nevada than stabilize the market.

“We have about 5,600 homes on the market right now,” she said. “That is almost double from last year.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Nevada HAND Breaks Ground on Largest Multi-Family Apartment Community, Decatur Commons

Two New Affordable Housing Complexes Set to Open Amid Skyrocketing Las Vegas Rents

LAS VEGAS, NV – Amid skyrocketing rents in Las Vegas driving very real cost-of-living concerns, two new affordable housing apartment complexes – both being constructed by the same developer – are set to open soon, allowing families and individuals on a budget a way to put a roof over their heads.

Decatur Commons Family and Decatur Commons Senior – neighboring buildings located at Decatur Boulevard and U.S. Highway 95 near Meadows Mall that are being developed by Nevada HAND will offer 480 residential units between them both when the $110 million project is completed.

Nevada HAND President and CEO Audra Hamernik noted on Friday that development on both apartment complexes will be finished by August; tenants have already started to rent and move into units in February, she said.

Las Vegas has a very real need for more affordable housing options for its residents; high demand, limited inventory, and rapidly-rising prices have created a serious issue for many families looking for a place to live that fits within their budgets, already stretched thin by record-breaking national inflation. However, Hamernik said the company is doing whatever it can to cater to families priced out of the typical Vegas real estate market.

Currently, the average rent for a home in the region was $1,847 in May, representing a 18.8 percent increase from the same period of time one year prior; however, as per Hamernik, the average rent of a unit in one of Nevada HAND’s properties is just $733 per month.

Hamernik said that Nevada HAND receives constant contact from Las Vegas residents looking for affordable housing options; the company currently has a portfolio in the city spanning 4,700 units, but vacancies are rare due to the highly-competitive pricing.

“The demand is just outpacing our supply,” she said.

For more information on the coming Decatur Commons Family and Decatur Commons Senior communities visit https://www.nevadahand.org or call them at (702) 739-3345.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Dream Las Vegas Luxury Hotel

$550 Million “Dream Las Vegas” Luxury Hotel and Casino Breaks Ground for 2024 Opening

LAS VEGAS, NV – Ground was officially broken last Friday on Dream Las Vegas, a swanky new $550 million luxury hotel and casino complex situated upon the southern end of the Las Vegas Strip that is slated to open its doors for business in 2024.

Originally announced in February of 2020, Southern California firms Shopoff Realty Investments and Contour will now begin development in earnest on the 20-story establishment which, when completed, will encompass 531 guestrooms and suites. There will also be numerous amenities for guests, such as a third-level pool deck, a bar and lounge concept on the gaming floor, restaurants, nightlife options, meeting and event space, and more.

The hotel is being built upon a vacant 5.25-acre plot of land located at 5051 South Las Vegas Boulevard that Shopoff and Contour originally purchased for $21 million from Fort Lauderdale-based real estate firm Lily Funds; the property sale closed on February 14, 2020.

However, construction on the project was initially delayed for undisclosed reasons – but presumably due to complications from the COVID-19 pandemic – based on a quote from Shopoff Realty Investments’ President and CEO William Shopoff when the project was first announced.

“We anticipate breaking ground late this year, probably more likely early next year,” he said back in 2020.

The hotel will be managed by New York-based Dream Hotel Group, according to Dream Hotel Group CEO Jay Stein, and said that Dream would present a unique destination for inhabitants and visitors to Las Vegas when it opens in 2024.

“When open, Dream Las Vegas will be unlike anything else currently available on the Las Vegas Strip, offering a new go-to destination for locals and out-of-town pleasure seekers alike,” he said.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Housing Market

Record Streak Broken: Las Vegas Home Prices Drop for First Month Since April of 2020

LAS VEGAS, NV – After a long period of time that saw Las Vegas home prices continuously increase and break records month-after-month, the inevitable has finally taken place: according to a report released Wednesday by Las Vegas Realtors (LVR), local home prices dropped for the first time in over two years, an occurrence that experts say is proof that the market in Southern Nevada is finally beginning to stabilize.

The median price of existing single-family homes sold in Las Vegas in June dropped to $480,000, down from the all-time record-setting amount of $482,000 that was set in May; this represents the first time prices of homes in the region lowered from one month to the next – as opposed to increasing – since April 2020.

Despite this news, the June median home price is still a whopping 21.5 percent higher than it was in June 2021, when that amount was $395,000.

The median price of condominiums and townhouses has also experienced a slight dip in price in June, lowering 1.8 percent from May’s all-time high of $285,000 to $280,000. However, that new median price is still 29.6 percent higher than what condos and townhouses were fetching in June 2021, when they were going for $216,000.

LVR President Brandon Roberts noted that real estate prices in Vegas have bounced back a great deal since hitting their record low in January 2012, when the recession drove down the median home value to a rock-bottom $118,000.

However, Roberts noted that the end of the streak of price increases – at least for now – indicates that the high-competitive Southern Nevada housing market is finally showing signs of stabilizing and becoming more buyer-friendly.

“Rising mortgage interest rates sparked a slowdown that was bound to happen at some point,” he said. “Local home prices can’t keep going up at the rate they have been the past few years. More stable prices, along with the increasing number of homes on the market and decreasing number of homes being sold, are providing some relief for potential buyers.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Mortgage Rates

Mortgage Rates Unexpectedly Drop, Giving Prospective Homebuyers Some New Leverage

LAS VEGAS, NV – Experts are reporting this week that mortgage rates – which have been skyrocketing since the new year after hitting historic lows during the COVID-19 pandemic – have unexpectedly dropped, giving beleaguered prospective homebuyers a modicum of leverage but also signaling potential bad news for state of the U.S. economy.

The average rate of a 30-year fixed mortgage, which was 5.81 percent one week ago, dropped this week to 5.70 percent. While that decrease will give some homebuyers some breathing room in terms of interest on a home loan, it also signals just how much rates have climbed, since at the same point in time one year ago, that rate was a mere 2.98 percent.

Nonetheless, according to Freddie Mac’s chief economist Sam Khater, this is a sign that the housing market – long thought to be heading in an unsustainable direction – may finally be starting to stabilize in the face of an ongoing national surge in inflation, which is straining the finances of most buyers. However, Khater noted, it could also be a grim sign that the country may also be on the verge of a recession.

“The rapid rise in mortgage rates has finally paused, largely due to the countervailing forces of high inflation and the increasing possibility of an economic recession,” he said. “This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller’s market to a more normal pace of home price appreciation.”

But in the meantime, the lowering rates – combined with a cooling market may give buyers the upper hand, at least in the short-term, according to real estate agent Lilly Rockwell.

“It’s fabulous. Finally. Tons of choices, very little competition,” she said. “It’s crazy how quickly the tables have turned!”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Silverado Square

Las Vegas Retail Center Silverado Square Sells for a Reported $24.4 Million to Chicago Landlord

LAS VEGAS, NV – Silverado Square, a 48,500 square-foot retail shopping center in Southern Nevada, has been sold to a major Chicago-based landlord for the sum of $24.4 million.

Silverado Square, originally developed by Scott Godino, has been purchased by Jones Lang LaSalle Income Property Trust as confirmed by the company’s spokesperson, with the sale having closed on June 1, according to Clark County property records.

The shopping center – which is almost fully occupied with tenants – located in the southern Las Vegas Valley at Silverado Ranch Boulevard and Maryland Parkway, is adjacent to an intersection with several other retail outlets, including two that have major supermarkets – an Albertsons and a Smith’s – as anchor stores.

Jones Lang LaSalle Income Property Trust currently possesses 120 properties across 27 states, which totals over 17.4 million square feet of commercial real estate and approximately 9,700 residential units. The company already owns other commercial properties in Las Vegas, including a northwest valley-based, 190,000 square-foot strip mall purchased in 2017 for $63.5 million.

Shopping centers in Vegas have been a hot commodity amongst investors in recent years, with 18 being purchased in the first quarter of 2022 alone, compared to the 37 that were purchased throughout the entirety of 2021.

It remains to be seen if this high purchase rate endures until the end of the year, however, as rising interest rates on loans are resulting in higher borrowing costs, this could curtail continued investment in commercial real estate, both in Las Vegas and throughout the United States as a whole.

However, reports indicate that rising interest rates could give investors willing to pay cash for their real estate transactions a distinct advantage going forward, given that there will be less competition overall; it remains to be seen how the current economic climate will play out through the remainder of the year.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

House Sold

As Interest Rates on Home Mortgages Skyrocket, Some Las Vegas Home Sellers Cutting Prices

LAS VEGAS, NV – During the depths of the COVID-19 pandemic the housing market unexpectedly started to boom, propelled by record-low interest rates on home mortgages and buyers enticed by acquiring homes with cheap money. But as demand continued to increase, home prices began to swell, with buyers taking solace in the fact that interest rates nonetheless remained very affordable.

Unfortunately, this is no longer the case, as an attempt to lower out-of-control inflation and prevent a potential recession, the Federal Reserve has begun increasing their interest rates. This, sadly, has correspondingly caused a significant jump in the cost of home loans as well, and combined with record home prices – the median price of a single-family home in Vegas in May 2022 was $482,000 – has caused the market to slow as some buyers are now finding themselves priced out.

With demand decreasing due to financial concerns, sellers – who have been consistently raising their asking prices for months, breaking records each and every time – have finally begun showing signs of relenting, and as a result Vegas-area listings are now slowly starting to appear with newly-applied discounts.

Reports show that sellers of a southwest Las Vegas Valley home for sale recently shaved $25,000 off their asking price; last Thursday, a Henderson home saw a $31,000 decrease; and a northwest valley area home has had a total of $110,000 in price cuts since it was first listed.

In fact, in May 2022, 13.7 percent of active listings in Las Vegas had a price cut, as opposed to the 11.5 percent average across the United States, reports say; while listings overall continue to climb in price, May represented the third month in a row where active listings showed price cuts, with Zillow economist Nicole Bachaud saying that the overall marketplace may be showing distinct signs of much-needed stabilization.

“Sellers are finally being challenged to price their homes competitively, after a period in which buyers seemed willing to meet almost any asking price, and in many cases bid over list price to beat out other interested buyers,” she said. “It’s absolutely true that there is an affordability crisis in the housing market, but low mortgage rates had kept monthly payments in check even while prices rose at a record pace.”

Housing markets – especially in Las Vegas – can often turn on a dime, but the current developments may be indicating that sellers may not be able to overprice anymore, opening up the potential for renewed affordability; time will tell if this ends up being true or not.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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 Real Estate

Report: Investor Interest in Las Vegas Region Making Life Difficult for First-Time Homebuyers

LAS VEGAS, NV – First-time homebuyers in Las Vegas are starting to face an uphill battle in some respects. Not only are they competing with ever-rising house prices and increasing interest rates on mortgages, but they are also going head-to-head with one especially difficult adversary: investors with deep pockets and the desire to pay top-dollar for homes they then convert to rentals, something that some families just starting out are unable to match.

With a small amount of inventory – the housing market in Las Vegas currently has just a one-month supply, whereas a six month supply is considered “balanced” – investors are often out-bidding first-time homebuyers by offering all-cash deals and quick closings, something that most sellers are ideally looking for, according to Las Vegas Realtors trade group President Brandon Roberts.

“The first-time buyer is at a big disadvantage,” he said. “Sellers want their money with the least amount of contingencies and as fast as possible. You can’t really blame them for that.”

34 percent of all sales in Las Vegas in May 2022 were all-cash transactions, which represents a 3 percent increase over the same period of time in 2021, which experts say likely means more investors are pouring their money into the Southern Nevada marketplace.

Sometimes these homes are fixed up and flipped for a profit; however, experts say, more often these days they are converted into rentals. Housing of any sort is tight in Vegas these days, but investors purchasing homes from the region’s already slim inventory and leasing them out is creating hardship for those seeking a starter home to purchase.

Reportedly, more and more investors – both individuals and corporations – are making buying homes and renting them out a more significant part of their business model, not just in Las Vegas, but across the United States.

In addition, with mortgage interest rates beginning to skyrocket, more and more buyers – especially affluent transplants from neighboring states such as California – are also opting to pay for home with cash in order to avoid expensive financing costs.

But while the percentage of all-cash home purchases in Vegas are creeping up, they are still far below the level they achieved before the mid-2000’s recession hit; at that time, approximately 60 percent of all home sales in the region were cash-only affairs.

However, experts are predicting that if another recession hits in the near future – which some economists are saying is indeed possible – the possibility remains that it could benefit homebuyers on a budget, as many investors may feel the need to sell off multiple properties, possibly at discounted prices.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

mortgage rates

Increasing Home Mortgage Interest Rates Causes Slowdown in Home Sales, But All Not Bleak Experts Say

LAS VEGAS, NV – Following the Federal Reserve’s hike of 75 basis points to its key benchmark rate in an attempt to lower crippling inflation gripping the United States and head off a possible recession, interest rates for home mortgages have been steadily increasing after having hit record lows during the COVID-19 pandemic; that factor, combined with inflation and skyrocketing home prices, have caused a recent slowdown in home sales nationally.

The current interest rate on a standard 30-year fixed-rate mortgage hit an average of 5.78 percent this week; this is up from 5.23 percent just last week, and a big increase compared to the same point in time one year prior, when rates averaged just 2.93 percent.

Currently, interest on home loans is at its highest point since 2008, causing Americans that are already hurting financially due to whopping retail, grocery, and gas prices to rethink the possibility of buying a home in the here and now, according to National Association of REALTORS Senior Economist and Director of Forecasting Nadia Evangelou.

“These rising mortgage rates hurt affordability and decrease the purchasing power of many buyers,” she said. “In addition to increasing the amount buyers will pay to borrow for their mortgage, higher interest rates lower their purchasing power since a larger portion of their monthly payment will be put toward interest.”

Due to the Fed’s decision to raise basis points by the highest amount in 28 years – in addition to several other hikes planned throughout the rest of the year – more buyers are adjusting their shopping budgets for homes, as rising interest rates lower their respective buying power. In January, the average buyer could have afforded a $360,000 home with a $1,400 monthly mortgage payment; now, with the most recent interest increase, that same $1,400 monthly payment would only procure a home worth $270,000.

With interest rates now at 5.78 percent and climbing, buyers’ money is not only worth less, but they will also be paying more over the course of the loan itself; at last week’s 5.23 percent interest rate, the monthly payment on a $300,000 loan – excluding taxes and insurance – would have been $1,653. However, with rates now being 5.78 percent, the monthly payment on the same loan would now be $1,756, which represents an additional $1,236 per year.

But all is not bleak- experts are saying that the high interest increases may simply be a case of over-correction on the part of lenders, and if the Fed’s basis point increase indeed proves to be successful in curbing inflation, mortgage rates could start to come down once again, especially amid a slowdown in demand for home loans, which have decreased 16 percent year-over-year.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Arioso Senior Living

Las Vegas Developer Holds Grand Opening for Low-Income Senior Apartment Complex

LAS VEGAS, NV – Arioso, a 195-unit affordable rental community for low-income seniors in southwest Las Vegas, recently held its grand opening celebration, and the developer – Ovation Design & Development – said that more accommodations catering to low-income residents are vitally needed as rents continue to climb throughout Southern Nevada and the nation.

Ovation founder Alan Molasky said that as affordable rental options continue to shrink for local residents – especially seniors, many of whom live on tight, fixed incomes – Ovation’s commitment to serving this venerable segment of society is their number one priority.

To that end, Molasky – who was accompanied to Arioso’s Grand Opening with numerous local dignitaries, such as Governor Steve Sisolak and Clark County Commissioner Justin Jones – said that Ovation’s high-quality apartment complexes are not only lower-priced for qualified seniors, but also offer a number of amenities, such as recreational and resident service components.

“The need for affordable housing and supportive elderly housing in the Las Vegas Valley is well-documented,” Molasky said. “Southern Nevada already has a desperate shortfall now, and with a growing senior population, it is estimated that 85,000 additional affordable housing units will be needed in the next 10 years to meet the demand.”

Governor Sisolak stated at the event that one of the biggest problems facing residents of Nevada is rental options they can afford, especially as rents have been skyrocketing following the end of the COVID-19 pandemic.

“I’m proud of the work being done across all levels of government and with community partners, like Ovation, to address the affordable housing crisis in Nevada,” Sisolak said. “With my $500 million ‘Home Means Nevada’ investment, we will be working with partners across the state to build more affordable housing, get Nevadans into homes and keep them in their homes, as well as create good-paying jobs.”

The Energy Star-rated Arioso represents the 13th affordable senior housing community built and managed by Ovation, and includes one and two-bedroom apartments, and offers a recreation/wellness center, swimming pool and Jacuzzi, social gathering spaces and other amenities for residents.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.