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Month: February 2019

New $95 Million Investment in Marriott Hotel Approved by Las Vegas Officials; To Support Downtown Development, Offer Jobs

LAS VEGAS – Las Vegas’ Symphony Park, a 61-acre mixed-use site currently under development in downtown Las Vegas, will be the home of a new Marriott Hotel, thanks to city officials who recently voted to approve the project. The new Marriott convention hotel brings with it a $95 million investment, which officials say will support Symphony Park’s development and create much-needed jobs in the downtown area.

Once housing a Union Pacific rail yard, Symphony Park currently is being master developed for mixed-use by the city of Las Vegas, also the landowner. Symphony Park is home to the Cleveland Clinic Lou Ruvo Center for Brain Health, Smith Center for the Performing Arts and the Discovery Children’s Museum.

Slated to be a 406-room, six story hotel with a projected opening date of summer 2020 will be constructed on the corner of Grand Central Parkway and Symphony Park Avenue – will offer a number of amenities for guests, such as an upscale restaurant, a fitness gymnasium, as well as retail stores and 20,000 square feet of spaces that can host large-scale meetings and conferences, officials say.

The six story hotel with a projected opening date of summer 2020 will be constructed on the corner of Grand Central Parkway and Symphony Park Avenue.

Officials anticipate that the project will produce approximately 150 construction jobs via developer Jackson-Shaw – a company responsible for 21 hotels to date – and once completed will employ over 275 people both directly and indirectly; in addition, the hotel is expected to generate about $1.5 million in tax revenue for the state and local municipality, according to reports. Previously, Jackson-Shaw was responsible for building local hotels the Hampton Inn Tropicana and the Renaissance Las Vegas.

The hotel, which is to be designed with inspiration taken from Spanish architecture and slated to cater to cutting-edge, modern lifestyles, will gel with the designs of neighboring structures and buildings in the Symphony Park development. City official said that they envision the mixed-use facility to become a hub for the arts, as well as a home for numerous professionals and businesses, including those in the science and medical fields.

In addition to the Marriot, other structures under development in Symphony Park include two parking garages that will incorporate up to 30,000 square feet of space for retail establishments, as well as residential apartments that will feature up to 600 single-family units once completed.
All in all, officials are expecting Symphony Park to play a large part in the re-invigoration of the Las Vegas downtown area within just a few years.

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.

Vegas Home Prices in January Spike to Highest Point in Months

LAS VEGAS – Since bouncing back in spades from the mid-2000’s burst of the housing bubble and the resultant economic woes that event thrust upon the majority of the nation, the Las Vegas real estate scene has been skyrocketing in value as home prices have been soaring, regularly outdoing themselves as people move into the region seeking to take advantage of new jobs and a lower cost of living.

However, while that cost of living still remains far below average for much of the country – neighboring Californians are currently paying roughly twice as much or more for much less – the constantly-raising home prices in Las Vegas are nonetheless starting to cause a bit of strain on the marketplace. While houses and apartments are still in great demand, the costs are beginning to reach the breaking point for some. January 2019 represented prices that reached their highest point in months, with the median sales price of single-family homes hitting $300,000; this represents a 1.6 percent increase from December 2018 and a 13.2 percent increase from the same period one year ago.

Again, this price range is far below the national average, but it’s still reaching a point that can no longer be considered “cheap” anymore, either. The market sets the price, unfortunately, and while local developers race to increase their output, it hasn’t been fast enough to placate demand and lower prices.

January also represented another sobering reality for the Las Vegas housing market, as overall home sales were lower than in recent months. Over 7,200 single-family homes were on the market without offers at the end of January, which represents a bump of 9.7 percent from the previous month. However, January is a tricky month to base sales data off of, as this is considered the slowest period for sales in general; experts predict that sales will increase as the year goes on.

Nonetheless, some buyers have reported exercising caution and taking more time to weigh their options when it comes to purchasing homes in Las Vegas, given the vastly-increasing prices in the marketplace. But as developers increase their output and more housing options are made available at a wider variety of costs, prices are expected to gradually lower and bring stability back to a market that still is among the cheapest in the nation amid a booming local economy.

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.

Matter Real Estate Group Looking to Develop $400M Las Vegas-Based Mixed-Use Project

Matter Real Estate Group Looking to Develop $400M Las Vegas-Based Mixed-Use Project

LAS VEGAS – San Diego-based Matter Real Estate Group recently announced plans to create a $400 million project spanning 40 acres in Southwest Las Vegas. The project, dubbed UnCommons by Matter owner Jim Stuart, is to be a mixed-use development consisting of office, retail, and rental space.

The UnCommons office park, slated to be located at the corner of the 215 Beltway and Durango Drive, will consist of 500,000 square feet of office space, 100,000 square feet of retail space, and 875 apartments, Matter officials said. The development is planned to be designed with ease of access to foot traffic in mind, with early design renders illustrating a variety of walkways situated within a densely built series of buildings offering visitors access to a wide array of amenities, including coffee shops, a food hall, restaurants and live entertainment venues.

Matter is currently in the process of purchasing the land needed for the UnCommons project; currently, the company owns approximately 8 acres, but plans on acquiring the remainder of the property by the start of summer this year, once project plans have been officially approved by Clark County officials.

The southwest valley of Las Vegas is considered a fast up-and-comer in terms of business growth and construction, and UnCommons stands to help that reputation continue to develop. Matter officials have noted that the design approach that their company is taking with the project – especially in terms of office construction – is catered to attract young professionals who expect a little something extra in terms of a modern, exciting, and interesting work environment.

In addition to UnCommons, Matter has unveiled plans to construct multiple warehouses in the Southern Nevada region. These include a 540,000 square foot industrial park adjacent to North Las Vegas Airport, a facility spanning 10 acres in the southwest valley, and a 300,000 square foot Henderson-based development located beside the practice facility of the Las Vegas Raiders NFL team.

Matter is currently in the process of working with borrowing institutions to provide capital for the UnCommons project, as well as courting various companies and retail businesses regarding leases at the office park. There is currently no official timetable for when the project is expected to commence or when the project is to be completed by, but Matter representatives indicated that they are keen to get the ball rolling on the project as soon as possible in order to take advantage of the rapid growth that the southwestern Las Vegas valley is currently experiencing.

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.

North Las Vegas to Conduct Grant-Funded Study on Potential “Livable Center” by Regional Transportation Commission

LAS VEGAS – “Livable Centers” are a recent phenomenon that ‘center’ around offering residents a variety of options which help promote and facilitate a healthy, active lifestyle; North Las Vegas’ Deer Springs district has decided that this may give their community a significant commercial boost, and to that end they are dedicating grant monies into a study to see if a Livable Center in their backyard is a good fit.

Livable Centers are vibrant, walk-able places where people can live, work, and play with less reliance on their cars. Livable Centers, with concentrations of residential and employment, support more trips by foot, bicycle, transit, or carpool. Funded via financial grants provided by the Regional Transportation Commission of Southern Nevada are intended to assist communities looking to spur local economic development; Deer Springs’ study will work with the local community to identify specific recommendations, such as pedestrian and bicycle facilities, that can help spark the potential creation of a Livable Center.

If approved, most of the construction going into the Livable Center will be new, especially considering the fact that a majority of the Deer Springs area is currently awaiting development. Local officials are hopeful that a progressive and environmentally friendly project, such as a fully-functioning Livable Center, will attract businesses, jobs, and entertainment options into the region enabling it to grow and expand and, ultimately, create an environment that will bring in more families wanting to live here.

Before the mid-2000’s recession, the Deer Springs district was home to several businesses however once the recession hit the area dried up and many businesses either closed up shop or moved elsewhere. With the recent economic boom in Southern Nevada, local developers believe there is opportunity capitalize on the upward trend exhibited in both the real estate and job markets.

The benefits of Livable Centers include:

  • Less Time on the Road: By concentrating destinations, Livable Centers study areas reduce an estimated 416,541 single-occupancy vehicle trips daily.
  • Employment Opportunities: From 2009-2013, Livable Centers study areas saw 17.5% job growth, outpacing the overall 8-county region’s job growth rate of 11.7%.
  • Economic Impact: As of May 2015, a total of $197,041,186 in locally sponsored capital improvements had been made in Livable Centers study areas. An additional $272,146,008 are planned or programmed.

Deer Springs officials noted that they hope to complete their Livable Center study and present their findings to the North Las Vegas city council in June of this year; the report is slated to include strategies derived from the study that are intended to guide the development of the project – including transportation and other forms of access, should it be approved by officials.

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 Home of Mob Enforcer Tony Spilotro Sold

LAS VEGAS, NV – The former Paradise Park home of infamous mafia enforcer Tony Spilotro – famously portrayed by Joe Pesci in the 1995 Martin Scorsese film Casino – has recently been sold. Originally listed on the market for $419,900, the single-story ranch home located at 4675 Balfour Drive was originally constructed by Spilotro and his wife Nancy in 1974.

The home, featuring spacious 2,400 square feet replete with four bedrooms, two bathrooms, a spacious two-car garage, and a backyard pool, is the largest home in its neighborhood. Although considered on the modest side by modern standards, during the 1970’s the residence was considered upper middle-class, and Spilotro – by reports a “blue-collar guy” –  was known to throw large parties for his fellow Balfour Drive residents in order to stay on good terms with them. Allegedly, in a large walk-in closet in the main bedroom, Spilotro was known to store large amounts of currency and guns.

The current owner is XL Steel president David Stevens, a contractor, who purchased the home in 2017 after learning of its past owner for $275,000, according to Clark County records.

“I’m a Vegas history buff and couldn’t resist the opportunity to own a unique piece of history,” Stevens told the Las Vegas Review-Journal recently.

David Stevens

Spilotro, nicknamed “The Ant” and “Tough Tony,” was an mobster and enforcer for the Chicago mob in Las Vegas during the 1970s and 1980s. Spilotro became a “made man” in 1963, at 25 years old, and his job in Vegas was to protect and oversee the mob’s illegal casino profits at a time when some of the casinos were run by sports bettor casino executive Frank “Lefty” Rosenthal, portrayed in Casino by Robert De Niro. 

The film Casino takes some creative license with the facts and timeline, but is broadly accurate to Rosenthal’s story and his relationship with Spilotro.
Spilotro, who according to the FBI is believed to have been responsible for about two dozen murders, eventually ran afoul of his organized crime overseers who disapproved of his handling Las Vegas affairs; they arranged his murder in 1986, along with his brother, Michael, a scene that is brutally depicted in the 1995 film.

Spilotro’s wife eventually sold the home in 1997, and since then it has had four owners. The final sale price of the home, and the identity of its new owner, is currently not known.

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.

New Las Vegas Ballpark Construction On-Schedule for Opening Day; 10,000-Seat Facility Confirms Opening Will Be April 9, 2019

LAS VEGAS, NV – The Las Vegas Aviators, formerly known as the Las Vegas 51s and Las Vegas Stars, are a Minor League Baseball team in the Pacific Coast League (PCL) and the Triple-A affiliate of the Oakland Athletics. They are located in Summerlin, and from 1983 to 2018 they played at Cashman Field. However, beginning in 2019, the Aviators will play their home games at Las Vegas Ballpark, a new 10,000-seat facility that team representatives confirmed will indeed be ready for opening day on April 9. Well, mostly ready, anyway.

While there’s still plenty of work to be done on the facility, everything needed to play a good, old-fashioned game of baseball – namely, the field, lights, seats, and scoreboard – will be ready to go, Aviators officials said. Some fan amenities, such as a swimming pool and splash pad, might not make the cut by opening day, but are hoped to be completed soon afterward. 

The stadium will be owned by the Howard Hughes Corporation, and is located near the intersection of South Town Center Drive and West Sahara Avenue. Construction of the $150 million stadium began in 2018 and is set to feature 10,000 seats, 22 suites, a center field pool, kids’ zone, and several bars.

Work crews are currently working around the clock in order to meet their April deadline, and according to reports they are on-track to achieve that goal. And to cement that fact, the Aviators recently announced that season tickets were selling at a brisk pace and are soon looking to sell out completely, showing the intense local interest in the team and their new, state-of-the-art home.

In addition, the LED video display board at Las Vegas Ballpark has earned a unique distinction- it’s currently being heralded as the largest such screen in Minor League Baseball, coming in at approximately 4,000 square feet and featuring a 13HD pixel layout courtesy of AECOM Hunt and PENTA Building Group. In addition, the screen ranks within the top 25 out of any baseball stadium in the United States, Minor or Major League, reports say. 

The new stadium is also bringing job opportunities to the Summerlin area; the facility has recently advertised a Job Fair to be held on February 23, where they are looking to fill positions including Professional Sports Catering, Event Security, and Cleaning Personnel.

The Aviators’ opening day game – the first ever played in the new stadium – will be against the Sacramento River Cats, with 70 home games stated for the 2019 season.

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.

Vegas’ Bizarre “Underground House” On the Market for $18M

Vegas’ Bizarre “Underground House” On the Market for $18M

LAS VEGAS, NV – Las Vegas is home to a great many eye-catching structures and oddities, but one of the most remarkable of them isn’t eye catching at all… mainly because it’s located 26 feet underground.

The Underground House at 3970 Spencer St, Las Vegas, NV 89119 (50 photos, link below)

The infamous “Underground House,” originally constructed by Avon founder and subterranean living enthusiast Jerry Henderson in 1979, has been officially put on the Vegas real estate market for a whopping $18 million. That’s quite a mark-up from its previous selling price in 2015 of $1,150,000, but the current owners maintain that the novelty – combined with the sheer expense involved in attempting to replicate the house’s unique design elsewhere – make the inflated price tag well worth it.
Henderson allegedly built the Underground House owing to fears over nuclear war or other catastrophes, although modern reports indicate that it would likely provide inadequate protection from a serious nuclear attack.

The above-ground portion of the Underground House – located 2.5 miles from the Las Vegas Strip – looks plain enough upon first inspection, being a simple townhouse that Jerry Henderson’s widow lived her remaining years in upon her husband’s passing in 1983. But delve into the earth below and you’ll discover a vast complex boasting five bedrooms, six bathrooms, and numerous extravagant amenities, all designed with a flashy 1970’s flair that goes the proceedings a distinctively retro-look.

Visitors to the Underground House – with the 15,000 square-foot space accessible via stairs or elevator – will find themselves greeted by a faux “outdoor” yard populated with a grass-colored carpet, artificial trees, bushes, and rocks, as well as murals on the walls and ceilings depicting the sky, horizon, and various bits of country scenery. Lights can be adjusted to represent different times of the day, and twinkling lights in the ceiling represent a starry nighttime sky.

In the center of it all is the house itself, reflecting a 1970’s design sensibility and including an elaborate bar and a kitchen with a vibrant pink color scheme. Glass panel doors, as you would normally see on a typical above-ground house leading into the backyard, separate the interior of the house from the “outdoor” area.

Speaking of the outdoor area, it is replete with a number of perks, including a pool, two hot tubs, a sauna, a dance floor, a barbecue area (complete with a picnic table and chairs), and a four-hole putting green. In addition, there is a separate guest “house” on the “property” for when visitors come calling.
Despite the 70’s design aesthetic, prospective buyers of the Underground House will be happy to know that the current owners – the mysterious Society for the Preservation of Near Extinct Species – didn’t skimp on adding modern technological aspects. Climate control is provided by eight heavy-duty air conditioning units, cell phone service is accessible via underground repeaters, and cable TV and Internet are available as well. In addition, the property has a 1,000 fresh water tank as well.

It just goes to show you that just when you think you’ve seen it all in Las Vegas, you only have to direct your gaze downward to find that there’s even more going on beneath the surface. 

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos or rental info? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Outpaces U.S. 2018 Average Employment in Terms of Construction

LAS VEGAS, NV – Looking back at 2018, Las Vegas can boast of a great many things – a booming economy, a healthy job market, booming real estate, an influx of new residents and businesses – but one item that stands out just as impressively is the fact that employment in the local construction industry blew up at roughly twice the rate when compared to the rest of the United States.

With a plethora of ongoing high-profile building projects – including the Las Vegas Raiders NFL stadium, a new baseball stadium, numerous single-family homes, apartment buildings, and condos, retail buildings, warehouses and more –  nearly 68,000 people were employed by the Las Vegas construction industry last year, representing a jump of nearly 9 percent from the same period in 2017, as per reports. In contrast, construction jobs only grew on an average of 4 percent elsewhere in the country.

With demand for quality – and affordable – housing spiking in Las Vegas within the last few years, the only thing standing between prospective homeowners and their desire to move into new dwellings has been a shortage of workers, and in an attempt to offset the difficulty in attracting laborers, construction companies have been offering extra incentives in order to draw them in, including higher salaries and benefits. 

Slowly, but surely, the approach has been working, and output from the region’s contractors has been steadily increasing to meet demand; however, according to reports, the workforce is still under-populated and companies are still looking for qualified workers.

The housing job market in Las Vegas currently, while very impressive by national standards, still pales in comparison to how it was in the “good old days.” Previously, before the housing market crash of the mid-2000’s, construction companies in Las Vegas employed approximately 112,000 workers; following the burst of the housing bubble, however, the market could only sustain fewer than 35,000 workers. Needless to say, the modern market is clearly in the rise once again.

Real Estate professionals in Las Vegas in 2018 reported record numbers of sales, with the marker hitting highs not seen in the Southern Nevada Region in over a decade. Scarcity has resulted in elevated pricing, but as more workers are brought in by home-builders in the area, a greater output of dwellings will result in prices stabilizing and, eventually, dropping to more affordable levels, although it is worth noting that Vegas’ cost of living, even now, is lower than much of the country, especially when compared to neighboring states such as California.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos or rental info? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.