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Month: March 2019

Las Vegas Strip Property Expected to Fetch Upwards of $50 Million an Acre by 2020, Says Head of Global Gaming Group

LAS VEGAS – At a recent meeting of the Economic Club of Las Vegas, economic experts predicted that the already rapidly rising property prices on the famed Las Vegas Strip could continue their upward trend well into the next decade.

John Knott, head of the CBRE Global Gaming Group, noted that heavy demand for the limited parcels of land on the Strip could translate to a mammoth value of $50 million an acre once a mass series of construction and development projects slated to begin in 2020-21 begin. This is in heavy contrast to current values which are still far below the $30 million an acre level.

Land sales have recently begun to take off on the Las Vegas Strip; before, while much of the city was held in the grip of the housing crisis, plots of land often laid unused for years at a time. But with the recovery of the real estate market and subsequent housing boom taking Vegas by storm, prices have been on the rise at levels not seen in ages. As a result, Knott’s hefty prediction which are to come near the turn of the decade are not appearing to be too far-fetched, given current conditions.

Part of Knott logic, according to reports, is dependent upon the estimated 2020-21 completion of several high-profile construction projects, such as the expansion of the Las Vegas Convention Center, as well as the opening of Resorts World Las Vegas, the Las Vegas stadium, as well as other developments that will only serve to drive up the value of any surrounding undeveloped land. Anticipation of new transportation infrastructure in order to serve these new venues on the Las Vegas Strip will also add to the asking price of any remaining property, and as plots of land are snapped up, the value of any remaining plots will continue to escalate.

In addition, as the population of Vegas continues to increase as more out-of-state residents transplant themselves here to take advantage of the very healthy job market, reports indicate there exists a possibility that the Strip may be increased in length in order to accommodate growth which could also bring additional development to areas adjacent to the Strip as well.

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.

Hit HGTV Series “Flip or Flop Vegas” Returns for Third Season

LAS VEGAS – The HGTV hit television series Flip or Flop Vegas has returned for a third season this year, highlighting the unique ups and downs of the Southern Nevada real estate scene with the first of its latest batch of new episodes recently premiered on March 21.

Featuring the exploits of Aubrey Marunde, a Vegas-based real estate expert and designer, and her husband Bristol, a designer, contractor, and former Mixed Martial Artist who has competed in the UFC and Strikeforce, the program sees the couple buy distressed properties and renovate them while a camera crew captures the process from beginning to end. A spin-off of the series Flip or Flop, the program originally debuted on April 6, 2017 and proved to be an instant hit, finding a loyal audience and earning 12.5 million viewers since its premiere.

Season three features an additional 10 episodes in which the Marundes – owners of real estate company Alter Luxury – take downtrodden residences in the region and renovate them in the flashy, well-known style that many have come to expect of Las Vegas. The design aesthetic the Marundes’ bring to their typical flip typically entails lots of chandeliers and lighting and hardware in order to deliver an over-the-top result that has garnered a big demand for the couple’s work. The couple’s time to flip a property averages about three weeks; once on the market, their average sell time is five to seven days.

Due to the strong demand for homes in Vegas, Bristol noted that the experience of flipping homes there – the act of repairing and renovating a house with the intention of quickly selling it for a profit – is a far more intense experience than in many other parts of the country. With the speed in which land is being picked up by developers, she said that a flipper needs to be able to be fast on the draw when it comes to identifying and buying prospective properties; in addition, the properties she and her husband renovate are snapped up at far faster speeds than elsewhere in the country as well, leading to a never-ending supply of fodder for future episodes of their TV show.

Bristol Marunde originally came to be noticed by HGTV via her Instagram page, where she showcased her numerous home renovations; this opened the door for the Marundes to get a shot at their own TV series, High Stakes Flippers, in 2016. Eventually, the concept morphed into Flip or Flop Vegas as the duo attempted to ply their trade – quite successfully – in Sin City itself.

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.

Southwest Las Vegas to Be Home of Massive New “UnCommons” Mixed-Use Project; Mini-City Within City

Southwest Las Vegas to Be Home of Massive New “UnCommons” Mixed-Use Project; Mini-City Within City

LAS VEGAS – Southwest Las Vegas will be the home to a massive new mixed-use project, combining business, retail, entertainment, and food all in one package, dubbed the “UnCommons.”

Slated to be constructed off of Durango Drive and the 215, UnCommons – once completed – will essentially be a mini-city within a city, a space where the people working there will have all their needs and amenities right at their fingertips. The point of the project, reports say, is to attract businesses and their workers to the valley to provide support once they’re there.

Developers of the UnCommons project have extensively studied similar set-ups in other states and will be one-of-a-kind in Southern Nevada, designed from the ground-up as a “Town Square” of sorts to cater to the needs of the tenants who live and work in this area. It will include various exercise studio and relaxation options, numerous food, shopping, and entertainment options, all within walking distance of both an employee’s place of work and their luxury apartment complex.

Initial plans for the project call for 150,000 square-feet of office space in conjunction with restaurants, shopping establishments, several parking garages, and 875 apartments. Developers have noted that they have had preliminary talks with several business tenants – both in Nevada and beyond – in regards to taking up space at the UnCommons facility.

Phase one of the UnCommons project – currently budgeted at approximately $400 million – is set to break ground in 2020, and as long as there are no unexpected issues, completion of construction is expected by the middle of 2021. Additional phases of the project are expected to be announced in the near future, but will likely consist of an expansion of phase one, with more apartments, retail, and business space added to the existing concept based on initial response.

The development is expected to be a boon for local area residents as well, who will be able to access the conveniently-located public retail and entertainment options built within rather than having to commute to farther areas such as Henderson for a afternoon or evening out. The project is also expected to have an impact on the cost of local homes for sale as well as traffic in the region – both which are expected to rise as a result – however, many see the positives of the UnCommons to outweigh the negatives.

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.

Increase in Home Construction Reported in East Las Vegas

LAS VEGAS – While Southern Nevada as a whole has been experiencing a swell in the number of areas with increased construction in response to the overwhelming demand for affordable housing, reports indicate that the fastest rising region overall is in Eastern Las Vegas Valley.

This news comes to the surprise of many, as you would expect this activity to come out of a larger and more well-known area in the Valley, but the need for new homes – spurred on by a rapidly-growing economy and business/job/real estate market – is being felt all throughout Las Vegas. Ultimately, people are taking property where they can get it, and due to the fact that East Las Vegas is a lesser-known area, home costs are subsequently lesser; an attractive prospect for many facing skyrocketing home prices currently dominating the Vegas real estate scene as buyers are finding themselves paying a premium for whatever they can get their hands on.

East Las Vegas reported the sales of 515 new homes in 2018, which represents a whopping increase of near 90 percent from the prior year. This, according to experts, is the fastest level of growth anywhere in the Las Vegas Valley by a wide margin. While this number is relatively small when compared to other areas of the valley – 2018 saw 3,741 homes closed upon in southwest Vegas – it nonetheless is a vastly higher number, percentage-wise, and the affordability of East Las Vegas will likely result in that impressive output increasing in 2019.

When you look at the numbers, it’s easy to see why buyers are attracted to the homes in the eastern valley- the median sales price of a newly-built single-family home there is currently in the mid-$200,000’s, as opposed to elsewhere in the valley where that number typically reaches as high as $380,000 or more, reports say.

One of the reasons for East Las Vegas’ new reputation is the fact that conditions in some areas were reportedly run-down; developers have been scooping up dilapidated properties recently, razing them, and constructing new homes at price points that are causing a stir among those having difficulty finding a residence in Las Vegas’ otherwise skyrocketing real estate market.

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.

Henderson Noted as City with Fastest-Rising Rents in U.S., According to Reports

LAS VEGAS – With the recession over and done with and the real estate market on the mend in a major way, living expenses overall in Las Vegas – particularly rents – have been experiencing a steady climb over the course of the last few years as the improved economy is luring businesses and jobs into the region. Henderson is an especially poignant example of this phenomenon, having been currently ranked by ApartmentList.Com as the city with the fastest-growing rental prices in the United States.

Henderson is the second-largest city in Nevada, and according to reports, it has been experiencing growth in the cost of rental properties that outpaces any comparable city in the country over the course of the past year. The current 2019 monthly rent of an average two-bedroom apartment in Henderson comes in at $1,340, which represents a jump if 3.7 percent over the same period one year ago; the national average rental price, however, only increased 0.9 percent. This cements Henderson as a growing location in terms of demand, but it remains to be seen that, if rent continues to climb at its current rate, if the cost of living will eventually outstrip that demand.

A close contender in terms of rising rents is Las Vegas itself, which currently ranks fifth in the country; a two-bedroom apartment in Vegas will typically set you back $1,160 per month in 2019, which is an increase of 3.1 percent over the same period in 2018. Again, it remains to be seen if these increases will eventually become prohibitive to renters who are looking to get the most for their money in terms of living expenses.

Henderson and Las Vegas are standouts in the sense that, in much of the rest of the United States, rental costs – while also increasing overall – have nonetheless risen at a comparatively much slower rate throughout 2018.
Las Vegas’ rental scene has seriously ramped up in recent years, with the area seeing a large increase in development, especially in suburban areas. In addition, investors have been making numerous purchases of apartment buildings, rental complexes, and reduced vacancies – brought on by a large influx if new residents looking for jobs have produced a climate where rents have been rising to the point that some tenants are finding difficult to keep pace with. Work, however, is being undertaken by numerous developers in order to construct new and affordable housing options in order to bring more stability to Southern Nevada’s housing and rental market.

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.

Elderly Join Trend of Increased Home Renting Over Buying

LAS VEGAS – In years past retirees often remained in their homes as long as possible – even after their children have grown and moved on, or their spouse has passed away – but more recently, many seniors are opting to sell their homes and downsize into a rental for a variety of reasons. This is beginning to have more of an overall impact on the rental market – especially in Las Vegas – and has started to change into statistics.

For instance, due to improvements in healthcare and the resulting increased average life expectancy, the number of elderly in the United States has reached numbers not seen before with 22 percent of the population aged 60 years or older discovering the benefits of renting, especially on a local level; among large U.S. cities, such as Las Vegas sitting with the fourth-highest amount of senior renters, comprising approximately 21 percent of the market. And there are a number of legitimate reasons why; as American society changes and evolves, this is the case, and we can expect this number to increase as times goes by. In fact, the number of renters in their early 60s increased by 84 percent between 2006 and 2016, according to reports.

Renting as a senior holds many attractive qualities, including convenience and flexibility that owning a home might not afford. Rentals mean less home maintenance, which can otherwise be a lot of work for individuals that may be experiencing age-induced physical ailments; however, when something needs fixing and you’re a renter, a call to the landlord or property manager is all that is needed. Also, many rental units offer accessibility options – such as elevators – that a home will not, allowing elders to get around easily and remain independent longer. Additionally, rentals are often situated closer to services and stores than suburban homes are, allowing a senior easier access to the supermarket, pharmacy, or a movie theater.

Plus, selling your home and moving into a rental while in your Golden Years allows you to move to a less costly part of the country, so you can stretch and increase your retirement savings that much farther. Many seniors – after the sad passing of a spouse – often find themselves living alone, and the last thing a person in that situation would want to do is to maintain a multi-bedroom house for just one person. Rental units offer a single senior neighbors and building workers who provide a sense of community and a source of help if it is needed.

The rental market is being impacted more and more by the senior community – especially in Las Vegas – and as time goes by and the percentage of elderly in our country increases even more, that impact will continue to be felt. Indeed, because of this, investing in properties that feature amenities aimed at seniors is an excellent idea for anyone looking to get into real estate, in Las Vegas or anywhere else in the country.

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.

Concrete Industry Playing Important Role in Las Vegas Construction and Development

LAS VEGAS – Unless you’ve been living under a rock in the Mojave Desert, you’ve likely heard that Southern Nevada is currently in the midst of a construction boom.

The Las Vegas Convention Center recently hosted the World of Concrete trade show this past February, where members of the concrete industry convened to see the impact their livelihood has had upon the city since its epic recovery from the mid-2000’s recession.

Due to the recent economic and real estate-related boom that has been re-shaping Vegas – attracting business, professional sports teams, and those seeking jobs – construction work has escalated to a large degree to keep up with demand in the Vegas area.

Among the current high-profile developments in the works – all of which are utilizing copious amounts of concrete in their construction – are Resorts World Las Vegas, Caesars Entertainment’s Linq complex, Las Vegas Raiders’ stadium (as well as the team’s team separate headquarters/practice facility), Wynn Las Vegas’ new convention facilities, MSG Sphere at The Venetian, Las Vegas Ballpark, among many more.

Considered a versatile, cost-effective, and efficient building material, concrete is a vital component in constructing a variety of projects in the region, including buildings and stadiums, as well as the infrastructure these developments require, such as bridges, roads, and highways.

The World of Concrete trade show highlighted how the substance has contributed to shaping the skyline of Las Vegas in recent years, in addition to illuminating breakthrough new developments in the field that are allowing concrete to not only act as a strong foundation for a structure, but to function as an attractive and eye-catching element of design as well. New coatings and applications are allowing concrete – once thought of as bland and utilitarian in appearance – to contribute to the beauty of a building’s overall design as well.

Another topic addressed at the trade show was the economic impact concrete has had upon the construction industry, especially in terms of jobs and employment; recent retirement of long-standing construction veterans, combined with a lack of new inductees into the field, have resulted in a shortage of new hires, and experts note that a coordinated effort is needed in order to lure students that are near graduation and looking for careers into construction. This is especially true in Southern Nevada, where job openings are plentiful in the face of the current overwhelming needs of the business and real estate sectors.

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.

Palms Mixed-Use Project in the Works; Chick-fil-A, High-End Hotel, More Underway One Mile West of Vegas Strip

LAS VEGAS – Developers have announced that planning for an extensive mixed-use project is currently in the works adjacent to the Las Vegas Palms Casino Resort – located one mile west of the Vegas Strip, at Flamingo Road and Valley View Boulevard. The location is to encompass a number of businesses and amenities once it is completed in the next year or two. The land tract where construction is taking place is currently vacant, and the project is looking to offer a large degree of revitalization to the surrounding community.

The anticipated project is comprised of an upscale hotel – non-gaming in nature – in addition to a high-end apartment building and a number of retail businesses and franchise eateries such as Chick-fil-A, reports say. The hotel, according to reports, is likely to be branded by Delta and will be comprised of 270 rooms and is slated to potentially reach as high as 24 stories; work on the structure is expected to begin in the latter quarter of 2019, whereas work on the Chick-fil-A facility is expected to begin in the second quarter.

Other stores that are lined up for space in the development include Walgreens Pharmacy and chain restaurants Del Taco, Denny’s, and Wahoo’s Fish Taco. An additional 286-unit apartment complex – to be dubbed Elysian at the Palms, developed by The Calida Group – is also in the planning stages and, with construction expected to take approximately a year-and-a-half once work has begun, reports say. The facility, once completed, is expected to include guest amenities such as a gym, tanning booths, a massage spa, a gaming room, and a bar.

Before the bust of the housing bubble in the mid-2000’s the Flamingo Road and Valley View Boulevard land tract was originally slated to be the home of at least two new hotels, both originally in to be built in a distinct “Manhattan” style with numerous luxury trappings. However, deals for construction on the site all fell through with the market crash and the subsequent recession hit the Las Vegas real estate market especially hard; a malady that Las Vegas has only recently recovered from, with record growth now recorded by experts indicating a city on the rise and in need of new and continued development for the first time in nearly a decade.

The project is being headed up by CAI Investments, which is based locally in Las Vegas.

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.