LAS VEGAS, NV – Malaysia-based developer Genting Group has recently announced a several-month delay of the opening of their mega-resort, the Resorts World Las Vegas Casino, but noted that the resulting addition of several amenities – as well as a higher price tag to the already-impressive complex – are sure to make the delay more than worth it.

Resorts World – originally budgeted at $4 billion and recently revised to $4.3 billion – is situated on 87 acres on the Las Vegas strip at the former site of the Stardust Casino. Work on the casino began in 2017 with a projected late 2020 completion date, but progress was initially slow – blamed on construction difficulties and negative fluctuations in Malaysian currency – leading some experts to express that the 2020 opening was not in the cards.

Indeed, that opening estimate has been revised; the resort is now slated to open in the summer of 2021, as opposed to late 2020, and with that delay will come several changes that the developer says are for the better.

One of the major changes to the project will be the overall visual and aesthetic theme; previously Resorts World was expected to feature traditional Chinese architecture, with a red and white color scheme and a giant Chinese lantern hanging from the top of a tower; this has been changed to appeal to a wider range of guest tastes. Instead, Resorts World will feature a “luxury experience” with some Asian-themed design aesthetics.

When completed, Resorts World will feature over 3,500 rooms and suites divided between two towers with a 100,000 square foot gaming floor, numerous restaurants, a 5,000-seat amphitheater, a 75,000-square-foot nightclub, a 220,000 square-foot pool area – including a 1,800-square-foot infinity pool overlooking the Las Vegas Strip – state-of-the-art video screens, meeting and banquet space, a spa, entertainment zone, an extensive casino, and more.

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 recent reports, developer Joseph Daneshgar – founder of California-based 3D Investments – has purchased a luxury condominium complex located in the vicinity of the Las Vegas Strip for a whopping $47.6 million.

The Las Vegas Grand, a 212-unit building located at 818 East Flamingo Road, is among several Las Vegas-based real estate acquisitions made by Daneshgar as of late; in February, he purchased approximately 60 acres of property – the majority of it undeveloped – at Harmon Avenue and Koval Lane for $130 million, in addition to a luxury condo complex adjacent to the Las Vegas Strip, the Boca Raton, for $44 million in 2018.

A high-end property with 96 percent of its units already leased, the Las Vegas Grand features a pool, tennis and basketball courts, and a private parking garage. The complex is located within close proximity to all of the glitz and glamour of Vegas Boulevard, which is obviously an attractive aspect that is sure to keep it packed to capacity at all times.

In recent years, developers and real estate experts have been snapping up apartments and condos in the Las Vegas area due to the high demand for housing from new transplants in the region, which has served to drive up rents while reducing the amount of rental units available on the market.

The Las Vegas Grand was constructed in the early 2000’s by developer Christopher DelGuidice; the project hit trouble with the advent of the 2005 recession, and the property went into foreclosure in 2007. Envisioned as a grand five-building complex but only realized as one building, the Las Vegas Grand rode out the challenges brought about by the recession and finally opened for tenants roughly 10 years ago. The company that Daneshgar purchased it from had acquired the property in 2012.

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 reports, The Boring Co. – the tunneling company owned by Elon Musk – officially began construction on Nov. 15 on a tunnel that will house an elaborate “people mover” train system at the Las Vegas Convention Center.

A people mover is a type of small scale automated guide-way transit system. While many people movers transport passengers from airports, downtown districts or theme parks to other destinations, the one that the Boring Co. is developing for the Convention Center – a dual-tunnel people mover – would be more limited in scope, solely dedicated to servicing event attendees only.

The people mover is being constructed in partnership with the Las Vegas Convention and Visitors Authority (LVCVA) and is slated to be completed in January 2021, which would coincide with the Consumer Electronics Show, held annually at the Convention Center. The Boring Co. won a $52.5 million contract bid for the project in May, which is the company’s first major underground tunneling project.

In addition to the tunnel, additional work located above-ground – including stations and stops – began in October.

Previous work at the site of the people-mover has consisted of delivering and assembling parts that make it ready in time for the project’s start date. As the Boring Co. will be doing exactly what their name implies – boring into the earth – the timeline of the project may experience adjustments on the fly based on what types of potential deposits and/or obstructions they encounter as they make their way through their designated boring path.

The Las Vegas Convention Center has been expanding recently, with the final result encompassing two miles from end to end. The addition of the people mover is expected to make negotiating the vast complex far more manageable for the estimated million people who visit the site on an annual basis, once work is completed of course.

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 reports, construction on a new upscale apartment complex is currently underway adjacent to the Wyndham Desert Blue timeshare tower located west of the famed Las Vegas Strip.

The project, currently without an official name and headed up by developer Fore Property Co., is taking the form of building 287 luxury apartments, with the first grouping of units being made available for rent by December 2020; the project as a whole is expected to be completed in April 2021, reports say.

The project – the first apartment complex being constructed in close proximity to the La Vegas Strip in 25 years – is slated to offer a number of posh amenities for tenants, including a dog park, sky lounge, and a yoga studio, among others. The facility closeness to the Strip will offer tenants easy access to local attractions, entertainment, and employment, which will most likely make the complex very attractive to prospective tenants.

However, such accommodations may put a dent in your wallet; according to Fore Property Co., rents are expected to range from $1,400 to approximately $3,000 per month. However, similarly-priced units at other apartment complexes built in the Las Vegas region by Fore have been snapped up by tenants in the past, illustrating the desire for high-class accommodations by select members of the public.

In recent years, in order to meet demand for housing options in light of the rapidly-expanding population of Las Vegas due to the economic upturn – developers have been constructing apartment complexes in areas previously having few. Examples include Fremont9 in Vegas’ downtown and the currently in development shareDOWNTOWN in the Arts District. In addition, Fore has noted their interest in another potential apartment complex in Chinatown.

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 recent reports, officials representing Bleutech Park, a $7.5 billion mini-city project that has been proposed for Las Vegas, has acquired a 210-acre plot of land at Las Vegas Boulevard and Cactus Avenue that the group originally hoped to break ground upon come December 2019, although that date has been pushed back.

As per the original July 2019 release announcing the project, Bleutech Park representatives noted that the project would usher in an unprecedented renaissance of the global digital infrastructure industry into Southern Nevada.

“The net-zero buildings within their own insular mini-city will feature automated multi-functional designs, renewable energies from solar / wind / water / kinetic, autonomous vehicles, artificial intelligence (AI), augmented reality, Internet of Things (IoT), robotics, super-trees, and self-healing concrete structures,” the release says. “Our goal is to provide creative, attractive and functional workforce housing that will meet the needs of the Las Vegas community as a whole, by providing a harmonious ecosystem, thereby improving the health of our community.”

The property was purchased by Bleutech Park representatives for more than $1.5 million per acre from Las Vegas real estate developer Larry Canarelli.

However, some are expressing skepticism regarding the validity of the Bleutech project; for instance, despite the proposed December 2019 groundbreaking date, Clark County has confirmed that no paperwork has been filed with either the county’s planning or zoning departments (as of November 6) – a process which must take place before a project can move forward in any real, physical manner. A Bleutech Park spokesperson has stated that they are working to submit the necessary applications to Clark County in December.

Also, some have expressed doubt that Bleutech Park would be able to deliver on some of the impressive technological marvels that they have boasted of in their original release. That said, the deal for the Las Vegas Boulevard property purchase is expected to close in January 2020 which will push back the original projected December 2019 groundbreaking date.

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 – In a recent opinion piece published by Edward Kania, the Southern Nevada Eviction Services president argued that recent new laws governing the Nevada eviction process are ultimately unfair to landlords, placing undue stress and hardship upon them in the event that a tenant fails to pay their rent or live up to the responsibilities of their lease. While opinions are very much divided on this issue, Kania made several points that served to illustrate how landlords are set to be affected – in a negative way – by this new law.

The law Kania refers to is Senate Bill 151, which kicked in on July 1, 2019; the law increases protections for those renting properties by granting more time to tenants before they are able to be evicted by landlords for lack of payment on their rent, as well as capping late fees at five percent for delinquent rent payments. In addition, more time is granted to tenants to pay their overdue rent – seven business days, as opposed to the previous five – to avoid eviction. Evicted tenants are also allowed to re-enter their former dwelling for up to five days to retrieve “essential” belongings they may have left behind.

Kania notes that the new law essentially portrays landlords as “villains” simply for expecting to have their lease agreements complied with and their rent paid in a timely manner – something the tenant agreed to do upon moving into the unit, he said.

The new – and some would argue, excessive – leeway that tenants receive under the Bill essentially forces landlords into an unfair position, Kania said.

Landlords are not tenants’ parents,” he said. “They are not their means of support nor spouse nor friend nor charity. Neither Target nor supermarkets are required to provide free services. Why, then, are landlords?”

Kania also argues that tenants are automatically guaranteed a hearing after they receive a notice regarding delinquent rent, even if they have no defense whatsoever for not paying. With all of the tenant safeguards now available, often an individual can delay eviction for weeks or even months; all the while, the landlord – who is only trying to pay their bills – is the one experiencing the financial strain of that situation in the form of unpaid rent, not the tenant.

“New eviction laws…make the eviction process harder for landlords and easier for tenants,” Kania concluded. “These new laws help renters who don’t comply with their leases, but will likely lead to higher rents and security deposits, shorter rent due dates and higher mandatory credit score levels for everyone else.”

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 reports, Las Vegas new home construction and sales have displayed its strongest quarter of activity since 2007, with developers currently on-track this year to equal their 2018 performance.

2,500 net sales of newly-built homes in the Las Vegas region were reported from the start of July throughout the end of September, which represents an increase of 8.5 percent over the same period one year ago. The previous high-water mark for sales was 2,760 in 2007, which was just prior to the burst of the housing bubble.

Factors that have been figuring into this continuing upward trend have been an influx of affordable homes into the marketplace – something which had been addressing home shortages and/or had been driving prices up until recently – not to mention assistance from lenders, who have lowered interest rates on loans to below four percent, down from five percent or more just one year ago. 

With more people still moving to the Southern Nevada region due to the skyrocketing economy and the influx of new businesses – and with them, jobs – it’s not at all surprising that new homes have been selling like they have. Moreover, reports say, the lowered interest rates, combined with increasing inventory, are helping to create a more stable, sustainable marketplace; until recently, dwindling supply had been driving home prices continuously upward, raising concerns about affordability. 

Sales of existing homes have also been healthy recently, with their prices approaching – but remaining well under – the prices of new homes; currently, the median sales price of an existing home has been about $299,000, as opposed to newly-built homes, which are fetching closer to $390,000 on the open market. Both of those numbers, respectively, are still well under the national average when compared to many other major marketplaces, such as New York or California.

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 – After an extended period of intense real estate growth, Las Vegas home prices have begun to drop after hitting their highest peak in over ten years, according to reports; experts say that this could benefit the market in the long-term, as the decrease could spur increased home sales, which had been slowing recently due to affordability concerns.

While experts consider the Las Vegas real estate market to be on solid ground overall, it did experience a drop after a considerable amount of time where prices increased and available inventory dwindled. But after a swell of new homes and apartment buildings were put on the market – thanks to the work of numerous developers – the increased inventory and rising prices have resulted in a small decrease in closings. 

The market is on much stronger footing today but has slowed considerably this year, after a heated run in 2018 sparked affordability concerns (some of which caused worry that the local cost of living was spiraling out of control). There’s no way to predict whether we’re in the early stages of a crash, but the cooling, at least in theory, could help jump-start home sales — and there are signs that buyer activity has picked up lately. As a result, the growth rate of Las Vegas dropped from its typical first or second place nationally to eighth among 20 cities ranked by S&P Dow Jones Indices.

However, experts are seeing this drop in sales – and a resulting drop in prices, coupled with a late-2018 drop in interest rates – as a good thing; it could be a means to an end in terms of sparking new sales as buyers who may have been holding out due to affordability concerns will be willing to finally take the plunge.

That hesitation, on the part of buyers, can be understandable; in August of 2018, Las Vegas house prices had jumped 14 percent from the same period of time one year prior, whereas the year-to-year increase from August 2018 to August 2019 was a more manageable 3.3 percent, reports say.

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.