LAS VEGAS, NV – According to reports, the date for the official groundbreaking of the Majestic Las Vegas hotel will take place in July, with developer Lorenzo Doumani eyeing an anticipated completion date in 2024.

The Majestic Las Vegas will be built at the six-acre site of the former Clarion hotel, which was imploded in 2015. The project was originally approved in 2019, but faced numerous hurdles and delays due to the ongoing COVID-19 pandemic.

With a whopping $850 million price tag, the Majestic is slated to be a 45-story high-rise consisting of 720 rooms with numerous amenities for guests, including all-purpose space for conventions and meeting rooms as well as restaurants and a wellness/medical spa that would be able to offer physical examinations as well as professional advice on diet and exercise.

The property will also include 35 top-floor, customizable corporate suites that can be utilized as conventions or showrooms, which will range in price from $10 million to $100 million.

What sets the Majestic apart, however, is the fact that it will be an example of a rare non-gaming hotel in Las Vegas, with the focus being put on health instead; numerous amenities focusing on well-being and exercise will be available, from yoga, spin classes to nutritional consultants and medical spa facilities.

“It is time for Las Vegas to provide a luxury option for those who visit our city who want something that is non-gaming,” Lorenzo Doumani said in a statement.

The Majestic was originally announced by Doumani in 2004 as a 42-story condominium tower located on a separate property and accompanied by Hilton’s Conrad Las Vegas; however, it was redesigned numerous times over the course of several years until Hilton pulled out of the project in 2007.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Nevada Governor Steve Sisolak’s statewide eviction moratorium is currently in effect until March 31, which prevents tenants and homeowners from being evicted from their homes due to financial reasons stemming from the ongoing COVID-19 pandemic.

While this offers a layer of protection for individuals affected by the economic damage inflicted upon Nevada, it nonetheless demands that landlords continue to suffer massive losses in the form of unpaid rent. While this has caused a great deal of hardship for landlords – many of which are small, mom-and-pop operations who use rentals to get by – there is a clause in the current eviction ban that offers a layer of protection for landlords if the worst should happen.

According to experts, the Governor’s moratorium will nonetheless allow a landlord to begin the process of evicting a tenant if they are facing a very real threat of foreclosure on their property. However, this dire financial hardship would have to be proven in a court of law; once a judge has been satisfied that a landlord literally has no other recourse and is in very real danger of losing their home or apartment complex, eviction proceedings would then be allowed to begin.

“If the homeowner is facing a very real threat of foreclosure, they can go ahead and move forward with an eviction process,” said Bailey Bortolin, Nevada Legal Aid Policy Director.

With that being the case, experts also stress the vital importance of tenants and landlords setting up payment plans for whatever amount the tenant can realistically afford, keeping an open channel of communication between all parties, and putting in an application to Clark County’s CHAP program for rental assistance, since Sisolak’s eviction ban does not absolve a tenant from paying back rent.

Governor Sisolak’s statewide eviction moratorium is currently running concurrently with a federal moratorium issued by the CDC; however, experts note that the Nevada ban essentially overrides the federal one, due to end on Jan. 31.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – According to reports, the long-time home of esteemed Las Vegas sports bettor Lem Banker, who passed away in November 2020 at the age of 93, has recently been put up for sale by his family for $680,000.

The home, located at 216 Campbell Drive in Rancho Nevada Estates, is a one-story four-bedroom home situated on a half-acre of land. Coming in at 3,584 square feet, the residence was first built in 1967 and Banker was its first – and only – owner. The home features sunlit primary suite skylights, a grand brick fireplace, circular driveway – big enough to accommodate a dozen cars – palm trees, and a pool in the backyard.

Over the years, Banker had the home’s garage converted into a bar and entertainment room where he would often invite guests to enjoy drinks and watch sporting events, in addition to using the area for working out.

An unusual and fairly unique aspect of Banker’s home is that it comes from an era where wood-burning brick fireplaces were allowed in Las Vegas homes – it has one in a great room located off of the kitchen – something that isn’t allowed in modern residences, making this house a rare find in Southern Nevada.

Lem Banker was considered a legend in Las Vegas betting circles, so well-known that he was even once featured in a segment on the TV show, “Lifestyles of the Rich and Famous.”

Banker was known for doing extensive research and exhibiting great discipline when making his sporting picks and he parlayed that effort into a great many wins throughout his extensive career as a sports better. He was also known for being gentle, friendly, and generous. Banker was born in the Bronx, New York, but moved to Las Vegas in the late 1950s.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – According to reports, many experts expected Las Vegas to endure irreparable harm to its real estate industry with the advent of the COVID-19 pandemic in March, what with lockdown orders hamstringing tourism – the lifeblood of the city – and rampant unemployment becoming commonplace as a result.

However, despite the blows endured by the economy to this day due to the pandemic, the Las Vegas real estate market not only recovered far more quickly than experts anticipated, but is currently in the midst of a hot streak that is now expected to continue well into 2021 and beyond; all while many other industries in Vegas are still experiencing financial trials and tribulations as COVID continues to cause issues.

What separates Las Vegas Real Estate from other businesses in this regard? Experts say that “cheap money” is a leading cause, with mortgage rates currently experiencing record lows that are expected to continue into the New Year; this translates into affordable monthly mortgage payments that help to keep housing demand at a high level.

Another factor feeding into Las Vegas’ current real estate success is the mass exodus of residents from highly-taxed neighboring states – mainly, California – into Southern Nevada who are seeking to take advantage of the comparatively cheaper cost of living.

This demand has also caused home prices to escalate at a level not seen since before the mid-2000’s recession, although that price growth could slow in 2021 depending on the number of listings on the market; the more that are listed, the slower prices will rise.

However, real estate is a tricky business, and even a market that is doing as well as the one in Southern Nevada is not immune to issues; currently, it also has a higher-than-average amount of late mortgage payments when compared to the country as a whole, reports say.

But, if the circumstances that have caused Las Vegas’ real estate to thrive despite the pandemic persist, experts say that 2021 will likely continue to set records, especially with a new COVID vaccine on the way.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com