Las Vegas Real Estate Blog

LAS VEGAS, NV – Time Magazine recently did an article on how Eviction Moratoriums – much like the one issued by Nevada Governor Steve Sisolak during the ongoing COVID-19 pandemic – can be especially harmful to small, “mom and pop” landlords who may own only one or two small rental properties.

With a shutdown mandated by Governor Sisolak on all businesses deemed to be “non-essential” putting many people temporarily out of work, the majority of Nevada residents were facing evictions or foreclosures amid extreme financial hardship. However, the Governor’s moratorium disallowed lockouts, notices to quit or pay, or eviction filings while the state of emergency was in effect. The moratorium also waived all late fees throughout the emergency period.

The moratorium was originally due to end June 30, and landlords were lining up to begin eviction proceedings for a slew of delinquent tenants. However, late last week Sisolak extended that moratorium for specific circumstances. But in the meantime, the landlords of those properties – many of whom have not been receiving income since March – are struggling themselves, and the smaller the landlord, the more difficult the struggle.

A good example of how especially difficult moratoriums can be for small landlords can be summed up in the story of Greta Arceneaux, as chronicled in the above-linked Time article. Arceneaux was a divorcee with two children facing grim financial prospects in 1960’s Los Angeles when she got a loan, demolished her own home, and built a five-unit rental complex upon the land. The gambit worked – she had developed a steady income that lifted her and her family out of poverty and into the middle-class for many years… until COVID-19 hit, that is.

While the Nevada moratorium has proved to be a hardship for many landlords state-wide – especially in light of its recent extension – Los Angeles’ has been even more restrictive to property owners, with tenants being allowed up to 12 months to repay their back rent – without any late fees attached – from the end of the city’s emergency declaration. For some, like Arceneaux, this is an insurmountable obstacle thrown in her path during an already difficult period. She has reportedly been saddled with $15,000 in unpaid rent, in addition to having to maintain the apartment complex with money right out of her own pocket. In addition, she is also bound by new state building codes that require earthquake prevention reinforcement in her building, a decree that stands to set her back $60,000 or more. At this point, her retirement is being threatened.

While she feels for her tenants who have lost jobs and are facing economic crises themselves, Arceneaux is also struck by the unfairness of her situation. While it is unfortunate that her tenants may be facing hardships, why is she being forced to shoulder their misfortunes in addition to her own? And on top of that, the number of people looking to move into an apartment during a pandemic is low; while a large complex can get by with a few vacancies here and there, it’s a far more difficult prospect for a small-time landlord with only four or five units.

This is an issue that is currently plaguing a great many Americans in light of the COVID-19 pandemic, as many cities and states have passed similar moratoriums. According to the 2015 American Housing Survey, roughly half of the rental market in the U.S. is run by large companies; the remainder are run by individuals and normally consist of homes and small complexes, like the type owned by Arceneaux. But while large companies often can benefit from funding provided by the CARES Act, smaller landlords typically cannot.

Many city and state governments are encouraging landlords to work out payment plans with their delinquent tenants, but for many who have invested their life savings into their properties and are losing money each and every month they are denied rent, such an arrangement can certainly seem unfair. If governments force this burden upon property owners, they should be prepared to assist them financially.

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, Las Vegas homebuilders are reporting an increase in the number of homes sold, despite having to deal with the ramifications of the ongoing pandemic; this represents a rebound of sorts for an industry that saw quick and widespread shrinkage when COVID-19 first reared its ugly head back in March 2020.

Vegas-based developers reported 289 brand-new home construction contracts for the week ending June 21 – minus cancellations, which would have made that number higher otherwise – a significant jump from the number reported for the week ending April 5, when a mere 38 contracts were signed. The amount of interested parties visiting new subdivisions has been on the rise as well for the past two months.

However, despite the increase in signed contracts, homebuilders are noting that the process of actually constructing those homes will still encounter numerous hurdles and speed bumps in the form of the conronavirus pandemic. Layoffs and furloughs of a percentage of the workforce, along with strict guidelines imposed upon worksites by state and local governments regarding social distancing in order to curb the spread of the disease will certainly slow the average pace of building homes.

Previously, builders were speeding along at over 1,000 construction permits per month acquired for various projects; only 417 were pulled in May, representing a decrease of 50 percent from May 2019.

During the height of the pandemic, Nevada Governor Steve Sisolak issued mandates to keep non-essential businesses closed; as a result, countless thousands were either laid off or furloughed, and as a result of their new-found financial uncertainty, many people cancelled purchase agreements that they had only just signed.

However, with Nevada in the process of slowly reopening their economy, it appears that financial stability is starting to return as well, as evidenced by the increase in new home contracts being signed. Only time will tell if this upward trend continues.

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, Steven Wynn, a real estate businessman and art collector known for his involvement in the luxury casino and hotel industry, has listed his mammoth Las Vegas mansion for sale for a whopping $25 million.

Wynn purchased the mansion – located at 1717 Enclave Court in Summerlin near Town Center Drive and Summerlin Parkway – just over two years ago. The estate comes in at 13,500 square feet with six bedrooms and nine bathrooms, situated on a street that is known as “billionaire’s row” for its many mansions and high-priced properties.

Wynn’s mansion, which recent benefitted from a $16 million renovation project, features a plethora of amenities including a game room, wine closet, gilded doors, silk carpeting, a butler’s pantry, and a full wing dedicated to a live-in caretaker. There are also extensive security features, including infrared security cameras monitoring the grounds and a backup power system in case of power failure.

Famed magician David Copperfield owns a neighboring mansion, a 31,000-square-foot estate that he purchased in 2016 for $17.55 million, the highest price ever paid for a Las Vegas mansion at the time; obviously, if Wynn’s mansion sells for its advertised price, that would set a new record.

The sale was announced to the public via a release put out by listing broker Ivan Sher of Berkshire Hathaway Home Services Nevada Properties.

This is one of the finest homes available in the country,” the release says. “The current owner completely reimagined the space, creating a timeless experience with incomparable finishes and museum-quality art protection and display.”

Wynn’s ownership of the mansion is not referred to in the release, but according to public records Wynn purchased the property in March 2018 for $13 million. At the time he had just resigned from his company after being accused of sexual misconduct; Wynn denied all allegations.

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 – Since the beginning of April, Nevada residents whose finances have been negatively impacted by the ongoing COVID-19 pandemic have been offered a safety net against eviction by a moratorium issued by state Governor Steve Sisolak. However, that moratorium is due to cease July 1 for commercial properties and August 1 for ‘some’ residential properties (certain causes – see directive 025 below); experts are anticipating a slew of evictions to follow soon afterwards. Those who have not been able to pay as the coronavirus pandemic began have until Sept. 1 or risk eviction.

With a shutdown mandated by Governor Sisolak on all businesses deemed “non-essential,” many Nevada residents found themselves out of work. For those barely scraping by paycheck-to-paycheck, looming evictions and/or foreclosures have become a very real possibility. However, with the Governor’s moratorium in place, these residents have been protected by disallowed lockouts, a cease on notices to quit or pay, as well as no legal eviction filings during the state of emergency.

“We’ve now reached a point where tens of thousands of Nevadans are wondering how they’re going to make rent or pay their mortgage,” Sisolak said at the time. “These are good, hard-working people who are just looking for one of the most basic and essential necessities: a roof over their heads. This is not the time to put people out on the streets. This is also not the time to evict small business owners who have been hit hard by the economic fallout of this pandemic.”

In addition to those directives, the moratorium also waives all late fees throughout the emergency period; once the emergency is officially over, Sisolak noted that any landlords that are owed back-rent by their tenants should work with them on devising a repayment plan. And, as of the released dates, that period of emergency will end as Nevada continues the process of reopening its economy.

While Sisolak’s decree was a boon for many working-class people who were experiencing financial hardships due to the pandemic, equally put upon were landlords who were denied income for months yet still expected to provide essential services for their tenants, such as utilities and repairs…even if they were not paying rent.

Adding to frustration is the fact that some tenants were receiving stimulus checks and unemployment checks, yet were opting to take advantage of Sisolak’s moratorium by not using those funds to pay their rent, something that the Governor acknowledged in a recent interview.

“I’ve got landlords that are telling me that there are individuals who are clearly taking advantage of it in a way that was not intended and that was never what we wanted to do,” he said. “We’re taking advice on that from landlords who have spoken up and we’re listening.”

Some attorneys representing landlords are encouraging their clients to work with delinquent tenants on payment plans in lieu of immediate evictions in an effort to avoid a slew of empty properties come August / September.

“It is just as imperative today as it was when I signed the original directive to allow Nevadans to stay home and stay safe as much as possible, while also providing clarity and a timeline in which rental obligations must be met,” Sisolak said in his latest statement Thursday evening.

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, the 35-story Circa Resort and Casino, originally slated to open its doors for business in December of 2020, has announced that they could now be open as soon as October.

The first five floors of the tower are scheduled to open October 28, just prior to Halloween; this includes everything except for the hotel tower, which will open at a later date.

The early opening is a milestone that owner Derek Stevens – also owner of the Golden Gate and the D Las Vegas hotel-casinos – attributes to the skill and speed of developer McCarthy Building Companies and construction manager Tre Builders.

“It was really the creativity of McCarthy and Tre Builders to get the first five floors open earlier,” Stevens said. “It’s exciting. During this crazy year of 2020, it’s great to have this story that we’re opening early.”

The Circa, clocking in at 1.25-million-square-feet, is located in downtown Las Vegas at 18 Fremont Street. It will have 777 guest rooms, five restaurants, a two-level casino, and a nine-story parking garage dubbed “Garage Mahal.” Above the casino will be a rooftop deck and amphitheater with six swimming pools and a 125-foot screen.

In addition to a plethora of amenities for guests, the Circa will also boast the largest sportsbook in the country. A sportsbook is a place where a gambler can wager on various sports competitions, including golf, football, basketball, baseball, hockey, soccer, horse racing, greyhound racing, boxing, and mixed martial arts. The Circa was designed by architecture and design firm Steelman Partners. The hotel-casino, initially announced at the Downtown Las Vegas Events Center in January 2019, also holds the distinction of being the first downtown Vegas resort to be built from scratch – as opposed to the renovation or re-purposing of an existing structure – since 1975.

The Circa will employ 1,000 people when it opens. It is being constructed on the site of the former Las Vegas Club and Mermaids Casino, which were demolished in 2017.

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 – Due to open in late June 2020, shareDOWNTOWN – a new apartment complex located in Las Vegas’ downtown area – offers small, affordable apartments conveniently located within a busy employment area to give workers a local place to live within easy walking distance of their jobs, according to reports.

The apartment complex, which is four stories in height, will feature 63 one-bedroom units that are 480 square-feet in size, with a projected rent ranging from $1,100 to $1,300 per month. Most units will offer either city or mountain views, reports say.

When the complex opens later this month, the first 16 units will be made available with a limited early move-in special discount; the remaining units will be made available soon afterwards.

The building features an interior, open-air courtyard available to all residents that includes a large shade tree, landscaping, and a shared BBQ. Communal lounge areas on each floor offer free Wi-Fi, workspaces, private conference rooms, flat-screen smart TV and a wireless printer/scanner.

A unique aspect of shareDOWNTOWN will be a focus on healthy and active activity for its tennants; rather than one centralized gym or fitness facility location on the premises, as is the norm of most apartment complexes, shareDOWNTOWN will offer calisthenic exercise stations on each and every floor, eschewing complex machinery and equipment in favor of an “urban style workout.” shareDOWNTOWN’s exercise rooms will primarily rely on body-weight exercise stations that will provide for a full-body workout, making use of movements such as dips, pull-ups, push-ups, and more.

The apartments will feature enhanced security, including key-less front door locks, key fob main entry, fully secured garage and remotely monitored cameras. Developer Sam Cherry broke ground on shareDOWNTOWN last summer, with the original open date being May 2020. Cherry has previously developed two Las Vegas condo towers prior to shareDOWNTOWN- the 16-story Soho Lofts, and the 22-story Newport Lofts.

Rendering photo credit: shareDOWNTOWNLV on Facebook.

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, the Henderson City Council has voted on hiring a company to design and build an arena to serve as the home for the Henderson Silver Knights minor league hockey team. The new arena, which was approved last month despite opposition from the public will replace the Henderson Pavilion at Green Valley and Paseo Verde parkways.

Following approximately two hours of public comments from people both in favor of and against the development, the Whiting-Turner Contracting Company was awarded the project, with only one Councilman – Dan Stewart – voting against it, and another – John Marz – not present at the meeting.

The new venue, which was listed on the meeting agenda as having a top price of $70 million, currently calls for a structure that houses 6,100 seats and an on-site parking lot containing 1,400 spaces. In addition to hosting home games for the Silver Knights, it will also be available for community events such as music, performing arts, and graduations.

The cost of the project is expected to be divvied up evenly between the City of Henderson and the Vegas Golden Knights, who are the owners of the Silver Knights.

Some members of the community have come out against the new venue, mainly as it related to the use of public money towards its construction. Some residents have attempted to collect enough signatures in order to include the project on the ballot in the upcoming November election season in an attempt to stop the city from funding their share of it. Other concerns involve the potential impact upon the surrounding neighborhoods that construction could have.

The existing pavilion is under 20 years old, and has reportedly suffered from numerous issues that would take extensive renovations to correct. Construction on the new venue is slated to begin in August 2020.

The photo used, in this article showing a sign of the Henderson Silver Knights taken June 17, 2020, is for editorial use only. It is credited to Chara Stagram and licensed through Shutterstock.com.

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 Forbes, the national housing market is managing to bounce back faster than anticipated from the damage caused by the COVID-19 pandemic, and they said that among the cities that are showing the most signs of a positive recovery is Las Vegas, Nevada.

Mortgage applications have been increasing over the course of the last two months, Forbes noted, and both demand and prices for homes are at the same level – or even higher – than they were in January 2020, prior to the COVID-19 outbreak, indicating a “recovery trajectory,” they said. Loan applications for early June 2020 were 13 percent higher than they were during the same period one year ago, and represented a straight eight weeks in a row of growth.

Forbes attributes this rapid recovery to the fact that, unlike some industries during an economic downturn, housing is an “essential good” and thus is to some degree recession-proof. Other factors that have helped the housing industry counter the damage done to the economy by the pandemic are current low mortgage rates and the ways that realtors have adapted to the pandemic with virtual walk-throughs and online paperwork.

Home prices displayed slower growth in recent months, but never actually started to decrease; however, growth has begun to increase more quickly recently – driven both by demand and an overall lack of supply, with new listings down nationwide 21 percent year-over-year – indicating a recovering marketplace.  

According to Forbes’ article, Las Vegas and Denver are leading the pack in terms of housing market recovery, with Boston, San Francisco and San Diego following closely behind. Many of these marketplaces are already seeing strong sales and prices that are on par with – or even higher – than they were before COVID-19 hit. In contrast, Buffalo, Columbus, Providence, Chicago are currently showing the least evidence of housing market recovery.

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 – The Vegas luxury housing market stands to be impacted by the ongoing coronavirus pandemic… but just not in the way that you might initially expect. According to reports, the new work-at-home trend – born at first out of necessity due to governmental “stay at home” orders to help curb the spread of the virus – has morphed over time into an entirely new outlook on work environments in general.

With many companies realizing that members of their workforce could be just as productive while working from a home office, the idea of remote employment has given rise to the idea of simply living wherever you like in the country, as opposed to be tethered to the specific region your company is headquartered in. Known as “COVID buyers,” these people are seeking out their ideal homes in whatever part of the country they want to live in. This development was initially discussed in a report released this June by John Burns Real Estate Consulting, which stated:

“The shift to staying home has given many people the opportunity to work from wherever they want,” they said. “State-of-the-art technology will make an even bigger difference now, as people are looking to relocate out of expensive areas. Salt Lake City, Las Vegas, Boise, Portland and Phoenix are all experiencing surges in California buyers, some of whom have been greenlighted to work from home permanently.”

As mentioned in the report, when given a choice of anywhere in the country to live and work, Las Vegas is turning out to be one of the more popular areas to do so. And the choice among many newcomers to the region is clearly to go big- in May, 53 homes with a value of $1 million or higher closed, the second-highest total for any month in 2020 thus far. This trend is happening at the right time as well, given the fact that Las Vegas is in the midst of reopening its economy after being on lock-down since March due to the pandemic. Home sales in Vegas are already showing signs of recovery and prices have not only been maintained, but have actually managed to rise slightly, showing that the market has retained its value.

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, despite Las Vegas house sales dropping significantly in the month of May due to the ongoing coronavirus pandemic, prices actually increased and the number of sales contracts signed showed some growth.

Sales of single-family homes in May were down 13.6 percent from April 2020 and down a whopping 48.1 percent from May 2019, with only 1,703 dwellings changing hands. However, the median sales price of homes sold in May was $315,000, which represents an increase of 1.6 percent from April and a 5 percent increase from May 2019.

The number of homes on the market also rose slightly – up 3,231, a 28.4 percent increase over April – but still down 29.7 percent from the available inventory of May 2019.

Previously, the Las Vegas real estate market was a hotbed of activity, with 2020 starting out strong before the advent of the conronavirus. When the pandemic hit the United States, Nevada Governor Steve Sisolak made the decision to shut down non-essential businesses and issued stay-at-home orders to curb the spread of the virus; the tourism-dependent economy of Las Vegas suffered great damage as a result, with a record-breaking 33.5 percent unemployment rate reported in April.

Even the housing industry – while suffering less than many other businesses – still saw sales drop, due in-part to the great number of local workers laid off or furloughed and therefore afraid to make the large financial commitment that purchasing a house requires.

However, with the Las Vegas economy currently in the process of re-opening as the pandemic appears to be abating in the Southern Nevada region, homes have retained their value and the housing market is showing signs of recovery, with experts predicting that Vegas may bounce back faster than expected.

The current numbers for May, while still below last year’s figures, nonetheless give credence to that positive prediction.

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, the effect of the coronavirus pandemic has been cumulative in regards to its impact upon the Las Vegas real estate scene. While home sales were immediately affected when the pandemic approached its zenith in March, they nonetheless persisted by way of demand and the continued efforts of real estate agents who embraced industry safety-related changes including virtual walkthroughs and online paperwork.

However, after the pandemic has all but ground the American economy to a halt, its long-term effects upon the real estate market have begun to set in. In a report released for May 2020 by Las Vegas Realtors, sales are currently at half of the levels that were achieved during the same time period last year. In May 2019, Las Vegas saw 4,045 homes sold; in May 2020, that number has dwindled down to 2,075, including condominiums and townhomes.

In addition, month-to-month sales have decreased as well, with May 2020 seeing 300 fewer homes sold than in April and down nearly 1,400 since March, reports say.

The problem is that, due to the prolonged shutdown of non-essential businesses in Southern Nevada – leaving many laid off or furloughed from their jobs – families and individuals who were contemplating purchasing homes have been holding off due to the economic uncertainty in their lives.

However, with Las Vegas beginning the early stages of reopening its economy, there is a potentially bright future in store in regards to real estate that experts are predicting a timely rebound for housing market. The amount of money being put into escrow in order to begin the home-buying process has increased by 64 percent in May when compared to April, indicating that buyers are setting themselves up for home purchases now that shelter-in-place restrictions are in the process of being lifted.

Once the local economy is fully operational again, those experts are predicting it won’t take long for the Las Vegas real estate scene to start firing on all cylinders again.One indication that sellers are confident that things will eventually get back to normal are home prices, which have remained relatively unchanged during the pandemic, maintaining their recent record highs amid a four-month supply. The median home price in May is $315,000, which is only down slightly from the all-time high of $319,000 set in March.

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 – may be looking to extend the length and scope of the tunnel they are currently working on 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 – utilizing self-driving, all-electric Tesla vehicles – that would service the Las Vegas convention center, slated to be completed in time for the January 2021 Consumer Electronics Show. The vehicles have a capacity of 16 passengers and there is expected to be 62 vehicles in use at the time the people mover opens.

Initially, the people mover was only envisioned to serve for local transport; while many people movers transport passengers from airports, downtown districts or theme parks to other destinations, the convention center’s people mover was to be more limited in scope, solely dedicated to servicing event attendees.

However, as the project has progressed, The Boring Company is now noting that they are envisioning on extending the tunnel to the north end of the Las Vegas Strip to also serve Wynn Resorts’ Encore and Resorts World, as confirmed by Clark County Commissioner Tick Segerblom via a Twitter post.

Representatives for The Encore are currently negotiating with The Boring Company about the possibility of extending the tunnel for their use; a Wynn Resorts spokeswoman confirmed with the media that the land use file has been made and discussions on the project will continue at an upcoming Las Vegas Convention and Visitors Authority (LVCVA) meeting.

Resorts World has not issued a comment on the project as of yet.

The photo used, in this article, the Las Vegas Convention Center in Las Vegas, Nevada taken September 28, 2019, is for editorial use only. It is credited to JJava Designs and licensed through Shutterstock.com.

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.