Las Vegas Real Estate News

LAS VEGAS, NV – In an attempt to address the ongoing housing crisis that is plaguing the Las Vegas Valley, it has been announced that a developer will be converting the former Cashman Center property – as well as the neighboring Grant Sawyer Nevada State Office Building, located near the downtown area – into over 1,000 new single-family homes.

The project, proposed by Lennar Corp. subsidiary Greystone Nevada LLC, was approved by the Las Vegas City Council on Wednesday, with development agreements officially to be formalized that will govern the project.

Councilwoman Shondra Summers-Armstrong said that she is 100 percent behind the project, as affordable housing options in Las Vegas are currently not at the level they need to be to accommodate lower-income families.

Summers-Armstrong noted that she was “demanding” while dealing with Lennar Corp. leading up to Wednesday’s vote, because the constituents of her district – Ward 5, with the proposed project being located at Washington Avenue and North Las Vegas Boulevard – deserve it.

We know that we need housing desperately, especially affordable and attainable housing within our community,” she said. “I was demanding as I am, because I really want our community, those folks who need this type of housing, to not get just any old thing.”

Lennar Corp. plans to build 781 homes at the site of the Cashman Center – located at 850 North Las Vegas Boulevard – and an additional 290 at the location of the Grant Sawyer building, at 555 East Washington Avenue.

Lennar Corp. originally won an auction in 2025 to purchase the 50-acre Cashman property for $36.25 million, later acquiring the 22-acre Grant Sawyer property from the state for $10.6 million.

A construction timeline has currently not yet been set, but the developments – after the existing structures have been demolished – will consist of three-story attached and detached homes with amenities that will include pools and a trail.

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.

LAS VEGAS, NV – Richmond American Homes officially closed in late January on the purchase of 18.4 acres of rural-area land for a Las Vegas housing project that has raised the ire of residents in neighboring communities who fear it will have a detrimental impact upon their quiet lifestyles.

The developer paid a reported $23.25 million for the southwest valley property, located just south of Blue Diamond Road at Tenaya Way, which will be home to an upcoming 99-lot subdivision that was approved by the Clark County Planning Commission in December 2025, despite strong opposition from locals.

Multiple people in neighboring areas who are worried that the Richmond American Homes project will bring an influx of traffic into their quiet communities, many of which consist of homes on large plots of land whose owners raise animals such as horses and chickens.

Notable among the concerned and vocal critics of the Richmond American Homes project is the magician Teller – one-half of the famous comedy magic duo and longtime Vegas headliners Penn & Teller – who has called the area home for nearly thirty years.

The area where part of Richmond American’s project is to be built is a designated Rural Neighborhood Preservation zone, which prohibits suburban-style housing with multiple homes in tight vicinity of each other on small parcels of land.

The five-acre section of the project that is situated within that zone means that the company will be mandated to build homes on half-acre lots instead. But the remaining 14 acres, which are outside the zone, will consist of 90 houses built in a more traditional, tightly-knit suburban style.

In an attempt to appease unhappy locals, Richmond American will be implementing a Nevada Department of Transportation-approved median cut on Blue Diamond at Tenaya that would enable drivers to bypass the surrounding residential area in order to access the developer’s new housing project once it is complete.

An official start date for development of the site has not yet been set.

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.

LAS VEGAS, NV – A new report from Redfin indicates that Las Vegas is one of the hardest-hit cities in the nation when it comes to sale cancellations in December 2025, the latest month sales data is currently on record.

In December, buyers across the country put the kibosh on a total of over 40,000 sales agreements, making up 16.3 percent of all deals; this represents a 14.9 percent increase year-over-year, and the highest number of cancelled sales since 2017.

Las Vegas, Nevada has been swept up in this trend, ranking in the top five major metropolitan areas analyzed by Redfin in this respect, with almost 20 percent of homes coming out of escrow in December.

Currently, the average sales price of a single-family home in Las Vegas stands at $439,000.

When broken down to cancellations in major metros, San Jose, California saw the largest annual increase in home purchase cancellations at 6.8 percentage points (ppts) to 8.9 percent in December. It was followed by Oakland, California with 6.3 ppts to 11.3 percent; Sacramento, California with 4.7 ppts to 17.9 percent; Atlanta, Georgia with 4.4 ppts to 22.5 percent; and Las Vegas with 3.5 ppts to 19 percent.

Chen Zhao, head of economics research at Redfin, said that there are a number of factors that are contributing to the jump in sale cancellations, leading to buyers being more willing to pump the brakes and adopting a “wait and see” approach to the market.

High housing costs and rising inventory have made homebuyers more selective,” he said. “Home sellers outnumber buyers by a record margin, meaning the buyers who are in the market have options and may walk away if they believe they can find a better or more affordable home.”

The good news for buyers, according to Redfin, is that “mortgage payments have declined recently thanks to a drop in mortgage rates, and price growth is also easing,” with Redfin economists expecting “affordability to gently improve in 2026 as wages rise faster than housing costs.”

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.

LAS VEGAS, NV – Marble Manor, a western Las Vegas public housing complex that originally opened in the 1950s, is in the process of being demolished and redeveloped into townhomes and apartment buildings.

When it originally opened, the 235-unit Marble Manor, located along Washington Avenue just east of Martin Luther King Boulevard, was made up of “modern” single-story concrete block homes and duplexes with a theme of “comfort and clean living,” aimed at low-income families and individuals who had been living in less-than-desirable circumstances.

However, the homes that were actually built often failed to live up to that standard, and in recent years, the complex had fallen into a state of serious disrepair, with several recent code-enforcement cases opened against it for “unsafe building conditions.”

Marble Manor also had a less-than-reputable status due to it representing a darker side of Las Vegas: segregation. Once known as the “Mississippi of the West,” Black residents for many years were essentially confined to the western part of the city.

To address those injustices, the redevelopment of Marble Manor – slated to cost between an estimated $350 million to $400 million – is currently underway, according to Frank Stafford, director of development and modernization for the city’s housing authority.

The plans call for the transformation of the 35.7-acre Marble Manor property into 627 newly-built units, made up of townhomes and apartment buildings, as well as low-income and market-rate units. There will also be numerous amenities for residents, such as a community center, retail space, parks and other features.

The first units are set to begin development in March of this year by contractor Metcalf Builders. The redevelopment is planned to take place over the course of five phases, and is scheduled to be completed by 2030.

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.

LAS VEGAS, NV – Many landlords assume a home warranty will save money when maintenance issues arise. Unfortunately, that is not always the case. Below is a real-world example that highlights how a traditional home warranty can actually increase costs and extend repair timelines.

A Real Example: Kitchen Sink Clog That Escalated

A tenant recently submitted a work order for a clogged kitchen sink. Our maintenance department submitted the claim to the home warranty company, and the landlord paid the standard $95 service call fee.

The home warranty selected a licensed plumber, who scheduled an appointment with the tenant. After assessing the issue, the plumber advised they could not clear the clog and requested an additional $300 to jet the line.

Once jetting began, a neighboring homeowner reported a backup in their unit. The plumber stopped work and later advised our maintenance department that the main line had collapsed, the HOA was aware of the issue, and until it was repaired, the kitchen sink could not be fixed. When asked why only the kitchen sink was affected if the main line had collapsed, the plumber was unable to provide a clear explanation.

HOA Involvement and Tenant Impact

Our maintenance department contacted the HOA, who confirmed they were aware of a main line issue and scheduled repairs for the following week. By this point, the tenant had been without use of their kitchen sink for two weeks.

We advised the tenant of their options:
• Release from the lease, or
• A rent credit

The tenant chose to stay in the home and accepted a $350 rent credit.

Conflicting Diagnoses and Additional Costs

After the HOA completed their repair, the tenant asked the HOA plumber why the work did not resolve the clogged sink. The plumber indicated that there may be a collapsed line beneath our client’s unit that would require additional repairs.

Our preferred licensed plumber reviewed the situation and advised that this diagnosis did not make sense, if a line were to collapse, all plumbing would be affected, not just the kitchen sink. He recommended inspecting the line with a camera.

The landlord authorized an additional $200 for this inspection. Once on site, our plumber determined a camera was unnecessary and instead snaked the correct clean-out line under the kitchen sink, clearing the clog within minutes. The issue was resolved immediately.

It became clear the original plumber sent by the home warranty had been working on an unrelated exterior line and was unfamiliar with the unit’s plumbing configuration.

The Final Cost Comparison

Total cost using a traditional home warranty:

• 3 Weeks to Repair
• $95 service call
• $300 jetting fee
• $250 plumbing repair
• $350 rent credit
• Total: $995

Total: $995

If Achosa Home Warranty had been used:

• Preferred licensed contractor
• Issue resolved within 24 hours
• Total cost: $125

The Takeaway

Home warranties can be helpful, but they can also be costly, especially when they require the use of unvetted contractors and limit oversight of the repair process.

For landlords who choose to maintain a home warranty, Shelter Realty Property Management strongly recommends Achosa Home Warranty, as they allow the use of your contractor of choice, ensuring faster resolutions, better workmanship, and lower overall costs.

If you have questions about this situation or would like to learn more about our property management services, please contact Shelter Realty Property Management at 702.376.7379.

LAS VEGAS, NV – Miraluna, an apartment complex located in South Las Vegas that is currently being developed by a joint venture of The NRP Group and Rockefeller Group, announced that pre-leasing is currently underway for the 342-unit community prior to its anticipated early-2026 opening date.

Adjacent to the Southern Highlands Master-Planned Community, Miraluna – previously known as Silverado, before being re-named mid-development – is a Class A resort-inspired apartment complex that is slated to be open for its initial batch of move-ins this upcoming March.

And while Miraluna is another in a long line of Nevada-based projects on the part of the Rockefeller Group, the community represents The NRP Group’s first entry into the state’s competitive real estate market.

When completed, Silverado – designed by Perlman Architects – will take the form of 15 three-story buildings located on a 13-acre lot in Enterprise, located 10 miles from the Las Vegas Strip, Harry Reid International Airport and Allegiant Stadium.

The buildings will contain one, two, and three-bedroom units featuring contemporary finishes such as quartz countertops, stainless steel appliances, upgraded cabinetry and LED backlit bathroom mirrors.

In addition, the complex will boast many amenities for its tenants with a focus on wellness, including a swimming pool, sports court, and a 7,000-square-foot clubhouse with a social lounge, gym, pickleball and bocce courts, dining and grilling areas, a sauna, yoga lawn, fire pit, dog park and coworking spaces, among other features.

From the architecture to the shared spaces, the community was designed to offer residents a lifestyle that feels both luxurious and welcoming,” said Rockefeller Group Director Matt Bruns. “Miraluna adds a new option for renters who want modern interiors, resort style amenities with all the latest wellness offerings and access to the best of Las Vegas.”

Construction of Miraluna began in December 2024, with initial move-ins commencing in March 2026; final completion of the project is slated for the first quarter of 2027.

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.

LAS VEGAS, NV – Currently, over 80 percent of U.S. citizens report that the cost of housing is a serious problem, and this situation has persisted for several years now in the wake of the COVID-19 pandemic, casting concerns over the ability of many families to own a home in the modern economic climate.

However, a new report by tech real-estate marketplace company Zillow predicts that the housing market will return to affordability by the end of the year, an assertion that has surprised many in the industry.

Home buying is becoming more affordable in more cities, with Zillow forecasting that 20 of the 50 largest U.S. metros will be affordable to buy in by the end of 2026 – the most since 2022,” the Zillow report says.

The concept of home affordability, according to Congress.gov, is when a considerable percentage of a home’s combined income is spent on costs associated with owning a home.

Federal housing policies typically deem housing to be “affordable” if it costs no more than 30 percent of family income (adjusted for family size),” the Federal report says. “According to this metric, families that pay more are considered to be ‘cost burdened,’ and those that pay more than half of their incomes are considered ‘severely cost burdened.’”

However, Zillow senior economist Kara Ng prognosticates that slowing rates of home price increases, coupled with gradually-lowering home mortgage rates and households now earning more money on average than in previous years will most likely contribute to the overall housing market becoming affordable for families by the end of the year.

This is what a small-wins year looks like for housing,” she said. “Rising incomes, subdued price growth, and gradually easing mortgage rates would help buyers regain their footing while allowing homeowners to continue building wealth. These types of slow and steady affordability improvements are exactly what the housing market needs over the long-run.”

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.

LAS VEGAS, NV – Nevada HAND, the state’s largest developer of affordable housing, has begun work on constructing a new rental complex in downtown Las Vegas aimed at low-income tenants, following the company’s demolition of a long-shuttered complex that had previously occupied the property.

Dubbed Ogden Pines, the $20 million project, upon completion, will take the form of a four-story, 51-unit building located at 1200 East Ogden Avenue, at the corner of Maryland Parkway. Previously, the property had been occupied by a 39-unit apartment complex that Nevada HAND had demolished to make way for this new development.

Work on Ogden Pines is slated to be completed in 2027 and, once open, the developer notes that it will offer a slew of amenities for its tenants, including energy-efficient appliances, a community room, a fitness room, and secured building access to ensure the safety of residents.

Nevada has long had an issue with a lack of affordable housing options for lower-income residents, with the problem especially prevalent in the Las Vegas region.

The Kenny Guinn Center for Policy Priorities reported in 2025 that approximately 50 percent of all renters in the state were “excessively cost-burdened” due to what was referred to as a “severe housing affordability crisis” brought on by both a lack of available low-cost options and stagnant local income growth.

Nevada HAND’s Vice President of Corporate Affairs, Waldon Swenson, noted recently that it was more efficient to demolish the old apartment complex standing where Ogden Pines is currently being developed than repairing the rundown building, as it allowed the company to start from scratch and include more modern technology in the units.

Currently Nevada HAND has 5,400 low-cost rental units throughout Southern Nevada, and Swenson said that his company almost never experiences vacancies due to what he called the “tremendous need” for affordable housing options in the region.

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.

LAS VEGAS, NV – On Tuesday, Trump signed an executive order that bars Wall Street-backed investors from purchasing and owning single-family homes, a part of his stated efforts to address affordability issues in the United States.

Buying and owning a home has long been considered the pinnacle of the American dream and a way for families to invest and build lifetime wealth,” the text in Trump’s order reads. “But because of the recent high inflation and interest rates caused by the previous administration, that American dream has been increasingly out of reach for too many of our citizens, especially first-time homebuyers.”

The President had called for such a ban earlier this month in a post he made to his Truth Social platform.

Trump’s executive order noted that “large institutional investors” – the exact definition of which will be developed by Treasury Secretary Scott Bessent within 30 days, in addition to the term “single-family home” – have created unfair completion with “hardworking young families” by gobbling up a “growing share” of the country’s housing stock.

Neighborhoods and communities once controlled by middle-class American families are now run by faraway corporate interests,” Trump said. “People live in homes, not corporations.  My Administration will take decisive action to stop Wall Street from treating America’s neighborhoods like a trading floor and empower American families to own their homes.”

Members of the President’s Cabinet – in addition to Attorney General Pam Bondi and Federal Trade Commission Chair Andrew Ferguson – will develop official guidelines to prevent “providing for, approving, insuring, guaranteeing, securitizing, or facilitating the acquisition by large institutional investors” of single-family homes.

Corporate investors have been buying larger and larger amounts of homes in the United States in recent years, the majority of which being then used as rental units; this has had the effect of destabilizing the homebuying market, often pricing middle-class families out, experts say.  

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.

LAS VEGAS, NV – Zumper, a digital marketplace for renters and property managers, has released a new report that indicates that rents in the Las Vegas Valley decreased across all unit types by the end of 2025, according to the Las Vegas Review Journal.

For their just-released report covering December 2025, Zumper notes that one-bedroom rentals in practically every region of the valley experienced significant drops by the end of the year, with the biggest decrease taking place in Paradise, where rents lowered by 14.3 percent year-over-year.

The next largest decrease took place in Henderson with a 4 percent drop, followed by Spring Valley at 3.6 percent, North Las Vegas at 3 percent, Las Vegas at 1.7 percent, and Winchester at 08 percent.

Located north of Harry Reid International Airport and east of the Las Vegas Strip, Winchester also recorded December’s largest month-to-month rent drop with 5.8 percent when compared to November.

Crystal Chen, one of the authors of the Zumper report, said that Las Vegas was the only region in Nevada that saw a drop in rents, noting that, “Rates are down across the board in the Las Vegas metro area for the month of December.”

The average rent for a one-bedroom unit in the state in December was $1,277, whereas Paradise was the most expensive at $1,500, followed by Henderson at $1,430, Spring Valley at $1,350 and North Las Vegas at $1,349.

In contrast, the cheapest rent in the valley is the city of North Las Vegas, where renters were paying an average of $1,150 per month for a one-bedroom unit.

Experts are predicting that rents in the Las Vegas Valley will essentially remain flat throughout 2026 after they skyrocketed during COVID-19, reaching all-time record highs in 2022 before the market eventually stabilized and returned to pre-pandemic levels.

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.

LAS VEGAS, NV – Just one year after opening their doors for business, the developers of a Las Vegas apartment complex have sold the rental property to new landlords for nearly $80 million.

Landing 36, located at 2555 North Rancho Drive at the intersection of Smoke Ranch Road, was developed by California-based Agora Realty & Management, who sold the facility late last month to an unnamed investment partner of PCE Holdings – a privately-held commercial real estate investment firm, also based in California – for $77 million, according to property records.

Jackson Cloak, managing partner at PCE Holdings, noted that the “total consideration” of the price paid for the rental complex – that is, not just the sticker price, but the ENTIRE value exchanged, encompassing cash, assumed debt, the fair market value of other assets – was actually closer to $79 million.

Landing 36 is a 308-unit property offering studio, one, two, and three-bedroom units with open-concept living areas and is situated upon a 12-acre plot across from North Las Vegas Airport and down the street from the new Hylo Park mixed-use development.

The complex boasts a plethora of amenities for tenants, including a luxury pool with shaded seating; quartz kitchen countertops and stainless-steel appliances; a fitness studio with cardio and strength equipment; a “tot lot” recreational space for children; grilling and entertainment zones; smart apartment home features like keyless entry and energy-efficient smart thermostats and lighting; and access to a clubhouse with Wi-Fi and coffee lounge.

There are also numerous eateries within a short distance to Landing 36, including Mezzo Bistro and Wine, Leticia’s Cocina and Cantina, Camino Real Mexican Restaurant & Cantina, John Mull’s Meats & Road Kill Grill, Lalo’s Mexican Grill, Esther’s Kitchen, Carson Kitchen, and The Kitchen at Atomic.

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.

LAS VEGAS, NV – The luxury condominium market in Las Vegas has always been a hot commodity, and that reality remained firmly cemented in fact recently when a new sale broke the all-time record in terms of price earlier this month.

A condo located within the affluent guard-gated residential community The Summit Club in the high-end suburb of Summerlin was sold back on January 10 for a whopping $21 million, according to property records.

The penthouse condo – the only of its type within Summerlin – boasts approximately 5,000 square-feet of living space with five bedrooms and five-and-a-half bathrooms. In addition, it offers a plethora of ultra-high-end amenities that you would normally find in lavish mansions, such as sliding glass walls that open up access to a huge outdoor terrace with breathtaking views of the surrounding Red Rock Canyon National Conservation Area.

The condo’s owners are also granted access to The Summit Club’s resort-style amenities, such as the Tom Fazio-designed golf course, a high-tech workout facility, community movie theater, spa, pool, salon, tennis and pickleball courts, and top-of-the-line dining options.

Perched atop the country club, this exclusive residence offers a resort-style lifestyle with exceptional amenities just footsteps away, including fine dining and a state-of-the-art fitness center,” the property’s listing said. “This is not just a home; it’s a lifestyle for those who seek the best. Once inside, you’ll be overwhelmed by the expansiveness of the vistas that envelop you, providing a sense of serenity and grandeur.”

The condo was originally constructed in 2022 on a 1.1-acre parcel of land by technology and gaming investor Richard Haddrill, but construction delays prevented him from moving in; he eventually purchased a nearby single-family home to live in instead, and initially listed the condo in March for $25 million.

After not getting any takers, Haddrill eventually took the property off the market, later re-listing it for $23.5 million before finally settling for a lower – yet still record-breaking – $21 million.

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.