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Former Owner of Las Vegas’ Fontainebleau Announces New Project

Shore Club in Miami Beach

Former Owner of Las Vegas’ Fontainebleau Announces New Project

LAS VEGAS, NV – Steve Witkoff, a former developer of the Las Vegas Fontainebleau resort – which has since progressed in his absence – has announced a new project in Florida this year.

Developer Steve Witkoff has trumpeted a new project, which will be to redevelop the Shore Club in Miami Beach in 2021. The hotel – situated within two miles of the Fontainebleau Miami Beach, which has the same current owner as its Las Vegas counterpart – closed at the inception of the COVID-19 pandemic and has remained shuttered ever since.

Both the Shore Club and the Fontainebleau are located on Collins Avenue, a hotel-specific thoroughfare which mainly features establishments and lodging that caters to beach partiers. Witkoff’s company has plans in-place to destroy portions of the Shore Club complex and reduce the overall number of its rooms. In addition – according to plans filed this fall with the city of Miami Beach– Witkoff intends to construct a residential tower as well.

The buyers did not disclose in a recent press release what exactly will be built upon the site for the project’s estimated cost of $94 million, but they noted that the 4.7-acre site — located near a train station, a pro basketball arena, and several high-rises — has zoning that allows for 60-plus stories and a combination of residential and commercial uses.

Prior to this deal, Witkoff had claimed ownership of one of Las Vegas’ tallest buildings when he purchased the still under-construction Fontainebleau Hotel and Casino on the Las Vegas Strip in 2017 for $600 million. However, the hotel resort’s original developer then re-acquired the project in February 2021 from Witkoff – which at that point was still unfinished – and announced plans in November to finally open the establishment in 2023.

The Fontainebleau Las Vegas will mostly adhere to the original vision that was laid out for it back when the project was first envisioned in 2007, and will consist of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants, and other amenities. Once completed, the project will provide approximately 6,000 full-time employees, which will greatly add to Las Vegas’ blossoming job 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.

Construction

Las Vegas Home, Apartment Contractors Reporting High Costs, Supply Chain Issues

LAS VEGAS, NV – Despite their efforts to combat the high demand for housing and apartment options in the Southern Nevada region for the past year-and-a-half, developers in Las Vegas have reported numerous impediments in their pathways, in particular high costs and supply-chain issues brought about by the COVID-19 pandemic.

Despite the housing market in Las Vegas remaining super-hot, experts say, delays brought about by supply chain disruptions have spelled costly issues for developers throughout the region. As a result, contactors in Las Vegas have noted that building and renovating homes and rental units in the region has been “10 times more difficult than two years ago”, despite the intense demand.

With materials hard to come by, the costs of construction have been elevated by several degrees beyond what they would have been prior to the COVID-19 pandemic, according to Nat Hodgson, the director of the Home Builders Association of Southern Nevada.

“Everything you can imagine that goes into a house (is affected), because people say can you give me a list of what’s hard to get? It’s like it depends on what day of the week it is,” he said.

While overall, construction materials have jumped over 14 percent compared to what they would have cost a year or so ago, according to data from the National Association of Home Builders. Lumber in particular – a primary component of home construction – has significantly increased in demand – with a top price of $1,600 on the NASDAQ during summer of 2021, for the first time ever, before settling on the still-high price of $1,100 during recent months.

John Compagno, president of Renovations of Las Vegas Inc., said that the scarcity of materials presents challenges, but the continued affordability of homes in the region has remained constant, and workarounds mean that construction projects can continue for the time being.

“Although things are challenging at times with the lack of workmen and the cost of materials, on the flip side we’re very, very busy. So, it’s somewhat of an offset,” he said.

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.

Guitar-Shaped Hotel

Hard Rock Announces Plans to Construct Guitar-Shaped Hotel on Las Vegas Strip As Part Of $1 Billion Deal

LAS VEGAS, NV – Hard Rock International announced last week that, as a part of a whopping $1 billion deal, they are intending to construct an elaborate guitar-shaped hotel on the famed Las Vegas Strip.

Hard Rock will be purchasing The Mirage’s operations side from MGM Resorts International in a deal worth over $1 billion in cold, hard cash; part of that deal will see the development of a fancy new hotel that is sure to live up to Hard Rock’s rock-and-roll reputation.

The hotel is slated to take the form of the purple-hued tower hotel in the shape of a guitar, with six bright light beams penetrating upward into the night, which will represent strings on the neck of a guitar. The hotel will be located directly next to The Mirage, which will be rebranded and renamed as the Hard Rock.

Hard Rock should fit in nicely with the plethora of themed hotels and resorts that Las Vegas is known for, such as the replica Eiffel Tower at Paris Las Vegas and The Mirage’s volcano. However, currently, the announcement of this new venture is still early and no concrete details have been revealed yet about the project, according to Hard Rock spokeswoman Gina Morales.

“I wish we had more to share, but at this stage, we are not ready to discuss details on the design, development and timeline of the Las Vegas construction project,” she said in a statement, adding that the “first order of priority is to be respectful of the process of gaming regulatory approvals and the closing.”

Approvals and permits are anticipated to be completed by the end of 2022, Morales said, with development expected to commence shortly afterward.

Hard Rock International – owned by the Seminole Tribe of Florida – operates restaurants, casinos, hotels and other venues around the world; the organization owns a 450-foot-tall guitar-shaped hotel tower in Florida, which is similar in appearance as the one planned for the Las Vegas Strip.

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.

Rental

2021 Year End Report Sees Rental Prices in Southern Nevada Increase 27% Over 2020

LAS VEGAS, NV – Questions of affordability have once again reared their ugly head in terms of Las Vegas’ rental marketplace, as year-end reports indicate that pent prices have jumped considerably over the course of 2021 when compared to the year beforehand.

Reports say that Nevada overall has now been thrust into the nation’s top five states in terms of rent increases over the past year, and when the two-year average is figured in, Nevada is actually propelled into the top four.

According to analysts, in Nevada the average price of rent has jumped 25 percent since the beginning of 2021, and 34 percent since 2019.

The report also indicates that the city of Las Vegas itself has seen a large jump in rental prices in 2021, with costs increasing by 27 percent since the beginning of the year; the average rent in Vegas currently, the report says, is $1,243.

Developers in Southern Nevada have been ramping up construction of new apartment complexes and rental homes over the past year in order to address the rising rent prices the region has been experiencing since the recovery of the local economy and the arrival of more jobs and out-of-state residents.

The development of more living options are, according to many real estate professionals, the key to solving the skyrocketing prices that are currently weighing on Las Vegas’ rental marketplace, which are leading many to question the region’s long-standing reputation for affordability when compared to neighboring states such as California.

Of all U.S. states, Arizona experienced the greatest increases in rental prices since 2019, with a 38 percent jump. In direct contrast, North Dakota was at the very bottom of rental prices over the past two years, with the state actually reporting an 8 percent decrease since 2019.

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.

Home Prices in Las Vegas Set Yet Another Record

Up, Up, and Away: Las Vegas Home Prices Hit $420,000 in November, Set Yet Another Record

LAS VEGAS, NV – In Las Vegas, the all-time records just keep getting higher, as the prices of pre-owned homes on the market reached yet another milestone in the month of November 2021.

According to reports, the median price of existing single-family homes sold in Southern Nevada in November was a whopping $420,000, which represents a jump of 2.4 percent over October 20201 and an increase of 21.7 percent from the same period in November 2020, when that price was $345,000.

As for the Southern Nevada condominium and townhome marketplace, the median price for November was reported as being $240,000, which also breaks the all-time record and represents an increase of 20.2 percent from the process they were fetching in November 2020, which was $199,700.

However, as the Las Vegas real estate market ventures into 2022, experts are anticipating home and condo prices to continue to increase, but at slower levels than they have previously, due in-part to rising interest rates on mortgages.

If median home prices continue to increase by double-digits as they have over the past year, experts say that it will be the first time the region has seen double-digit price growth three years running in over a decade.

Meanwhile, Southern Nevada’s inventory of available homes for sale continues to be smaller than preferred given the intense demand – with only a one-month supply being available which is considered far from ideal – and homes continue to sell at a far greater pace than they have in recent years.

At the end of November 2021, it was reported that 2,805 single-family homes were listed for sale without an offer, which is 25.3 percent lower than in November 2020.

By the end of November, a total of 4,135 existing local homes, condos and townhomes had been sold in Southern Nevada, with those numbers representing an increase in sales of 7.8 percent for homes and 18.7 percent for condos and townhomes over November 2020.

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.

Horse Owner Dream Property

“Horse Owner’s Dream Property” in Northwest Las Vegas Goes on Market for Close to $8 Million

LAS VEGAS, NV – In keeping with the ongoing trend of the high-priced luxury Las Vegas real estate, “The House of Roses,” a Northwest Las Vegas ranch estate, has been listed on the market for $7.95 million.

The ranch, located at 4225 North Jensen Street and situated on 2.25 acres at the base of Lone Mountain, lives up to its name by featuring lush landscaping that is considered uncommon in Southern Nevada. The property boasts 25 species of roses and numerous varied fruit trees throughout the property, which are able to grow and thrive in the notoriously dry climate by way of a private well-water system.

The ranch’s realtor has dubbed The House of Roses as a “horse owner’s dream property,” with the estate including seven horse stables with automatic waterers, a box stall with an attached 30-foot covered run, a 14,000 square-foot riding arena with shock absorption, a riding ring encircled by steel-board fencing, a 60-foot round training area, and circular driveway for loading and transporting horses and supplies. The estate also has multiple horse corrals and is adjacent to a 2.3 mile trail that is accessed via a remote-controlled gate.

As for the home itself, it comes in at an impressive 8,199 square-feet that includes six bedrooms, eight baths, a four-car garage and a separate guest cottage. It was originally constructed in 2003, and in 2016 was purchased and renovated by Jessica and Josh Pianco; Jessica is the daughter of the late Stan Mallin, original co-owner of Caesar’s Palace.

The home also has two staircases accessing the second floor, several balconies overlooking the horse pastures and training areas, a master bedroom with a fireplace and outdoor seating area, in addition to a den and office space. Aesthetics include rustic wood accents, archways, several courtyards, and backyard views of Lone Mountain and Red Rock Canyon’s Spring Mountain ranges.

Lyric Las Vegas

376-Unit South Las Vegas Valley Apartment Complex Sells for $135 Million

LAS VEGAS, NV – Lyric, a high-end apartment complex situated in the south Las Vegas Valley and boasting of a unique set of amenities for tenants, has reportedly been sold last month for an impressive sum of money.

Located at 304 East Silverado Ranch Boulevard near Las Vegas Boulevard, Lyric was recently announced as having been acquired by Starlight U.S. Residential Fund in November for $135.2 million, the latest multi-million dollar rental property in the valley in a year replete with them.

Lyric features an impressive array of unusual and interesting amenities for its tenants, including a pet-washing station, poolside spin bikes, a karaoke lounge, and much more, according to the new owners, who purchased the property with 99 percent of its units already occupied.

The demand for rental units throughout the pandemic has skyrocketed over the past year, and investment groups have taken advantage by snatching up apartment complexes and rental homes whenever they have become available. As a result of the demand – driven by the vastly-improving local economy, despite the ravages of COVID-19 – rent has been shooting up at a record pace while demand far outstrips inventory.

That being said, Lyric is merely the latest such facility to sell for $100+ in the last 12 months; the 456-unit Ely at The Curve was acquired from The Calida Group by LaSalle Investment Management in October for $155.6 million.

In addition, Tuscan Highlands, a 304-unit complex near the M Resort, was purchased by Utah real estate investor Scott Keller in May for $115 million; as the per unit price of that sale amounted to over $378,000 per unit, many sources at the time of the sale referred to the sale as one of the highest prices ever paid for an apartment complex in the Southern Nevada region.

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.

Project63 Rendering

New Retail Complex on Las Vegas Strip Begins Construction; Already Approximately 30% Leased Out

LAS VEGAS, NV – Project63, a new four-story retail strip mall-style development at Las Vegas’ multi-tower CityCenter complex, has officially begun construction in an effort to meet both growing consumer demand as well as its anticipated 2022 completion date.

While the frame of the building itself is slated to be completed by this upcoming March, the entire project is not anticipated to be finished until fall of 2022, reports say.

The complex, according to Clark County documents, will clock in at 228,278 square feet. It will be located at the southwest corner of Las Vegas Boulevard and Harmon Avenue, and currently is already about 30 percent leased via signed contracts with the developer reporting on the project’s many signed contracts.

“We’re seeing a very strong response,” they said.

The developers, Brett Torino of Las Vegas and New York’s Flag Luxury Group, reportedly purchased the site for $80 million earlier this year from MGM Resorts International and its partner CityCenter, a government-owned holding company Dubai World.

When the per-acre price is factored in, the amount of monies paid in this transaction was far-in-excess of even the price paid for Las Vegas Boulevard during the intense real estate activity experienced during the aftermath of the Great Recession of the mid-2000s.

Located adjacent to the luxury mall Shops at Crystals and across the intersection from Harmon Corner, the location was originally where the never-completed Harmon hotel tower was intended to be; the project – which was deemed “structurally flawed” – was dismantled several years ago.

Clark County commissioners approved plans for Project63 in August; once completed, the resulting apartment complex is anticipated to help alleviate the great demand for rental housing options that are currently plaguing Las Vegas in the wake of the COVID-19 pandemic.

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.

real estate investing

Biden Administration Seeking to Expand Oversight on Cash-Based Real Estate Transactions

LAS VEGAS, NV – The Biden Administration’s Treasury Department is looking to crack down on all-cash real estate transactions by enacting more stringent reporting requirements, which is intended to curb money laundering activity. This is pertinent to Las Vegas, as the city is slated to be included in the initial batch of U.S. cities that the regulation will pertain to if it comes to pass.

The Treasury Department noted that the regulation is intended to essentially plug what they say is a “vulnerability” in the American real estate market. At the moment, title insurance companies in only 12 metropolitan areas in the entire country are mandated to report individuals who purchase real estate in all-cash transactions through shell companies if the amount is higher than $300,000.

Himamauli Das, acting director of Treasury’s Financial Crimes Enforcement Network, said that the regulation will crack down on bad actors’ use of the American real estate market to launder money made through illegal acts.

“Increasing transparency in the real estate sector will curb the ability of corrupt officials and criminals to launder the proceeds of their ill-gotten gains through the U.S. real estate market,” Das said. “The regulation will strengthen U.S. national security and help protect the integrity of the U.S. financial system.”

If passed, the regulation would initially expand reporting requirements to apply to an additional 12 metropolitan areas: Las Vegas, Boston; Chicago, Dallas-Fort Worth, Honolulu, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco, and Seattle.

Corrupt government officials – in addition to other criminal elements – from around the world have reportedly been utilizing the American real estate marketplace to launder proceeds from criminal activity

The U.S. real estate market has long been viewed as a stable way station for corrupt government officials around the globe and other illicit actors looking to launder proceeds from criminal activity by utilizing shell companies to buy property in the United States.

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.

The Palms Las Vegas

The Palms Las Vegas, Closed Since 2020, Announces Reopening Under New Ownership

LAS VEGAS, NV – The Palms Casino Resort, which has sat closed and unused near the Las Vegas Strip since closing due to the COVID-19 pandemic in March 2020, has announced that it will now be reopening in 2022 under new ownership.

The Palms, which originally opened for business in November 2001, catered to local residents and tourists, in addition to becoming popular among celebrities and young adults. It opened with a casino, restaurants and nightclubs, and a 42-story hotel. Over the years numerous additions were added, including a second tower, a recording studio, a movie theater, a music venue, and a high-rise condo hotel.

Nevada state government ordered casinos to close in March 2020 due to the COVID-19 pandemic, but while casinos were allowed to begin reopening a few months later, the Palms remained closed while then-owner Red Rock Resorts waited for the local economy to improve.

In May 2021, Red Rock announced that it would be selling The Palms to the San Manuel Band of Mission Indians – a federally recognized tribe of Serrano people in California – for $650 million in cash. The deal is still pending due to regulatory approval, but is expected to be finalized by the end of the year.

The San Manuel Band of Mission Indians anticipates reopening the resort in 2022, with a greater emphasis being placed upon gambling as opposed to nightlife, with the core demographic still being local residents.

The resort – which had a $600 million renovation in 2019 – located just west of I-15 near the Las Vegas Strip and features a casino, approximately 700 hotel rooms, and suites, a variety of restaurants, meeting and convention spaces, a 2,500-seat theater, a pool, and spa, other numerous other amenities.

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.

The Highline

Development Begins on New Luxury Apartment Complex The Highline, Located in The Gramercy Las Vegas

LAS VEGAS, NV – Ground was recently broken on The Highline, a new luxury apartment complex that is being constructed within “next generation” master planned community The Gramercy Las Vegas, slated for completion by winter 2023.

Lyon Living and LandSpire Group are co-developing The Highline, with the project being the first one that they are collaborating upon in the Las Vegas Valley. When completed, the project will boast 294 apartment homes, consisting of studios and one-and-two bedroom units featuring numerous amenities and high-end appliances.

Tenants of The Highline will also have access to an impressive rooftop lounge area, including a resort-style pool and spa, a clubhouse, beer garden, co-working space, an elite fitness facility according to managing partner of Lyon Living Pete Zak.

“As the economy and population of the Las Vegas area continues to grow, we wanted to bring an innovative and exciting new property to the area, that will offer residents more than just a place to live, but a place to dine, shop, explore and network,” he said. “Conveniently located in the heart of Spring Valley, The Highline will deliver a sophisticated level of dining, retail and office space, while embodying a socially-driven living community that encourages residents to gather and entertain in shared spaces. We are excited for this first-ever partnership with LandSpire Group, who shares a similar vision of creating unique, community-based developments.”

The Highline will continue to evolve and grow past its 2023 opening date, and will eventually make 71 townhomes available for purchase, in addition to adding 25,000 square feet of retail space that will supplement the restaurants, shopping, and offices already offered in The Gramercy Las Vegas.

The Highline is advertised as being family-and-pet friendly, and is located just a few miles away from the hustle and bustle of the famed Las Vegas Strip, but will nonetheless be close to some of the most sought-after dining and shopping options available in Southern Nevada.

Rockwood Construction will be handling the construction duties on The Highline, and anticipates a 26-month timetable to completion.

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.

Vegas Condominiums

Prices of Vegas Condominiums Increase 26% Year-Over-Year, Breaking Record; Slight Increases Still Expected

LAS VEGAS, NV – A report released recently by Las Vegas Realtors (LVR) indicates that the cost of condominiums and townhomes in Southern Nevada have broken an all-time record, showing a whopping increase of 26 percent year-over-year.

According to the report, as of October 2021 the median price of Las Vegas condos and townhomes was approximately $236,000, which represents a 26.5 percent increase over October 2020, when that number was at $186,500.

LVR President Aldo Martinez noted that, as home prices continue to climb in Las Vegas – the median price of existing single-family homes sold in Southern Nevada during October 2021 was $410,000 – people looking for affordable lodging alternatives have been turning to condos and townhomes, which despite their own prices increases still remain cost-efficient overall.

“Our home prices are still increasing, but they’re going up more gradually. Even though we’re slowing down a bit, home prices are still rising,” Martinez said. “Buyers looking for more affordable options have been turning to condominiums and townhomes, as witnessed by the median condo price of $236,000. As we’ve been saying for some time, the rate of appreciation we’ve seen this year is great for homeowners, and the low interest rates have been great for home buyers.”

The LVR report noted that the total value of all real estate transactions conducted in Southern Nevada during October 2021 was over $1.5 billion for homes and $204 million for condos, high-rise condos and townhomes. This represents an overall increase of 13.5 percent year-over-year increase for homes of 13.5 percent, and a very impressive increase of 37 percent for condos and townhomes.

Overall, however, supply of both homes and condos remains tight, and given the overall demand – while currently beginning to show signs of cooling slightly – are nonetheless expected to continue an upward trajectory.

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.