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Number of Nevada Residents Behind on Mortgage Payments at Record Low Before Coronavirus

Number of Nevada Residents Behind on Mortgage Payments at Record Low Before Coronavirus

LAS VEGAS, NV – The number of mortgage delinquencies in Nevada had reached its lowest point in years. Unfortunately, then the coronavirus came along and set things back once again, according to recent reports.

In January 2020, Las Vegas homeowners had reached a milestone, with records indicating that the sheer number of them behind on their mortgages was at a recent record low; only an estimated 1.3 percent were at least 90 days past due at that time, and had remained essentially “flat” since July 2019. This rate is the lowest the region has seen since January 2007.

However, with the ongoing coronavirus pandemic sweeping across the nation, that record was quickly finding itself undone as 2020 continued. With state governors issuing stay-at-home orders and only businesses deemed “essential” allowed to remain open, many people began finding themselves furloughed or laid off, and no longer able to make home mortgage payments.

The number of unemployment claims made in Nevada in 2020 through April 4 numbered at 271,530; this is over double the previous two years put together, reports say.

This, coupled with a degree by Governor Steve Sisolak not allowing landlords to begin eviction proceedings due to non-payment of rent or mortgage while a coronavirus-fueled state of emergency is in effect – except in the case of individuals who are a threat to others or the property itself – will likely see the number residents behind on their payments quickly balloon. And the longer the pandemic lasts, the greater that number will become.

In addition, numerous mortgage relief programs are now available that will likely contribute to the growing number of people behind on their home loans; for example, many lenders have instituted policies where, as the state of emergency continues, borrowers can defer payments for up to 90 days. Also, late fees and/or penalties due to nonpayment have been outlawed by state government; however, all back rent and/or mortgage is expected to be paid to the lender or landlord once the state of emergency has been officially lifted.

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.

OSHA Issues Coronavirus Safety Guidelines to Nevada Construction Companies; Will Randomly Inspect Work Sites

LAS VEGAS, NV – The Nevada Occupational Safety and Human Administration (NV OSHA) recently sent safety guidelines to construction companies state-wide, documenting precautions and procedures to adhere to in the wake of the ongoing coronavirus pandemic sweeping the nation.

In light of recent “stay at home” orders issued to help curb the spread of the coronavirus outbreak, construction in Nevada has been deemed an “essential” business, allowing development projects to currently remain in effect.

However, in light of some construction workers testing positive for COVID-19 – the respiratory illness caused by exposure to the coronavirus – NV OSHA Chief Administrative Officer Jess Lankford sent out a letter to active construction sites in the state, outlining personnel safety procedures that must be adhered to going forward, including social distancing guidelines.

“It is visibly obvious that employees are still being directed/allowed to work in close proximity [less than 6 feet apart] to other staff,” Lankford’s letter said.

The guidelines outlined in the NV OSHA letter include the following:

  • Restrict meetings, safety meetings//tailgate talks, and gatherings to no more than 10 people.
  • Establish effective social distancing protocols, which ensure that staff maintain a 6 foot personal separation from other staff during meetings, discussions, etc., where 10 people or less are present. Ensure that social distancing protocols are maintained during operation of mobile service equipment designed for two or more passengers.
  • Provide sanitization and cleaning supplies for addressing common surfaces in multiple user mobile equipment and multiple user tooling.
  • Maintain 6 foot separation protocols for labor transportation services, such as buses, vans, etc.
  • Conduct daily surveys of changes to staff/labor health conditions. NV OSHA is emphasizing the need for construction leadership to be working with and aware of the health and well-being of its labor force. Many leaders in the construction industry have implemented entry surveys of labor health conditions that have, and may, include temperature scans and in person Q&A.
  • Ensure that any identified first responders in the labor force are provided and use the needed personal protective equipment (PPE) and equipment for protection comes from communicable or infectious disease.
  • Provide access to portable and sanitary water.

In order to ensure that all developers are in compliance with these guidelines, NV OSHA noted that they would be sending representatives to randomly inspect construction sites; penalties for non-compliance could range from fines all the way up to the full closure of a project. Recently, workers at the Resorts World and the Raiders’ Allegiant Stadium construction sites were confirmed to have tested positive for COVID-19.

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.

Nevada Attorney General Ford Announces $2 Million in Emergency Funding for Rental Assistance

CARSON CITY, NV – Yesterday, April 7, 2020, Nevada Attorney General Aaron D. Ford announced $2 million in settlement funding for emergency rental assistance transferred to United Way of Southern Nevada and United Way of Northern Nevada and the Sierra. This funding will go directly to Nevada families in need of emergency assistance. Additionally, the Attorney General’s Office created an informational flyer (below) on the Governor’s Directive halting evictions to help renters and landlords understand their rights.

“One of the most important things we can do as state leaders and as human beings is to keep Nevada families in their homes and prevent further suffering,” said AG Ford. “Every minute, another Nevada family calls my office for help so they won’t end up homeless. I am immensely proud that my office is able to prevent wrongful evictions, as well as provide emergency rental assistance funding to our trusted community partners at United Way.”

The funding is part of the previously announced settlement agreement with Wells Fargo. The transfer of the funding received approval from the Nevada State Legislature’s Interim Finance Committee Tuesday morning.

This document has been merged/modified for simple viewing. To download the original agenda letter click here. Link to Nevada Legislature website: www.leg.state.nv.us.

United Way of Southern Nevada and United Way of Northern Nevada and the Sierra are the state’s administering agencies for the Emergency Food and Shelter Program established by Congress in 1983. This additional funding from the Office of the Attorney General will supplement that program until the next set federal appropriation is released next fall. The funding will help thousands of Nevada families stay in stable housing and prevent a further crisis of homeless families in the state.

The Office of the Attorney General has received an unprecedented number of calls from constituents seeking help and information relating to eviction and rental issues. The attached informational flyer on the Governor’s Directive is intended to help renters and landlords understand their rights and obligations during the State of Emergency and answer frequently asked questions.

To download the original flyer click here. Flyer links: nvhealthresponse.nv.gov. Attorney General Website: http://ag.nv.gov

Editors Note: The appearance of Nevada Attorney General visual information does not imply or constitute Office of the Attorney General endorsement.

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.

Moody’s: Nevada Economy Likely to be Hit Hardest by Coronavirus Outbreak

LAS VEGAS, NV – In a recent research report, financial analysis firm Moody’s noted that out of the numerous states feeling the pinch due to the ongoing coronavirus outbreak, Nevada is the one most likely to be hit the hardest financially.

The spread of the coronavirus is making it difficult for experts to pin-point all of the specific factors that can determine what regions will be hit harder than others in terms of statewide economy. However, Moody’s research focused on several key factors – including demographics, trade and travel, tourism, finance, and commodities – and they have used those factors to determine the areas that are most assuredly to be the hardest hit financially.

Unfortunately, Nevada – and the city of Las Vegas in particular – is forecast to be the most affected, due to the fact that it relies on the lucrative tourism industry more than most states. As a result of non-essential business closures and stay-at-home orders instituted by state officials in the early days of the pandemic in order to help prevent the spread of COVID-19 – the respiratory disease caused by the coronavirus – the city has already suffered great financial losses.

This early and deep impact upon Vegas’ economy does not bode well for the speed of its recovery, according to Moody’s Analytics Chief Economist Mark Zandi.

“If you’re getting hit hard now and businesses are failing, and there’s bankruptcy and people are taking on debt or starting to default on debt, it’s going to be harder for those economies to recover,” he said. “So the No. 1 criteria for determining who recovers more gracefully will be who gets hit least hard during this period.”

Hawaii and Washington come in at number two and three, respectively, as states that are expected to experience severe financial woes due to the impact of the coronavirus upon the tourism industry. New York also ranks highly on the list, and currently contains the most cases of COVID-19 out of anywhere else in the nation.

In contrast, West Virginia and Missouri have seen the least coronavirus exposure – at least for the time being – and as a result their economies have been damaged far less, making their eventual recovery a less arduous task. But given the nature of the coronavirus outbreak, these factors and their effect upon statewide economies are subject to change as time goes on.

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.

Despite Nevada Governor Issuing Eviction Freeze, Some Landlords Continue to Lock Out Tenants

LAS VEGAS, NV – According to reports, despite a statewide moratorium issued by Nevada Governor Steve Sisolak against evictions during the state of emergency brought on by the ongoing coronavirus pandemic, some landlords have defied that decree and have locked out and/or evicted tenants who have been behind on their rent.

The eviction decree by Governor Sisolak applies to all renters in the state of Nevada, monthly or weekly, and applies while the state of emergency is still in effect. The moratorium had a mixed response, with some legal advocates supporting the move while others supported landlords and property managers, noting that they also have their own bills to pay throughout the crisis.

But despite the moratorium, reports indicate that some landlords are disregarding it and are continuing to issue eviction notices and, in some cases, outright lock tenants out of their residences, especially in cases of rent-by-the-week apartments and homes.

Nevada Legal Services report that they have received an elevated number of phone calls from tenants who are facing eviction despite the non-eviction decree from Governor Sisolak. Some are complaining that the exact nature of their rights in these circumstances have not been made clear as well.

“There’s just so many violations, you would think it were a movie” a representative of the Nevada Legal Services was quoted as saying. “You hear about these things and expect that everyone will just follow the rules, but there are illegal lockouts happening left and right.”

Violations reported by Nevada Legal Services allegedly include eviction notices still being served, landlords stacking plywood in their parking lots in order to board up apartments, and hired security guards harassing non-rent paying tenants. The Nevada state attorney general’s office notes that landlords and property managers who disobey the ongoing non-eviction rule could face legal action, including being sued for deceptive trade practices, although the office has stated that lawsuits are a last resort due to the financial strain that landlords state-wide are also going through.

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.

Coronavirus Pandemic Stops Development, Delays Opening of Las Vegas MSG Sphere

LAS VEGAS, NV – The MSG Sphere, a one-of-a-kind entertainment venue originally slated to open in 2021 on the famed Las Vegas Strip, has become the latest victim of the coronavirus pandemic sweeping the nation. According to reports, the pandemic has brought a halt to construction of the MSG Sphere and, as a result its opening has been delayed to a currently undetermined date in the future.

A $1.7 billion, 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino, the Sphere – a joint venture of the Madison Square Garden Co. and Las Vegas Sands Corp. – is touted as a high-tech entertainment venue that will host musical performances and concerts, as well as potentially the occasional boxing or MMA contest.

Due to the outbreak, developers announced that they are suspending all work on the MSG Sphere, a process that will take approximately two weeks to implement. Issues cited include concerns over worker safety as well as disruptions to construction supplies due to fallout of the worldwide coronavirus pandemic. As a result, the 2021 opening of the Sphere will not be met, reports say.

Once completed, the interior of the Sphere will feature a 180,000-square-foot ceiling with massive video screens for attendees to watch, as well as floor-based bass speaker system to appeal to concert and club-goers on evenings when electronic dance music acts take the MSG Sphere stage, giving the venue a multi-genre and event capability.

But the real draw of the Sphere is the exterior, which will feature 36 miles of variable intensity LED lighting, enabling the structure to allow outside spectators to peer through a transparent facade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

A new projected completion date for the Sphere’s construction and opening has not been revealed yet, but MGS representatives have stated that they look forward to “quickly and efficiently resuming construction as soon as practicable.”

Las Vegas has allowed construction to continue during the pandemic – as long as workers abide by social distancing guidelines – deeming it as “essential” work; the temporary halt of work on the MSG Sphere project, nonetheless, is the second high-profile project in the city shelved during the pandemic, the second being the former Fontainebleau.

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.

While City Grinds to Halt, Construction Continues Without Pause in Vegas Despite Coronoavirus Pandemic, Experts Say

LAS VEGAS, NV – According to reports, the construction industry in Las Vegas is continuing forward without any major setbacks attributed to the ongoing coronoavirus pandemic that is causing issues for its sister industry – real estate – but it remains to be seen what problems could arise if the outbreak ends later rather than sooner, experts say.

Construction, along with other fields such as medical and food, has been deemed an “essential” business by Nevada Governor Steve Sisolak, allowing work to continue unabated on numerous projects, free of governmental orders mandating many non-essential workers to remain at home to prevent the spread of coronavirus.

As a result, development on the many construction jobs currently ongoing in Las Vegas has continued without pause while the rest of the city essentially grinds to a halt; extra precautions have been taken on job sites to ensure that health and safety levels are maintained to prevent COVID-19, the respiratory disease caused by coronavirus. In contrast, workers in other industries that are deemed non-essential are holed up in their homes, waiting for the pandemic to blow over so they can return to work.

However, despite precautions, workers at Las Vegas construction sites have run into coronavirus-related issues during major ongoing projects; one worker at the Resorts World Las Vegas site and another at Allegiant Stadium have both come back with positive COVID-19 test results. There has been no word of Governor Sisolak re-evaluating his stance on construction work in Las Vegas based on these developments, however.

The coronavirus outbreak has caused problems with Las Vegas’ economy, which has only just righted itself after recovering from the mid-2000s recession. However, construction persists due to the word of experts that predict a fast turnaround to the city’s fortunes once the ongoing pandemic is finally resolved and people are able to return to work.

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.

COVID-19 Brings House-Flipping in Vegas to Temporary Standstill

LAS VEGAS, NV – With the disturbance that the ongoing coronavirus pandemic is causing in the real estate industry word-wide, house-flippers in Las Vegas – as well as across the nation – have taken a temporary pause while riding out the effects of the devastating outbreak upon the economy, according to recent reports.

Among the organizations putting the brakes on buying homes to quickly renovate and put back on the market to make a profit is the Zillow Group, which is ceasing such activities in Vegas as well as 23 other markets where it engages in flipping, through its “Zillow Offers program.”

The main driving factor behind Zillow’s decision, reports say, is compliance with ordinances passed by many local municipalities dictating that businesses deemed as “nonessential” temporarily close to reduce the spread of coronavirus. But while refraining from acquiring new properties, Zillow will still be selling homes already in their inventory.

In addition, numerous other flippers, both present in Vegas or with a web presence – including Opendoor of San Francisco – is reporting a pause from buying homes in the Southern Nevada region as well while quarantine measures are in effect.

According to experts, the Las Vegas real estate scene stands to be hurt more than average due to the effects of the pandemic for a number of reasons, not the least of which being its massive tourism industry; due to travel restriction measures and temporary business and retail closures – and no certain timetable yet for their re-opening – tourism in Vegas is completely off the table for the time being. This, unfortunately, is causing economic havoc in a city that was previously skyrocketing back to the top after recovering from the mid-2000s recession.

Real estate sales are expected to take a large dip while the coronavirus scare persists, but experts are also predicting a fast turnaround of Las Vegas’ fortunes once again when the pandemic eventually levels off. It’s simply a matter of riding out the storm until it subsides.

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.

Land Prices in Las Vegas Currently Twice as High Than During Recession

LAS VEGAS, NV – According to reports, the growing construction happening in Las Vegas in an effort to meet the demands of housing needs is having a rather predictable effect upon the price of the land this housing is sitting upon; that is, that price is going up.

In 2019, investors paid a median price of approximately $383,840 per acre of land for development in Southern Nevada, which represents an amount twice that from the depths of the mid-2000’s recession, reports say. Experts attribute this increase to numerous factors, including a skyrocketing economy and job market and a resulting influx of new hires into the region. Developers have scrambled to meet the growing demand for housing, erecting new homes, condos, and apartment complexes as quickly as they are able.

And of course, demand sets the price, and land owners acted accordingly, raising the rates per-acre significantly. But this follows with the history of Las Vegas, with land prices rising and falling in accordance with the economy and real estate market at any given time. For example, land prices dropped greatly during the recession, whereas they were quite lofty beforehand.

However high land prices are currently, they are not yet at their pre-recession peak; in 2007, when building in Vegas was in a frenzied state, an acre of land fetched as much as a median price of $835,180 per acre.

It also remains to be seen what effect the ongoing Coronavirus pandemic will have upon land prices in Las Vegas – and nationwide – as construction slows amid a mass population quarantine and temporary business closures dictated by local and federal government. But even if land prices do drop in the here and now, it’s a sure thing that they will eventually bounce back – and perhaps climb even higher – once the virus clears and becomes a thing of the past. However, some experts predict the Coronavirus could become seasonal such as the flu increasing the need for a vaccine even further..

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.

Las Vegas Real Estate Scene Strives to Survive and Adapt to COVID-19 Outbreak

LAS VEGAS, NV – The now infamous coronavirus outbreak has brought the city of Las Vegas to a near-standstill, with casinos and hotels closed in an effort to head off the rate of infection. However, reports indicated that the real estate and construction industries are nonetheless doing their best to continue to meet the needs of the population in these historically difficult times, and despite the expected uphill battle, have made some progress in doing just that.

After several months of strong home sales and following a massive recovery of the local real estate market and economy, Las Vegas home sales have taken a hit due to the worldwide coronavirus pandemic, with some deals being delayed while other cancelled outright. The issues are fueled about concern over the long-terms effects of the coronavirus on the economy, as well as the local job market and the performance of stocks.

However, there are just as many real estate transactions that are still ongoing, and the local real estate and construction markets are doing what they can to adapt to changing conditions as best they can. Motivated buyers are still pounding the pavement to get good deals, and many agents and builders are still showing homes and apartments, albeit by appointment only for now.

Likewise, some buyers are avoiding the concept of “social distancing” to potentially find better deals while many are holed up in their homes in self-imposed quarantine. However, reports indicate that builders are not currently considering price drops, seeing this as a temporary situation that will eventually right itself.

In addition, due to the housing demand in Las Vegas – and the fact that the virus will eventually blow over with life returning to normal, although unknown how long that will take – people are still researching homes via the internet, with some even buying homes without even visiting them in-person, instead going by photo galleries and video tours.

January and February of 2020 both saw over 1,100 home sales in Las Vegas, and before the coronavirus scare March 2020 was on course to produce similar strong numbers, reports say, with 589 sales already recorded. Buyer traffic in new homes overall dropped this week to less than 4,000 people, down from 5,000 two weeks ago, reports indicate.

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.

Las Vegas REcon Convention, Largest Real Estate Show in the Nation, Suspended Due to Coronavirus

LAS VEGAS, NV – Owing to the rapid spread of the coronavirus pandemic across the United States – and globally – the International Council of Shopping Centers (ICSC) announced last week that they would be suspending the annual REcon convention – the largest Real Estate-based event in the nation – that was due to be held in Las Vegas in late May.
In addition, ICSC announced that they would be suspending all other organization events planned through June 30.

Recon normally attracts tens of thousands of attendees to Las Vegas ever year; the 2019 event boasted over 36,000 attendees, according to ICSC. However, ICSC representatives were quick to point out that this was a “postponement” and not an outright cancellation of the event; a memo issued by ICSC noted that they are already in the process of evaluating alternate venues and dates for the 2020 Recon, giving hope to the fact that it will still take place later in the year.

Recon, the largest real estate show in the country, offers a variety of programming and events for attendees, ranging from retail deal making, networking, information, seminars, and more. In addition, guests will often partake in extracurricular events as well as the night life that Vegas offers during the off-hours, feeding into and benefiting the local economy.

A number of conferences and industry events have been postponed or outright cancelled, both in Las Vegas and across the country, as measures have been taken to slow and contain the spread of the coronavirus pandemic. Unfortunately, while such measures will likely contain the outbreak and prevent long-term economic damage, the fact is that there will absolutely be – at the very least – very real and significant effects in the here and now to the industries – such as hotels, caterers, entertainment, and more – that depend on these events for their very livelihoods.

Currently, the number of events in Las Vegas that have been cancelled due to coronavirus are approximately 30.

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.

Coronavirus Serving as Stumbling Block to Rising Las Vegas Economy

LAS VEGAS, NV – According to recent reports, the skyrocketing economy that Las Vegas has been enjoying since miraculously recovering from the mid-2000’s recession has hit a bit of a stumbling block in the form of the infamous coronavirus outbreak. Tourism had increased, multi-million dollar construction projects and development deals were constantly springing up, unemployment was dropping, and the real estate industry was enjoying a huge surge not seen since before the burst of the housing bubble. But in the wake of the coronavirus, business are shutting their doors – both in Vegas and nationwide – and the economy of Southern Nevada is starting to feel the pinch.

Casions and resorts are starting to see decreased demand as tourism drops amid airline flight restrictions and overall travel fears, and employment cuts are expected to take place in a variety of industries. This holds especially true in the hospitality industry, the very lifeblood of Las Vegas. MGM Resorts International is expected to begin layoffs starting next week, and according to reports it could amount to as many as 150 employees. MGM is one of the largest employers in Nevada.

In a city where tourism is king and people come in droves to be entertained in crowded casinos and event venues, the coronavirus is not an ideal situation, although it will take some time to ascertain the full extent of its impact on the local economy. It’s possible that the measures being taken now to limit exposure via social activity will prevent long-term economic damage and minimize the job, revenue and development project losses.

The degree to which tourism is important to the economic well-being of Las Vegas cannot be overstated, and the coronavirus is sure to have a trickle-down effect to almost every industry in the city. According to reports, tourists poured $35 billion in Southern Nevada in 2017, through which over 234,000 tourism jobs were supported. Currently, construction jobs are not being majorly affected, although some contractors have reported delayed shipment of materials needed for their projects when coming from China and Italy, areas of the globe where the coronavirus has hit the hardest.

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.