UnCommons Mixed-Use Development Up for Sale, Valued at $575 Million

LAS VEGAS, NV –  It has been announced that UnCommons – a huge mixed-used facility in southwestern Las Vegas – is currently on the market, with it’s estimated sale value at over half a billion dollars.

The UnCommons sale is being represented by investment sales broker Kevin Shannon with Newmark, with the property’s estimated value being set at a whopping $575 million.

Construction broke ground on UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – in 2020 and was completed in April 2025, with Matter Real Estate Group being the developer of the 40-acre campus.

UnCommons is essentially a mini-city within a city, consisting of 500,000 square feet of offices, as well as restaurants, health and fitness studios, relaxation options, and over 830 residential units, in addition to The Assembly, an experimental project consisting of a 5,000-square-foot conference and event pavilion that can host a variety of event types, including talks, community events, and weddings.

The apartment complex situated within UnCommons – which is dubbed Vestra – is made up of 830 units spread out amongst 3 towers; in addition, office tenants consist of notable companies such as Draft Kings, CBRE Group Inc, Deloitte and Newmark.

On the storefront side, food and beverage locations include Urth Caffe, Teaspoon, and Amari, and retail businesses are made up of varied businesses such as Blue Bottle, Salt & Straw, Urth Caffe, and Sunlife Organics.

The concept behind the $800 million project – which originally broke ground in 2020 – is that it is a space where the various employees working for the businesses located there have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right there at their fingertips.

Matter Real Estate Group partner Jim Stuart said that the UnCommons project is already a rousing success, with 93 percent of the office space leased, along with 90 percent of the retail and restaurant space and 60 percent of Vestra.

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 – Howard Hughes Holdings, developer of the Summerlin master-planned community, is currently considering adding a new high-rise condominium complex to the other projects they have erected in the area, including the Downtown Summerlin open-air shopping mall, apartment buildings, a baseball park, and a recently-opened retail shopping center.

David O’Reilly, Howard Hughes Holdings’ CEO, noted that he is weighing the possibility of building a high-rise condo off Sahara Avenue and the 215 Beltway, east of the outdoor mall on a plot of land that the company currently owns.

I think that’s a great use right now,” he said, using the high volume of sales of condos in Summerlin’s The Summit Club affluent guard-gated neighborhood as an example of how these types of housing units are currently in great demand in the region.

O’Reilly also pointed out that the area where they are contemplating building the high-rise is also ripe for retail and rental housing units. Office space is also being considered, although to a lesser degree than in years past due to the fact that COVID-19 was responsible for reducing the need for such accommodations because of the increase in remote work that has persisted following the end of the pandemic.

Located along the Las Vegas Valley’s western side, Summerlin is comprised of 22,500 acres and is home to approximately 130,000 inhabitants, and homes and rental units there are currently fetching some of the highest prices in the region.

Howard Hughes Holdings takes its name from the famed aerospace engineer, business magnate, film producer, and investor; he purchased the community’s initial 25,000 acres – which he originally named “Husite” – in 1952. The community is named after Jean Amelia Summerlin, Hughes’ mother, and years later, Summerlin would go on to become the largest master-planned community in Las Vegas.

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 – According to a new report from real estate analytics company CoStar Group Inc., a historic wave of new apartments is currently hitting the Las Vegas Valley after recently finishing up development, although that number stands to lessen going forward as overall construction statistics are down year-over-year.

CoStar notes that about 4,600 multifamily apartment units have been completed and made available for rent over the past year, which have bolstered the overall number available in the valley to 193,129.

But with this latest glut of new apartments being made available for rent, now the most important thing, according to CoStar Market Analytics Associate Director Danny Khalil, is to get tenants into them.

It is fair to say that Las Vegas recently experienced a wave of deliveries, or project completions, and now the market is shifting to absorption, with less of an emphasis on active construction,” he said. “Apartments have come online throughout the Las Vegas Valley over past two years, particularly in and around Enterprise, Henderson, Spring Valley, and the far southern reaches of the metropolitan area. Central Las Vegas and the northwestern suburbs have also been no slouch either.”

Going back a bit further in time, Khalil noted, illustrates that from January 1, 2023, through April 30, 2025, approximately 13,000 apartments have been delivered throughout the valley, which represents a huge increase in developmental output.

Now the task shifts to absorbing this historic wave of supply and, for now, Vegas appears to be doing a great job at it,” he said. “Demand, measured in terms of net absorption, essentially matched new supply over the past 12 months and the vacancy rate moved down slightly, away from the double-digit territory that many Sun Belt markets find themselves in this year.”

However, as previously stated, construction on new apartments in Southern Nevada has slowed overall during the past year, so that level of output is assured not to be matched next year. For example, construction on only 342 multifamily units began during the first quarter of 2025, which represents a decrease of 25 percent when compared to the first quarter of 2024, when that number was 1,333.

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 – According to a new report released by tech real-estate marketplace company Zillow, rents have skyrocketed in Las Vegas over the course of the last several years, creating affordability concerns among some local residents.  

Rents in Las Vegas have increased approximately 36 percent since 2020, with that jump influenced by numerous factors, including low inventory, increased demand, and inflation.

In fact, in order to comfortably be able to afford rent in Vegas, Zillow notes, a resident would need to be earing more that $72,000 a year, which again is about a 36 percent a jump of necessary income over the last five-year span of time.

Combine this with other rental expenses – such as needing to come up with the first month’s deposit and security – many residents are finding themselves struggling to affordably meet their housing needs.

According to Robin Crawford, Executive Director of Nevada State Apartment Association, the increase in housing costs have been consistently going up in Southern Nevada, with the situation exasperated by the advent of the COVID-19 pandemic, which served to increase housing demand and subsequently drive up prices.

My data sources show a 3 percent increase between last year and this year,” she said. “If you’re looking at a 4-year span, there were dramatic increases mainly during the COVID time.”

In fact, Nevada became one of the most popular states to transplant to throughout the pandemic, and still remains that way to this day. And while rents may have blown up in the last half-decade as a result, Crawford is quick to note that they still remain well below what much of the rent of the country is paying.

Our rents in Las Vegas and also in Reno and all over the state are lower than the national average,” she said. “In Las Vegas, the average rent price is $1,490.”

In contrast, Zillow reports that the national average rent is currently $1,850.

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 – Cryptocurrency – a digital currency designed to work through a computer network that is not reliant on any central authority to uphold or maintain it – has become an increasingly popular form of investment in recent years.

The most prevalent form of crypto is Bitcoin, which as of May 8 was once again trading at a price point of over $100,000. And a growing number of individuals are using it – as well as other forms of digital currency – to engage in real-world investments such as real estate.

The first-ever physical purchase using crypto was made in 2010, when a programmer named Laszlo Hanyecz bought two pizza pies for 10,000 Bitcoins. And since then, crypto’s presence in the real world has only grown.

On a recent episode of Yahoo Finance’s Opening Bid podcast, investor Grant Cardone noted that he’s been purchasing real estate with Bitcoin, with his most recent endeavor being a deal made for a piece of property valued at $88 million that he acquired for $72 million in currency and $15 million in Bitcoin. The money he generates from the property, he uses to buy more Bitcoin.

In several years, even if the property merely retains its $88 million value instead of going up, his profits will increase overall due to his purchasing of Bitcoin at today’s current rates, provided its worth continues to go up.

But while Cardone has found success in investing in real estate utilizing digital assets, experts are pointing out both the pros and cons of such financial maneuvering. Ian Kane, CEO and Founder at Firepan, said that the instability of the crypto market could result in short-term losses, but those looking at long-term investments could benefit.

Long-term holders sitting on significant gains may want to convert a portion of Bitcoin to real estate as a way to diversify,” Kane said. “They get peace of mind and don’t run the risk of seeing 6- or 7-figure portfolio swings. Plus, real estate offers passive income opportunities and can be a hedge against crypto’s volatility. However, if Bitcoin’s price pumps shortly after the purchase, you may have buyer’s remorse.”

Something that might be safer than using crypto to buy the property itself, Kane noted, would be using it to finance a loan.

The loan is secured by the real-estate + BTC, and you can make your monthly mortgage payments as a percentage of your BTC, denominated in USD,” he said. “This is the best of both worlds!”

However, Louis Adler, Co-Founder, Principal and Real Estate Broker at REAL New York, was less positive reggarding crypto-backed real estate investments.

While it’s an interesting concept, I don’t believe buying real estate with Bitcoin is practical in most cases – at least not yet,” he said. “Real estate is still a fundamentally traditional asset class, and the volatility of crypto creates too many unknowns for both buyers and sellers.”

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 Southern Nevada property previously in-part owned by the late Siegfried Fischbacher and Roy Horn – the late, famed German-American entertainers who performed an animal-based magic show together in Las Vegas for years as Siegfried and Roy – will be used for an upcoming 100-unit housing project by developer Tri Pointe Homes.

The project site is comprised of 28 acres in the upper northwest Las Vegas Valley’s Kyle Canyon area, along Kyle Canyon Road approximately one mile west of U.S. Highway 95.

Tri Pointe Homes’ plans for the housing development were originally approved in March by the Las Vegas City Council, and in April investment firm Kennedy Lewis Investment Management finalized their purchase of the site for a reported sum of $19 million, according to Clark County records. They then granted Tri Pointe an option to purchase the property needed for their Kyle Canyon Road project, which they accepted.

The land for the project is a patchwork of plots acquired from multiple sellers; among them was Siegfried and Roy, who had sold off 6.7 acres prior to their passings – Siegfried died in 2021 at the age of 81, and Horn died in 2020 at 75 – that would eventually become part of the Tri Pointe site.

The duo had been famous for years for their extravagant magic and white tiger act on the Las Vegas Strip.

The project will create a new subdivision along Kyle Canyon Road – which provides local residents the means to Mount Charleston and back – and represents suburban development creeping ever-outwards from the city of Las Vegas in an attempt to address the region’s growing housing crisis.

Tri Pointe already has a sizable presence in the area. They are currently selling homes in their neighboring Kyle Pointe community for prices starting at $500,000; according to its website, the community boasts “eye-catching architecture, flexible modern interiors, and the promise of outdoor adventure.”

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 – Following a three month-long all-time record high streak, Southern Nevada home prices in April finally showed signs of lowering, according to a new report by Las Vegas Realtors (LVR).

The median price for a pre-existing single-family home in Las Vegas in April was $480,000, which represents a drop of $5,000 from the record-high of $485,000 that was achieved in January and maintained during the two following months, as per LVR data pulled from the Multiple Listing Service.

April’s median home price is nonetheless still 2.3 percent higher than it was during the same period of time last year, when that amount was $469,000.

As for the median price of condominiums and townhouses in April, that amount was $302,700. This represents a decrease from the previous month and is lower than the all-time record of $315,000 originally set in October 2024, but is still 4.4 percent higher than April 2024’s price of $290,000.

LVR President George Kypreos noted that the decrease in home, condo and townhome prices shows that that real estate in Las Vegas is continuing to find a sense of equilibrium and balance, which is good news for both buyers and sellers.

Since the beginning of the year, the median home price has only varied by 1 percent. That’s pretty rare,” Kypreos said. “This month’s LVR statistics are another indication that the local housing market is becoming more balanced, with stable home prices and more homes on the market for buyers to consider.”

At the end of April, there were about 6,213 single-family homes for sale on the market without any offers, which is 78.7 percent higher year-over-year. In addition, there were 2,390 condos and townhomes without offers at April’s end, a 91.5 percent increase from the same period of time last year.

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 – According to a new report by Zillow, the amount of residential real estate inventory available in the Las Vegas Valley has jumped dramatically since last year, but despite the availability the buyers just aren’t there at the moment due to a number of factors.

There has been an increase of 44.5 percent year-over-year in March in the number of homes on the market in Las Vegas; this is a situation that is occurring throughout the country, although the valley is becoming one of the most prolific in that regard.

In contrast, the number of homes on the market in March in the United States overall has gone up 19 percent when compared to the same period of time last year, currently making Las Vegas 25 percent higher than the national average, according to Zillow senior economist Kara Ng.

What’s happening nationally is playing out similarly but more prominently in Las Vegas. Sellers are listing their homes at far greater rates than last year, but buyers are not absorbing those homes at the same rate,” she said. “This has left more homes lingering on the market. However, while Las Vegas inventory is up almost 45 percent over the year, it’s still about 20 percent lower than pre-pandemic norms.

Ng noted that in addition to the inventory in Vegas rising, prices are also continuing to go up; again, this is true in many major metros in the country, although it is becoming quite pronounced in Southern Nevada.

Home values in Las Vegas have risen significantly. Affordability is a hurdle, especially for first-time buyers who are relying on savings alone, and turbulence in the stock market could push down payments out of reach,” Ng said. “These headwinds may be capping the pool of financially ready buyers. Sellers, on the other hand, are typically more financially stable and have the benefit of home equity to put toward their next purchase. Together these forces are leading to the accumulation and normalization of inventory.”

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 – Ground was broken on Tuesday of this week on Origin at Symphony Park and Cello Tower Residences, a huge mixed-use development in downtown Las Vegas that officials say should serve to address many underserved needs in the city once it is complete.

Spanning six acres within the 61-acre Symphony Park development across from city hall – which also calls Smith Center and the Cleveland Clinic Lou Ruvo Center for Brain Health home – Origin at Symphony Park and Cello Tower will be comprised of retail businesses, corporate office space, and a luxury residential high-rise condominium tower, the first of its kind constructed in Las Vegas in over 15 years.

The goal of this development – as per builder Red Ridge Development – is to create a full-fledged community within walking distance of the Smith Center for the Performing Arts and Fremont Street Experience.

Retail tenants are already lining up for Origin at Symphony Park, despite construction only having just begun; among them are what is being touted as a national grocery store chain – the name of which will be announced in the near future – which is something that Vegas’ downtown area has been sorely lacking for some time.

Meanwhile, the 32-story Cello Tower – designed by architecture firm Perkins Eastman – will be comprised of eight penthouse suites beginning at $4.5 million, along with an additional 240 one-and-two-bedroom residences that will start at $700,000 and up.

The complex will feature numerous high-end finishes and appliances for its residents in addition to a great many amenities, including an elevated outdoor environment on the 25th floor featuring beautiful landscaping, gorgeous views, and a fountain; an exhibition kitchen and private dining room; pods for barbecues; a hyper-oxygenated resort-style pool; a TV media wall; a pet spa and park; and an entire 7,000-square-foot floor dedicated to wellness, including a full gym and spa facilities.

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 – Sales for homes in La Cova, a new guard-gated, master-planned luxury community located in SouthShore Lake Las Vegas, officially commenced this week according to the project’s developer, Tri Pointe Homes Las Vegas.

Tri Pointe Division President Klif Andrews said that La Cova is a waterfront resort-style community whose homes will boast a luxurious European design aesthetic, right in the heart of Nevada.

La Cova introduces a new pinnacle for resort-style living in Las Vegas,” he said. “La Cova is an alluring opportunity for luxury buyers who want every day to feel like a getaway.”

The community’s unique look and feel was in-part designed by Woodley Architectural Group, with La Cova being comprised of 42 residences spread out amongst three enclaves on adjacent peninsulas. 38 homes are located along the shore of Lake Las Vegas, and the remaining four near the community’s edge, adjacent to the SouthShore Country Club golf course.

La Cova is going to be unlike any other place,” Andrews said. “The way we connect homes to the water, it’s like having your own private luxury resort. It gives buyers a rare opportunity to purchase something incredibly unique for our market.”

The homes on-offer in La Cova will offer six different styles to buyers and range in size from 2,800 square-feet to over 4,200 square-feet, with prices ranging between $2 million and $4 million. Designs blend modern-style Tuscan and Mediterranean influences and feature large windows for maximum visibility and backyards with lush, resort-style courtyards.

In addition, there are numerous high-end amenities available for these homes, such as detached casitas, workout rooms, executive offices, club rooms and upper-level balconies. Also, boating, paddle boarding, and many other sport and recreation options are available via the development’s waterfront location.

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 – Z Life Company, an eco-friendly residential developer that touts themselves as pioneers in sustainable, luxury real estate “focused on innovated structural design and contemporary experience,” broke ground on a new project in Las Vegas’ Arts District this past Friday.

“Midtown Plaza” will be a mixed-use facility comprised of six towers offering condominiums, hotel rooms, apartments, and retail options, located near the intersection of Coolidge Avenue and First Street.

According to Z Life Company Chief Operating Officer Anna Olin, her company has invested a significant sum into the city of Las Vegas, including $300 million for the Midtown Plaza project alone.

Olin noted that while the relatively quiet part of the Arts District located south of Charleston Boulevard has seen a surge in development and an influx of new businesses and foot traffic in recent years – restaurants, coffee shops, and numerous retail stores – the area of the district north of Charleston has not seen the same level of resurgence, having remained “unused for a number of years.”

Z Life Company’s decision to build Midtown north of Charleston reflects the company’s desire to help it rise to the same level of prominence as the rest of the Arts District, Olin said.

Midtown is slated to have 87 residential units – comprised of studio, one-bedroom, two-bedroom and penthouse options – with prices starting at a base level of $299,000, and accompanied by numerous high-end amenities such as energy-efficient appliances, all-electric interiors and access to a shared series of Tesla electric vehicles (EVs).

Midtown will be located at 921 South Main Street, and will be managed by Berkshire Hathaway HomeServices Nevada Properties, with retail sales represented by the Martinez Group.

“Midtown is unlike anything Las Vegas has seen before,” Matthew Martinez of the Martinez Group said. “We’re bringing together everything that makes downtown living exciting – walkable spaces, local businesses and modern design – all while keeping it accessible.”

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 – For all the dismal negatives of the COVID-19 pandemic, there was at least one positive: it set the residential real estate market throughout the United States on fire as people took advantage of low interest rates and the ability to work remotely to finally buy the houses of their dreams.

And that momentum is still being felt to this very day, albeit on a slightly diminished level due to rising inflation, a call by some companies to return to the office following the end of the pandemic, and interest rates on home mortgages currently hovering around seven percent.

But despite all of that, prices on homes in most regions of the country are still climbing due to the age-old laws of supply and demand, and Southern Nevada is no exception.

A new report by Stacker – utilizing data pulled from Zillow – reveals the 10 cities the Las Vegas-Henderson-Paradise Metro area where home prices are growing the fastest, with current values being contrasted with how much they have risen both year-over-year and from January 2018, which represents a five-year span of time.

#1. Moapa

• Current typical home value: $395,744
• Year-over-year increase: +$34,014 (up 9.4 percent)
• Five Year Increase: +$117,277 (up 42.1 percent)

#2. Logandale

• Current typical home value: $502,061
• Year-over-year increase: +$29,507 (up 6.2 percent)
• Five Year Increase: +$162,298 (up 47.8 percent)

#3. Boulder City

• Current typical home value: $466,398
• Year-over-year increase: +$21,980 (up 4.9 percent)
• Five Year Increase: +$139,551 (up 47.8 percent)

#4. Henderson

• Current typical home value: $493,510
• Year-over-year increase: +$21,228 (up 4.5 percent)
• Five Year Increase: +$151,154 (up 44.2 percent)

#5. Jean

• Current typical home value: $279,687
• Year-over-year increase: +$19,393 (up 7.5 percent)
• Five Year Increase: +$74,819 (up 36.5 percent)

#6. Las Vegas

• Current typical home value: $431,505
• Year-over-year increase: +$18,665 (up 4.5 percent)
• Five Year Increase: +$140,027 (up 48.0 percent)

#7. Bunkerville

• Current typical home value: $372,305
• Year-over-year increase: +$17,883 (up 5.0 percent)
• Five Year Increase: +$116,560 (up 45.6 percent)

#8. Searchlight, NV

• Current typical home value: $244,317
• Year-over-year increase: +$16,172 (up 7.1 percent)
• Five Year Increase: +$96,572 (data not available)

#9. Overton, NV

• Current typical home value: $337,958
• Year-over-year increase: +$15,830 (up 4.9 percent)
• Five Year Increase: +$96,572 (up 4.9 percent)

#10. North Las Vegas

• Current typical home value: $411,389
• Year-over-year increase: +$15,050 (up 3.8 percent)
• Five Year Increase: +$132,089 (up 47.3 percent)

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.