Construction Workers in Vegas Losing Higher Wages to Increased U.S. Inflation; Segment Hit Especially Hard

LAS VEGAS, NV – Construction workers in Las Vegas have seen increased wages throughout last year, according to a recently-released study, but unfortunately those extra earnings have been gobbled up by the 40-year high inflation that currently holds the country in its grip, essentially negating any gains that were to be had.

The study, released by Construction Coverage, indicates that Nevada residents overall have been paying an additional $805 every month on everyday expenses, ranking the state seventh in the nation in terms of the toll inflation has taken upon it.

But construction workers – of which Las Vegas boasts approximately 7,600 – have seen the 7.1 percent pay bump that they experienced in 2021 reduced to the equivalent of just 3.4 percent when inflation is taken into account, showing that this segment of the workforce has been hit especially hard by the current economic crisis.

Throughout the heightened degree of inflation that the country has been experiencing, the Construction Coverage study illustrates that wages have struggled to keep up with the financial burden being placed upon Americans. In particular, Las Vegas has been in great need of construction laborers and inflation has not only been taking its toll upon them, but the industry as a whole – not even to mention that the prices of building materials have also skyrocketed.

Despite their importance to the industry, construction workers are among the lowest-paid segment of real estate development, with the median annual income being about $37,770; in contrast, Las Vegas construction laborers make an average of $37,500 a year, so any gains that are swallowed up by inflation are hurting these workers in the wallet more than usual.

Nevada recently ranked 28th in the country for gains in construction laborer wages, whereas Indiana and Montana had the largest increases in wages in the industry.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – A local developer, who already has a new rental property in the works in downtown Las Vegas, is now eyeing constructing additional properties in a traditionally underserved section of the city – the Historic Westside – that would greatly benefit from the addition of new rental units amid great demand.

Developer Sam Cherry of Cherry Development’s plans for a five-story, 84-unit rental property that is slated to include an additional 10,000 square-feet of retail and office space, was approved last week by the Las Vegas City Council.

The project is to be built upon a city-owned one-acre plot of land near Washington Avenue and Interstate 15 that Cherry had previously purchased for a mere $6; the tiny fee was due to the fact that the apartment complex is aimed at providing housing for local workforce members.

Cherry noted that the retail aspect of the Historic Westside development will likely consist of food and beverage establishments, as well as other types of businesses; the project in total is anticipated to cost approximately $22 million, with the official groundbreaking expected to take place in 2023.

Cedric Crear, one of the members of the City Council that voted to approve the project, stated that he was unable to remember the last time that anyone had built any sort of housing in Historic Westside, and it is hoped that Cherry’s work will spur additional development in the region.

Cherry had previously opened a 63-unit rental complex in Las Vegas’ Arts District two years ago, and currently has an 84-unit project underway on Fremont Street that is expected to be completed in January 2023. These projects are addressing a housing shortage in Las Vegas’ downtown area, something that local officials have said is sorely needed.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Whenever Las Vegas does anything, the city does it big. And that includes when one of its iconic structures has outlives its usefulness and a very real need exists to cast it aside to that the land may be used for another purpose.

Multiple buildings along the famed Las Vegas Strip are currently set for demolition and implosion by their ownership in order to make way for new development. First and foremost, plans by Texas billionaire businessman Tilman Fertitta were recently approved by the Clark County Commission, paving the way for a currently-unnamed resort to be built upon a 6.3-acre plot of land on the east side of Las Vegas Boulevard South and Harmon Avenue.

Currently, the site is occupied by a restaurant building, souvenir shops and an out-of-business motel, all of which will have to be razed to the ground before development on Fertitta’s resort can begin.

Other buildings slated for demolition in Vegas in the near future include a cluster of existing properties – including the now-shuttered Hawaiian Marketplace – located on a 9.5 acre plot of land just south of Fertitta’s proposed resort, which would be destroyed to make room for a 300,000 square-foot retail complex.

In addition, Texas Station, Fiesta Rancho and Fiesta Henderson – all shuttered since the start of the COVID-19 pandemic – are also scheduled to be blown up, as announced by owner of the property, Station Casinos parent Red Rock Resorts; the firm also announced plans to demolish the small Wild Wild West in order to redevelop that property as well.

And finally, plans submitted by real estate firm Tolles Development Co. were approved to tear down a shuttered hotel-casino 25 miles south of the Strip in Jean to clear the way for a 2 million-square-foot industrial park.

In the past, numerous buildings in Vegas have been blown up not only as a means of clearing the land for new construction, but also as a spectacle for onlookers, with implosions often accompanied by fireworks as onlookers cheer. Among the buildings that have been imploded in Vegas over the past 15 years to make way for new development include the Dunes, Sands, Desert Inn, Stardust, New Frontier, and many others.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The Venetian Las Vegas is set to receive a major overhaul, as operator Apollo Global Management has announced their intention to invest a whopping $1 billion into a massive remodel of the hotel-casino, which will be one of the most extensive projects of its type on the Las Vegas Strip in quite some time.

The Venetian Las Vegas, which originally opened on May 3, 1999, is located on the site of the old Sands Hotel. Owned by Vici Properties, The Venetian resort complex includes the adjacent Palazzo resort, The Venetian Convention and Expo Center, and the upcoming MSG Sphere at The Venetian, a high-tech entertainment venue. The Venetian-Palazzo complex includes the world’s second-largest hotel, with 4,049 rooms, 3,068 suites and a 120,000 square-foot casino.

Venetian CEO Patrick Nichols confirmed in a recent interview that the remodel of The Venetian that the company would be “investing north of $1 billion, touching every area of the guest experience” over the course of the remodeling project.

“We are looking to elevate our experiences resort-wide. Arrival experiences will be different,” he said. “For both The Venetian and The Palazzo, we plan to renovate, remodel, and redesign all of our suites. We will be offering a number of new [food-and-beverage] concepts, we are taking a deep look at entertainment, nightlife, and bar offerings, and the casino floor will feel significantly different as well.”

In addition, the venue will also introduce an all-new pool deck; a 47,000-square-foot, $50-million TAO Beach Dayclub; and the first restaurant in the United States helmed by world-renowned chef Tetsuya Wakuda, with all redevelopment master-planned by Los Angeles-based design firm RIOS.

However, while a great many things will be changing about The Venetian, Nichols noted that the one thing that will steadfastly remain when all is said and done is the venue’s iconic name.

“We are a themed hotel and we will always be a themed hotel,” he said. “That sets us apart, but the Italy of the ’90s that The Venetian was modeled after has evolved. If we are able to lean into that through the spirit of Italy and discovery, we are not going to look like just another hotel that has refreshed their rooms.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Plans for a massive resort and casino on the famed Las Vegas Strip submitted by Houston, Texas-based billionaire businessman Tilman Fertitta have been approved by the Clark County Commission, paving the way for work on the luxury establishment to begin in the near future.

Fertitta’s currently-unnamed resort is slated to be constructed upon a 6.3-acre plot of land located on the east side of Las Vegas Boulevard South and Harmon Avenue near the Planet Hollywood Resort and Casino. When completed, the resort will have an impressive 2,420 rooms spread out over 42 stories, in addition to a 2,536 seat theater and an on-site multi-story parking garage as well.

Clark County records indicate that the resort will also include retail space, indoor and outdoor restaurants, an extensive 37,000 square-foot spa and fitness center, 91,000 square-feet of convention space, business offices, a wedding chapel, and even an auto showroom.

Fertitta – owner of Fertitta Entertainment Incorporated – reportedly paid the sum of $270 million in June for the parcel of land that the establishment is to be built upon. No stranger to hotel-casinos, Fertitta is also responsible for the Golden Nugget Las Vegas as well as gambling venues in New Jersey, Louisiana, and Mississippi.

Rebecca Miltenberger, a lawyer from the Las Vegas law firm Brownstein Hyatt Farber Schreck LLP that represents Fertitta Entertainment Incorporated, recently laid out the approximate timeline for completion of the project for Clark County Commissioners.

“We are very excited to bring this project to fruition over the next two years,” she said.

Despite nationwide inflation reaching levels not seen in 40 years, large-scale construction projects are still making major progress in Las Vegas, with multiple venues currently in the works, including entertainment, gambling, and medical complexes, which have all begun to spring up en masse in the wake of the COVID-19 pandemic.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – After holding steady for months amid lowering home and condo prices due to the nation’s inflation and rising mortgage interest rates, prices of luxury homes in Las Vegas have finally begun to feel the sting as well, with September representing their first decrease in value since January 2021.

However, experts are saying that this lull is only temporary, with values are already starting to pick up once again as October nears its end, proving that despite the nation’s economic woes having a very real negative impact upon the housing market, luxury homes remain very much in demand.

In Las Vegas during the month of September, reports indicate that 99 homes with a value of $1 million or more were closed upon, a 1.5 percent decrease from August; this is the lowest number since January 2021, when 86 closings of homes in this value range.

The all-time record for the Vegas luxury marketplace, in contrast, was 218 closing in April 2022; this was followed by 178 luxury closings in May, 156 in June, 106 in July, 118 in August, and 99 in September.

But real estate experts say that, despite the dip in September, the market appears to already be bouncing back, with 164 pending deals in-place at the start of October, representing a significant uptick from the month before.

Experts are attributing the lower-than-expected sales of luxury homes in Vegas in September to increasing national mortgage rates – which currently sit at 6.94 percent and rising – which has fueled the highest rates on 30-year fixed-rate home mortgages in 20 years.

In addition to pricing some buyers out of the market, the inflated interest rates have also caused a slowdown of sales due to some sellers now taking a “wait-and-see” approach to listing their properties until interest rates go back down and the market improves.

However, the Vegas luxury market is less affected by these factors, experts say, due to the fact that a few interest points more or less may not dissuade individuals with the significant buying power and net worth from purchasing homes sooner rather than later, as opposed to middle-to-lower-class buyers who not might want, but need – to wait.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Ground has been officially broken on the Helios Health and Wellness campus in Las Vegas, a massive $5 billion project whose development is being headed up by Salt Lake City-based developer and general contractor Pacific Group.

The Helios project, upon completion, will take the form of a mixed-use facility that will encompass over two million square-feet of laboratory, research and medical office space. In addition, there will also be 500,000 square feet of retail and restaurant space as well as 250 hotel rooms.

The ambitious project will be completed in numerous phases, according to Pacific Group, with the total amount of development time estimated to be between seven and ten years. Ultimately, when finished, the Helios Health and Wellness campus is expected to generate more than 10,000 jobs in Southern Nevada.

Currently, there is massive demand for medical services in the Las Vegas region, owing to the swift growth of the population following a period of rapid economic and job growth, and serves as a prime example of the increase in healthcare construction spending there as of late. Of the 12 major sectors in the second quarter of 2022, Vegas ranked number two in terms of proposal activity in the healthcare market.

Despite rumblings of a national recession, healthcare developers are still betting on Las Vegas due to its population explosion in recent years. A recent study conducted by the University of Nevada predicts that the region’s population will hit approximately 3.4 million residents by 2060; that number currently sits at about 2.33 million.

Plus, another factor that has developers investing countless dollars into Vegas’ health industry is the overall need, with no new medical facilities having been built locally in the last year, leading to a dearth of options for those seeking care.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – An Australian native is currently in the process of constructing a custom, high-tech, energy-efficient mansion in Las Vegas’ Henderson community by paying tribute to his experiences with the sustainable building methods widely utilized in the Land Down Under.

Adelaide – named after the South Australian capital city – is the brainchild of Michael Gardner, founder of Studio G Architecture and LUXUS Design Build, and features four bedrooms, five bathrooms, an office, and “flex space,” meaning a large, wide-open area that can be used for a variety of purposes.

Gardner noted that environmental sustainability is a vital component of Australian construction, and it’s a concept that he wanted to introduce in America.

“Sustainable design is so important in Australia,” he said. “As a tribute, we’re naming our custom homes after Australian cities. We’re trying to introduce a new, more sustainability-focused construction methodology.”

Many of environmentally sustainable aspects of Adelaide consist of passive, innovative technologies and enhanced construction methods, with the end goal being to achieve Leadership in Energy and Environmental Design (LEED) certification.

“Everything we do marks the LEED certification list,” Gardner said. “This home we’ve chosen to keep the price point in a place that makes sense to meet a LEED Silver certification.”

Some of the energy-efficient features that Adelaide boasts include closed-cell spray foam roof insulation, oversized exterior overhangs, north-facing windows, energy-efficient appliances, water-saving plumbing fixtures, LED lighting and high Seasonal Energy Efficiency Ratio (SEER) rated mechanical equipment.

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However, the home is not simply about tech; when finished, it will also have numerous luxury amenities, such as an electronically-controlled gate that, upon opening, will reveal a natural Zen-styled garden.

Work on Adelaide originally commenced in July; the estimated completion date is spring 2023, with Gardner noting that he hopes to have the spec house sold while still its construction phase.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Las Vegas is one of the most coveted marketplaces in terms of office space in the United States, as a new report currently ranks the city as number two in the country when it comes to the lowest amount of office vacancy.

The City of Las Vegas is experiencing its lowest office vacancy rates in over 15 years, according to the Avison Young’s Third Quarter Office Market Report, which notes that the city’s office market has bounced back from the COVID-19 pandemic and recovered 73.1 percent of its occupancy numbers.

In the third quarter of 2022, Vegas had an office vacancy rate of just 12.7 percent, with $234 million being invested in the office market, the highest level since just before the pandemic. The average office rental price was approximately $315 per square-foot, a bump up from the previous average of $299 per square-foot in the second quarter of 2022.

Avison Young – which ranked Charleston, South Carolina at the number one office marketplace in the country, with Nashville, Tennessee coming in third – said that the factors that landed Vegas in the number two spot included a lack of inventory in a hot job market, ensuring that business rents should continue to increase if the country does not enter a recession.

“Rent growth should continue, but concerns surrounding a potential recession and rising interest rates could act as potential headwinds,” Avison Young reported. “The Summerlin and Southwest submarkets are on track to garner office sale prices starting in excess of $400 per square foot over the next few years. Companies and employees alike want to live and work in these desirable suburban Vegas communities.”

North, Southwest, and West Las Vegas currently have the highest average office rents in the Southern Nevada region.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Las Vegas’ M Resort Spa Casino is currently in the process of adding a second tower to their property that will effectively double its size, with the cost of the new addition totaling in the amount of $206 million.

M Resort Spa Casino is a boutique hotel, spa, and casino in Henderson, which is owned by Gaming and Leisure Properties and operated by Penn Entertainment. The property currently includes a large casino and a 16-story tower with 390 rooms, and is located eight miles south of the Las Vegas Strip, making it the southernmost casino in the Las Vegas Valley.

Once completed – the timeline of which has not yet been announced – the new tower will add an additional 384 rooms, bringing the M Resort’s total to 774 rooms and suites. Along with the new rooms, the project will also create expanded meeting space and current amenities will be updated as well.

M Resort Spa Casino originally opened on March 1, 2009, amid the Great Recession; in 2010, Penn National Gaming – now Penn Entertainment – purchased $860 million in debt that the resort owed, before taking over complete ownership of the property in 2011.

Penn CEO Jay Snowden said in a press release announcing the new tower that “strong demand” prompted the decision to expand the resort, as well as their successful partnership with the Las Vegas Raiders football team, which now rents out the hotel before games.

“At the M Resort, the addition of a second tower will benefit from the strong demand in the Henderson locals market while providing additional capacity for the group business that is drawn to our market–leading resort and amenities, including our highly successful partnership with the Las Vegas Raiders” Snowden said.

The M Resort features 92,000 square feet of gaming space, including 1,900 slot machines, 64 table games, 14 poker tables, and a race and sports book.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – After dropping for three straight months in a row, prices of houses in Las Vegas held their ground in September, signaling that the market may be re-gaining a foothold and achieving a new measure of stability, experts say.

As it was in August, the median price for a pre-existing one-family home in Southern Nevada was $450,000; that price represents a 10.7 increase from the same period of time in 2021 – when that price was $406,500 – but nonetheless represents a drop from the region’s all-time high of $482,000, which was originally set in May.

But while home prices held steady in Las Vegas in September, the median price for condominiums and townhouses increased over the previous month by approximately two percent, coming in at $270,000; this represents an increase of over 17 percent year-over-year, but still down from May 2022, when that price hit its all-time record of $285,000.

In September, there were over 8,100 single-family homes listed for sale without any offer, which was an increase of over 134 percent when compared to September 2021; the number of condos and townhouses available are up over 194 percent year-over-year as well.

A total of 2,554 existing homes, condos and townhouses were sold in September; those sales numbers, according to Las Vegas Realtors president Brandon Roberts, indicates that Southern Nevada currently possesses a nearly four-month supply of properties for sale.

“It’s interesting to see local home prices level off, at least for now. Home prices and sales had generally been declining since mortgage interest rates started rising,” he said. “The good news for buyers is that it has been at least three years since we’ve had this many homes available for sale.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – A lavish mansion located in Summerlin’s Tournament Hills community has just gone on the market for nearly $9 million, featuring many unique amenities, not the least of which being an indoor shooting range.

The $8.975 million, 21,835 square-foot residence is situated upon three-quarters of an acre of land, and boasts a mind-boggling 11 bedrooms, 16 baths, a commercial elevator, and even hidden rooms. Marble and granite flooring abound, and the 27-foot ceiling in the foyer provides astounding acoustics for music-playing; it is the perfect accompaniment to the home’s Savant System, which provides music throughout the entire residence.

The kitchen – which is hotel restaurant quality – proves to be no less impressive, with extensive cabinetry; two dishwashers; a trash compactor; two Dacor ovens; two Scotsman ice makers; and multiple refrigerated, freezing, and warming drawers. The appliances are stainless steel with Viking hood commercial fryer, a Hobart commercial dishwashing station, commercial Besam automated doors, a commercial refrigerator, and a dishwasher.

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The house also has a 46-foot-by-20-foot professional gym with mirrored walls, wood flooring, three televisions, and state-of-the-art equipment. There is also a game room and a sound-proofed home theater with 15 reclining seats, surround sound, and a Rincon Projector. The bathroom in the master bedroom bath features a dry sauna, Jacuzzi tub, dual sinks, dual vanities and dual toilets; in addition, there is a secret passage in the walk-in closet.

However, the main draw of the property has to be the indoor shooting range, which is located in a hidden room with rubber-coated walls to capture lead dust – the range is designed for no-lead emission – and can accommodate up to 50-caliber handgun ammunition. The target’s distance can be adjusted with an electronic system.

It is currently unknown if the home – which has only just recently been listed on the market – has received any offers as of yet.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.