Las Vegas Strip’s Historic Diamond Inn Motel – Along with Iconic Pink Elephant – Set to be Auctioned Off, Demolished

LAS VEGAS, NV – One of the Las Vegas Strip’s most historic properties, the Diamond Inn Motel, closed down last year and has sat vacant and unused ever since. However, new reports indicate that it is set to be auctioned off and most likely demolished along with its iconic mascot – a large sculpture of a pink elephant that greeted visitors to the establishment for many years – signifying an erasure of yet another piece of the Strip’s rich history.

Whereas the Strip had previously featured a number of small motels and resorts, these icons of yesteryear have been giving way to massive megaresorts in the here and now, with the Diamond Inn Motel proving to be one of the last holdouts.

The motel – which is set on 1.36 acres of land and boasts 48 rooms – has called the Strip home for decades, and has witnessed the rise of its massive casino and resort industry from the very beginning, according to the business’ website.

“Built in 1940 the Diamond Inn Motel (then it was called the Desert Isle Motel), is one of the oldest buildings still standing on the Strip, which several decades ago the strip was called Arrowhead Highway/Highway 91,” the website reads. “The first hotel/casino built on the strip was called the El Rancho Vegas Hotel & Casino built in 1941. Later in the ’40’s and 50’s, dozens of motels were built next door, the Mirage, Lone Palm, Desert Rose and many others that were the high points of Old Vegas with their glittering neon signs. The Diamond Inn is still standing proud and operating with a profit after all these years, along with its colorful history (especially the landmark, iconic Pink Elephant)!”

One of the most distinctive features of the Diamond Inn Motel was the pink elephant standing at the front of the property next to the establishment’s sign, inviting weary tourists and locals to come in and rest in one of their rooms after a night of gambling and partying.

The pink elephant came from Disney World, probably in the 50’s,” the website says. “He used to trumpet loudly, but the noise caused some accidents. Because of that, the county made the owner take the sound mechanism out. The pink elephant is like the Diamond Inn’s mascot; thousands of tourists have stopped just to take pictures next to it, just like they do in front of the famous Welcome to Las Vegas sign.”

However, it has been pointed out that the website claim may have been in error and that the elephant most likely came from Disneyland, which opened in 1955, as opposed to Disney World, which opened in 1971.

J.P. King, a company that specializes in real estate auctions, is handling the Diamond Inn auction. The auction began on March 7 and a minimum bid of $12.5 million has been set for the property.

And yes, the pink elephant is indeed included in the 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 – According to Clark County property records, JEN Partners – a real estate investment firm based out of New York – recently purchased 54 acres of underdeveloped, residential-zoned land in south Las Vegas for $33.5 million, and speculation is running rampant that the property will be used for a massive residential development.

The land in question is located within the township of Enterprise, just west of the Southern Highlands community; the previous owner was Southern Highlands Investment Partners, and neither they nor JEN Partners responded to queries from local media regarding the sale.

JEN Partners, according to the firm’s website, specializes in “residential land and real estate opportunities,” and has previously built single-family residential developments in such places as Florida, Arizona and Texas. Overall, they have over 150 active or fully realized residential real estate transactions across the country, although their new land acquisition in south Las Vegas will represent their first project in the state of Nevada, provided if JEN Partners indeed chooses to develop it.

Enterprise is an unincorporated town founded on December 17, 1996 and is known as an up-and-coming township as well as one of the fastest growing communities in the United States; as of the 2020 U.S. census, the population of Enterprise was 221,831, a significant increase from the 2000 census that put that number at just 14,676.

Given its degree of rapid growth in recent years – mainly attributed to the development of the 215 Beltway, which connects the Summerlin and Henderson communities and provides easy access to the airport and the Las Vegas Strip – experts say that Enterprise would rank only behind Las Vegas, Henderson and North Las Vegas in terms of the largest cities in the county if it were to incorporate itself today.

Enterprise has recently seen a large boom in building in terms of single-family residential developments, multifamily and apartment construction, including commercial real estate.

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 – In the Las Vegas Valley a tiny home is generating big demand from desperate Las Vegas renters on a budget, with its landlord receiving scores of inquiries from prospective tenants, a situation he said he was not expecting, according to Fox 5 Las Vegas.

The 160-square-foot residence is listed for just $950 a month – half the average rent in the valley, which is currently $1,745 – and is located on the landlord’s own property; he said he built it himself for just $22,000, and did so as a way to help out people during the ongoing economic downturn that the country has been experiencing.

I’ve literally [had] 113 and counting people. [My phone] keeps ringing on wanting to rent it,” the landlord said, who asked to remain anonymous when speaking to local media. “It’s definitely in people’s heart to want to save some money right now. This economy’s tough, and just doing my share on trying to help someone out.”

This isn’t the first time that this generous landlord has put such an offering on the market, having built dozens of other small homes that he rents out. In 2021, the Nevada State Legislature passed a law that requires cities whose populations are higher than 150,000 to create zoning laws for tiny homes, with compliance required by 2024.

The $950 rent includes all utilities and services, including water, electricity, internet, garbage removal, and plumbing. The interior boasts a small pull-down table for dining, a kitchen with a cooktop stove, a bathroom, a washer and dryer combo, and a bedroom located in an upper loft overlooking the main floor.

In addition, the tenant that snags this property will also enjoy a small backyard space, including a garden and a table and chair.

The landlord noted the interested parties run the gamut from a family of four to numerous single parents with children and pets. But the one uniting factor that all of the prospective tenants share is a need for affordable housing, and they are apparently willing to sacrifice some living space in order to acquire it.

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 – Short-term rentals, STRs, are a major money-making business in the United States, and a new report indicates that among all of the cities in the country, the ones located in Las Vegas are among the very most profitable short-term rentals in the entire country.

The housing market in Las Vegas shot to unprecedented heights during the COVID-19 pandemic, with the median price of a single-family home jumping by over 50 percent by May 2022. Nearly 100,000 new residents moved to Southern Nevada during the same period of time, creating a seller’s market the likes of which had not been seen in many a year.

While most of the homes purchased during this span of time were by families and individuals who had relocated to the state, a large number of them were bought by investors seeking to turn them into STRs, a logical occurrence given the fact that Las Vegas is one of the most well-known destinations for tourism on the entire planet.

A new report released by finance experts Wealth of Geeks compared the average nightly rate of STRs in major cities across the United States, and contrasted that data with the average weekly wage in the same city, as provided by the U.S. Bureau of Labor Statistics. When comparing the two sets of information Wealth of Geeks were able to figure out what percentage of their weekly earnings could be comprised of income from Airbnb ownership.

Among major U.S. cities, Las Vegas came in at number five on that list, with the average nightly rate being $312. And with the median weekly wage in Las Vegas being $724, the average profit made from a nightly rental rate would translate to approximately 43.1 percent of the owner’s weekly income, according to Wealth of Geeks’ data.  

Of course, STRs are typically not rented out seven days a week, 365 days a year; however, even a slow short-term rental can still generate a significant degree of revenue for its owner in Las Vegas. An example of a slow month could be comprised of two three-night weekends a month, which would bring in $1,872 in profit alone; during busier months, a fortunate owner could book all four weekends, and if they are using a four-night minimum, that would get them $4,992 a month.

And one thing about Las Vegas, experts say – there aren’t many slow months.

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 – Boxing legend Oscar De La Hoya recently picked up his roots and moved from his longtime home of Los Angeles, California, to Las Vegas, and recently held a media event where he publicly unveiled the new residence he and his wife will be inhabiting- a lavish mansion valued at nearly $15 million that is located in Henderson’s affluent MacDonald Highlands community.

Nicknamed “The Golden Boy of boxing,” De La Hoya, 51, competed in the squared circle from 1992 to 2008, winning 11 world titles in six weight classes and is one of the most popular boxers ever, generating approximately $700 million in pay-per-view income during his career, a record at that time.

De La Hoya originally purchased the MacDonald Highlands mansion in May 2022 in an all-cash transaction for $14.6 million, coming in as the priciest Las Vegas transaction that month. The residence, which is still undergoing construction and updating, is located on a 1-acre plot of land and features 10,460 square-feet of living space, with five bedrooms, seven bathrooms, and an eight-car garage.

De La Hoya is reportedly sparing no expense when it comes to decorating his new abode, building a trophy room that serves as a celebration of his boxing career – including displays featuring his championship belts and robes, a miniature boxing ring, and a huge wall-mounted television for watching boxing matches – in addition to a $500,000 man cave.

Not only is De La Hoya moving his family to Las Vegas from LA, but he’s also moving his business there as well; Golden Boy Promotions, his boxing promotions firm, will be taking up residence in new offices located in Henderson, near the Las Vegas Raiders’ training complex. This move continues the trend of numerous fight entities recently setting up their headquarters in Vegas, including Top Rank, PBC, and the UFC.

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 – Elon Musk’s The Boring Company Is looking at serious fines imposed by the Nevada Occupational Safety and Health Administration (OSHA) relating to what the organization is calling serious safety issues in its Las Vegas Loop tunnel system, citing multiple injuries suffered by workers for Musk’s company while constructing the underground people mover.

The Las Vegas Loop is a transport system constructed underneath the city, comprised of a series of underground tunnels dug by The Boring Company that currently ferries people back and forth to the Las Vegas Convention Center in a series of Tesla automated electric cars. The Boring Company had previously stated they plan on expanding the tunnel system, with plans for new people mover routes to various area resorts, sporting venues, and the airport.

However, following a complaint to OSHA and a subsequent inspection, The Boring Company was hit with eight citations and is now facing over $100,000 in fines due to purported burns suffered by workers by accelerants used in the concrete mix utilized in the Loop tunnel construction.

Dale Kuykendall, a spokesperson for the JacksonLewis firm – the legal team representing The Boring Company – maintains that OSHA had failed to show that any of the allegations against Musk’s company had any validity or merit.

In addition to [The Boring Company’s] belief that Nevada OSHA has failed to establish that the alleged violations occurred, TBC contests all of the citations’ classifications, required abatement, abatement deadlines, proposed penalties, and every other matter subject to contest,” Kuykendall said in a letter to OSHA.

According to OSHA, approximately 20 workers on the Las Vegas Loop – who were not provided with adequate protective gear – had suffered injuries while constructing the project’s Encore tunnel site after being exposed to hazardous chemicals such as bentonite, fly ash, R 100 and Portland Cement.

The chemical mixture was inadvertently sprayed onto approximately 10-15 employees soaking through their work clothing, absorbing into the skin resulting in skin irritation, skin rashes, and skin chemical burns,” the report said. “The employer did not provide instruction on personal protective equipment requirements to employees, and employees were not instructed in the recognition and avoidance of hazards associated with the underground construction.”

Other issues cited by OSHA included waste transport conveyor belts that lacked safeguards to prevent hazardous materials from falling on employees, and overloaded and collapsing onsite waste bins.

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 – January 2024 saw the second-highest number of luxury home sales in Las Vegas ever, proving that high-end residence sales in Southern Nevada are still going strong – and picking up steam – despite whatever challenges are encountered by the national real estate market overall in light of high inflation and mortgage rates.

In all, 102 homes and condominiums priced at $1 million and higher exchange hands last month, an amount eclipsed only by the current record-holding year of January 2022, during which 122 abodes in that price range were sold. The next two highest months in Las Vegas history were January 2021, when 86 luxury sales took place, and January 2023, when 76 were sold.

January’s luxury home sales in Vegas were bolstered by a number of expensive purchases, topped by the sale of an estate in Summerlin’s affluent The Summit Club community for a whopping $19 million. This home, acquired by Insight Tech Holdings NV LLC – a buyer from Asia – from Chambord Revocable Trust with Michael L. and M’Lissa M. Gravelle listed as trustees, was an all-cash deal.

The home, located on Stardust Drive, was originally built in 2020 and subsequently renovated in 2021; it features four bedrooms and 4.5 baths in a residence with an “ultra-modern design” that offers 7,908 square-feet of living space. Situated on a 1.37-acre plot of land, the property also boasts a pool and unobstructed views of the famed Las Vegas Strip.

The second highest-priced home that was sold in Vegas in January was a two-story residence in McDonald Highlands in Henderson for $8.45 million. Built in 2022, renovated in 2023, and located on a 0.3-acre plot of land on Tranquil Rim Court, the 7,373 square-foot home has five bedrooms, five full baths, two partial baths, and a six-car garage. Amenities include a movie theater, bar, game room, wine cellar, and elevator.

The third-highest luxury sale in Las Vegas in January was $7.3 million for a Southern Highlands home, followed by a home in The Ridges in Summerlin for $5.76 million.

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 recent drought of affordable housing options in Las Vegas can be contributed to a number of different reasons, but a new report indicates one of the factors affecting the situation is the large number of California residents relocating to Nevada that have been outcompeting state residents for housing for some time now.

Bob Cleveland, President and Chief Executive Officer for the nonprofit Rebuilding Together Southern Nevada, noted that Californians have been outbidding Nevadans for homes in the Las Vegas Valley for several decades now. The situation was exasperated even further starting in 2022 when the Federal Reserve began increasing interest rates in order to curb record-high national inflation.

I hate to say it but it’s California, and that’s me growing up in the construction industry and I used to work for a builder,” he said. “During the first boom that we had, I was the area manager for the Northwest and we would release a section of homes at 3 o’clock in the morning and there would be a line of people and almost all of them would be from California. And you had to put down $20,000 cash deposit just to get on the list to buy these houses.”

Over the course of the last several decades, Californians have comprised approximately one-third of all new residents moving to Nevada, with the vast majority of those transplants coming from Los Angeles.

When it comes to Californians edging out Nevadans on the housing market, the edge that the former holds is clear; according to the U.S. Census Bureau, the median household income in Los Angeles is $83,000, in contrast to just $66,000 in the Las Vegas Valley. In addition, the average price of a home in Los Angeles is approximately $900,000, as opposed to just $400,000 in Southern Nevada.

It’s these circumstances that Cleveland says creates an enormously unfair advantage for California residents when it comes to competing for affordable housing in the Las Vegas Valley.

Our income is just not on par with California’s income,” he said. “So our housing prices have gone up because of the influx of California money, and our income hasn’t been going up so it makes it hard for the average Joe to keep up.”

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 Canyon at Ascaya is an upcoming exclusive residential development in Las Vegas that is currently under construction in Henderson’s affluent and guard-gated Ascaya community, slated for completion in early 2025.

Located amid the McCullough Mountains, The Canyon at Ascaya will offer 51 residences that have been designed and built by Las Vegas luxury developer Blue Heron, and will feature impressive views of the Las Vegas Valley – including the famed Las Vegas Strip – and a host of high-end amenities that place an emphasis on wellness.

The homes in The Canyon at Ascaya will be comprised of single-floor, three-to-four-bedroom residences ranging in size from 3,391 square-feet to 4,407 square-feet. The interiors will reflect a contemporary design aesthetic, with vaulted 12-foot ceilings, motorized glass pocket doors, linear gas fireplaces, and fixtures by a number of designer manufacturers including Brizo, Kohler, and MTI.

Other opulent aspects of The Canyon’s abodes will include chef’s kitchens featuring appliances from Sub-Zero and Wolf; dual primary suites with oversized closets and outdoor showers; backyards with outdoor kitchens and Linx grills; large covered terraces; and garages ranging from two to two-and-a-half cars in size.

There will be a host of communal amenities as well, including five public swimming pools; private wellness parks complete with yoga decks, meditation spaces, and cold plunges; a 23,000 square-foot clubhouse with a cutting-edge fitness center; and a sports pavilion offering tennis and pickle ball courts.

Chris Beucler, president of Blue Heron, noted that The Canyon at Ascaya community will reflect a “modern desert living” look and feel.

Our architectural philosophy is rooted in the belief that a home should be a sanctuary, and at The Canyon, we’ve created sanctuaries that celebrate the distinct canvas of the desert landscape,” he said. “In every detail of The Canyon homes, you’ll find a commitment to excellence, sustainability, and design that enhances the human experience. This is modern desert living reimagined.” 

Residences at The Canyon at Ascaya will go on sale in spring 2024, with a starting price of $2.9 million.

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 – According to a new report by Zillow, Las Vegas residents need to be earning nearly $70,000 a year to be able to afford rent in the valley, an amount that is currently higher than the median household income. The current rental asking price comes in at $1,745, a 1.9 percent year-over-year increase and a whopping 34 percent jump since the beginning of the COVID-19 pandemic.

As of 2022, the U.S. Census Bureau estimates that the median annual income for a household in the Las Vegas Valley was $66,356; experts note that dollar amount has not risen by any significant degree in subsequent years due to decreased national wage growth.

In early 2021, the average household needed to be bringing in $52,000 a year to afford rent, meaning that the Las Vegas Valley has experienced the 15th largest increase of all major metro areas in the country.

Rent is typically considered “affordable” if it is takes up less than 30 percent of your monthly income. Rental rates in the Las Vegas Valley actually dropped slightly at the beginning of 2024.

Senior public relations specialist with Zillow, Mark Stayton, notes that the Las Vegas Valley is currently in an unusual situation where the number of units to rent and rental rates are both increasing.

The vacancy rate, which is seasonally adjusted, in Vegas is 9 percent, and has risen by 2.5 percentage points over the course of the pandemic,” he said. “that’s the 12th largest hike among the 50 largest U.S. metros by population.”

However, Skylar Oslen, the chief economist at Zillow and author of the company’s January rental report, predicts that rental rates should start going down across the country in 2024 due to the record levels of apartment construction that is currently underway.

Softer rent growth is ultimately good news for today’s renters who have faced significant financial strain from both general and rent inflation throughout the pandemic,” she said. “With wage growth now slower, but still persistent, rent affordability, the share of a typical household’s income that would go to market rate asking rent, stabilized over the past year at 29 percent. That’s down a percentage point from the record high set in June 2022.”

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 – As per a new report released by Zillow, in the Las Vegas Valley rents showed a distinct decline to kick off 2024, with experts saying now is a good time to be looking for an affordable new apartment in the city.

As per Zillow’s January rental market report, 16 major metropolitan areas in the United States saw a decrease in the average rental asking price at the beginning of the year; among those 16 was Las Vegas, where the average January rent was $1,745, which represents a 0.3 percent decrease from December 2023.

Senior Zillow economist Orphe Divounguy noted that there are several factors in Las Vegas that are contributing to lower rents – such as a cooling job market – resulting in landlords lowering their rates and offering additional perks in order to entice new tenants to sign on the dotted line.

It’s not a bad time to find a new apartment in Las Vegas. Rents are relatively soft right now, annual growth is just $33, and a slight monthly decline is the sixth largest among major metros,” he said. “Concessions offered by landlords, such as free rent or parking, are on the upswing too, and are now offered for nearly 40 percent of Zillow’s local rental listings. But the surge in rents in 2021 and 2022 means they’re now $400 more expensive than before the pandemic.”

Despite Zillow’s report noting the rental decrease in the aforementioned 16 major metropolitan areas in the country, the overall average rent in the United States is nonetheless 29 percent higher than it was prior to the COVID-19 pandemic, with average increases over the last four years of 7 percent annually. In contrast, prior before the pandemic took hold of the nation, the average yearly rental increase rate was 5.5 percent.

Aside from Las Vegas’ 0.3 percent decrease from December, the highest drops in rent in the country were in Austin, Texas (0.5 percent), San Diego (0.4 percent), Buffalo, New York, (0.4 percent) and Riverside, California (0.3 percent).

In addition, experts note that there is less of an incentive for renters to buy homes these days, due to the fact that house prices are increasing at a much faster rate than rent; given the current stability in the rental market, many are saying that is much more feasible to remain a tenant for the time being as opposed to a homeowner.

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 2.3-acre vacant plot located in Las Vegas’s Arts District was purchased in January by Chicago-based developer CEDARst Companies and Utah-based Bridge Investment Group for $6 million, with the two groups now planning on using the property to build a $180 million apartment and retail complex.

The newly-announced project, which is officially called Flats Arts District, will be constructed at 123 West Imperial Avenue – located one block away from Main Street – and will be comprised of 311 apartment units and 5,100 square feet of retail space on the ground floor.

As an example of how property values have appreciated in Las Vegas over the years – particularly in the city’s downtown Arts District, which has become increasingly popular with developers – the last time this plot of land exchanged hands back in 2011, it was purchased at the time for the much more meager amount of $322,000, as per Clark County property records.

In a statement, CEDARst Chief Development Officer Mark Heffron noted that the company had been wanting to get in on the Las Vegas real estate scene for some time, with the Arts District property representing the perfect opportunity to finally do so given the area’s growing economy, highly diverse businesses, and close-knit residents.

There is a far greater sense of community in Las Vegas as well,” Heffron said. “This is obvious when spending time in a vibrant and walkable neighborhood like the Arts District. The addition of professional hockey, football and baseball teams are also furthering this sense of community.”

The Flats Arts District project Is slated to include 86 studio units, 185 one-bedroom units, 38 two-bedroom units, and two three-bedroom units.

The official ground-breaking ceremony is anticipated to take place in February; the first tenants are expected to be able to move into their units by the end of 2025, and the project is scheduled to be fully completed by late March 2026.

The Flats Arts District apartment complex will have numerous amenities for its tenants, including a fitness center, resort-style spa facilities with saunas, workspaces, and a sunset deck and lounge.

For more information on the Flats Arts District apartment complex call 855-443-5287 or visit: https://www.cedarst.com/portfolio/las-vegas-arts-district/

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.