Expert: Landlords Faced with Foreclosure Allowed to Evict, Despite Moratorium If Foreclosure Imminent

LAS VEGAS, NV – Nevada Governor Steve Sisolak’s statewide eviction moratorium is currently in effect until March 31, which prevents tenants and homeowners from being evicted from their homes due to financial reasons stemming from the ongoing COVID-19 pandemic.

While this offers a layer of protection for individuals affected by the economic damage inflicted upon Nevada, it nonetheless demands that landlords continue to suffer massive losses in the form of unpaid rent. While this has caused a great deal of hardship for landlords – many of which are small, mom-and-pop operations who use rentals to get by – there is a clause in the current eviction ban that offers a layer of protection for landlords if the worst should happen.

According to experts, the Governor’s moratorium will nonetheless allow a landlord to begin the process of evicting a tenant if they are facing a very real threat of foreclosure on their property. However, this dire financial hardship would have to be proven in a court of law; once a judge has been satisfied that a landlord literally has no other recourse and is in very real danger of losing their home or apartment complex, eviction proceedings would then be allowed to begin.

“If the homeowner is facing a very real threat of foreclosure, they can go ahead and move forward with an eviction process,” said Bailey Bortolin, Nevada Legal Aid Policy Director.

With that being the case, experts also stress the vital importance of tenants and landlords setting up payment plans for whatever amount the tenant can realistically afford, keeping an open channel of communication between all parties, and putting in an application to Clark County’s CHAP program for rental assistance, since Sisolak’s eviction ban does not absolve a tenant from paying back rent.

Governor Sisolak’s statewide eviction moratorium is currently running concurrently with a federal moratorium issued by the CDC; however, experts note that the Nevada ban essentially overrides the federal one, due to end on Jan. 31.

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 reports, the long-time home of esteemed Las Vegas sports bettor Lem Banker, who passed away in November 2020 at the age of 93, has recently been put up for sale by his family for $680,000.

The home, located at 216 Campbell Drive in Rancho Nevada Estates, is a one-story four-bedroom home situated on a half-acre of land. Coming in at 3,584 square feet, the residence was first built in 1967 and Banker was its first – and only – owner. The home features sunlit primary suite skylights, a grand brick fireplace, circular driveway – big enough to accommodate a dozen cars – palm trees, and a pool in the backyard.

Over the years, Banker had the home’s garage converted into a bar and entertainment room where he would often invite guests to enjoy drinks and watch sporting events, in addition to using the area for working out.

An unusual and fairly unique aspect of Banker’s home is that it comes from an era where wood-burning brick fireplaces were allowed in Las Vegas homes – it has one in a great room located off of the kitchen – something that isn’t allowed in modern residences, making this house a rare find in Southern Nevada.

Lem Banker was considered a legend in Las Vegas betting circles, so well-known that he was even once featured in a segment on the TV show, “Lifestyles of the Rich and Famous.”

Banker was known for doing extensive research and exhibiting great discipline when making his sporting picks and he parlayed that effort into a great many wins throughout his extensive career as a sports better. He was also known for being gentle, friendly, and generous. Banker was born in the Bronx, New York, but moved to Las Vegas in the late 1950s.

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 reports, many experts expected Las Vegas to endure irreparable harm to its real estate industry with the advent of the COVID-19 pandemic in March, what with lockdown orders hamstringing tourism – the lifeblood of the city – and rampant unemployment becoming commonplace as a result.

However, despite the blows endured by the economy to this day due to the pandemic, the Las Vegas real estate market not only recovered far more quickly than experts anticipated, but is currently in the midst of a hot streak that is now expected to continue well into 2021 and beyond; all while many other industries in Vegas are still experiencing financial trials and tribulations as COVID continues to cause issues.

What separates Las Vegas Real Estate from other businesses in this regard? Experts say that “cheap money” is a leading cause, with mortgage rates currently experiencing record lows that are expected to continue into the New Year; this translates into affordable monthly mortgage payments that help to keep housing demand at a high level.

Another factor feeding into Las Vegas’ current real estate success is the mass exodus of residents from highly-taxed neighboring states – mainly, California – into Southern Nevada who are seeking to take advantage of the comparatively cheaper cost of living.

This demand has also caused home prices to escalate at a level not seen since before the mid-2000’s recession, although that price growth could slow in 2021 depending on the number of listings on the market; the more that are listed, the slower prices will rise.

However, real estate is a tricky business, and even a market that is doing as well as the one in Southern Nevada is not immune to issues; currently, it also has a higher-than-average amount of late mortgage payments when compared to the country as a whole, reports say.

But, if the circumstances that have caused Las Vegas’ real estate to thrive despite the pandemic persist, experts say that 2021 will likely continue to set records, especially with a new COVID vaccine on the way.

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 downtown area of Las Vegas Boulevard is currently in the midst of a pricey $125 million improvement project that will see a majority of the infrastructure on the world-famous street – much of it originally constructed in the 1940s – receive a needed facelift, according to reports.

The project will include the repaving of sidewalks and roads, as well as the replacement of gutters, curbs, traffic signals, storm drains, and sewer pipes, with the majority of the work taking place from Stewart to Sahara avenues, with additional work also being carried out in other areas as well.

The infrastructure in this section of the Boulevard is considered some of the oldest in Las Vegas, reports say, and is sorely in need of renovation.

In addition, Las Vegas Boulevard will be widened north of Sahara Avenue, and lighting and safety billboards will be installed, enhancing the safety of the area in the evening hours. Also, approximately 200 trees will be planted, adding a more rustic look to the downtown section of the Boulevard.

The work, being carried out over a 2.5 mile section of the Boulevard, has been in the planning phase for the past decade and is expected to be the largest public works project the city has ever undertaken. The construction itself – which started in spring 2020 – is expected to take three years, with an estimated spring of 2023 completion date currently being eyed by officials.

The construction, while ultimately being very beneficial to residents, has nonetheless caused traffic issues while being carried out, with various lanes being made unavailable to vehicles at various stages of the project. Motorists looking to avoid delays can circumvent traffic congestion by taking Maryland and Grand Central parkways or Fourth and Sixth streets, officials say.

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 reports, a recent $11.25 million Henderson mansion purchase has set a record for the highest luxury home sale in the well-known Southern Nevada community in 13 years, showing that the market still has the ability to set monthly sales records despite the ongoing COVID-19 pandemic.

The mansion, located at 750 Dragon Ridge Drive in the luxury master-planned community MacDonald Highlands, was purchased on December 4 for a whopping $11,250,001. The buyer exceeded the price of yet another mansion sold in the same community earlier in 2020 by just one dollar; that mansion, sold in August for exactly $11.25 million, and was owned at the time by gaming icon Diana Bennett.

The record-setting mansion – purchased by a business owner from Silicon Valley, according to reports – was built in 2017 by developer Blue Heron and comes in at 12,386 square feet with four floors. It is situated upon a 2.2 acre plot of land and boasts seven bedrooms, 11 bathrooms, and two three-car garages. The mansion has a two-lane bowling alley, a movie theater, a bar, a wine cellar and a game room in the basement.

The home also has a professional-grade indoor basketball court featuring a locker room and electronic scoreboard located in its own separate building on the mansion’s grounds; the building can also be utilized as an extended car garage. Outside is an outdoor tennis court and a garden, in addition to a separate guesthouse with two bedrooms, a living room, and a rooftop deck.

The lot the mansion is located on was originally bought in 2014 for $2.4 million by Mike and Linda Huhn, according to Clark County records. The mansion has been on the market since 2018, at which time the seller was originally asking just under $15 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 reports, the Madison Square Garden Entertainment (MSG) Corporation has taken over as the construction manager of the Las Vegas MSG Sphere, the technologically-impressive event venue that has seen its share of delays as of late.

MSG, though a wholly-owned subsidiary, will take over “strategic planning and the construction timeline, as well as management of all subcontractors,” according to a press release put out by the company. The previous construction manager, an engineering firm called AECOM, will remain on the project in a supporting role, according to MSG’s president of development and construction Jayne McGivern.

“We have taken significant steps to strengthen our internal construction team,” she said. “This, along with valued support from AECOM, will give us greater transparency and control over the construction process, while enabling us to continue benefiting from AECOM’s expertise.”

The MSG Sphere will be a 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 on the Las Vegas Strip. The exterior of the sphere will feature 36 miles of variable intensity LED lighting, enabling the structure to allow outside spectators to peer through a transparent façade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed.

Originally slated to be opened in 2020, the project has fallen behind scheduling estimates and is now eying a 2023 opening date.

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 – This week, Congress and the Senate approved a massive $892 billion COVID-19 economic stimulus bill in order to help combat the financial damage inflicted upon the country by the ongoing COVID-19 pandemic. Including in the bill – in addition to $300 weekly unemployment benefits and $600 stimulus checks – is also a one-month extension of the current national eviction moratorium and an emergency rental assistance program.

Originally decreed by President Donald Trump and enacted by the Centers of Disease Control and Prevention (CDC) in September, the Federal eviction moratorium was originally set to expire on December 31. However, as mandated in the new stimulus package – which has cleared both the House and Senate, the bill now moves to Trump’s desk for signature by an extended deadline of January 31. Late last night Trump asked Congress to increase the amount in the stimulus checks to $2,000 for individuals or $4,000 for couples before he signs it into law, instead of what he called the “ridiculously low” $600 for individuals.

In addition, the stimulus package also contains $25 billion in emergency rental assistance funds and moves back the deadline for the use of funds remaining from the first stimulus package enacted by the government, known as the CARES Act.

While an additional month where tenants cannot be evicted due to non-payment of rent will not be the news that most landlords will want to hear, the additional emergency rental assistance funds that will be made available – in addition to the aforementioned $600 checks and $300-a-week unemployment boost – will hopefully mean that delinquent tenants will be able to catch on up back rent in the near future.

It should be noted that a recent statewide eviction moratorium was enacted by Governor Steve Sisolak in response to the original Dec. 31 end date of the federal eviction moratorium, which will bar most evictions in Nevada throughout the end of March 2021. It is unknown at this time if Sisolak will revise his own moratorium based on the newly-passed federal extension or not.

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 recent reports, the newly-instituted eviction moratorium put in place by Nevada Governor Steve Sisolak  has limitations imposed upon it that were not immediately made known to the public. Legal experts are noting that Sisolak’s new moratorium, issued in response to a Federal CDC moratorium due to expire at the end of the year, contains fundamental differences from the previously-expired version that the Governor originally signed in March.

According to Attorney Jim Berchtold with the Legal Aid Center of Southern Nevada, while the Sisolak’s original moratorium offered blanket protection to anyone who faced eviction in face of COVID-19-related issues, the new moratorium he recently issued – which lasts until March 31 – only applies in certain situations and comes with a series of requirements that the original did not.

“This one is not automatic. Only certain people qualify for its protections,” Berchtold said. “The person has to be unable to pay rent due to some COVID related reason. They have to make less than $99,000 per year in 2020 and they have to be at risk of homelessness, or forced into a group living situation, if they are evicted.”

In order to ensure qualification for Sisolak’s new moratorium, Berchtold noted that it is required that anyone hoping to take advantage of it apply for the current CDC-related moratorium and then submit the relevant paperwork to their landlord.

Part of the reasoning behind Sisolak’s new moratorium is to help prevent the spread of the current spike of COVID-19. The new moratorium does not apply, however, to tenants who are destructive to their residences or are proving to be a nuances and/or danger to their neighbors, according to reports.

In addition, if you are a tenant who is faced with eviction for non-payment of rent due to COVID-19-relation issues, Clark County’s CARE Housing Assistance Program (CHAPS) can provide rental assistance so that landlords –  who themselves are experiencing extreme financial hardship throughout the pandemic – can receive payments that they desperately need.

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 reports, the Las Vegas Turnberry Place penthouse of Barbara and Bruce Woollen, often used to host a variety of star-studded fundraisers and lavish parties, was recently listed on the market for a whopping $5.5 million.

Celebrities entertained by the Woollens’ at the penthouse included household names such as Sir Anthony Hopkins, Jane Seymour, and Jonathan Winters. Hopkins, a noted artist in addition to being an award-winning actor, once held an art show at the penthouse selling all of the paintings he had on display.

The Woollens’ were known for holding fundraisers at the penthouse that benefited local causes such as the arts community and underprivileged children; over the years the couple raised over $1 million that they donated to charity. The two were also known for investing in commercial and residential real estate.

The penthouse at Turnberry located at 2777 Paradise Road-3704, Las Vegas, NV 89109, is considered unique, coming in at two stories with a large outside deck – featuring 2,200 square feet of exterior space – with a 300-square-foot pool, a Jacuzzi, and a dual-sided fireplace. The penthouse is one of only eight top floor suites offered at Turnberry Place. In addition, it is the only top floor penthouse for sale in Las Vegas with a private pool and spa.

The inside is just as fancy as the outside, with over 6,421 square feet of interior space including three bedrooms and five bathrooms; luxury  trappings include crown molding, 11-foot ceilings, marble flooring, and a formal living room featuring a full bar with a granite counter.

Turnberry Place is a luxury residential high-rise condominium complex near the Las Vegas Strip in Winchester that contains four towers. All of the towers are 477 feet tall and have 38 floors. The community is considered the largest tax payer in Clark County, Nevada.

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 – Condo and timeshare owners on the famed Las Vegas Strip have recently been renting out their residences via short-term rental websites such as Airbnb, allowing renters to circumvent pricey resort fees that they would otherwise be responsible for paying, according to reports.

In today’s rough economy when a dollar saved is a dollar earned, Airbnb’s introduction on the Strip is allowing tourists who are braving the ongoing COVID-19 pandemic to get the most for their money; enjoying the experience of staying in a luxury resort hotel for less. For example, Elara by Hilton Grand Vacations typically runs $159.80 on a Monday; however, the same exact type of room in the same hotel on the same night will only cost you $79 when booked through Airbnb.

It’s the same experience, but the Strip’s at-times excessive fees no longer apply since the unit is already owned or shared by someone else. While this is currently legally allowed within Clark County – who has been imposing stricter rules on short-term rentals as of late – it’s nonetheless frowned upon by some resorts, who understandably view services such as Airbnb as competition.

While Clark County forbids residential areas to have short-term rentals private owners on the Strip are allowed to engage in this activity, provided that they are properly licensed; in addition, the rules that are imposed differ resort to resort as well, depending on management.

Resorts on the Strip that allow Airbnb include The Signature at MGM Grand and Vdara, both of which function under the umbrella of MGM Resorts International. Westgate however, which is located east of the Strip, does not allow the practice.

Occasionally, listings will covertly pop up on Airbnb in Strip resorts that do not allow short-term rentals, including Westgate, Jockey Club, and Palms Place.

If you’re wondering why some resorts do allow short-terms rentals, however, the answers are typically that guests are likely to spend their money on amenities available at the hotel itself, such as restaurants, spas, and casinos, thus resulting in additional revenue.

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 – Nevada Governor Steve Sisolak, citing recent massive spikes in the COVID-19 pandemic, announced Sunday that he would be extending a “statewide pause” that he implemented in November in an effort to help curb the spread of the virus. In addition – and perhaps more controversially – he will also be reinstating a previously-expired residential eviction moratorium, which will bar most evictions in Nevada throughout the end of March 2021.

Sisolak originally clamped down on activities that could potentially spread COVID-19 in a November 22 mandate – originally set to end Tuesday, but now extended to January 15 – that included a cap on the number of patrons allowed at public businesses such as gyms, restaurants, bars, casinos, and bowling alleys.

In addition, mask rules were tightened and previous public gathering limits of 250 people were cut by either 50 or 25 percent capacity – whichever results in a lower number – and private gatherings at 10 people from a maximum of two households.

Perhaps an even bigger announcement on the part of Sisolak was the fact that he will be reinstating his original eviction moratorium that previously expired on October 15. The moratorium, which goes into effect at 12:01 a.m. on Tuesday, December 15, will ban all residential evictions that are based on a tenant’s inability to pay their rent and will last until March 31, 2021.

Tenants may still be evicted for other reasons, such as breaking the law, proving to be a threat to their neighbors, damaging the property, and other related reasons.

Sisolak’s new eviction moratorium is set to address a nationwide moratorium issued by President Donald Trump through the Centers for Disease Control and Prevention (CDC) that is set to expire on December 31, in addition to looming deadlines after which federal assistance funds will no longer be available.

Sisolak noted on Sunday that he knows these new measures will produce hardship for many people – in particular landlords – but given the dramatically-rising numbers of COVID-19 hospitalizations in Nevada and a lack of economic assistance from the Federal government, he felt he had no choice.

“I know the mitigation restrictions in place under the current ‘pause’ are devastating to many Nevadans who just want to go back to ‘normal,’ who are worried about their jobs, their businesses, keeping their homes and getting their kids back to school,” he said. “But as I’ve said for nine months now, we must do what we can to protect the health and safety of the public. That remains more important than ever as we experience these record numbers.”

Since the pandemic hit in March, Nevada – and the tourism-driven Las Vegas in particular – has experienced massive unemployment numbers and widespread economic damage as shutdown measures closed businesses and entertainment venues.

On Sunday, Sisolak – who has received backlash on his handling of the pandemic – stated that if the measures he is implementing this week do not curb the spread of COVID-19, even more stringent restrictions may take place.

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 reports, experts on the Las Vegas real estate scene are saying that the region is set for a huge explosion of rental house development, based on current demand and market conditions. The rental house market was a huge source of income for developers during the period after the mid-2000’s recession, and during today’s economic uncertainty brought about by the ongoing COVID-19 pandemic, it is remaining profitable, prompting companies to bring all of their resources to bear on the Southern Nevada marketplace in order to construct more rental properties.

For example, developer Moderne Communities broke ground in February – right before the pandemic took home on the United States – on Moderne at Centennial, a $40 million development consisting of 185 single-story rental duplexes and freestanding houses, with the expectation of having tenants moving in by February 2021, exactly one year after work originally began.

Another company getting on the bandwagon is American Homes 4 Rent, which has recently opened a 34-house rental project in the Spring Valley and a 35-house rental project in the south Las Vegas valley. In addition, they are currently in the process of developing other rental communities as well. Overall, the company currently owns over 1,000 single-family houses in the Las Vegas area.

Las Vegas has been a popular location for developers of rental properties for many years; the market expanded rapidly in the wake of the mid-2000’s recession with companies and individuals purchasing homes for cheap and renting them out, and in recent years – as the local economy as continued to recover and thrive – the need for more and more housing options have increased.

The concept of single-family homes being constructed in large quantities explicitly as rentals – as opposed to being sold outright – is a fairly new concept in this day and age,  but it’s been increasing in popularity across the country and Las Vegas developers have taken notice.

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.