Real Estate Industry in Southern Nevada Evolves to Survive and Thrive in the Age of COVID-19

LAS VEGAS, NV – In a recent report, the lengths that Southern Nevada real estate agents have gone to in order to reinvent themselves amid the challenges presented by the ongoing COVID-19 pandemic were laid out, and it paints a picture of an industry that has not only managed to survive adversity, but actually thrive despite it.

The pandemic initially caused issues for the local real estate market due to mandatory stay-at –home orders and business closures to help contain the spread of the coronavirus, which causes the respiratory disease known as COVID-19. While real estate was considered an “essential business” and thus was allowed to continue to operate, it was nonetheless hamstrung by high unemployment levels and the resulting extreme financial uncertainty in the region, not to mention restrictions caused by social distancing guidelines.

However, the real estate industry has bounced back amid the chaos by adapting to conditions; many agents, according to the interview, have moved everything to a “virtual platform,” setting up 3D online tours of properties in their inventory and producing far greater amounts of video content highlighting the homes and rental units on offer.

In addition, Zoom – a popular video conferencing app – was highly utilized to conduct open houses, a move that may have actually changed the way real estate business is conducted going forward, even after the pandemic is eventually a thing of the past. After all, these steps can greatly decrease the amount of time a sale takes, and it allows people who live in other areas to check out a property without having to travel; instead, they can get all the information they need about their potential new home right in the comfort of their current abode.

That said, Las Vegas has seen a bump in the number of real estate buyers from both out of town and out of state throughout the course of the pandemic, particularly from California, mainly due to the affordable lifestyle in Nevada when compared to their home state.

As for what the future could potentially bring – especially now that Nevada is slowly but surely coming out of lockdown – experts believe that the real estate market will continue its impressive rebound, although that enthusiasm is tempered by the fact that is a so-called “second wave” of the pandemic hits in the fall, the economic damage could be just as bad as the first time… if not worse.

However, the current low interest rates in the market have encouraged many U.S. residents to purchase homes, with noted mortgage loan company Freddie Mac noting that current purchase demand activity has actually gone up 20 percent from the same time period in 2019, placing it at its highest level since 2009.

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, 38 acres of undeveloped land located on the famed Las Vegas Strip recently sold for $108.6 million during an online auction that garnered four separate bids by undisclosed buyers.

The virtual auction was the first of its kind held in Clark County due to social distancing guidelines brought about by the ongoing COVID-19 pandemic, which made a traditional in-person auction problematic. The land has been designated as a “qualified opportunity zone,” meaning that it can be developed for a variety of uses, including as a casino, hotels, retail, restaurants, parking, resorts, in addition to a variety of other establishments. The land is just west of McCarran International Airport, which would mean that different parts of the property would have varying degrees of maximum height allowances.

The property is located on the corner of Hacienda Avenue and Las Vegas Boulevard, and is within walking distance of Allegiant Stadium, the upcoming home of the NFL Las Vegas Raiders and the University of Nevada Las Vegas Rebels. The land includes 750 feet of frontage on Las Vegas Boulevard across from the Mandalay Bay Resort and Casino.

The auction involved the sale of six separate lots in the area which were owned by Desert Land, LLC, Desert Oasis Apartments, LLC and Desert Oasis Investments, LLC. The property came into Clark County ownership after the aforementioned firms filed Chapter 11 bankruptcy petitions in the District of Nevada.

At the time, Kavita Gupta was appointed by the Chapter 11 Trustee, and oversaw the sales process and was given management of the debtors’ business and property dealings. The trustee, in turn, engaged Keen-Summit Capital Partners LLC and Colliers International as the real estate agents for the auction.

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, Nevada officials have announced that a large amount of federal funding made available to those impacted by the COVID-19 pandemic is still available via the state’s CARES Housing Assistance Program, which launched last Monday.

Since the program began on July 20, it has received 3,085 applications from residents whose finances have been negatively impacted by the pandemic and are seeking assistance with remaining in their homes. Most of the people applying for rent assistance are asking for up to two or three months of back-rent to be paid to cover missed rent payments during the eviction moratorium.

The COVID-19 pandemic has caused widespread financial hardship in Nevada, with record unemployment numbers dominating the economy amid mandatory business closures and stay-at-home orders issued to halt the spread of the dangerous virus. And while cases of COVID had dropped to levels that saw these mandates being lifted, the long-term financial issues – coupled with a resurgence of positive cases – has left many facing the very real prospect of homelessness.

The rental assistance program is being run by the Nevada Housing Division and in coordination with Clark County Social Services, the Reno Housing Authority, and the Nevada Rural Housing Authority. In addition, a network consisting of 14 community not-for-profits is administering the program in Clark County.

Nevada Governor Steve Sisolak recently announced the rental assistance program, available to Nevada residents who are experiencing financial insolvency due to the ongoing COVID-19 pandemic, in the form of $30 million in federal CARES Act funding allocated to residential rental assistance, and an additional $20 million towards commercial rental assistance.

In order to apply for the rental assistance program, Nevada residents can visit housing.nv.gov. Successful applicants should begin seeing payments sent directly to their landlords over the course of the next two weeks, reports say. Funds will be dispersed on a first-come, first-served basis.

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 the housing market in Las Vegas came to a virtual standstill amid the chaos of the COVID-19 pandemic, initial reports indicated that the market was bouncing back at a higher than anticipated pace; more recent reports indicate this is still the case, with sales reaching their highest point yet since the advent of the pandemic.

When COVID-19 first hit the region, Southern Nevada’s housing market practically collapsed due to the economic devastation, with sellers drying up and cancellations of pending sales running rampant. However, the lows, while bad, never quite hit the points that experts first predicted, and efforts on the part of sellers – including virtual walk-throughs and online forms, among other methods of maintaining social distancing – have enabled business to improve over the past month.

June saw a major improvement in the number of sales contracts signed, with 1,230 people signing on the dotted line, which is the highest number reported since February when the pandemic had just started making its presence felt in the United States. In addition, June also saw just 208 sales cancellations, which represents a drop of 43 percent of the cancellations that occurred in May; obviously this is also a good indication of recovery for home builders.

Also, despite the rocky road for builders during the past few months, a saving grace came in the form of home price stability; prices on new homes did not lower significantly, and sellers did not provide many significant incentives in an attempt to attract sellers, citing that demand was still present and that sales would bounce back eventually.

The resale market also has continued to improve recently, with 2,460 homes selling in June for a median price of $325,000, representing a 45 percent jump from the previous month. Clearly, the basic need for home ownership will eventually outweigh concerns over a pandemic as long as proper precautions are taken.

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 recent report, retail in Las Vegas has been especially burdened with hardship amid the ongoing – and currently resurging – coronavirus pandemic. In addition to heavy job losses, approximately 75,000 square feet of retail space has been put back on the open market due to business closures, with an additional 500,000 square feet potentially on the chopping block after several major chains announced closures.

Many of the impending vacancies revolve around the upcoming end of the moratorium issued by Nevada Governor Steve Sisolak, forbidding commercial and residential evictions due to coronavirus-related issues. While the moratorium on residential evictions has been extended until September, its commercial equivalent ended on July 1, allowing landlords to begin charging late fees, initiate lockouts, or start eviction actions for non-payment of rent.

In contrast to the woes suffered by retail, the rental and sales of industrial space – in particular, warehouse and distribution space – actually increased throughout the pandemic, with the second quarter of 2020 seeing over two-million square feet of industrial space change hands. Other types of industrial space that rely more on small businesses, however, suffered losses and are waiting for the economy to recover to see if leases increase once again.

Office space continued to be acquired throughout the pandemic, reports say, although not to an impressive degree, with just 10,000 square feet being leased; however, considering the degree of job losses in the second quarter, any leasing activity is seen as a positive, experts say.

The hospitality industry also suffered losses during state-mandated shutdown orders intended to slow the spread of the pandemic; given that Las Vegas’ economy relies heavily on tourism, it remains to be seen what impact this will have on Vegas’ recovery going forward, assuming the current resurgence of the coronavirus – which occurred when the state began a phased reopening – can be brought back under control.

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 COVID-19 pandemic has touched all Nevadans particularly hard resulting economic hardship in one form or another for the vast majority of residents. With Governor Steve Sisolak’s moratorium against residential evictions due to end in September, many people are scrambling to secure funds to stay in their homes as landlords dealing with unfortunate tenants unable to meet their rent are about to be forced into making a very difficult decision.

In order to provide a measure of relief for many involved in the current financial crisis, State Senator Catherine Cortez Masto recently announced that help is available for Nevada residents in the form of $30 million in CARES Act funding allocated by Governor Sisolak to residential rental assistance and an additional $20 million towards commercial rental assistance.

The CARES Act funding, an addition to several other forms of assistance – both via the government and select not-for-profits – is available to Nevada residents who are experiencing financial insolvency due to the ongoing COVID-19 pandemic, be it a loss of employment or major reduction in income due to a decrease in work.

Among the various programs and organizations that can help Nevada residents make up their rent deficits is the Nevada Housing Division’s CARES Housing Assistance Program, which not only offers funding to people unable to make their rental or mortgage payments, but also to landlords and property owners who are currently not receiving payments from tenants due to COVID-19.

In addition, up to three months of rental assistance can be provided to qualified city residents by the City of Las Vegas Housing Assistance Program, payable directly to the landlord; the city of North Las Vegas is offering both short-term and long-term rental assistance to lower-income households to eligible individuals and families; and various charities in Northern Nevada are offering housing assistance, including Catholic Charities, the Nevada Rural Housing Authority and the Reno Housing Authority.

Finally, the Legal Aid of Southern Nevada is offering an online FAQ that residents can consult to find out how the end of the residential moratorium will affect them, as well as information about further housing assistance that are out there that they may be able to utilize.

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 economic damage inflicted upon the economy by means of the COVID-19 pandemic has left many experiencing financial difficulties, even in the wake of attempts by many states to re-open their economies to prevent the spread of the disease. Unemployment has been rampant, and as a result, bills are becoming harder to pay for many Americans.

Reports indicate that more and more people are, in particular, falling behind on ‘mortgage payments;’ 6.1 percent of April 2020 mortgage payments nationally were 30 days late, up from 3.6 percent the month before. Las Vegas is not immune, and is in fact one of the more worse off regions of the country in this regard.

Part of the reason for Las Vegas’ mortgage issues is its current high level of unemployment; in April 2020 it was a whopping 34 percent, up from just 3.9 percent in February. The cause of skyrocketing unemployment was due to Nevada Governor Steve Sisolak issuing a mandate that all non-essential state businesses close in light of the pandemic. Recently, attempts have been made to re-open businesses, but a resurgence of COVID-19 cases have made this problematic, slowing the state’s economic recovery and preventing job re-growth.

A foreclosure moratorium, issued by Governor Sisolak in March, is due to finally end in September, adding more pressure to families that are experiencing money problems. However, there are hopes that millions of dollars in federal coronavirus relief funds can help keep unemployed Nevadans in their homes while reducing the financial burden on lenders who have not been receiving mortgage payments throughout the pandemic.

Despite the current financial strain on homeowners, the amount of delinquent payments have yet to reach the low levels they did during the mid-2000’s recession. In addition, the housing market has not suffered the same level of damage, and is bouncing back faster than analysts have predicted.

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, Clark County officials are attempting to set up an ordinance that will offer a degree of protection to those facing losing their home or apartment in September, when a mandate by Nevada Governor Steve Sisolak to prevent evictions due to the ongoing COVID-19 pandemic is set to expire Sept. 1.

However, critics are arguing that these proposed protections introduced last week may lean too far in favor of tenants, leaving landlords, who have also been suffering financially – as hundreds of thousands in the state have from the widespread economic damage caused by the pandemic – out in the cold.

The proposed ordinance, in part, would charge landlords with a misdemeanor if they discriminated against an individual by refusing to rent, negotiate, or make a property available to them on the basis of their source of income, or if they had a previous eviction on their record that was related to the pandemic.

Clark County Commissioner Justin Jones noted that the proposed ordinance was created in response to the financial hardship suffered by Las Vegas residents, many of whom have lost their jobs in light of mandatory stay-at-home orders issued by Governor Sisolak in order to curb the spread of COVID-19.

“Clark County is doing everything in its power to keep people in their homes,” he said. “We know that this is a difficult time so we want to take every action that we can.”

Part of this ordinance stems from a rental assistance program that Clark County is planning on rolling out; officials have said that some landlords may be reluctant to rent to potential tenants receiving assistance from the program, fearing the sigma that Section 8 housing programs often bring with them.

Shanta Patton, a regional vice president of the National Association of Real Estate Brokers, noted that she does not support any ordinance that does not allow a landlord their right to make a decision on who to rent to based on a background check that would include a tenant’s income source and eviction history.

The ordinance is expected to be publicly heard Aug. 4.

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 – For renters in the Las Vegas area that are behind on their rent thanks to the COVID-19 pandemic and a looming eviction date threatening to see them put out on the street, good news is potentially coming in the form of relief funds from Nevada state.

According to reports, $50 million in federal coronavirus relief funds via the Nevada State Treasurer’s office are to be made available to renters facing eviction on September 1 when Governor Steve Sisolak’s extended moratorium on residential evictions and foreclosures is due to end.

Previously, Sisolak’s moratorium, enacted on March 29 as a response to widespread unemployment and economic hardship brought about by the pandemic, was due to come to an end on June 30. However, as that end date approached, Sisolak made an amendment- instead of ending at the end of June, the moratorium will be lifted in phases over the course of the summer, with residential evictions finally allowed to fully resume on September 1.

With numerous landlords already preparing paperwork for the mass evictions expected to begin at the start of September, the Nevada State Treasurer’s office announced this week the availability of federal relief funds to help qualified individuals to remain in their homes. The $50 million will be divided into two categories – residential tenants will have access to a $30 million pool, and commercial tenants, $20 million.

Applicants would have to meet income qualifications and would have to have lost their employment due to COVID-related issues. In addition, applicants cannot receive Federal Housing Vouchers and the liquid resources of the entire household must not exceed $3,000.

According to reports, residents of Clark County will be able to apply for the federal coronavirus relief funds within the next week; in addition, tenants who are behind on their rent are encouraged to work with their landlords on a method and timetable of repayment of back monies owed. Landlords seeking back rent, on the other hand, would do well to inform their tenants of the federal relief program if they are unaware of it.

Editors Note: The photo used in this article, the Clark County Regional Government Center building in Laughlin, Nevada., is for editorial use only. It is credited to Felipe Sanchez and licensed through Shutterstock.com.

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 economic distress that the ongoing COVID-19 pandemic has been putting on Las Vegas has not had a corresponding effect upon its real estate industry, as several Southern Nevada communities are ranked within the top 30 nationally in terms of builder’s home sales for 2020.

Summerlin ranked the highest nationally, coming in at number four with 642 homes sold by builders in the first quarter of the year. Meanwhile, 467 homes in Valley Vista, located in North Las Vegas, enabled that region to place sixth in the country; Henderson’s Cadence community ranks 14^th, with developers having sold 356 homes; Inspirada, also in Henderson, tied for 25^th with 280 homes sold; and Skye Canyon, located in the upper northwest valley, took 27^th place with 275 homes sold.

The sales of the areas in question are made up of recently-signed sales contracts and do not include cancellations.

The Las Vegas real estate market – much like every industry in Nevada and nationwide – was hit hard by the arrival of the COVID-19 pandemic, which lead to shutdowns of businesses and government-mandated stay-at-home orders that caused widespread economic chaos and record-breaking unemployment.

Real estate was predicted to take an especially big hit from the pandemic, but agents did their best to buck that trend by adapting to the challenges posed by COVID; with homes still in demand, they evolved their business model to include virtual home walkthroughs and online paperwork to adhere to social distancing and safety guidelines, and as a result the Vegas real estate industry didn’t suffer quite as much damage as was initially predicted.

As COVID cases have diminished and the economy of Las Vegas has started to re-open, home sales have surged faster than expected, with some developers actually outpacing their sales bookings compared to the same point of time last year.

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 former chairman and CEO of MGM Resorts International, Jim Murren, has put his Las Vegas mansion – dubbed “Skyspace” – up for sale to the tune of $10.5 million, according to recent reports.

Skyspace is a 13,000 square-foot home situated on 1.5 acres within the Summerlin community and golf club, offering views of the Las Vegas Strip via a series of wall-to-wall windows. It has four bedrooms, a separate one-bedroom guest house, and was constructed a decade ago based on designs by well-known Los Angeles-based firm Marmol Radziner.

The mansion was created with a reverence for art and philosophy; there are several corner spaces that allow for solitary reflection, indoor bamboo and pine trees, and a Zen garden outside the main bedroom laden with multiple pathways that could take upwards of 45 minutes to traverse. The house also contains numerous amenities, including an indoor basketball court, movie theater, wine cellar, pool, spa, and a huge open-concept kitchen.

But the highlight is a large art installation from where the home derives its name- “Skyspace.” A “sensory experience,” it utilizes high-tech equipment to create the illusion of being in space by making use of natural light provided at both sunrise and sunset. The equipment for this experience is not part of the home’s $10.5 million asking price, but is available for purchase separately, reports say.

Mr. Murren, who resigned from MGM in February 2020, has stated that he and his wife are planning on remaining in Las Vegas but simply wanted to downsize to a home more suitable for their needs, as apparently Skyspace afforded them more space than was necessary.

The $10.5 million asking price for Skyspace ranks as one of the priciest ever in Las Vegas; currently, the most expensive is a mansion – also located in Summerlin – that was purchased by famed magician David Copperfield for $17.55 million in 2016.

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, AirBnB has recently instituted a new policy in Las Vegas – as well as nationwide for that matter – which imposes restrictions on renting homes through their service for some local residents under the age of 25.

Individuals under the age of 25 will not be able to rent an entire home – as opposed to just a single room – through the AirBnB unless they have a previous, proven record of consisting of positive reviews from previous home rentals. A minimum of three positive reviews are required, and the reviews can be compiled from anywhere in the country; they do not have to be specifically situated in Las Vegas, AirBnB said.

If someone under the minimum age of 25 and without the required review credentials attempts to rent a home, they would automatically be blocked from doing so by the website; the rental will not be processed. A recent example AirBnB supplied was an 18 year-old Las Vegas resident who was unable to utilize the service.

The reasoning for the move on the part of AirBnB , according to a release they put out, is to help curb the spread of the conronavirus pandemic, citing public health mandates in place throughout the country. In addition, they noted that they typically have more issues with younger renters in general.

“We’re taking actions to support safe and responsible travel in the United States,” Airbnb said. “[Young people] wanting to get out of their situation get into an Airbnb with a pool, bigger backyard, bring their friends in and then obviously we know what happens when people have been locked up for the last three months.”

Henderson has reported several complaints from AirBnB rental houses, which may have contributed in-part to this new program.

This policy pertains to all United States residents under the age of 25, and only affects AirBnB listings near the area in which the under 25 year-old resident resides; these residents are able, however, to rent entire homes outside of the area where they live. Private rooms and hotel rooms are exempt from this clause, AirBnB says.

Editors Note: The photo used in this article, a woman installing AirBnB on a Lenovo tablet, is for editorial use only. It is credited to Daniel Krason and licensed through Shutterstock.com.

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.