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Category Archive : Appraisals

Las Vegas Real Estate Scene Strives to Survive and Adapt to COVID-19 Outbreak

LAS VEGAS, NV – The now infamous coronavirus outbreak has brought the city of Las Vegas to a near-standstill, with casinos and hotels closed in an effort to head off the rate of infection. However, reports indicated that the real estate and construction industries are nonetheless doing their best to continue to meet the needs of the population in these historically difficult times, and despite the expected uphill battle, have made some progress in doing just that.

After several months of strong home sales and following a massive recovery of the local real estate market and economy, Las Vegas home sales have taken a hit due to the worldwide coronavirus pandemic, with some deals being delayed while other cancelled outright. The issues are fueled about concern over the long-terms effects of the coronavirus on the economy, as well as the local job market and the performance of stocks.

However, there are just as many real estate transactions that are still ongoing, and the local real estate and construction markets are doing what they can to adapt to changing conditions as best they can. Motivated buyers are still pounding the pavement to get good deals, and many agents and builders are still showing homes and apartments, albeit by appointment only for now.

Likewise, some buyers are avoiding the concept of “social distancing” to potentially find better deals while many are holed up in their homes in self-imposed quarantine. However, reports indicate that builders are not currently considering price drops, seeing this as a temporary situation that will eventually right itself.

In addition, due to the housing demand in Las Vegas – and the fact that the virus will eventually blow over with life returning to normal, although unknown how long that will take – people are still researching homes via the internet, with some even buying homes without even visiting them in-person, instead going by photo galleries and video tours.

January and February of 2020 both saw over 1,100 home sales in Las Vegas, and before the coronavirus scare March 2020 was on course to produce similar strong numbers, reports say, with 589 sales already recorded. Buyer traffic in new homes overall dropped this week to less than 4,000 people, down from 5,000 two weeks ago, reports indicate.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

2019 Saw Several Las Vegas-Based Apartment Complexes Sell for $100 Million+, Reports Say

LAS VEGAS, NV – 2019 was a big-money year in terms of apartment complex sales, according to recent reports. As an affordable alternative to the rising costs of home ownership in the Southern Nevada region, apartment rentals have surged in popularity in Vegas as more and more people move to the area in search of employment due to the vastly improved economy in recent years.

Several apartment complexes have changed hands in Vegas throughout 2019 for some impressive dollar amounts; one example is Evo, a complex situated in the suburbs that went for $104.5 million shortly before the beginning of the 2020. The complex is indeed impressive, as it offers high-class amenities for residents such as an indoor basketball court, steam and sauna rooms, and a rooftop lounge.

Other apartment complexes that have sold for big money in Las Vegas in 2019 include Allanza at the Lakes for $152 million; Elysian at Flamingo for $104.6 million; Vegas Towers for $104 million; and Pointe at Centennial for $100 million.

However, despite these impressive total dollar amounts, there’s another aspect of these sales that need to be taken into account in order to estimate the true value of these properties- price per unit. Price per unit is relatively simple to figure out- it is the price paid for the complex divided by the number of rental units.

For example, the Evo is a 367-unit complex; since it sold for $104.5 million, the price per unit comes to approximately $284,741. Allanza at the Lakes, which sold for $152 million, has 896-units; that brings its price per unit to approximately $169,643. These contrasting prices per unit totals underscore the fact that there is far more to any rental property purchase than the initial buying price.

The Las Vegas valley is currently the epicenter of investor activity in terms of interest in apartment properties; one property owner recently noted that when he put up three Vegas-based properties in a $241 million bulk deal, he quickly received 40 offers; 30 of those were for individual buildings in the offer, whereas 10 of those offers were for the entire three properties. Clearly, Las Vegas is in the midst of an apartment boom; however, it’s up to landlords to make sure it stays that way with stable rents that take long-term affordability concerns into consideration.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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 Home Prices Settling Off, Seeing Drop, Could Stimulate Sales, Experts Say

LAS VEGAS, NV – After an extended period of intense real estate growth, Las Vegas home prices have begun to drop after hitting their highest peak in over ten years, according to reports; experts say that this could benefit the market in the long-term, as the decrease could spur increased home sales, which had been slowing recently due to affordability concerns.

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

While experts consider the Las Vegas real estate market to be on solid ground overall, it did experience a drop after a considerable amount of time where prices increased and available inventory dwindled. But after a swell of new homes and apartment buildings were put on the market – thanks to the work of numerous developers – the increased inventory and rising prices have resulted in a small decrease in closings. 

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

The market is on much stronger footing today but has slowed considerably this year, after a heated run in 2018 sparked affordability concerns (some of which caused worry that the local cost of living was spiraling out of control). There’s no way to predict whether we’re in the early stages of a crash, but the cooling, at least in theory, could help jump-start home sales — and there are signs that buyer activity has picked up lately. As a result, the growth rate of Las Vegas dropped from its typical first or second place nationally to eighth among 20 cities ranked by S&P Dow Jones Indices.

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

However, experts are seeing this drop in sales – and a resulting drop in prices, coupled with a late-2018 drop in interest rates – as a good thing; it could be a means to an end in terms of sparking new sales as buyers who may have been holding out due to affordability concerns will be willing to finally take the plunge.

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

That hesitation, on the part of buyers, can be understandable; in August of 2018, Las Vegas house prices had jumped 14 percent from the same period of time one year prior, whereas the year-to-year increase from August 2018 to August 2019 was a more manageable 3.3 percent, reports say.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Report: Las Vegas Housing Prices Hit 11-Year High

LAS VEGAS, NV – In keeping with current market trends that see the demand for housing options in the Las Vegas real estate market, housing prices have continued to climb in the region, recently hitting a high point not seen in over a decade, according to reports. For the first time in 11 years, the average median price of a home in Vegas in 2018 has reached $300,000, which represents an increase of 1.7 percent from August and a whopping jump of over 13 percent from the same period one year ago, when the median price was $265,000. The last time Southern Nevada saw house prices such as these was way back in 2007, while the region was on the cusp of the recession; at the time, prices topped out at approximately $305,000. The highest the market ever reached in terms of peak pricing was June of 2006, where the average median price of a home was $315,000. In contrast, the bust of the housing bubble in Las Vegas saw that average hit a shocking low in January of 2012 of $118,000. Meanwhile, condominium prices have seen similar climbs recently, as many new families and individuals moving to the area are scrambling to get their hands on anything they can; the median price of Vegas condos and townhouses hit $170,000 as of this past September, a huge leap of over 21 percent from September of 2017. A great part of these skyrocketing prices is due to the fact that, despite the best efforts of local developers, Southern Nevada is still in the grips of a housing shortage, with realtors reporting a mere two month supply currently available. For what is considered a “stable” market, typically a six-month supply is needed in order to keep prices from driving up too quickly. As a result, developers and contractors have been doubling their efforts and increasing hires, but the needed workforce is still not at levels that needed, despite increased salaries being offered. However, nonetheless, work is progressing – albeit slowly – and new homes and condos are being erected as a gradual pace that should serve to balance Las Vegas’ real estate market, ensuring that home prices don’t box out first-time home buyers on a budget. Another issue contributing to the housing shortage – and the subsequent rise in housing prices – are the large number of rental homes owned by local investors that are not being put on the market for sale; if these investors decided to sell as opposed to hanging onto their numerous rental properties, it could also help alleviate some of the strain on the market. Housing prices in Las Vegas have been increasing at the fastest rates in the United States over the past 12 months. If you are considering investing in or around the Las Vegas area give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Home Construction Ramps Up With Lower-Cost Offerings; Previously Avoided Land Snapped Up by Builders

LAS VEGAS, NV – Since the end of the recession and the recovery of the Las Vegas housing market after the the mid-2000’s housing bubble, real estate – and prices – have been steadily climbing, fuelled by intense demand as money and businesses continue to flow into the Southern Nevada region to take advantage of the opportunity that lies within.

With demand currently far outstripping demand, Las Vegas is threatened with eventually losing its attractive status as a city with a very affordable standard of living when compared to much of the United States these days. At the moment – and for the foreseeable future – property prices in Las Vegas are among the fastest-rising in the country, and developers have seen rapid and massive profits as available homes have been snapped up in record time.

In order to combat these concerns, local builders have been attempting to ramp up construction in an attempt to increase the available number of homes and apartments on the market; it is hoped that such efforts will stabilise the rapidly climbing costs of real estate in Vegas as of late. And in order address those concerns specifically, builders have begun to place a greater emphasis on lower-cost housing options when it comes to their construction plans, according to reports.

Of the communities that have been completed and opened in 2018, approximately 25 percent of them have advertised base asking prices below $300,000, which represents an increase of 12 percent in projects with such price points over the same period one year ago; the median sale price of a home as of the end of this past May was $369,990 – an 8 percent jump from 2017 – so it’s easy to see that any home that starts under $300,000 can be seen as a boon to new families attempting to get a fresh start in the Las Vegas region.

Part of the business plans that have resulted in these cheaper home prices center around less expensive land prices as areas that had been previously overlooked by developers toughing it out during the recession are being snapped up for bargains today. In addition, greater numbers of apartments and condominiums in circulation – increasing completion for the dollars of those looking for a new place to live – are also helping to stabilise new home prices.

Las Vegas’ skyrocketing economy and real estate market are a large part of what’s putting it back on the map after over a decade of dormancy during the recession; experts are starting to worry that its sudden and rapid growth and expansion may be a case of too much, too soon, so the fact that local developers and builders are taking note of this fact and – adjusting their output accordingly in order to curb this trend and help retain the affordability that Las Vegas has come to be known for – ensures that the region’s upward financial climb will only continue unabated.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

Report: These Four Las Vegas Communities Are Among The Nation’s Top 20 for Builder’s Sales in 2018

LAS VEGAS, NV – In an effort to address the ongoing housing crisis in Las Vegas, builders have been attempting to ramp up their efforts in erecting new homes and apartment complexes to meet the ever-growing demands in Southern Nevada as the local economy improves. The situation is ushering in new investors, companies, tourism, and – most importantly – newly-transplanted residents keen to take advantage of Vegas’ thriving job market, and as a result living options are scarce and prices are skyrocketing.

Builders are seeing progress in their efforts to balance local real estate scales, as four towns in Las Vegas are ranked in the two 20 in the United States in terms of builder sales for 2018, according to reports.

The numbers for local builders are also impressive, and clearly speak for themselves; as of the end of June, sales in Summerlin were ranked as the third highest in the nation among master-planned communities at 772 homes sold, representing a jump of 64 percent over a one year prior. Inspirada – a master-planned community located within Henderson – comes in eighth in the U.S. with a 21 percent increase from 2017, boasting 475 homes purchased. Another Henderson-based community, Cadence, ranks 12th with 334 homes sold, an increase of 45 percent. Finally, coming in at 17th in the nation is Skye Canyon with 284 homes purchased; currently, it is not known home much of an increase this is over the previous year’s sales for this community, which is located in the northwest Las Vegas valley.

Due to a the current lack of housing options on the market, most available homes and apartments are being snapped up, and landlords and sellers in the region are taking advantage of demand by charging – and receiving – premium prices. Initially, builders appeared ill-equipped to handle the production of additional housing units to appease demand, in-part contributing to the cutthroat sales environment holding Vegas in its grasp. However, these new sales figures suggest that builders are finally hitting their stride and will hopefully continue to deliver adequate amounts of new residences to the point that prices begin to stabilize and eventually subside to a degree.

But in the meantime, housing in Las Vegas will still be on a first-come, first-served basis for the foreseeable future, and buyers will find themselves paying through the nose more often than not…bearing in mind that housing prices in Las Vegas – as well as the overall cost of living – still remain below the national average, especially when compared to neighbouring markets such as California, where the cost of living is driving more and more residents out-of-state and into more affordable regions, such as Nevada.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

Las Vegas Named Hottest Real Estate Market in U.S. for 2018

LAS VEGAS, NV – Several esteemed news organizations have done their homework and produced their annual “Hottest Real Estate Markets of 2018” lists, and what may come as a surprise to some – but a no-brainier to most – is that Las Vegas has topped many of them.

One noted publication that has predicted Las Vegas as the number one real estate scene in the nation for 2018 is Realtor.com, and among the criteria stated for their pick were prices verses the number of existing homes; new home construction; and local economic trends, all of which were taken into consideration when it came to deciding which region in the United States would generate the most competition and revenue over the course of the next 11 months.

Realtor.com stated that homes in Vegas are being snapped up as quickly as they hit the market, with 2017 seeing the third highest level of sales ever seen in the Valley. Experts are predicting even better from 2018, and buyers are going to have to act fast – and anticipate some degree of disappointment – if they want to get in on the action, as demand is high, yet supply limited. Real estate brokers are encouraging prospective buyers that competition will be fierce and getting offers in early and fast will be the key to scoring a property…or losing it by a hair to an even more bloodthirsty buyer.

In addition, Fortune Magazine has also listed Southern Nevada as a region with a real estate market that investors should seriously think about getting involved in- they noted that Vegas saw prices of homes jump a whopping 10.6 percent from November 2016 to November 2017, outpacing other well-known hotbeds of property-buying activity such as San Francisco, whose prices went up 9.1 percent during the same time period. Rampant Vegas home and apartment development in an attempt to keep pace with demand, as well as a flourishing economy and job market, are considered major strengths that will bleed over into increased real estate demand as well.

And finally, USA Today has weighed in on the 2018 real estate scene, declaring Las Vegas an early winner of the race as well, noting that forecasts are calling for the market in the region to remain strong for the foreseeable future, with prices of homes continuing to rise throughout the year as demand continues to grow; median home values in Vegas are expected to rise approximately 5.8 percent over the next year, showing that investors have a great deal of confidence in the strength of the market. In fact, home values in Vegas increased 8.6 percent during the last year, with the price of a median home coming in at approximately $285,045.

As you can see, if you’re looking to invest your hard-earned dollars in a white-hot real estate market in 2018, the experts have spoken- Las Vegas is indeed the place to do it. And with a financial forecast this bright, is stands to reason that 2019 and beyond will to continue this upward trend as well.

If you are considering relocating in or around the Las Vegas area, our company would be delighted to help you find your way or pick the best place to settle in or find your dream home. Please give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Becoming Popular Destination for Californian’s Looking for “the Good Life” via Moving and Relocation

LAS VEGAS, NV – California is known for a great many things- it’s the epicenter of the nation’s entertainment industry, home to countless movie stars, a leader in environmental causes, technology, and much more. However, unfortunately, once you peer beneath the star-studded veneer and look upon the working class in the so-called Golden State,” you’ll see a population who is struggling to make ends meet and who are looking for a better way of life.

Many Californians are turning to Las Vegas for the opportunities they feel are being denied to them at home in a bid to finally achieve success.

The high cost of living in California has resulted in a great deal of hardship for the middle-class – with many people finding it necessary to move back in with their parents just to make ends meet – and like in many other areas of the country, people are finding it harder and harder despite working 40+ hours a week with many of them fleeing what they see as a sinking ship. An example- Michael J. Van Essen, a retiree from Silver Lake, California finally got tired of paying $1,160 for a single-bedroom apartment and decided to pick up and move out of state, where he found he could get much more for less.

One region in particular where they’re fleeing to is – you guessed it – Las Vegas, Nevada, where the recent economic and housing boom, revitalizing the area after over a decade of dormancy, has painted it as a very attractive destination for those looking to begin their lives anew for a number of quite valid reasons. For one, it’s situated close to California, so the cost and hassle of moving a lifetime of belongings is minimal when compared to heading elsewhere in the county. Also, due to the spike in the economy in Vegas in the last few years, it’s become a bona-fide hotbed of job and career activity, with numerous businesses, companies, and high-profile major league sports teams are transplanting themselves here; the job market in Southern Nevada is also growing by leaps and bounds with no signs of slowing down, so for now, it seems, obvious it is becoming a magnet for hopefuls looking for a new start.

Additionally, the cost of living is far more manageable in Las Vegas then California; for example, the median home value is currently $512,800, with values having gone up 7.1% over the past year. In contrast, there are many single-family homes on the market in Vegas in the range of $200,000 to $300,000, which is obviously far more manageable amount for working class people on a budget. Incidentals, such as taxes and such, are more reasonable as well when compared to life on the far-west coast of the U.S.

Therefore, if you’re a California resident – or are living in a similarly difficult economic climate elsewhere in the nation – Las Vegas is certainly worth your consideration when it comes to achieving a healthier work-life balance including the goal of home ownership (without working yourself to death while doing so).

Thinking of relocating to Las Vegas from a higher cost of living region? Let us help you plan your relocation. Our experienced agents are here to help you with your Southern Nevada relocation efforts including neighborhood statistics, schools, educational information, etc. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.