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Category Archive : Economy

Construction

Howard Hughes Corp. Starts Construction on Two New Las Vegas Apartment, Office Projects

LAS VEGAS, NV – Howard Hughes Corp. has announced that they have begun development on two different projects in Las Vegas that will comprise both office space and rental apartments, according to recent reports.

The first of these projects is an upscale office building located in the vicinity of the Las Vegas Ballpark; the second project is what is considered the second phase of construction on the luxury Tanager apartment complex, which seeks to add an additional 295 rental units to the existing structure.

Both of these projects are situated near the open-air downtown Summerlin mall at Sahara Avenue and the 215 Beltway.

Current estimates place completion of the office building near the end of 2022, and the completion of the apartment project in early 2023, according to the Texas-based developer.

The office marketplace in Las Vegas has come under scrutiny over the course of the past year due to the COVID-19 pandemic which saw an increased number of workers telecommuting to work via the internet; this has resulted in a decreased need of physical office space. And despite nearing the end of the pandemic due to the rollout of vaccines, many workers have indicated a distinct preference for working from home due to the convenience and a reluctance to return to the confines of the office life they once took for granted.

Regardless, life in Las Vegas is slowly returning to normal, with tourism increasing and unemployment shrinking to levels below the pandemic’s high-points; experts are saying this is a boon for the local commercial real estate market, and that people will eventually be returning to their offices after the health scare has died down, necessitating the subsequent need for more commercial space sooner or later.

To that end, Hughes Corp. notes that they have spent hundreds of millions of dollars investing in the property in Summerlin, which it still is planning to develop for future commercial use.

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 Real Estate

Las Vegas Real Estate Market Trends Continue – Prices Soar, Supply Lags; On Pace To Exceed Last Year’s Total

LAS VEGAS, NV – According to reports, prices of homes in Las Vegas are continuing to soar based on continuing demand, while the supply of homes to placate the need for housing options is still falling far behind, proving the truism of the age-old adage of “supply and demand.”

The current median price of existing single-family homes in the Southern Nevada region during the month of May 2021 was reportedly $385,000; this represents an increase over the same period of time in 2020, which was $315,000.

Meanwhile, the May 2021 median price of local condominiums and townhomes came in at $205,000, which is an increase of 10.8 percent from one year prior, at which time those residences were fetching just $185,000, reports say.

While this degree of growth is a boon for the Southern Nevada real estate scene, experts are saying that continued escalation in housing costs may have the detrimental effect of pricing some first-time and entry-level buyers out of the market.

In terms of housing trends in the near-future, experts are saying that since it seems unlikely that prices will be going down in the near-future – indeed, they are expected to continue on their upward trajectory – rentals will also take an increased role in the marketplace until prices begin to stabilize.

Indeed, a six-month supply of homes in any given housing market is considered “balanced,” but May sales figures suggest that Las Vegas merely has a supply of existing homes that is considered one-month or less; however, it must be said that it has been some time since the region has possessed a legit six-month housing supply.

Reports indicate that a total of 4,100 existing local homes, condos and town homes sold during May 2021 while currently this year, local home sales are on pace to exceed last year’s total, 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.

Luxury homes

2021 Could See Major Las Vegas Real Estate Milestone: Highest Price Ever Paid for a Home?

LAS VEGAS, NV – Reports indicate that, given the ongoing boom in terms of the sale of ultra-luxury homes in the Las Vegas Valley in recent months, the very real possibility is looming that 2021 could see an especially impressive milestone reached in terms of real estate – the highest price ever paid for a home in the region.

In 2020, the number of homes sold for over $1 million – numbered at 856 – saw a 60 percent increase over the year prior for a whopping total of $1.68 billion, and all despite the economic ravages caused by the COVID-19 pandemic.

Reports say that this trend has continued into 2021 and doesn’t appear to be showing any signs of slowing down; between January and April, 524 homes valued at $1 million or more have already been sold, and with the pandemic in its waning stages as vaccines continue to be distributed at a record pace, it’s safe to say that this year could very well be on its way to exceeding already-impressive 2020’s sales.

In April 2021 alone, 162 $1 million or higher homes were sold, which makes it the second-highest month ever, behind only the 170 $1 million-plus homes sold the month before. In addition, there are currently 257 pending luxury sales, according to the Multiple Listing Service.

Luxury homes have been selling like hotcakes in the Southern Nevada region since nationwide lockdown orders created a new work-at-home phenomenon in the United States, with residents from many neighboring states choosing to relocate to Nevada; not only upgrade their homes, but also to escape highly-taxed states such as California for a lower cost of living.

As a result of demand, the cost of luxury housing in Las Vegas has been skyrocketing, leading to a climate where uber-luxury homes – ones valued at $4 million or more – are also selling almost as quickly as they are listed on the market.

For example, in 2019, there were 26 uber-luxury home sales in Vegas; by the end of 2020 that number had jumped to 53, and between January and April 2021 there have already been 43 sales of homes valued at $4 million or higher.

Clearly, 2021 could be a record-breaking year in many ways for the Las Vegas real estate industry.

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.

Penske rented truck driving on the freeway in south San Francisco bay area

Las Vegas Number One Moving Location Amid COVID-19, According to Truck Rental Data

LAS VEGAS, NV – According to newly-released truck rental data report, Las Vegas tops the list of places to move to amid the ongoing COVID-19 pandemic, despite the relative shortage of housing options available at the moment.

Penske truck rental has confirmed that Las Vegas is the number one spot to move to, basing that declaration on the sheer number of truck rentals that are one-way; this jibes with the large increase Southern Nevada has been experiencing since 2020, a time when the region’s economy and job market first began to experience a boom, and continues to do well despite the pandemic.

U.S. Census Bureau data also shows Nevada’s population grew by 15 percent in 2020.

A lot of this influx of people is coming due in large part to so-called “tax refugees” from California, with both companies and private residents leaving in droves due to the exorbitant taxes imposed upon them at their former home state. Clearly, the much lower cost of living that Nevada affords them is an attractive alternative, especially when the pandemic has given rise to “virtual commutes” to work, where a computer and an internet connection can allow people to work anytime, anywhere.

Estimates indicate that 38 percent of the homes sold in Las Vegas in 2020 were to former California residents, a whopping number that indicates just how much the city and its surrounding areas are proving to be a huge attraction for those looking to get a fresh start in life and their careers from that nearby area.

Penske serves customers in North America, South America, Europe, Asia, and Australia; among its services are full-service commercial truck leasing, truck fleet maintenance, truck rentals, and used truck sales. The company currently employs more than 36,000 workers worldwide and operates a fleet of more than 300,000 vehicles.

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.

Brightline

Brightline West Las Vegas to Los Angeles High-Speed Railway Set to Begin Construction; Create 40,000+ Construction Jobs

LAS VEGAS, NV – According to reports, the upcoming high-speed railway system between Las Vegas and Southern Los Angeles that has been long-gestating has finally seen some forward momentum, as Brightline West CEO Mike Reininger has confirmed construction of the high-speed railway system – expected to have top speeds of 200 miles per hour – is still on-track to start in 2021.

Reininger had noted that the COVID-19 pandemic had created a series of speed bumps that interfered with the anticipated raising of funds for the project, but that Brightline West had made good progress with their plans to sell private activity bonds allocated for the project by the U.S. Department of Transportation – as well as both Nevada and California – to finance the railway’s construction.

“The world changed as a result of the pandemic, but we continued to work wherever we possibly could towards advancing the ball,” Reininger said. “The project remains a very high priority for us. The tenor of the financial markets today is dramatically different, the stock market is doing incredibly well, people are optimistic about a massive rebound in the economy, jobs are heading in the right direction. That gives us confidence about our ability to keep the project on track.”

The finished rail line would result in a 34-mile stretch of track in Nevada, running along Interstate 15, ending at a station located on the south end of the Las Vegas Strip. This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A.

Construction will be broken into six segments, three in California and three in Nevada. The project, according to Brightline West’s official website, will create more than 40,000 construction jobs and more than 1,000 permanent jobs, with an economic income of $9 billion. In addition, it will generate $1 billion in tax revenue.

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.

Henderson, Nevada

California Company Starting Construction on $327 Million Las Vegas Valley Factory

LAS VEGAS, NV – The community of Henderson, located on the tip of the Las Vegas Valley, is set to receive a new factory next year, as a California-based company is gearing up to soon begin construction on the $327 Million facility, according to reports.

Haas Automation, a company that builds machines for manufacturers, currently has construction crews on the site who are in the process of prepping the land for development, including grading the land and installing underground utilities. Ground for the project was originally broken in the fall, and should start showing serious signs of progress by the early-to-mid summer, reports say.

Upon its expected completion in late 2022, the 2.5 million square-foot facility – located south of Henderson Executive Airport – will be the latest addition to the western region of Henderson, which has seen a notable uptick in construction of apartment complexes, homes, and industrial structures such as warehouses in recent years.

The Haas Automation facility is also expected to bring in a number of new jobs to the area, and any new employment opportunities not tied to casinos is a welcome boon to Las Vegas’ growing economy, which is primarily dependent on tourism.

The facility has been an ongoing project for over two years; originally Hass purchased the 279 acres – owned by the City of Henderson with the sale approved by the City Council – for $27.4 million in February 2019, with tax breaks coming from the Governor’s Office of Economic Development later that year to the tune of $10.5 million.

According to reports, the reasoning behind the generous tax breaks is because the Hass facility is being constructed in an area that is currently light on factories, and the state wants to encourage that type of development in the future.

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 Valley

Competition, Combined with Shortages, Driving Up Prices of Las Vegas Valley Homes

LAS VEGAS, NV – According to reports, more and more people are growing frustrated with the state of the home buyer’s marketplace in the Las Vegas Valley, as what little inventory there is often disappears as soon as it hits the market and often goes for far more than its initial asking price.

It’s the age-old dilemma- shortages combined with fierce competition always drive up prices in any industry, but this holds especially true when it comes to home sales, and especially when it’s in Las Vegas.

Many homes are being snapped up as soon as they get listed for sale, and many buyers are paying in cash; realtors are saying home inventory in the valley is the lowest it’s been in 20 years due to how incredibly hot the market is at the moment. At this point, the COVID-19 pandemic – which has brought many industries to their knees – has been little more than a speed bump when it comes to real estate.

Indeed, experts predict that the Las Vegas real estate market will continue to perform strongly throughout the end of 2021, and many developers are working non-stop to build housing on every available square-inch of land in the region in order to get in on the action. But until supply satisfies demand, many are noting that overbidding on properties will remain the norm, making it very challenging for people to get their foot in the door of a home… literally.

Even those who are able to purchase a house in Las Vegas have the battle scars to show for it. One report indicates that a recent home-buyer had been on the hunt for the past three months, but every time they found something they liked, it was already under contract.

Eventually, bidding wars broke out, but while top-dollar was usually paid for any home, a distinct advantage was given to those paying in cash, even if they slightly underbid… for obvious reasons.

Eventually, the home buyer referenced above managed to find a house after warring over five properties in a row. His advice? Act quickly on any property that catches your eye, and expect to pay at least 10-15 percent more than it’s listed for. Such is the reality of the modern-day Las Vegas real estate scene.

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.

Commercial Real Estate

Las Vegas Now In Top 10 Commercial Real Estate Markets Nationally, Reports Say

LAS VEGAS, NV – According to the National Association of Realtors, Las Vegas now ranks in the top ten of commercial real estate markets in the United States, and considering the fierce competition out there, this achievement is by all means no small feat.

The list – which was made public on Wednesday, March 10 – represents the first time that the National Association of Realtors (NAR) has released a commercial real estate forecast. Other cities on the top ten list include Phoenix, Seattle, Nashville and Salt Lake City.

NAR Chief Economist Lawrence Yun noted that commercial real estate in particular has had a hard time in the past year thanks to the ongoing COVID-19 pandemic, but expects 2021 to represent a big comeback as vaccine rollouts continue and the economy improves.

“A recovering economy and the near certain job growth will steadily lead to the absorption of commercial properties,” he said. “The apartment rentals market could once again experience very low vacancy rates by year’s end.”

NAR’s top ten list was put together based on 25 factors, taking into account multiple aspects of a region’s economic, demographic, housing and commercial market conditions in a variety of sectors, including multifamily, office, industrial, retail and hotel property. A number of indicators were examined, including but not limited to GDP growth, unemployment rate, median household income, consumer spending, number of business openings, population growth, homeownership rate, rental vacancy rate, building permits and apartment rent.

Affordability was a major factor in determining the top ten of commercial real estate markets in the United States, Yun noted, as cheaper areas to live in often do better than expensive markets in terms of drawing in new residents and businesses.

“The top commercial real estate markets that are expected to outperform the rest of the nation are generally affordable and able to draw new residents with a greater flexibility to work from home,” he said. “These growing markets also offer much lower office and retail rents and are, therefore, able to attract new and expanding businesses.”

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.

Landlords can Stay the Course

How Mom-and-Pop Landlords Can Stay The Course While Eviction Bans Potentially Grow Longer

LAS VEGAS, NV – According to a recent Forbes article, the Centers for Disease Control and Prevention (CDC) has recently extended the renter eviction moratorium through the end of March 31 in an effort to curb mass evictions due to financial hardship brought about by the ongoing COVID-19 pandemic. In addition, the proposed $1.9 trillion COVID-19 relief bill by President Joe Biden – which House Democrats aim to pass by mid-March – includes the possibility of extending that eviction ban through the end of September.

On one side of the equation, we have the millions of cash-strapped individuals who will be allowed to remain in their homes throughout the most difficult economic and health crisis in many years. On the other side, however, are landlords who will be forced to bear the brunt of hardship that the eviction moratoriums bring, as many of them will be asked to continue to provide free lodging for many tenants – in addition to still being responsible for paying mortgages and property taxes – with little hope of reprieve aside from federal rent assistance programs.

Meanwhile, some states have enacted their own moratoriums – independent of the federal government – that must be adhered to as well, adding an extra layer of hardship for landlords.

This is causing many smaller “mom-and-pop” landlords – which make up approximately 77 percent of ownership of small building apartment units – to struggle to make ends meet while still being expected to provide basic services and maintenance for their tenants. According to the U.S. Census Bureau, nearly 10 million households – about 20 percent nationwide – are currently behind on their rent.

Many of these mom-and-pop landlords are retired, and their rental properties represent an investment into their retirement and, in many cases, is their only source of income.

If you’re a landlord and you’re facing extreme financial hardship due to ongoing eviction moratoriums, it’s difficult to find an avenue of recourse, as rules and guidelines not only vary federally, but state-by-state and county-by-county. First of all, it’s best for you to consult with a qualified attorney in your area who is familiar with all the laws governing evictions; however, even on a local level, many courts are biased against landlords during the COVID-19 pandemic, experts say, and some property owners may have no recourse but to wait out the various moratoriums. However, some exceptions can be made in the event of criminal activity or a threat to a tenant’s neighbors.

In addition, some landlords can apply on the behalf of their tenants for money from a $25 billion Emergency Rental Assistance Program (ERAP) recently announced by the U.S. Department of the Treasury under the Consolidated Appropriations Act of 2021. The funds from this program can help households pay for rent and utilities, and in turn, help ease the financial stress of landlords at the same time.

Landlords may also be eligible for Pandemic Unemployment Assistance (PUA), which is a program that benefits self-employed individuals impacted by COVID-19 that would ordinarily not qualify for regular unemployment insurance (UI). The current PUA expiration date to apply for benefits is March 13, although President Biden’s proposed relief plan may extend that as far as through the end of September.

Some small landlords – if they report their income via a 1040 Schedule E, limited liability corporation or LLC – can also apply for the Small Business Administration’s (SBA) Economic Injury Disaster Loans (EIDL) for landlords.

Finally, it is recommended that landlords not pursue methods of dealing with tenants that may run them afoul of the law; instead, they should operate within all established guidelines and attempt to work with tenants on payment plans and helping them apply for rental assistance programs.

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.

Construction

Las Vegas Construction Workers in High Demand as 11,000 Homes Expected to be Built in 2021; Could Drive Up Prices

LAS VEGAS, NV – In a city where unemployment has plagued the population throughout the ongoing COVID-19 pandemic, there’s one field where there’s plenty of opportunities for work: construction jobs, according to recent reports.

With as many as 11,000 homes expected to be built in the Las Vegas area over the course of 2021 to satisfy housing demands, currently developers in Southern Nevada need all the help they can get their hands on. However, according to the results of a National Association of Homebuilders survey, 76 percent of building companies have been unable to fill their construction worker positions adequately.

According to Amanda Moss, senior director of government affairs for the Southern Nevada Home Builders Association, her organization is concerned that if demand for housing isn’t met due to labor shortages, it could ultimately drive up prices of homes across the valley.

“We’re incredibly concerned that as prices continue to rise, material prices and even workforce shortages, which drive the cost of labor up,” she said. “That gets passed on to consumers and we could for sure see the unfortunate circumstance where Nevadans will get priced out of the market as other folks continue to move into the valley and buy up that already limited supply.”

Currently, the average pay for a construction workers job in Las Vegas ranges from $24 to $26 per hour; experience is preferred, but it is certainly not required, especially given the current shortage of workers, Moss said. Instead, applicants can learn via the Southern Nevada Home Builders Association’s own free, online, training program called “SNHBA Learn.”

“The great part of the construction industry is that we don’t have a barrier to entry or have any pre-requisite, traditional path to get into the industry,” said Moss.

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.

Realtor Showing

Experts Encouraging Las Vegas Residents Looking to Switch Careers to Consider Real Estate

LAS VEGAS, NV – Real estate experts are reporting that home-buying in Las Vegas is reaching a fever pitch, and are recommending that residents who are looking to change careers in the near future to consider real estate, as things will likely get even better when the COVID-19 pandemic eventually comes to an end.

With a large influx of people into Southern Nevada looking to take advantage of record-low mortgage rates, low inventory, and the low cost of living when compared to many other regions of the United States, real estate in Las Vegas is already bouncing back from the pandemic far more quickly than first anticipated. Demand is so great, experts say, that buyers are getting so competitive with one another that many are actually skipping property inspections, buying homes sight unseen, and even paying well over the appraised value.

However, when the pandemic finally comes to an end, thousands more homes are expected to enter the marketplace when eviction moratoriums – put into place both locally and federally to aid those financially impacted by COVID – finally come to an end and foreclosures start happening en masse.

While waiting for eviction moratoriums to eventually end, experts say, an individual looking to get into real estate could be working on their license, which can be obtained in only four to five months.

The rapid economic growth exhibited by Las Vegas prior to the pandemic is another reason people should be considering entering the real estate field, experts say, as the region is bringing in many big-league corporations, and professional sports teams who are attracted by the businesses-friendly climate Nevada offers.

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.

Home Sales

Las Vegas 2020 Housing Market Concludes with Massive Glut of Home Sales; Will 2021 Continue Upward Trend?

LAS VEGAS, NV – According to recent reports, the 2020 Las Vegas housing market ended on a large glut of sales that resulted in the year concluding on a high note that otherwise contrasted with a year marked with economic downturn and uncertainty due to the ongoing COVID-19 pandemic.

In December 2020, 3,305 single-family homes were sold on the open market, representing an 8.9 percent increase from the previous month and a whopping 26.7 percent increase from December 2019.

The all-time high median sales price set in November 2020 – $345,000 – remained a constant in December, representing an increase of 10.2 percent from December 2019.

While all that was happening, the available housing inventory in Las Vegas got smaller and smaller while demand grew; at the tail end of 2020 there were 3,240 houses on the market without offers, representing a decrease of 13.7 percent from November and a 41.5 percent drop from the end of December 2019, reports say.

In a press release put out by Las Vegas Realtors, Aldo Martinez – 2021 president of the association– noted that record-low mortgage rates have contributed to a Southern Nevada housing market that has defied the predictions of industry experts during the ongoing pandemic.

“I think we surprised a lot of people with how the local housing market not only held up, but set records, during an otherwise rough year for our community and our local economy,” Martinez said. “As long as these trends continue, it’s a good bet that local home prices will keep rising.”

If things continue as they have been going – coupled with the fact that a COVID-19 vaccine is currently in the process of being distributed to the populace – it’s only natural to assume that 2021 will continue this upward trend.

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.