Category Archive : Economy

LAS VEGAS, NV – After holding steady for several months, the prices of homes in Las Vegas finally began to rise in April, even as sales of homes continued to dip amid rising inflation and high rates on home mortgage loans.

According to a new report released by Las Vegas Realtors, in April the median price for an existing single-family home in Southern Nevada was $430,000, which represents a 1.2 percent increase from March, at which time the median price was $425,000.

Despite the price finally rising after several months of meaning flat, that number nonetheless remains well below the same period of time in April 2022, when the median price was $475,000.

When it comes to condominiums and townhomes, April’s medium price was $270,000, which is a 3.8 percent increase over March but still down 1.8 percent year-over-year.

Lee Barrett of Las Vegas Realtors said that Southern Nevada is beginning to experience what many cities across the country are: a recent downturn in the housing market after several years of rising prices and prosperity. However, the uptick in prices in April indicates that the market is on the verge of bouncing back yet again.

“With local home and condo prices rising slightly from the previous month, this may be another indication that we are either at or maybe even past the bottom of this cycle,” Barrett said. “Until April, local home prices hadn’t really changed since December. It had been more than four years since local home prices stayed flat for that long.”

Approximately 2,500 existing homes, townhomes, and condominiums were sold in Las Vegas in April; that number represents a 34.6 percent decrease for homes year-over-year, and a 31.1 percent decrease for condos and townhomes.

There were 3,737 single family homes listed for sale in Southern Nevada without any offers at the end of April, an increase of 53.1 percent from the same period of time one year prior. Meanwhile, there were 964 condos and townhomes without any offers, which is a 90 percent year-over-year increase.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – A new report released by a national moving company indicates that Las Vegas, Nevada currently ranks as the second-highest location in the United States that both people and businesses are moving to.

In its 13th annual top moving destinations list, Penske Truck Rental noted that – for the second year running – Las Vegas was the second most popular city for customers to rent its moving trucks for a one-way trip in 2022, indicating that these travelers were intending to stay at their destination permanently.

Houston, Texas topped the company’s list as the country’s most popular one-way moving destination for the second year in a row. Third, fourth, and fifth places were held by Orlando, Phoenix, and Atlanta – the city’s first appearance on the list since 2020 – respectively.

In 2022, approximately 27.3 million people moved in the United States according to the U.S. Census Bureau, representing a 4 percent year-over-year increase.

In recent years, Las Vegas has been experiencing a great influx of new residents from neighboring states such as California who are looking to escape high taxes and exorbitant cost of living increases; a new report also indicates that more and more individuals from a wholly unexpected state – Florida – are also making the decision to relocate to Southern Nevada as well, for a variety of reasons.

One of the reasons that Southern Nevada is growing in popularity with Floridians, reports say, is that it offers the same business-friendly environment as their native state – as well as similar low cost of living benefits – but without the regular threat of natural disasters such as hurricanes and tropical storms threatening both property and well-being.

The fact that Las Vegas has slightly cheaper real estate prices overall when compared to Florida – allowing new transplants to get more bang for their buck – is another strong motivating factor, according to experts.

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 – While the housing market in the United States is currently experiencing a slight uptick, the scene in Las Vegas is being described as “flat,” bucking the current trend for the rest of the country. However, according to experts, the situation in Southern Nevada may actually be considered a positive development overall for a number of different reasons.

The national median home price for a single-family home in February, according to reports, was $293,170, which represents a small increase from January’s amount, which was $292,611; February was the first time that the median home price increased month-to-month nationally after dropping from $308,336 in June 2022.

The prices of homes in Las Vegas, however, are bucking the upward trend that the rest of the country is showing, but only to a slight degree. According to Las Vegas Realtors (LVR), median price of a single-family home in March 2023 remained relatively unchanged since December 2022, when that number hit $425,000; this represents the first time since 2018 that prices in the region remained flat for this amount of time.

However, the hardiness of the market in Las Vegas – as illustrated by the fact that prices are currently neither rising nor falling, in contrast to the rest of the country – is a positive development, according to LVR president Lee Barrett.

“Flat is stabilization. Conditions of the market are stabilizing. The consumer is getting used to interest rates,” he said. “The seller is getting used to pricing that is not the same as it was in April of 2022 where they could ask 20, 30, 40, 50-thousand dollars for the property and people were wanting to pay it because of the shortage of inventory.”

Local Las Vegas real estate agents have noted recently that buyers are becoming less and less deterred about the current high interest rates on mortgage loans, noting that while rates are hovering around 7 percent, business has continued to be brisk, especially as a result of the influx of buyers from states such as California, Illinois, and Florida.

But while the Las Vegas real estate market is showing a degree of stability the rest of the nation is lacking, experts are predicting that home prices across the country could decline by as much as 5 percent in the second half of 2023, which could contribute to a recession; only time will tell if this becomes the case.

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 – While Las Vegas has been seeing a great influx of new residents in recent years from neighboring states such as California who are looking to escape high taxes and exorbitant cost of living increases, a new report indicates that more and more individuals from a wholly unexpected state – Florida – are also making the decision to relocate to Southern Nevada as well, for a variety of reasons. 

In 2022, approximately 5 percent of new residents in Las Vegas were transplants from Florida; while far less than the 38.3 percent that had relocated from Florida that year, it nonetheless represented a higher-than-average amount than from other regions, the first time this has been the case. 

According to Zar Zanganeh, a managing partner with The Agency in Las Vegas, one of the reasons that Southern Nevada is growing in popularity with Floridians is that it offers the same business-friendly environment and low cost of living benefits, but without the regular threat of natural disasters such as hurricanes and tropical storms threatening both property and well-being. 

Lots of people on the East Coast automatically think of Florida when they’re looking for a friendly business environment and no state income tax,” he said. “Some of them start to explore other places if they aren’t sure they want to stay in Florida and discover that Nevada offers the same financial benefits as Florida.” 

The big benefit of Las Vegas compared to Florida and other places is that there are zero natural disasters here,” Zanganeh continued. “No hurricanes, no earthquakes, no tornadoes, no landslides and no wildfires.” 

Some local realtors are also reporting that a number of former Las Vegas residents who moved to Florida actually started moving back to Sin City after the highly-destructive Hurricane Ian hit the Sunshine State in late 2022. 

And finally, another draw for Floridians is the fact that Las Vegas has slightly cheaper real estate prices overall, Zanganeh said, allowing new transplants to get more bang for their buck. 

“There aren’t as many multimillion-dollar condos in Las Vegas as there are in places like Miami,” he said. “Our prices in the luxury market average around $1,000 per square foot, but some are well over $2,000 per square foot. Dollar for dollar, our prices are a little better than Florida, but usually luxury buyers are making a pretty equal trade.” 

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 – Per a new report released by an industry group, home prices in Las Vegas leveled off in February as the available inventory continues to grow, showing definitive signs that the housing market in Southern Nevada is starting to stabilize after several years of rapid growth.

The median price for an existing single-family home in February was $424,995, which is nearly the same exact number as the median price in both February 2022 and January 2023, reports say.

Meanwhile, the median price for condominiums and townhomes sold in Las Vegas in February was $255,000, holding at the same number as January but slightly lower overall year-over-year.

Home prices holding steady comes amid a rising amount of available inventory; at the end of this past February, there were 4,665 homes listed for sale without any offers, which represents a 168 percent increase over February 2022.

In terms of condos and townhomes, there were 1,155 properties listed without offers, which is an increase of over 265 percent year-over-year.

Lee Barrett, president of Las Vegas Realtors, said in a news release this week that the city’s housing market is indeed showing signs of stabilization after years of skyrocketing prices, which should be an encouraging sign to those with affordability concerns.

“The local housing market is much more balanced now than it has been in recent years,” Barrett said in the release. “Instead of sellers having the advantage, buyers are now in a better position, since prices have stabilized, and we have more homes on the market.”

Barrett also noted that the bump in home sales from January to February was a positive sign that the market is heading in the right direction, even as the interest rates on home mortgages continue their climb to nearly 7 percent.

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 months of record-breaking increases, the red-hot housing market in Las Vegas began to slow down in late 2022, and according to newly-released figures, that trend is continuing into 2023, with home prices holding steady so far in the New Year.

In January, the median sales price of previously owned single-family homes in Las Vegas was $425,000, holding at the exact same price they were in December 2022 and representing a 2.3 percent drop overall year-over-year.

In January, 1,325 homes were sold in Vegas, which is a decrease of 13.6 percent from December 2022 and 48.3 percent from January 2022, respectively.

In addition, the inventory of available homes has also swelled in Vegas, with a total of 5,450 houses on the market without offers at the end of January; this is a drop of 12.3 percent from December but an increase of 199.3 percent – yes, you read that correctly – from the end of January 2022.

One of the main reasons for the real estate slowdown in Vegas is one that it shares with the rest of the country: mortgage rates, which have increased as of late due to the Federal Reserve raising interest rates several times last year in order to combat rising inflation.

After a significant period of time during the COVID-19 pandemic where the Las Vegas real estate market was on fire – with ever-increasing prices and low inventory being the norm – experts such as Las Vegas Realtors President Lee Barrett have correctly predicted that the market would stabilize as national inflation and mortgage rates have increased.

With higher borrowing costs buyers have pulled back, but lowering mortgage rates as of late may yet spark home sales once again.

“What a difference a year makes,” Barrett said. “After seeing mortgage rates rise for several months, rates settled down recently. We’re still seeing more homes listed for sale and fewer people buying — especially when you compare what’s happening now to where we were a year ago.”

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 – Due to a desire to escape the overwhelmingly high taxes in their home state, reports indicate that scores of California companies have been flocking to Las Vegas in recent months due to Nevada’s far more “business friendly” tax structure.

Among the top destinations in Nevada that these newly transplanted companies are heading for are Las Vegas, Henderson, and Reno; these three cities alone are in the top ten throughout the overall United States locations that California businesses are heading for in an effort to lessen their overhead expenses and free up funding for investment in their local communities.

Essentially, Southern Nevada is becoming one of the premiere destinations for companies looking to flee the Golden State to get more bang for their buck, according to financial analyst Steve Budin.

Nevada has long had a reputation of being a business-friendly state,” he said.

Las Vegas Valley realtor Anthony Luna concurred with his associate’s sentiment, noting that California companies currently make up a large percentage of his business, with out-of-state investors currently funding 56 new construction projects under his watch.

Local business owner Austin Pena noted that his company has saved millions of dollars after relocating to Nevada.

It has helped us understand the value of a dollar and how we should be as efficient as possible,” he said.

One of the main factors that are drawing numerous businesses to Southern Nevada is the fact that the state does not have a warehouse tax, an advantage that California cannot boast of; this accounts for the large number of companies that deal in warehouse goods that have been uprooting their operations and relocating to Las Vegas these days.

Another factor driving California businesses to come to Nevada is that commercial space back home is becoming extremely limited; in particular, it is becoming increasingly difficult to find warehouse and office space combined in California, whereas such accommodations are easy to come by in Nevada.

And finally, it can be said that Nevada’s “business-friendly” tax structure also benefits the state’s residents as well, as the taxes paid by new companies setting up in the state will go to funding public amenities such as schools, firehouses, police stations.

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 – Not only are mainland Americans noticing the unique opportunities and affordability offered in Las Vegas, when compared to many other high-priced cities across the U.S., such as New York, and California, but Native Hawaiians have been flocking to Sin City, in large numbers, according to a recent AP story featured in U.S. News and World Report.

Highllighted in that report were 2021 population estimates from the U.S. Census Bureau, indicating that the biggest demographic growth in Clark County, Nevada, were Native Hawaiian and other Pacific Islander populations. California’s Sacramento County also showed similar growth for the same demographic.

Native Hawaiian, Kona Purdy, who was interviewed on the subject by AP reporters said he never wanted to live anywhere else, but with a looming raise in rent and the lure of no state taxes, better earning wages, restaurants catering to Hawaiian taste and a solid base of Hawaiians flocking to Vegas, the attraction was too clear to ignore, moving his family to Henderson in 2017. According to Purdy, who had been paying $2300 a month to “stuff his four-member family” into a single room, there is even a real estate brokerage that helps families relocate from the islands.

So, it’s real painful, because you do get disconnected from the land, which we’re so connected to, being born, and raised [there].” Purdy said, “You go into any store in any part of the valley, and you’ll find someone from Hawaii working there or shopping there,” he added.

To back the numbers up comes a decade span in the American Community Survey, which is recorded by the Department of Business, Economic Development & Tourism, which indicated there were 221,600 Native Hawaiians in the continental U.S. in 2011 and by 2021, 370,000 recorded, closing in on close double just a decade later.

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 – Construction on new upcoming Formula 1 headquarters, located near the Las Vegas Strip, officially commenced this week in preparation for the organization’s upcoming Grand Prix race this November, with the esteemed sporting event taking place in a new racetrack – which is currently in development as well – next door.

Currently, building materials are being dropped off at the site of the headquarters and construction equipment such as bulldozers and tractors are excavating land and preparing for the laying of the infrastructure needed to make the project a reality, less than ten months from now.

Upon completion, the Formula 1 headquarters will stand four stories tall and will offer 300,000 square-feet of office space and other facilities; in addition, it will also serve as both start and finish line for the Grand Prix race itself and will offer VIP seating sections where special guests can enjoy the racing action up-close and personal.

Meanwhile, with the impending arrival of the Formula 1 Grand Prix, local Las Vegas hotels and entertainment venues are gearing up for the influx of tourists and out-of-towners who will be making use of their establishments. Indeed, the Grand Prix is anticipated by many to create a large economic boom in Sin City this November.

A major note on the Formula 1 headquarters is that it will be open year-round – and not just during races – and will offer Formula 1-related activities every single day, ensuring that racing fans will be flocking to Las Vegas throughout the year and not just on Grand Prix weekends.

Formula One originally announced in March 2022 that it would hold a 50-lap Grand Prix in Las Vegas in November 2023; the track that is currently in the works will, upon completion, run for 3.8 miles, with racers expected to hit top speeds of 212 miles per hour.

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 – Following the approval of Nevada voters of Ballot Question 2 – the Initiative to Regulate and Tax Marijuana – the purchase, possession, and consumption of recreational marijuana for adults became legal in Nevada on January 1, 2017.

“A person who is 21 years of age or older is allowed to possess and consume retail marijuana,” the law says. “A marijuana consumer may possess up to 1 ounce of marijuana or 1/8 of an ounce of concentrated marijuana. Marijuana can only be purchased legally from state-licensed retail marijuana stores.”

However, since the law was enacted, outside from private residences there have been no legal places to consume cannabis in Nevada, but that is set to change with the arrival of cannabis lounges to the Las Vegas Strip in 2023.

The state of Nevada – and especially the city of Las Vegas – will be allowing legal cannabis-consumption lounges in the New Year. These venues would function similarly to standard bars, but would only allow the use of marijuana by both residents and tourists; alcohol would be prohibited in such establishments.

The largest cannabis dispensary in Las Vegas, Planet 13 – located approximately one mile from the Las Vegas Strip – has already voluntarily given up its liquor license in favor of opening a cannabis lounge. In addition to existing dispensaries being allowed to open cannabis lounges, 20 licenses for stand-alone lounges will also be issued by the state of Nevada, with several expected to open on the Strip in 2023.

However, none of those 20 cannabis lounges will be located in hotel/casino resorts, as federal law prohibits such a thing; however, the stand-alone lounges will be allowed elsewhere on the Strip once their licenses have been granted by the state.

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 – Las Vegas has been on the comeback trail in a variety of ways since the COVID-19 pandemic has subsided, and 2023 promises even bigger and brighter things to come. But it’s always important to learn from and reflect upon the past, and the top real estate transactions of 2022 prove that – despite some setbacks encountered along the way – the Las Vegas marketplace is once again becoming red hot.

The top five Las Vegas real estate transactions of 2022 were, in no particular order:

Houston billionaire Tilman Fertitta made some major waves when he spent a whopping $270 million in June on a 6.2-acre plot of land at Las Vegas Boulevard and Harmon Avenue that will become the home for a currently unnamed 43-story, 2,420-room hotel-casino.

Next up is Formula One, who purchased approximately 40 acres east of the Las Vegas Strip at Harmon Avenue and Koval Lane in June for $240 million, upon which they are constructing a new race track that is scheduled to debut in November 2023, at which time it will host a 50-lap Grand Prix race.

Also of note is MGM Grand and Mandalay Bay’s properties coming under the full ownership of Vici Properties, who was previously the landlord of those establishments. Vici, which had owned a 50.1 percent stake, announced that they are in the process of buying the remaining 49.9 percent from New York-based financial firm Blackstone for $1.27 billion in cash, giving them full ownership going forward.

Next  on the list is Hollywood A-lister Mark Wahlberg, who purchased 2.5 acres in Summerlin’s The Summit Club for $15.6 million in July, followed by another Summit Club residence in August for $14.5 million. The actor noted that the hefty acquisitions were not only so he could become a Nevada resident, but so that he could also use his purchases to construct movie studios in an effort to make Las Vegas “Hollywood 2.0.”

And finishing off the list is Station Casinos’ purchase of about 126 acres at Las Vegas Boulevard and Cactus Avenue for $172.4 million in July, as part of the company’s efforts to increase their foothold in Southern Nevada by 50 percent.

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 upcoming high-speed railway system between Las Vegas and Southern Los Angeles – which has been gestating for a number of years now, having been plagued by a series of delays – has finally seen some forward momentum, as reports indicate that developer Brightline West is now ‘on-track’ to officially break ground on the project in 2023.

With the groundbreaking originally announced to take place back in 2020, the $8 billion project, once completed, will take the form of a 34-mile stretch of track in Nevada running along Interstate 15 and 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. via a 75-minute trip.

Brightline is boasting that the railway could be responsible for removing “millions” of cars from the I-15, which would go a long way towards reducing pollution.

“The environmental assessment underscores the positive environmental impact of utilizing the I-15 for high-speed rail and is a significant step in the process to receive the key approval to begin construction,” the company said in a statement.

Funding for the project is slated to come from several sources, with Brightline applying for federal grants and private activity bonds in both Nevada and California; in addition, funding could be procured from the recently-passed federal infrastructure bill, part of which is earmarked to support rail projects.

The Brightline West railway project has been long-delayed due to several reasons, ranging from the COVID-19 pandemic and its effects upon financial markets to the 2020 presidential election and the economic uncertainty that it created at the time.

If the project finally proceeds in 2023, the expected completion date would is expected to be in 2027.

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.