Category Archive : Economy

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 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, Southern Nevada –  and Las Vegas in particular – have closed out 2020 by setting huge final sales records that show an increase of 38 percent over 2019 for homes valued at $1 million or more. However, the so-called “uber-luxury” market – comprised of homes valued at $4 million or more – has risen to levels never before seen in the history of the region.

The 2020 sales of uber-luxury homes in Las Vegas were at least 50 percent higher than they were in 2019, reports say, and all while the ravages of the COVID-19 pandemic are otherwise wreaking havoc on the Nevada economy.

According to recently-released figures, 129 homes and condominiums costing $1 million or more were sold in December 2020, a marked improvement over the 98 such homes sold in November; reports indicate that many buyers were attempting to close before the end of the year for tax purposes, causing a log-jam of sorts in terms of sales at the tail of 2020.

However, 13 residences valued at $5 million or more occurred in December 2020 alone, for a grand total of 32 for the entire year; in contrast, only 14 such sales took place in all of 2019, illustrating that 2020 was a record-crusher in that regard.

Some real estate experts attribute the jump in upper-luxury sales in 2020 to the impact of the COVID-19 pandemic and lockdowns set by local governments in order to curb the spread of the disease influencing people with the financial means to improve their living conditions as much as possible.

After all, if you’re going to be stuck in your home for months at a time, why not do so in a spacious, luxurious residence during a period of time when mortgage interest rates are at an all-time low?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

LAS VEGAS, NV – According to reports, Las Vegas continues to attract numerous companies that see the city as an ideal location for West Coast expansion of their businesses, even in the midst of the ongoing COVID-19 pandemic.

Among the businesses looking to set up shop in Vegas is Whitebox, a major Depository Trust Company based out of Baltimore, MD. They recently signed a lease for a 350,000-square-foot, free-standing building at Golden Triangle Logistics Center in North Las Vegas, citing a business-friendly environment, affordable real estate costs, the abundance of prospective local employees looking for work, and the closeness of major U.S. shipping ports in nearby California.

Another factor that is attracting companies to Las Vegas is the fact that it’s most notable neighbor in the region, California, has become decisively business un-friendly in recent years, with the high cost of operating in the state and excessive taxes often driving out established firms and discouraging newcomers from setting up shop. Vegas, in comparison, features a growing economy, state incentives, and far cheaper taxes, expenses, and costs-of-living.

These factors have resulted in what many are referring to as an exodus of companies from California and into Vegas. In addition, many companies from the eastern United States that are considering or pursuing West Coast expansion are forgoing California – a mainstay for decades – and are settling down in Las Vegas instead, reaping the benefits of an environment that wants to attract new blood to the local economy.

In addition to saving money and access to labor, one other factor that is luring in new businesses to Vegas is close access to California-based ports and a multitude of shipping highways, including Interstate 15, I-40, and I-11, all of which provide access to large population centers in the western United States.

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, construction on Brightline West, an $8 billion railway system that would have linked Las Vegas and California – one which has been in the works for years now, has been indefinitely delayed due to last-minute financial hurdles the project has been unable to clear.

Brightline, developers of the project, announced that a $2.4 billion bond they were planning on selling to fund the first phase of construction – with a sale deadline of December 1 – has now been delayed due to several reasons, ranging from the COVID-19 pandemic and its effects upon financial markets to the upcoming election and the economic uncertainty that it is creating.

It is currently not known when Brightline plans to offer the bond for sale, but representatives from the company maintain that they will keep tabs on the market, that investors are still interested in the project, and that it will eventually resume its forward momentum.

“Brightline West received a significant amount of investor interest, despite the challenging market. We ultimately had a deal, but it would have been restrictive,” they said. “We have always said we will fund this project with a combination of equity and debt — exactly as we have [with the passenger rail system the company operates] in Florida. That continues to be our plan.”

Originally, work on Brightline West was expected to start this year, with a completion date set for early 2024, according to reports. The finished rail line would have resulted in a 34-mile stretch of track in Nevada running along Interstate 15 that would have ended at the south end of the Las Vegas Strip. This line would be fed by several other lines from various locations in California resulting in a total of approximately 185 miles of track overall, and providing a link between Las Vegas and Los Angeles.

The delay is sure to cause some degree of economic impact, as according to Brightline West’s official website, it would have created more than 40,000 construction jobs and more than 1,000 permanent jobs, with an economic income of $9 billion. In addition, it would have generated $1 billion in tax revenue.

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

LAS VEGAS, NV – The upcoming high-speed railway system between Las Vegas and Southern California that has been long-gestating has finally seen some forward momentum, as developer Brightline has released some new details on the project, including branding, an estimate on the construction, and how long it may take to complete.

Work on the project, now dubbed “Brightline West,” is expected to start this year, with a completion date set for early 2024, according to reports. Brightline has stated, however, that the schedule is subject to change.

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.

Part of the delays associated with the project is the upcoming sale of $3.2 billion in bonds on the part of Brightline to cover the first phase of the $8 billion cost. The bonds are required to have been sold by December 1; if this date is not met, funds allotted by California for the project will be taken back and instead placed back into the state’s affordable housing fund. Potential delays to the project if Brightline does not meet the December 1 date are currently not known.

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 median price of single family homes in Las Vegas has managed to set yet another record in September 2020, despite the continued presence of COVID-19.

Despite the extraordinarily hard hits that the Southern Nevada tourism-driven economy has taken due to roadblocks presented by COVID, home prices in the region continued their upward climb in defiance of the circumstances, reports say.

The median sales price of previously owned single-family homes, which constitutes the bulk of the Vegas market, reached $337,250 in September, representing an increase of 0.7 percent from August, a month in which a previous record was established. In addition, the amount represented a jump of 8.8 percent from September 2019.

The volume of sales was impressive as well, with 3,270 being sold in September, an increase of 12.4 percent from the previous month and 18.9 percent from September 2019. Indeed, despite the potential hazards presented by COVID, people are not being deterred from seeking out and purchasing homes in Las Vegas.

These sales figures were likely helped by the fact that the current inventory of available homes in Las Vegas has increased, giving buyers a wider selection to choose from. The number of homes up for grabs in Vegas in September was increased by 3.4 percent over August for a total of 4,798.

The Las Vegas housing market has been on fire in recent months, with buyers in need of places to live braving potential illness in order to secure lodging during a period of time where record-low interest rates on loans provide an irresistible lure. In addition, local real estate agents have evolved with the times, providing safe alternatives to doing business that include setting up online tours of properties and using video conferencing.

These factors, when combined with Las Vegas’ low cost of living, have enabled the local real estate market to bounce back from the pandemic much faster than experts had 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 – Representatives of the Las Vegas hotel industry sent an appeal to Congress this week, asking for financial assistance and commercial debt relief in order to help ward off an “unprecedented wave” of foreclosures due to financial issues born out of the COVID-19 pandemic, according to reports.  

In July, reports indicate that approximately one-fourth of Las Vegas hotels were a month late – or more – on their mortgage loan payments, which represents the highest level of financial distress to ever befall the city’s hospitality industry. Compare that figure to the fourth quarter of 2019, when just over one percent of hotels were in that same predicament, said analysis firm Trepp.

On Tuesday, over 4,000 hotel owners – including 20 from Nevada – signed a letter that was sent to Congress, calling for passage of the Helping Open Properties Endeavor (HOPE) Act, which was drafted in-part to help protect owners of commercial real estate from foreclosures as a result of fallout from the COVID-19 pandemic. The bill specifically targets businesses that hold commercial mortgage-backed securities loans.

Hotels across the country have suffered during the pandemic, as travel has slowed to a standstill in order to help curb the spread of the disease; however, Las Vegas in particular has suffered more than most due to its reliance on tourism, and even with Nevada in the process of opening its economy once again, the economic damage has been done. And with tourism levels not yet returning to normal, it’s clear that outside help is sorely needed if many of these hotels are to survive.

Casino resorts on the Las Vegas Strip generate the majority of their revenue from gambling activities; however, smaller hotels that do not have gambling on premises would benefit the most from the passage of the HOPE Act. We will be sure to report here if Congress responds to the hotel industry letter.

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 – With the COVID-19 pandemic remaking the concept of work as we know it, scores of people are finding themselves transplanted from their familiar office settings and telecommuting from their own homes thanks to social distancing guidelines designed to curb the spread of the disease. And while there are advantages to working from home, there are also stresses that naturally come with the idea of taking your own personal abode and making it your place of business. If home is work and work is home, what’s a person to do to?

Well, go to Las Vegas, it seems.

MGM Resorts has launched a new “Work from  Las Vegas” travel package, aimed at professionals in the business world who are tired of working while stuck in their homes. The package includes discounts on airfare, lodging, and even includes a dedicated concierge – dubbed an “executive assistant” by MGM – to help them with their workload, including handling reservations and scheduling.

The program – dubbed “Viva Las Office” and heralded by MGM Resorts as “the ultimate home-away-from-the-home office experience” – is yet another innovation that Las Vegas is breaking out in an attempt to make up for the losses in revenue due to the drop in tourism brought about by the pandemic. The program offers stays ranging from 3-to-5 nights at costs ranging from $100 to $350 per night, not including any additional resort fees that may be incurred.

MGM Resorts also offers semiprivate jet service with discounts of $75, $100 or $125 off round-trip tickets. Packages include varying tiers of prices and service – including “The Associate,” “The Manager,” and “The Executive” –  with the overall goal being a productive and focused work experience, as well as the opportunity to enjoy the sights and sounds of Vegas during the off-hours.

The “Viva Las Office” program is currently limited to Bellagio and ARIA.

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, Las Vegas’ ongoing real estate rebound from COVID-19 has hit yet another milestone, with the industry setting an all-new record in the month of July 2020 and cementing it as one of the more notable aspects of the region’s recovering economy, damaged as it has been by the pandemic.

Realtors have revealed that July saw the largest amount of homes sold in Las Vegas since 2017, with over 4,000 pre-existing residences changing hands. That is indeed impressive, especially given how far the market had come since the mid-2000s recession, and how far it had dropped again thanks to COVID.

Local realtors have been quoted as saying that the local housing market is currently “on fire,” citing the non-stop demand coupled with historically low interest rates – some as low as 3 or even 2.5 percent – and a limited supply as the contributing factors to local real estate managing to weather the storm and come back faster than estimated after COVID played havoc with Nevada’s economy. Interest rates are expected to remain low for the remainder of 2020, reports say.

Therefore, individuals and families that have managed to remain employed throughout the pandemic – or who had adequate financial resources already in place – have been taking advantage of the opportunities presented to purchase homes in large numbers.

Also, the median single-family Las Vegas home price in July was $330,000, an increase of approximately 9 percent from the same period last year. Again, this is despite the current pandemic, which is still making its presence felt in Nevada and across the country.

In addition, ongoing forbearance and moratorium decrees that have been enabling people to remain in their homes despite the financial difficulties they have been experiencing have resulted in Las Vegas’ lowest amount of foreclosures and short sales ever, preventing another mid-2000’s-style catastrophe to strike the Southern Nevada housing marketplace. Federal homeowner and renter assistance has also played a part, reports say.

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