Category Archive : Economy

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.

LAS VEGAS, NV – The sale of the former apartment complex of late entrepreneur and Zappos CEO Tony Hsieh has been deemed fraudulent by a Las Vegas judge since his estate never approved of the transaction, leaving the buyer in a state of limbo in regards to the rights to their purchase.

Much of the Las Vegas real estate empire amassed by Hsieh has been listed on the open market by his family, totaling nearly 100 properties throughout the downtown Las Vegas area. Hsieh had passed away in November 2021 at the age of 46 due to injuries suffered in a Connecticut house fire, and had no will before his death, reports say.

The apartment complex in question, known as Cassia – which Hsieh purchased in 2012 – is located at 319 South Ninth Street, and was purportedly sold in March for $1.2 million by an individual named Santiago Espinosa, who claimed to be a managing member of Hsieh’s limited liability company that owned the property.

However, attorneys representing Hsieh’s estate were not informed of the sale until May, at which point they stated they had never heard of anyone named “Santiago Espinosa.” District Judge Gloria Sturman subsequently ruled that the sale of Cassia was “clearly fraudulent” and ordered that the deed be immediately returned to Hsieh’s estate.

While the whereabouts of the individual claiming to be Santiago Espinosa are currently known to authorities, the same cannot be said regarding the person who notarized the fraudulent sale, reports say. A source close to the situation alleges that the attempted sale of Cassia was part of a large-scale attempt to rip off real estate buyers across the Las Vegas valley.

The apartment complex had been sold to Galaxy Home Buyers LLC – managed by realtor Sarah Sorrells – and that the reversal of the sale by the judge resulted in the firm taking a $1.2 million loss that they have no choice but to accept.

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 housing market nationwide has been experiencing a series of hurdles and setbacks due to the ongoing inflation and rising mortgage interest rates that have been plaguing prospective homebuyers throughout 2022. However, real estate experts are noting that while Las Vegas isn’t immune to these issues, the marketplace is currently proving to be far more affordable overall than much of the country.

As 2022 soon enters into its final month, Las Vegas real estate expert Kirby Scofield stated in a recent interview that – despite the economic roadblocks that are in the way – individuals can still get a great deal in Southern Nevada if they’re willing to put in the effort, as the region features a unique set of circumstances that can prove rewarding for homebuyers.

“We have four casinos going up, two more sports teams supposedly going to be announced and thousands of jobs coming into Las Vegas, that means people are going to be moving…moving means buying and selling homes,” he said.

The factors contributing to an improving Las Vegas real estate marketplace include gradually-lowering home prices coupled with reduced competition for the current inventory; this situation, Scofield said, can provide the ability to secure a good deal on a purchase despite high interest rates on home loans, which are currently past 7 percent.

Scofield notes that buyers should be looking at homes that they can afford based on the current interest rates, but also keep in mind that the tough market is now causing sellers to offer compromises that can lower the overall money you need to sink into a deal.

In addition, Scofield also said that some first-time home buyers may qualify for a Federal Housing Administration (FHA) home loan, which would require only a three-and-a-half percent down payment.

“Utilize that it’s currently a buyer’s market to get seller concessions to buy down the points, and pay for your closing costs and get keys for home you deserve,” he said. “More homes available in FHA limit, double than we had in inventory in January alone of every home total in Vegas.”

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

LAS VEGAS, NV – According to a newly-released report, the housing market in Las Vegas is continuing to show signs of cooling, with prices – although still relatively high – dropping from September to October amid slowed activity brought about by high inflation and mortgage rates.

In October, the median price for an existing single-family home sold in Southern Nevada was $440,000, which represents a 2.2 percent decrease month-over-month from September, when that price was $450,000.

October’s drop was the fourth time in five months when home prices in Vegas have lowered from the previous all-time record for the region, which hit a whopping $482,000 in May of this year. Regardless, the median price for an existing single-family home in October was still up 7.3 percent from the same period of time in 2021.

Meanwhile, prices of townhomes and condominiums in Southern Nevada also dropped last month, although not to the degree of houses. In October, the median townhome and condo price was $266,000, a decrease of 1.5 percent from September but an increase of 12.7 percent from October 2021.

Brandon Roberts, president of Las Vegas REALTORS®, said that ever since the Federal Reserve began jacking up interest rates in an effort to curb national inflation, it has had a correspondingly harsh effect upon real estate, even in strong markets such as Nevada.

“Ever since mortgage interest rates started rising this summer, we’ve seen the housing market cool down,” he said. “Prices have been going down slightly since we hit our all-time peak in May. We’re seeing more homes on the market, and fewer homes are selling. Through October, local home sales are down about 22% from this time last year.”

In October, 2,192 homes, condos and townhomes were sold in Las Vegas, which is a drop of 44 percent year-over-year for homes and 41.9 percent for condos and townhomes, respectively.

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 real estate in Las Vegas – along with the entire country – has been facing a recent slowdown amid rampant inflation, high prices, and increasing mortgage rates, one aspect of the market has not only endured, but has actually continued to flourish- Southern Nevada’s warehouse market.

In October, newly-built industrial park SunPoint West sold for $143 million to German asset manager DWS Group. What was especially notable about the sale was that before the construction on the facility was even completed in September, it had already been fully-leased by tenants.

SunPoint West represents just one of a series of new warehouses near North Las Vegas Airport that are being snapped up as quickly as they are being built. The faciltiy’s developers, SunCap Property Group and Diamond Realty Investments, originally announced plans for the facility in 2021 as a six-building project spanning nearly 40 acres and covering approximately 730,770 square feet.

While demand for industrial real estate in Las Vegas grew quickly in the last few years, it only increased more during the COVID-19 pandemic and hasn’t let up since; greatly heightened public reliance on internet-based shopping paved the way for a much larger need for distribution facilities, with Southern Nevada proving to be extremely valuable in that regard.

Currently, industrial vacancies in the region are at record-lows, and rents are correspondingly rising higher and higher, with more and more landlords purchasing buildings and developers announcing new projects, with the main focus being placed on North Las Vegas.

Much like the home-purchasing frenzy in Vegas during the pandemic when buyers were often over-bidding and closing on houses sight-unseen, it’s now become fairly common within the last several years for industrial facilities to be fully-leased before construction on them has even been completed, with demand currently outstripping supply.

Essentially – despite the overall hurdles facing the real estate market currently – developers in Las Vegas seemingly can’t build industrial and warehouse space fast enough.

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.