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Category Archive : Area Living

July 2019:color illustration on the street on a Jewish theme, temple, palm trees, Magen David Nataliya Pylayeva

New 648-Foot-Tall Hotel Catering to Jewish Guests Proposed Near Las Vegas Strip

LAS VEGAS, NV – A new high-rise hotel catering exclusively to the Jewish community has been proposed near the Las Vegas Strip, according to reports.

Slated to be built at 3601 Vegas Plaza Drive according to documents submitted to Clark County, the 46-story, 648-foot-tall King David Hotel would be located directly to the north of The Mirage and west of Treasure Island, and would include 486 rooms, banquet halls, a day spa and even a synagogue, all situated within short walking distance of Las Vegas Boulevard.

Or Bamidbar Chabad Sephardic Synagogue Rabbi Yossi Shuchat said that he was very happy that there would be an establishment in the heart of the city where the Jewish community would feel welcomed and safe.

I think it is a great place,” he said. “Anywhere near the Strip would be great because that is where all the conventions happen, so anywhere near there that would be great.”

Shuchat noted that Or Bamidbar Chabad Sephardic is currently the closest synagogue to the Las Vegas Strip, which can take over an hour to walk to; having a place of worship right on the Strip itself would be a tremendous boon to Jewish residents of the city, as well as the many Jewish tourists that visit each and every year.

On the Sabbath, we are not allowed to drive. So religious people, they walk to the synagogue,” he said. “Also, there are a lot of restrictions using electricity on the Sabbath. Everything has to stay on from before the Sabbath. So people have issues with electronic keys for the rooms so if there is a hotel that would work with them and have regular keys and everything that is needed it will be much more comfortable for them.”

According to documents sent to Clark County, the hotel would include both above-ground and subterranean parking, as well as numerous amenities that would be “aligned with the Jewish faith and culture,” such as kosher restaurants.

The proposal for the King David Hotel was originally slated to be heard by the Clark County Zoning Commission in early April, but was subsequently tabled until June 5.

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.

Share Downtown

Two Separate Mixed-Use Apartment Complexes Pitched for Downtown Las Vegas Totaling Almost 400 Units

LAS VEGAS, NV – Two developers – Cherry Development and Schulman Properties – have pitched two separate mixed-use apartment complexes for the downtown Las Vegas area that, when completed, will produce almost 400 units in an effort to address the housing shortage in the city.

Based in Las Vegas, Cherry Development is slated to hold their official ground-breaking later in March on their delayed $27 million shareDOWNTOWN project – originally slated to open in June 2020 – which is located on 1.2 acres of city-owned land at 1100 D Street, the former location of the Greater New Jerusalem Church.

In order for the developer to keep the project costs low and, in turn, keep tenant rent at affordable levels, the city is selling the land to Cherry Development for just $6. When completed, shareDOWNTOWN – which is catering to individuals who work in Las Vegas and who wish to reside near its downtown area – will take the form of a five-story building with 104 one-bedroom apartments, each one approximately 500-square-feet in size. It will feature 20 units going for the current market rate, and 84 units with rent caps determined by the U.S. Department of Housing and Urban Development.

shareDOWNTOWN will offer a business center, a fitness center, a community kitchen, a co-working area with private conference room and an outdoor courtyard. In addition, there will also be a retail component on the ground floor, mainly consisting of restaurants and other assorted eateries, as well as an 8,400-square-foot shop.

The other project – Schulman Properties’ six story, $115 million Ilumina Midtown, located near Charleston Boulevard and Grand Central Parkway – targets a different demographic in the city, as it will offer 275 luxury apartments ranging in size from 600 to 1,800 square feet. It will also have numerous high-end amenities for its tenants, including a 4,000 square-foot restaurant, a 40,000 square-foot health club, a gym, a pool, sports courts and a co-working area.

Ilumina Midtown is currently pending approval by the Las Vegas Planning Commission in April; if given the go-ahead, development is anticipated to begin in spring of 2025, with completion expected in either the summer or fall of 2026.

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.

Historic Diamond Inn Motel

Las Vegas Strip’s Historic Diamond Inn Motel – Along with Iconic Pink Elephant – Set to be Auctioned Off, Demolished

LAS VEGAS, NV – One of the Las Vegas Strip’s most historic properties, the Diamond Inn Motel, closed down last year and has sat vacant and unused ever since. However, new reports indicate that it is set to be auctioned off and most likely demolished along with its iconic mascot – a large sculpture of a pink elephant that greeted visitors to the establishment for many years – signifying an erasure of yet another piece of the Strip’s rich history.

Whereas the Strip had previously featured a number of small motels and resorts, these icons of yesteryear have been giving way to massive megaresorts in the here and now, with the Diamond Inn Motel proving to be one of the last holdouts.

The motel – which is set on 1.36 acres of land and boasts 48 rooms – has called the Strip home for decades, and has witnessed the rise of its massive casino and resort industry from the very beginning, according to the business’ website.

“Built in 1940 the Diamond Inn Motel (then it was called the Desert Isle Motel), is one of the oldest buildings still standing on the Strip, which several decades ago the strip was called Arrowhead Highway/Highway 91,” the website reads. “The first hotel/casino built on the strip was called the El Rancho Vegas Hotel & Casino built in 1941. Later in the ’40’s and 50’s, dozens of motels were built next door, the Mirage, Lone Palm, Desert Rose and many others that were the high points of Old Vegas with their glittering neon signs. The Diamond Inn is still standing proud and operating with a profit after all these years, along with its colorful history (especially the landmark, iconic Pink Elephant)!”

One of the most distinctive features of the Diamond Inn Motel was the pink elephant standing at the front of the property next to the establishment’s sign, inviting weary tourists and locals to come in and rest in one of their rooms after a night of gambling and partying.

The pink elephant came from Disney World, probably in the 50’s,” the website says. “He used to trumpet loudly, but the noise caused some accidents. Because of that, the county made the owner take the sound mechanism out. The pink elephant is like the Diamond Inn’s mascot; thousands of tourists have stopped just to take pictures next to it, just like they do in front of the famous Welcome to Las Vegas sign.”

However, it has been pointed out that the website claim may have been in error and that the elephant most likely came from Disneyland, which opened in 1955, as opposed to Disney World, which opened in 1971.

J.P. King, a company that specializes in real estate auctions, is handling the Diamond Inn auction. The auction began on March 7 and a minimum bid of $12.5 million has been set for the property.

And yes, the pink elephant is indeed included in the sale.

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 tiny home gets overwhelming demand from desperate renters

Tiny Home Generates Big Demand from Desperate Las Vegas Renters on a Budget

LAS VEGAS, NV – In the Las Vegas Valley a tiny home is generating big demand from desperate Las Vegas renters on a budget, with its landlord receiving scores of inquiries from prospective tenants, a situation he said he was not expecting, according to Fox 5 Las Vegas.

The 160-square-foot residence is listed for just $950 a month – half the average rent in the valley, which is currently $1,745 – and is located on the landlord’s own property; he said he built it himself for just $22,000, and did so as a way to help out people during the ongoing economic downturn that the country has been experiencing.

I’ve literally [had] 113 and counting people. [My phone] keeps ringing on wanting to rent it,” the landlord said, who asked to remain anonymous when speaking to local media. “It’s definitely in people’s heart to want to save some money right now. This economy’s tough, and just doing my share on trying to help someone out.”

This isn’t the first time that this generous landlord has put such an offering on the market, having built dozens of other small homes that he rents out. In 2021, the Nevada State Legislature passed a law that requires cities whose populations are higher than 150,000 to create zoning laws for tiny homes, with compliance required by 2024.

The $950 rent includes all utilities and services, including water, electricity, internet, garbage removal, and plumbing. The interior boasts a small pull-down table for dining, a kitchen with a cooktop stove, a bathroom, a washer and dryer combo, and a bedroom located in an upper loft overlooking the main floor.

In addition, the tenant that snags this property will also enjoy a small backyard space, including a garden and a table and chair.

The landlord noted the interested parties run the gamut from a family of four to numerous single parents with children and pets. But the one uniting factor that all of the prospective tenants share is a need for affordable housing, and they are apparently willing to sacrifice some living space in order to acquire it.

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.

Holly Sonders ... File photo: Joe Seer, ShutterStock.com, licensed.

Boxing Legend Oscar De La Hoya Relocates from LA to Lavish $15 Million Vegas Mansion

LAS VEGAS, NV – Boxing legend Oscar De La Hoya recently picked up his roots and moved from his longtime home of Los Angeles, California, to Las Vegas, and recently held a media event where he publicly unveiled the new residence he and his wife will be inhabiting- a lavish mansion valued at nearly $15 million that is located in Henderson’s affluent MacDonald Highlands community.

Nicknamed “The Golden Boy of boxing,” De La Hoya, 51, competed in the squared circle from 1992 to 2008, winning 11 world titles in six weight classes and is one of the most popular boxers ever, generating approximately $700 million in pay-per-view income during his career, a record at that time.

De La Hoya originally purchased the MacDonald Highlands mansion in May 2022 in an all-cash transaction for $14.6 million, coming in as the priciest Las Vegas transaction that month. The residence, which is still undergoing construction and updating, is located on a 1-acre plot of land and features 10,460 square-feet of living space, with five bedrooms, seven bathrooms, and an eight-car garage.

De La Hoya is reportedly sparing no expense when it comes to decorating his new abode, building a trophy room that serves as a celebration of his boxing career – including displays featuring his championship belts and robes, a miniature boxing ring, and a huge wall-mounted television for watching boxing matches – in addition to a $500,000 man cave.

Not only is De La Hoya moving his family to Las Vegas from LA, but he’s also moving his business there as well; Golden Boy Promotions, his boxing promotions firm, will be taking up residence in new offices located in Henderson, near the Las Vegas Raiders’ training complex. This move continues the trend of numerous fight entities recently setting up their headquarters in Vegas, including Top Rank, PBC, and the UFC.

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.

Boring Company Facing Fines by Nevada OSHA

Boring Company Facing Fines by Nevada OSHA for Multiple Safety Issues in Vegas Loop Tunnel

LAS VEGAS, NV – Elon Musk’s The Boring Company Is looking at serious fines imposed by the Nevada Occupational Safety and Health Administration (OSHA) relating to what the organization is calling serious safety issues in its Las Vegas Loop tunnel system, citing multiple injuries suffered by workers for Musk’s company while constructing the underground people mover.

The Las Vegas Loop is a transport system constructed underneath the city, comprised of a series of underground tunnels dug by The Boring Company that currently ferries people back and forth to the Las Vegas Convention Center in a series of Tesla automated electric cars. The Boring Company had previously stated they plan on expanding the tunnel system, with plans for new people mover routes to various area resorts, sporting venues, and the airport.

However, following a complaint to OSHA and a subsequent inspection, The Boring Company was hit with eight citations and is now facing over $100,000 in fines due to purported burns suffered by workers by accelerants used in the concrete mix utilized in the Loop tunnel construction.

Dale Kuykendall, a spokesperson for the JacksonLewis firm – the legal team representing The Boring Company – maintains that OSHA had failed to show that any of the allegations against Musk’s company had any validity or merit.

In addition to [The Boring Company’s] belief that Nevada OSHA has failed to establish that the alleged violations occurred, TBC contests all of the citations’ classifications, required abatement, abatement deadlines, proposed penalties, and every other matter subject to contest,” Kuykendall said in a letter to OSHA.

According to OSHA, approximately 20 workers on the Las Vegas Loop – who were not provided with adequate protective gear – had suffered injuries while constructing the project’s Encore tunnel site after being exposed to hazardous chemicals such as bentonite, fly ash, R 100 and Portland Cement.

The chemical mixture was inadvertently sprayed onto approximately 10-15 employees soaking through their work clothing, absorbing into the skin resulting in skin irritation, skin rashes, and skin chemical burns,” the report said. “The employer did not provide instruction on personal protective equipment requirements to employees, and employees were not instructed in the recognition and avoidance of hazards associated with the underground construction.”

Other issues cited by OSHA included waste transport conveyor belts that lacked safeguards to prevent hazardous materials from falling on employees, and overloaded and collapsing onsite waste bins.

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

Report Indicates that Moving to Las Vegas En Masse

Report: California Residents Relocating to Nevada Partly Responsible for Las Vegas Affordable Housing Shortage

LAS VEGAS, NV – The recent drought of affordable housing options in Las Vegas can be contributed to a number of different reasons, but a new report indicates one of the factors affecting the situation is the large number of California residents relocating to Nevada that have been outcompeting state residents for housing for some time now.

Bob Cleveland, President and Chief Executive Officer for the nonprofit Rebuilding Together Southern Nevada, noted that Californians have been outbidding Nevadans for homes in the Las Vegas Valley for several decades now. The situation was exasperated even further starting in 2022 when the Federal Reserve began increasing interest rates in order to curb record-high national inflation.

I hate to say it but it’s California, and that’s me growing up in the construction industry and I used to work for a builder,” he said. “During the first boom that we had, I was the area manager for the Northwest and we would release a section of homes at 3 o’clock in the morning and there would be a line of people and almost all of them would be from California. And you had to put down $20,000 cash deposit just to get on the list to buy these houses.”

Over the course of the last several decades, Californians have comprised approximately one-third of all new residents moving to Nevada, with the vast majority of those transplants coming from Los Angeles.

When it comes to Californians edging out Nevadans on the housing market, the edge that the former holds is clear; according to the U.S. Census Bureau, the median household income in Los Angeles is $83,000, in contrast to just $66,000 in the Las Vegas Valley. In addition, the average price of a home in Los Angeles is approximately $900,000, as opposed to just $400,000 in Southern Nevada.

It’s these circumstances that Cleveland says creates an enormously unfair advantage for California residents when it comes to competing for affordable housing in the Las Vegas Valley.

Our income is just not on par with California’s income,” he said. “So our housing prices have gone up because of the influx of California money, and our income hasn’t been going up so it makes it hard for the average Joe to keep up.”

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.

The Canyon at Ascaya

New Las Vegas Luxury Residential Development, The Canyon at Ascaya, Slated for 2025 Completion

LAS VEGAS, NV – The Canyon at Ascaya is an upcoming exclusive residential development in Las Vegas that is currently under construction in Henderson’s affluent and guard-gated Ascaya community, slated for completion in early 2025.

Located amid the McCullough Mountains, The Canyon at Ascaya will offer 51 residences that have been designed and built by Las Vegas luxury developer Blue Heron, and will feature impressive views of the Las Vegas Valley – including the famed Las Vegas Strip – and a host of high-end amenities that place an emphasis on wellness.

The homes in The Canyon at Ascaya will be comprised of single-floor, three-to-four-bedroom residences ranging in size from 3,391 square-feet to 4,407 square-feet. The interiors will reflect a contemporary design aesthetic, with vaulted 12-foot ceilings, motorized glass pocket doors, linear gas fireplaces, and fixtures by a number of designer manufacturers including Brizo, Kohler, and MTI.

Other opulent aspects of The Canyon’s abodes will include chef’s kitchens featuring appliances from Sub-Zero and Wolf; dual primary suites with oversized closets and outdoor showers; backyards with outdoor kitchens and Linx grills; large covered terraces; and garages ranging from two to two-and-a-half cars in size.

There will be a host of communal amenities as well, including five public swimming pools; private wellness parks complete with yoga decks, meditation spaces, and cold plunges; a 23,000 square-foot clubhouse with a cutting-edge fitness center; and a sports pavilion offering tennis and pickle ball courts.

Chris Beucler, president of Blue Heron, noted that The Canyon at Ascaya community will reflect a “modern desert living” look and feel.

Our architectural philosophy is rooted in the belief that a home should be a sanctuary, and at The Canyon, we’ve created sanctuaries that celebrate the distinct canvas of the desert landscape,” he said. “In every detail of The Canyon homes, you’ll find a commitment to excellence, sustainability, and design that enhances the human experience. This is modern desert living reimagined.” 

Residences at The Canyon at Ascaya will go on sale in spring 2024, with a starting price of $2.9 million.

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.

Arts District, Las Vegas

2.3-Acre Vacant Lot in Arts District Slated for New $180 Million Apartment, Retail Complex

LAS VEGAS, NV – A 2.3-acre vacant plot located in Las Vegas’s Arts District was purchased in January by Chicago-based developer CEDARst Companies and Utah-based Bridge Investment Group for $6 million, with the two groups now planning on using the property to build a $180 million apartment and retail complex.

The newly-announced project, which is officially called Flats Arts District, will be constructed at 123 West Imperial Avenue – located one block away from Main Street – and will be comprised of 311 apartment units and 5,100 square feet of retail space on the ground floor.

As an example of how property values have appreciated in Las Vegas over the years – particularly in the city’s downtown Arts District, which has become increasingly popular with developers – the last time this plot of land exchanged hands back in 2011, it was purchased at the time for the much more meager amount of $322,000, as per Clark County property records.

In a statement, CEDARst Chief Development Officer Mark Heffron noted that the company had been wanting to get in on the Las Vegas real estate scene for some time, with the Arts District property representing the perfect opportunity to finally do so given the area’s growing economy, highly diverse businesses, and close-knit residents.

There is a far greater sense of community in Las Vegas as well,” Heffron said. “This is obvious when spending time in a vibrant and walkable neighborhood like the Arts District. The addition of professional hockey, football and baseball teams are also furthering this sense of community.”

The Flats Arts District project Is slated to include 86 studio units, 185 one-bedroom units, 38 two-bedroom units, and two three-bedroom units.

The official ground-breaking ceremony is anticipated to take place in February; the first tenants are expected to be able to move into their units by the end of 2025, and the project is scheduled to be fully completed by late March 2026.

The Flats Arts District apartment complex will have numerous amenities for its tenants, including a fitness center, resort-style spa facilities with saunas, workspaces, and a sunset deck and lounge.

For more information on the Flats Arts District apartment complex call 855-443-5287 or visit: https://www.cedarst.com/portfolio/las-vegas-arts-district/

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.

Many of these people have already been negatively impacted by illegal short-term rentals in their communities, many of which are leased to groups who hold loud, disruptive parties; as a result, many who have given their opinions on possible regulations are split regarding their desire to even have rentals in their neighborhoods.

Police to Crack Down on Super Bowl Parties at Short-Term Rentals, Asks Public to Report Disturbances

LAS VEGAS, NV – With Super Bowl LVIII attracting thousands upon thousands of sports fans to Las Vegas – where the big game is being hosted on February 11 at Allegiant Stadium – police have announced that they will be cracking down on loud and rowdy parties at short-terms rentals this weekend, and are asking the public to contact them to report any disturbances in their neighborhoods.

Super Bowl LVIII will determine the champion of the National Football League (NFL) for the 2023 season. A rematch of Super Bowl LIV, it will be played between the National Football Conference (NFC) champion San Francisco 49ers and the American Football Conference (AFC) champion and defending Super Bowl champion Kansas City Chiefs.

In response to community concerns about disruptive parties at short term-rentals during the Super Bowl, the Las Vegas Metropolitan Police Department has been passing out flyers urging the public to contact them if they are experiencing any issues this weekend.

It’s almost Super Bowl weekend and we need your help,” the flyer reads, a copy of which was shared by authorities on X (formerly Twitter). “Please report large parties at short term rentals in your neighborhood. See flyer on how to report them. Thank you!”

The flyer states that the “LVMPD needs your help to report chronic nuisance or party homes in your neighborhood.” Residents are asked to call 911 to report “active emergencies or crimes” taking place, and 311 if they think that police “need to be aware of suspicious or nuisance behavior,” including large and disruptive parties. Service requests can also be filed at www.lvmpd.com, and anonymous online tips can be submitted to Crime Stoppers of Nevada at www.crimestoppersofnv.com.

If you are aware of a problem or a party house in your community, we want to know about it,” the flyer says.

The crackdown on short term rentals by police comes in the wake of the city of Las Vegas starting to impose large fines on unlicensed renters; recently, the city imposed a $180,000 penalty upon the owner of an Airbnb who they say was operating without the required license.

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.

Summerlin South Las Vegas

Summerlin South is Las Vegas’ Newest High-End Hotspot, with NFL Raiders and Celebrities Alike Buying Up Homes

LAS VEGAS, NV – Situated an approximate 20-minute drive west of the Las Vegas Strip, the master-planned community of Summerlin South has been becoming one of the most in-demand neighborhoods among the growing number of affluent sports stars and celebrities who have been calling Southern Nevada home in recent years.

Summerlin South is located within the development of Summerlin – also home to the communities of Sutherland North and West – and it is situated upon a 6,200-acre plot of land that originally began construction towards the end of the 1980s. Summerlin South is comprised of six residential districts, including the Red Rock Country Club, the Willows, the Gardens, Ridgebrook, Trilogy and Siena, all with their own unique layout, style, and amenities.

While Summerlin South features the same desert climate as the rest of Las Vegas, its residents experience a slightly cooler climate overall – anywhere from 5 to 7 degrees on average, with low humidity – due to the community’s higher elevation in general, which places it approximately 3,500 feet above sea level.

The homes in Summerlin South range in price by a wide degree depending on which neighborhood you’re looking at, going anywhere from a low of $500,000 to over $20 million, with the average luxury property fetching a minimum of $1 million and up.

A plethora of high-end amenities are the name of the game in Summerlin South, whose residents enjoy access to over 150 parks, 200 miles of scenic trails, numerous top-rated golf courses, recreational facilities, and Downtown Summerlin, which is a lavish, walkable shopping and entertainment center. In addition, Summerlin South’s constituent districts have their own dedicated amenities as well, including clubhouses, golf courses, parks, gyms, upscale restaurants and tennis clubs.

As for some of the more notable residents of Summerlin South, they include Hollywood A-lister Mark Wahlberg, acclaimed singer Celine Dion, musician Carlos Santana and numerous professional athletes such as Las Vegas Raiders wide receiver Davante Adams and Major League Hall of Fame baseball player Greg Maddux.

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.

Homebuilders

Las Vegas Homebuilders Say They’re Optimistic for 2024 Despite Lack of Land to Develop

LAS VEGAS, NV – At the organization’s recent annual breakfast meeting, the Southern Nevada Home Builders Association welcomed over 170 building executives, with many expressing optimism for home development in Las Vegas in 2024 while also noting that they still face significant hurdles in terms of the lack of available land to them; something that continues to usher in affordability concerns for homebuyers.

Many Las Vegas builders at the breakfast – which was held Tuesday at The Orleans Hotel and Casino – stated that the continuing development of the city’s sports and entertainment industries have contributed greatly to the construction business in recent years.

The recent boom in the Las Vegas economy as a result of new professional sporting teams transplanting themselves to the city – in addition to new entertainment venues, events, and low cost of living relative to other regions in the country – has lured numerous new inhabitants in recent months who are in need of housing options, noted Frank Wyatt, President of Pinnacle Homes.

With the Raiders, Golden Knights, Formula One, I think the ultra high-end has been most affected by what’s going on,” he said. “There are more people (who) have a lot of money that are moving to town in higher numbers than ever.”

Some of the phrases brandied about regarding the Vegas new home market by builders included “good, improving, stable, and moderating.” The market – following a slow second half of 2022 due to rising interest rates driving up development costs – saw a 22% jump in net sales in 2023.

The new home building market has seen continued growth since October amid falling interest rates – which are currently under 7% – with builders now attempting to attract buyers by offering attractive incentives.

However, Wyatt said that the lack of available land to develop has hamstrung efforts of Southern Nevada builders to address housing needs, and called upon Congress to pass a law in order to make more federal land available for that purpose.

We live and work in a land-constrained community,” Wyatt said. “It’s probably one of the most constrained in the United States. It does nothing but increase the price of the end product to the homebuyer. We pay as much for land as we can justify and the home price is based on our cost. It’s not going to get any better.”

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.