Category Archive : Area Living

LAS VEGAS, NV – Ovation Development Corp., a Las Vegas-based apartment developer, has announced they will be holding the grand opening ceremony next week for their newest project, an affordable senior housing complex located in the southern Las Vegas Valley.

Heirloom at Pebble is a 195-unit 55-and-over apartment building situated at 2325 East Torino Avenue, near the intersection of Eastern Avenue and Pebble Road. The complex, which originally held a soft opening in May, offers apartment units with one and two-bedroom layouts, with monthly rent prices ranging from $573 to $1,377, which includes all utilities.

The project, which cost approximately $48 million, was funded in conjunction with several governmental and private business entities, including Clark County, the Nevada Housing Division, and the Federal Home Loan Bank of San Francisco. In addition, the land upon which Heirloom at Pebble sits was contributed by the federal Bureau of Land Management.

Heirloom at Pebble offers numerous amenities aimed at the health and well-being of its’ senior clientele, including a fitness center and movement room, community events, on-site hair salon and multipurpose rooms.

The apartment complex aims to help address one of the most prevailing problems affecting Las Vegas’ senior population, which is the high cost of housing, according to Ovation’s Director of Development, Armen Hadjimanoukian.

To that end, Hadjimanoukian noted that the developer is also currently hard at work on several other affordable senior housing communities in Southern Nevada, another one of which will be opening this summer.

The housing prices have really been affecting everyone in Southern Nevada — especially seniors, who are on fixed incomes,” he said. “These types of public-private partnerships are amazing because they allow us to create and provide much-needed housing. Ovation has another six communities planned or under construction – with another one opening up in August of this year.”

Heirloom-at-Pebble is now leasing: https://ovationco.com/heirloom-at-pebble/

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Legislators in Nevada have approved a bill that, if signed into law by Governor Joe Lombardo, will institute changes to the state’s probate law in order to protect heirs and prevent fraud.

The bill comes following the results of an investigation published by the Las Vegas Review-Journal that shoed the discovered a group comprised of private administrators, real estate agents, lawyers and house flippers who were making money hand-over-fist by selling properties of people who had passed away via probate cases sthat tarted without any participation on the part of the deceased’s relatives.

As a result, the members of this so-called “cottage industry” cashed in on the estates of dead people across Southern Nevada for years, with the heirs often completely shut out and not getting one red cent.

Under current Nevada law, almost anyone – regardless if they are related to the deceased or not – can manage a probate case and even sell the dead person’s property with almost no oversight from the courts. In fact, the only instance of someone not being allowed to manage a probate case in Nevada is if they are a convicted felon.

The Nevada Senate Judiciary Committee’s Chair, Melanie Scheible (D-Las Vegas), said that she was unaware of the state’s probate law issues until she read the Review-Journal’s report.

“Something is wrong here,” she recalled thinking at the time.

The new bill approved by Nevada legislators – Senate Bill 404 – changes probate law by adding additional steps that must be undertaken in order for an entity to manage a probate case or sell a dead person’s home, and also greatly narrows the scope of who is allowed to sell homes in probate cases without the approval of a judge.

SB404 was delivered to the desk of Governor Lombardo earlier this week, and he has approximately one week under Nevada’s legislative process to sign it into law.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – According to a new study from Clever Real Estate based on data obtained from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the Las Vegas Valley now ranks as the 27th most affordable major metropolitan area in the United States when home prices and annual income are directly compared.

Based on this study, how much would the average Southern Nevada household need to be pulling in each year to afford a home?

Currently, the median price of an existing single-family home in the valley is $449,000, whereas the median annual household income is $75,065. So, as per the data contained in Clever Real Estate’s report, a household would need to be earning an annual income of $113,839 to afford the purchase of an average home with a down payment of 20 percent.

However, if you’re planning on buying a house in the valley with no money down, that yearly income requirement obviously needs to be higher; in this instance, it would have to go up to at least $138,826.

Henderson Re/Max Advantage associate Robert Little noted that the housing market in the valley, while improving for buyers, is still driving some low-earners out of the equation for the time being.

Affordability remains a real concern in the Las Vegas housing market, especially with today’s higher mortgage rate,” he said. “That said, we’ve seen a softening in prices this year, and the market has shifted slightly in favor of buyers, which offers some relief.”

Little said that despite greater and greater amounts of inventory opening up in Las Vegas, home prices are still lingering at nearly record-high levels. But despite that, he explained, there are signs that things are indeed changing.

Depending on how a home is priced relative to the competition, it’s not unusual for buyers to negotiate a price reduction, have closing costs covered by the seller, or use concessions to buy down their mortgage rate,” he said. “Builders are also stepping up with aggressive incentives—often covering all closing costs or offering significant rate buy-downs to attract buyers.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The developers of UnCommons – a huge, 40-acre mixed-used facility in southwestern Las Vegas – announced that construction efforts have officially been completed, although some of the remaining empty land on the property may be used for future projects.

UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – is essentially a mini-city within a city, consisting of 500,000 square feet of offices, as well as restaurants, health and fitness studios, relaxation options, and over 830 residential units, in addition to The Assembly, an experimental project consisting of a 5,000-square-foot conference and event pavilion.

The Assembly is being touted as a one-of-a-kind addition to the mixed-use development that can host a variety of event types, including talks, community events, and weddings; the space can even be utilized as hub for the facility’s office tenants when needed.

The apartment complex situated within UnCommons – which is dubbed Vestra – is made up of 830 units spread out amongst three towers; in addition, office tenants consist of notable companies such as Draft Kings, CBRE Group Inc, Deloitte and Newmark.

On the storefront side, food and beverage locations include Urth Caffe, Teaspoon, and Amari, and retail businesses are made up of varied businesses such as a luxury candle maker and a hair salon.

The concept behind the $800 million project – which originally broke ground in 2020 – is that it is a space where the various employees working for the businesses located there have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right there at their fingertips.

Matter Real Estate Group partner Jim Stuart said that the UnCommons project is already a rousing success, with 93 percent of the office space leased, along with 90 percent of the retail and restaurant space and 60 percent of Vestra.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Recently, ground was broken on PuraVida Senior Living, a new senior housing community in North Las Vegas that is being brought to live via a joint venture between Foresight Housing Partners and nonprofit partner HopeLink of Southern Nevada.

Situated next to Lake Mead West Apartments PuraVida Senior Living will be located upon 3.89 acres of land and will consist of 74 single-story units spread out across 14 buildings. North Las Vegas is in dire need of more supportive housing options for their elderly population to be able to age in place and live independently, and PuraVida will help in addressing that shortcoming.

PuraVida is being paid for by numerous sources, such as HOME MEANS Nevada – American Rescue Plan Act (ARPA) funds, Southern Nevada Region Housing Authority project-based vouchers, HOME Grants, and contributions from the project’s developers.

In addition to housing, the PuraVida will also offer a slew of amenities for their residents, such as a community center with a full kitchen, a dog park, unit gardens, open green space and outdoor pickleball courts. Also, the community is specifically located near public transportation routes in an effort to help senior residents get around easily, as well as major retail and shopping options such as Wal-Mart. There are also numerous local employers in the area in case any residents are looking for work.

On-site supportive services will be readily available, including full-time case managers, weekend and holiday staffing, resident engagement programming, and access to health care services as well as other services.

Hassan Chaudhry, President of Foresight Housing Partners, said that no stone was left unturned when it comes to providing for the needs of PuraVida’s residents.

PuraVida Senior Living will provide much-needed, supportive housing to seniors in North Las Vegas,” he said. “This project is designed to not only provide accessible and safe housing, but to create a vibrant community for our senior residents with the support and amenities they deserve.”

Development of PuraVida Senior Living is scheduled to be finished by fall 2026.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – In a move to address the housing crisis in Southern Nevada, the Las Vegas City Council will be reviewing potential zoning changes this week that, if approved, will convert the Desert Pines Golf Club into the largest affordable housing project in the history of the state of Nevada.

In November 2024, a $25 million loan was approved by the Nevada State Infrastructure Bank to finance the initial phase of the redevelopment of the Desert Pines Golf Club to convert the property into a master-planned community dubbed “Desert Pines,” which will be comprised of 1,082 affordable multifamily housing units and 280 market-rate housing units.

In addition, the Desert Pines community will also offer a 10,000-square-foot community center, a 10,000-square-foot early education center, a 30,000-square-foot job training center and 75,000 square feet of commercial space.

The city of Las Vegas owns the 100-acre property that the golf club currently occupies. The Las Vegas City Council announced they will allow the club – located at East Bonanza Road and North Pecos Road along Interstate 11 in the east valley – to continue to operate as normal until the Desert Pines Redevelopment Project is ready to commence construction.

The $25 million loan will be to finance the project’s initial infrastructure, work which will be carried out by the not-for-profit group Urban Strategies and developer McCormack Baron Salazar. However, the main thrust of Desert Pines’ development will be a broad partnership between multiple entities, including the state of Nevada, the city of Las Vegas, Clark County, the AFL-CIO Housing Investment Trust and the Southern Nevada Building Trades Unions.

The development will be carried out in phases, with the first one slated to cost $54.3 million; the overall total cost of the project is anticipated to come in at approximately $450 million, and will provide thousands of jobs throughout its construction.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – After several months of prices fluctuating and slowly rising, Las Vegas homes in January finally set a new all-time record for the region, and as of February that record has remained firmly in-place, with prices remaining flat month-to-month.

According to a new report by industry group Las Vegas Realtors (LVR), the median price of an existing single-family home in Las Vegas was $485,000 in February; this is the same exact amount as last month, which was a historic record high for Southern Nevada.

The previous all-time record home price in Vegas was $482,000, set back in May 2022.

George Kypreos, LVR President, said in a statement that the median home price holding steady from last month that represented a degree of stability and balance potentially returning to the region following an extended degree of time in which it had remained a “seller’s market.”

We’re seeing more homes available for sale here in Southern Nevada, giving buyers more choices,” Kypreos said. “The decrease in mortgage interest rates during the past week or two is also welcome news for home buyers. Overall, it’s a more level playing field right now.”

The rising home inventory in Vegas shows that this may indeed be the case; there were 5,229 single-family homes listed for sale without any type of offer by the end of February, which is a jump of 50.6 percent year-over-year, LVR says. There were also 2,025 condominiums and townhomes listed without offers in February, a 74.6 percent increase from the same period of time one year prior.

Currently, Southern Nevada is in the grips of a housing crisis driven by a number of issues, such as high mortgage and interest rates – Redfin notes that the average rate for a 30-year-fixed term mortgage is 6.6 percent – as well as home prices escalating to near all-time record levels, a dwindling amount of land that can be developed, and affluent buyers from neighboring states such as California whose big bank accounts are squeezing out locals when it comes to homebuying competition.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A new community comprised of nearly 400 new homes is slated to be developed on an 88-acre plot of land along Lake Mead Boulevard in the Las Vegas neighborhood of Summerlin West by homebuilder Taylor Morrison, one of the largest such companies in the United States.

The resort living community, dubbed Esplande at Summerlin, is to be made up of 398 homes ranging in size from 1,500 to 3,200 square feet. Construction is scheduled to commence in the first quarter of 2026, followed by sales of the residences beginning in the second quarter of the same year, according to an announcement made by the Scottsdale, Arizona-based developer.

Upon completion, Esplande at Summerlin will boast numerous high-end perks and amenities for its residents, including a 10,000-square-foot clubhouse with a restaurant, spa, golf simulator, fitness center, pool, pickleball courts; in addition, there will also be walking trails with scenic views.

In September, the 88 acres for this project – originally owned by Summerlin’s developer, Howard Hughes, and spread out over three parcels of land – were bought for $107 million by a land banker representing Taylor Morrison.

The company’s Las Vegas Division President, Kent Lay, said that Esplande at Summerlin will evoke the modern, tropical feel of California’s Plam Springs, a lush city known for its hot springs, stylish hotels, golf courses and spas.

We are looking forward to bringing new housing to the Summerlin area and expanding our Esplanade brand to the Las Vegas market, while providing residents with signature resort-style amenities and wellness programs,” Lay said.

There’s a very good reason why Summerlin is a hotbed of activity when it comes to developers; according to a report released by national real estate consultant RCLCO, it ranked fifth nationwide in 2024 in terms of best-selling master planned communities, having sold an impressive 1,055 homes during the span of that year.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Despite the fact that sales in 2024 of new homes in master planned communities throughout the country declined by 2 percent overall, two Las Vegas neighborhoods placed in the top five list nationally for the year, and two others in the top 50.

The list in question is compiled annually by homebuilding consultants RCLCO and John Burns Real Estate Consulting.

Cadence, a master planned community located in Henderson, achieved its highest national ranking in history during 2024, reaching the lofty position of number three after making tis way up slowly but surely over time. Last year, Cadence sold 1,386 units, which represents a whopping 44 percent increase over the 964 in sales it recorded in 2023, placing them sixth at that time.

Summerlin, situated in the Las Vegas Valley, rounded out the list’s top five, coming in fifth nationally with 1,055 sales; however, this represents a decline in its ranking when compared to 2023’s sales numbers, which were three percent higher with 1,090 sales.

Placing 26 in 2024’s overall sales figures was West Henderson’s Inspirada with 543 sales, a year-over-year decrease of 6 percent, with the upscale community previously ranking 28 in 2023. However, according to Inspirada’s developer, KB Home, the project is nearing completion and home sales – while obviously still impressive – will be ultimately limited by that factor in the near future.

And finally, a newcomer to the list for 2024 – Heartland at Tule Springs in North Las Vegas – lands at 39 with 463 in sales, an increase over the 303 the community achieved in 2023.

The top 50 list itself was comprised of 35,123 overall sales during 2024, a two percent decrease from 2023, when that number was 35,856. The number one ranked community in the nation for 2024 was once again The Villages in Florida with 3,208 sales, a six percent increase year-over-year.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Amid the ongoing wildfires that have already reportedly destroyed over 10,000 structures in Southern California – as well as taking into account the rising number of natural disasters that have rocked numerous regions throughout the nation – there has been an increased number of Google searches on the part of people who have been seeking out areas to potentially live in that are deemed safe in that regard.

A new study has ranked Las Vegas, Nevada as the number one safest major metropolitan area in the United States in which to live when it comes to the number and severity of natural disasters it experiences.  

Las Vegas’ ranking as the city with the least number of natural disasters in the country – as shown in the U.S. Disaster Avoidance Map – is influenced by a number of factors, including its unique geographic advantages, robust infrastructure, and booming local economy.

The devastation brought about by hurricanes, wildfires, earthquakes, and floods are unheard of in Southern Nevada – partly because it is situated far from coastlines and out of major tornado pathways –not only places Vegas far ahead of most other major metros ranked in the study, but it also results in the city having one of the lowest insurance claim rates in the entire country.

Overall, the U.S. has seen a rise in its number of natural disasters in recent years – which experts attribute to issues such as climate change and growing populations in high-risk areas – including the ongoing Palisades Fire in California, a disastrous calamity that comes on the heels of previous wildfires that caused massive damage to the state in 2023.

In addition, Hurricane Idalia in 2023 caused over $12 billion in damage in Florida in 2023, and multiple states – including Vermont, Kentucky, and Texas – have been forced to contend with major flooding events in recent years.

As a result of the aforementioned events – as well as many more not mentioned here – numerous Americans are starting to re-think where they choose to call home, and for many, Las Vegas will be at the top of their list.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Ground on a new Class A, 342-unit multifamily housing complex was recently broken as part of a joint venture by the NRP Group and Rockefeller Group in Las Vegas; this marks NRP’s first-ever development in Sin City, and Rockefeller’s first-ever multifamily project in the state of Nevada.

When completed in early 2027, Silverado – designed by Perlman Architects – will take the form of 15 three-story buildings located on a 10-acre lot in Enterprise, located 10 miles from the Las Vegas Strip, Harry Reid International Airport and Allegiant Stadium.

The buildings will contain one, two, and three-bedroom units. In addition, the complex will boast many amenities for its tenants, including a swimming pool, sports court, and a clubhouse with a social lounge, gym and coworking spaces, among other features.

For the next two years at least, according to NRP Group Vice-President Michael Moriarty, there will be no other Class A projects within a 3-mile radius of the Silverado complex.

The Rockefeller Group has developed approximately 3,000 housing units across the country, with an additional 2,000 currently under construction; most recently, the company completed Sol38, a 360-unit housing community in Nevada’s neighboring state of Arizona.

Multifamily housing development has increased in Southern Nevada in recent months, with over 9,500 units under construction as of December; more than 3.200 units were broken ground on during the first 11 months of the year alone. In contrast, during the same span of time in 2023, ground was broken on only 2,800 apartment units.

However, overall housing construction levels now still remain below what they were at the same period of time in 2023, when they were 16.5 percent higher with over 11,400 units in the works at the time; some of these projects had been started the year or so prior.

Completion of Silverado is anticipated to be in early 2027.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – For many years, Las Vegas earned a reputation for low cost-of-living and an affordable lifestyle; however, due to rising prices and a lack of inventory, a new report has revealed that the housing market in the city has become one of the least affordable in the nation.

According to the Urban Land Institute’s 2024 Home Attainability Index, Las Vegas currently ranks as the 11th least affordable major metropolitan area in the country, with only a scant 18 percent of the homes on the market being considered affordable by households of four persons that make Southern Nevada’s annual median income of $70,723.

At present, it would take about 37.4 years for a family in Las Vegas making the average median income to save up enough down payment money for a home in the city.

The top five least affordable cities in the Urban Land Institute’s report are, in order: San Francisco, San Jose and Los Angeles, California; Honolulu and Stockton, California.

Currently, Southern Nevada is in the grips of a housing crisis driven by a number of issues, such as high mortgage and interest rates, home prices escalating to near all-time record levels, a dwindling amount of land that can be developed, and affluent buyers from neighboring states such as California whose big bank accounts are squeezing out locals when it comes to homebuying competition.

RCLCO Real Estate Consulting Chief Executive Officer and one of the authors of the Urban Land Institute’s report, Adam Ducker, said that of all the issues plaguing the Las Vegas housing market, the number one is the lack of land to develop and the slowdown in home construction it has caused.

We’re just not producing enough housing for the growth that we’re experiencing, which is true in most markets but particularly in high-growth markets including Las Vegas,” he said.

Some Realtors are hoping that a Trump presidency could have a positive effect on Las Vegas’s current housing crisis, citing his plans to both deregulate the housing industry and to open up additional federal land for home development, which – if those factors do indeed come to pass – could lead to new building activity in Southern Nevada and a plethora of new options for residents looking to buy a residence.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com