Category Archive : Area Living

LAS VEGAS, NV – A report released recently by Las Vegas Realtors (LVR) indicates that the cost of condominiums and townhomes in Southern Nevada have broken an all-time record, showing a whopping increase of 26 percent year-over-year.

According to the report, as of October 2021 the median price of Las Vegas condos and townhomes was approximately $236,000, which represents a 26.5 percent increase over October 2020, when that number was at $186,500.

LVR President Aldo Martinez noted that, as home prices continue to climb in Las Vegas – the median price of existing single-family homes sold in Southern Nevada during October 2021 was $410,000 – people looking for affordable lodging alternatives have been turning to condos and townhomes, which despite their own prices increases still remain cost-efficient overall.

“Our home prices are still increasing, but they’re going up more gradually. Even though we’re slowing down a bit, home prices are still rising,” Martinez said. “Buyers looking for more affordable options have been turning to condominiums and townhomes, as witnessed by the median condo price of $236,000. As we’ve been saying for some time, the rate of appreciation we’ve seen this year is great for homeowners, and the low interest rates have been great for home buyers.”

The LVR report noted that the total value of all real estate transactions conducted in Southern Nevada during October 2021 was over $1.5 billion for homes and $204 million for condos, high-rise condos and townhomes. This represents an overall increase of 13.5 percent year-over-year increase for homes of 13.5 percent, and a very impressive increase of 37 percent for condos and townhomes.

Overall, however, supply of both homes and condos remains tight, and given the overall demand – while currently beginning to show signs of cooling slightly – are nonetheless expected to continue an upward trajectory.

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 – Once you’ve unpacked your last box and organized your belongings in your new home, the most strenuous part of your relocation is finished. However, your move is not quite complete until you handle some essential tasks that will help you settle comfortably. Use this list of practical steps after you arrive in your new living environment:

Making Home Improvements

First, thoroughly inspect your new property to see if there are any necessary repairs or improvements you should tackle.

1. Look for repairs and improvements you can DIY, such as painting the walls, replacing faucets, and changing out cabinet hardware.
2. Consider hiring a professional to clean your furniture. Search for “professional furniture cleaning near me” and read reviews to find a trustworthy cleaner.
3. Tend to your property’s curb appeal. Making upgrades to your landscaping, pressure washing and painting the siding, painting the front door, and other minor projects can make a big difference.
4. Boost the security of your household and property by installing a smart security system.

Knocking Out the Necessities

Make sure you get these essential tasks out of the way soon after arriving at your new home:

1. Find a DMV office nearby to update your license and registration.
2. Register your new address with the post office, and confirm that your mail is being forwarded to the correct location.
3. Make a list of all the local contacts you need handy should an emergency occur.
4. Learn about state and local taxes and other costs of living so you can prepare a budget.

Settling Into the Community

Finally, it’s time to get to know your neighborhood and community so that you can truly settle in!

1. Help your child transition smoothly into their new school routine.
2. Meet the neighbors. Throwing a housewarming party and taking gifts door to door are a couple of the surest methods!
3. Pick up a local newspaper or magazine to learn about your new community.
4. Make a plan for trying out as many local restaurants and coffee shops as you can in the first month.

If you’re like most people after a move, you want to settle into your new home and community as soon as possible. The tips and resources above will help you do just that. After tackling home repairs and improvements, taking care of administrative tasks, and exploring your neighborhood and city, you’ll be primed to comfortably kick off your new chapter.

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

LAS VEGAS, NV – A new luxury resort-style condominium project is slated to be built in MacDonald Highlands in Henderson, which will be the first high-rise apartment building constructed in the city since the mid-2000’s recession if it is approved by the Henderson City Council.

The proposed $600 million Pinnacle Residences at MacDonald Highlands will be comprised of 183 units – spread out over two towers, one being 24 stories and the other 25 – currently in the planning process, will include underground parking.

The designs of the project have yet to be finalized, but Pinnacle Residences is to cater to the wealthy based on the current anticipated pricing plan; units are expected to start at $1.5 million and go all the way up to $13 million for penthouses, which will feature terraces with private pools and outdoor kitchens, outdoor dining and outdoor sitting areas.

The units will range in size from 6,000 square feet to 7,000 square feet, with three to five bedrooms and numerous amenities included, with the feel said to be “more like a luxury hotel resort.”

Currently, about 140 reservations have been made thus far, with prospective residents plunking down anywhere between $10,000 and $100,000 for units; it should be noted that these reservations are refundable until early 2022, at which time they will be converted into purchase and sales agreements with 25 percent down and the remainder due when the unit is complete and ready for move-in.

The Henderson City Council will review the plans for the project and potentially give their approval for it to proceed in December. If approved, the developers – Las Vegas and Mexico- based Azure Resorts and Canada and New York-based Luxus Developments – anticipate readying the site in early 2022 and starting construction in the third quarter of that year, with an expected completion date of summer 2024.

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 MSG Sphere, the high-tech entertainment venue that has been under construction off of the famed Las Vegas Strip for some time now, has entered a new phase of construction on its way to its anticipated 2023 opening date.

The project has progressed to a point that the steel structure that will support the venue’s interior LED display and multi-layered audio system has entered a concentrated point of development, MSG Entertainment said in a press release.

Upon completion of the venue’s concrete and steel domed roof late last month, developers on the project have transitioned to a section of the MGS Sphere that will support a hanger system under the dome that will house its significant multimedia presence, according to vice president for construction at MSG Entertainment Nick Tomasino.

“Completing MSG Sphere’s domed roof is a significant milestone because it allows us to begin the next phase of construction – building the steel framework to support the advanced audio and visual immersive technologies that will make MSG Sphere a first-of-its-kind entertainment destination,” he said.

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

The exterior of the sphere will feature 36 miles of variable intensity LED lighting – the aforementioned exosphere – enabling the structure to allow outside spectators to peer through a transparent facade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed.

Originally slated to be opened in 2020, the project has fallen behind scheduling estimates and is now eying a 2023 opening date.

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 – “Sync Apartment Homes,” a new apartment complex that is slated to be constructed near the Aliante Hotel in North Las Vegas, broke ground this week, with a completion date estimated to be in the fourth quarter of 2022.

Development firms American Nevada Co. and Warmington Properties have teamed up to build Sync Apartment Homes; the two companies held the groundbreaking ceremony for the new apartment complex – located off Aliante Parkway and the 215 Beltway in North Las Vegas – on Tuesday, November 9 which, upon completion, will be comprised of 203 units with a number of high-scale amenities that are sure to attract scores of tenants.

Sync Apartment Homes is to be comprised, according to reports, of several two and three-story buildings built upon a 9.4-acre project site, and will feature attached garages and a resort-style pool area for tenants to utilize. The apartment units are to range in size from 815 to 1,338 square feet and are to offer competitive rental price points.

Sync Apartment Homes is one of three brand new multifamily apartment communities that Warmington Properties will complete in the Las Vegas area in 2023, bringing their total in North Las Vegas to twelve.

Apartment complexes such as this are, according to many real estate professionals, the key to solving the skyrocketing rental prices that Las Vegas is currently experiencing that are leading many to question the region’s long-standing reputation for affordability.

According to their website, Warmington Properties – via a group of residential building companies – has constructed approximately 40,000 homes in core markets throughout the West Coast of the U.S. They offer “professionally managed, lifestyle-centric communities” in many sought-after locations in Southern California, Las Vegas, Nevada, and Salt Lake City, Utah.

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 – When it comes to apartments in Las Vegas, they’ve never been more in-demand than they currently are now. And when it comes to what people are paying for those in-demand apartments, it seems that is yet another aspect of life in the Southern Nevada region that’s hit an all-time high.

Reports indicate that the prices of one-bedroom and two-bedroom apartments in Las Vegas have seen a 30 percent jump when compared to the same period of time just one year ago, representing a significant increase in a relatively short amount of time.

The average rent of a one-bedroom apartment in Las Vegas is approximately $1,800 per month, and the average rent of a two-bedroom apartment will set someone back about $2,000 per month; these prices represent a new all-time high for the city.

The reason for skyrocketing rent is simple – demand, which has been fierce as the COVID-19 pandemic ends and the economy continues to recover. Competition has been strong for rental units in Vegas, and landlords and property managers recognize that; as a result, prices have been creeping ever-skyward, because it’s a given that someone will be willing to pay.

Rent prices in Vegas are currently at the point where it is beginning to fuel serious worry about the city’s continued affordability, an aspect of life in the city that has proved until now to be most attractive for people from neighboring states such as California, where taxes can make life unsustainable for some residents.

However, developers have been working on multiple apartment projects in Las Vegas that, upon completion, will hopefully feed into the ongoing demand and, as a result, help to stabilize rent prices.

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 – Vegas, long thought of as one of the most cost-effective and affordable places to live in the United States, will likely hold onto that distinction for quite some time to come. However, at least one aspect of that impressive reputation has been starting to unravel in recent months, with a report indicating that Southern Nevada’s ultra-competitive home prices are now increasing faster than the national average, leading to many being priced out of the market.

The dependence that Las Vegas has on tourism as one of the main driving forces of its economy has always resulted in an ebb-and-low over the years, and the region’s housing market has been just as vulnerable to those variations in activity.

Over the past 20 years, real estate has hit extreme lows and highs, and currently Las Vegas is in the midst of yet another high, thanks mainly to a rapidly-recovering economy, low inventory, and very low borrowing costs that have enabled home buyers to get the very most for their money.

Similar circumstances have taken hold across the country – home prices have increased nationwide overall – but currently there is nowhere it is quite as acute as it currently is in Las Vegas, according to a new report.

The recently-released S&P CoreLogic Case-Shiller index show home values in Nevada increasing at rates far outpacing the national average; prices in Southern Nevada were up 23.8 percent year over year in August, which represents a much bigger overall jump than the national average of 19.8 percent.

In contrast, August 2020 home prices in Nevada had only increased 4.7 percent year over year, whereas the national average was 5.8 percent, the index notes.

Of course, it should be pointed out that home prices in times of economic hardship have also tended to hit Nevada harder than many other parts of the country as well. During the mid-2000’s recession, home prices in Las Vegas had plunged almost 33 percent year over year; nationally, however, the worst drop by home prices was seen in early 2009, which was just shy of 13 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 Nevada State Apartment Association (NVSAA) released a report earlier this week indicating that the apartment marketplace of Las Vegas is showing definite signs of stabilizing after months of skyrocketing rents and low availability, while nonetheless remaining one of the very fastest-growing markets in the United States.

The report shows that, in the third quarter of 2021, apartment rents in Southern Nevada jumped an eye-opening 22 percent when compared to the corresponding period of time in 2020. The current average apartment rent in Las Vegas is $1,403 per month, representing a $255 increase year-over-year, when the average rent in the region was $1,148.

NVSAA Executive Director Susy Vasquez noted that the report is good news for Southern Nevada, as its previous rate of growth was not sustainable in the long-term.

“Rents are stabilizing as we enter the time of year fewer people tend to move,” she said. “Rents are expected to continue increasing, but not at the rate we’ve experienced this year. The growth rate of the past 12 months is just not sustainable for a healthy market.”

In addition, the average apartment vacancy rate in the third quarter of 2021 was 3.9 percent; this number represents a sizable decrease from the third quarter of 2020, when that number was at 5.4 percent.

The NVSAA noted that Las Vegas is still holding on as one of the fastest-growing apartment marketplaces throughout the COVID-19 pandemic. 2020 data indicates that the number of residents of Clark County has jumped by approximately 40,000 people – or 2 percent of the overall population – over the course of the last year.

The fact that the county’s population has continued to swell despite the effects of the pandemic and subsequent business lockdown measures speaks to the region’s quickly-recovering economy and increasing job growth in the recovering leisure and hospitality sectors.

The report also indicated increasing growth in apartment construction, with 6,300 new units currently in development during the third quarter of 2021, as opposed to only 3,800 units in the second quarter.

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 southernmost edge of the Las Vegas Valley is going to be the recipient of a new upscale apartment complex, compliments of a developer hailing from Atlanta, Georgia that had previously opened another rental property across town during the early stages of the COVID-19 pandemic.

Wood Partners is currently in the process of building a new 228 unit project – dubbed Alta Southern Highlands, which broke ground in August 2020 – situated in proximity to the M Resort, located off Southern Highlands and St. Rose parkway, which is slated to be completed and open their doors for business in early 2022.

According to the company’s website, Alta Southern Highlands will possess “next-level finishes” and numerous high-end amenities for residents, including a game lawn, a fitness facility with yoga studios, and more.

The project, upon completion, will no doubt help to address the intense demand in the Las Vegas Valley for rental apartments; during the pandemic, many people moved into the valley – especially from out-of-state – to work remotely while taking advantage of the lower cost of living the area afforded.

However, soon rental space became harder and harder to come by, and correspondingly, rents began to climb in response to the demand; in August, the average rent of a home in Las Vegas was $1,718, which represents a 25 percent increase over the same period of time one year prior.

According to a report released by listing website Zillow, the degree of rent growth in Vegas was the fastest among the 50 metro areas that they examined; projects like Alta Southern Highlands will help to address the demand for rental properties in the region, in addition to stabilizing prices that so far are raising affordability concerns among local residents.

Wood Partners also built a 347-unit apartment complex that is currently completed and open in Henderson, called Alta NV.

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 – Businesswoman, writer, and famed television personality Martha Stewart has announced that she will be opening a restaurant at the Paris Las Vegas Hotel and Casino, which is planning to demolish part of the existing building to make room to accommodate the new eatery.

The information for the new venture was obtained via paperwork for a construction permit for the facility, which is currently named simply “Martha Stewart Restaurant,” but will most likely obtain a more colorful moniker later on. The restaurant is slated to take the place of the recently-closed Martorano’s, a South Philadelphia-inspired eatery.

Stewart will not be the only celebrity to have a restaurant at the Paris Las Vegas Hotel and Casino; instead, she will find herself in the company of Gordon Ramsay Steak – an ultramodern spot serving dishes such as beef Wellington in a “boisterous British setting” – and Brioche by Guy Savoy, a sweet and savory grab-and-go brioche shop offering delectable flaky French pastries.

In addition, this winter will see Paris Las Vegas also open the Vanderpump à Paris, a cocktail bar by British restaurateur, designer, television personality Lisa Vanderpump.

Stewart’s previous attempt at entering the restaurant field was in New York City when she opened the Martha Stewart Café in 2015, which permanently closed its doors for business in 2019.

Caesars Entertainment – the owner of Paris Las Vegas – has yet to officially announce Stewart’s restaurant, nor have any announcements been made in regards to the type of cuisine the establishment plans to serve or its anticipated opening date, but word will likely come soon as construction permits have already been applied for.

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 – Amid skyrocketing demand and a shortage in options on the open market, finding affordable housing in Las Vegas is becoming difficult to achieve for some residents, citing steadily rising rents in the valley – which reports say are seeing some of the highest increases nationwide –  as the reason why.

Some Southern Nevada residents are reporting that the cheapest monthly rents they are encountering when looking among available inventory of two-bedroom apartments on the market is ranging from approximately $1485 in the valley’s northeast area to as high as $1700 in Henderson and $1850 in the southwest.

In addition, a report published recently indicates that rents in Henderson have ballooned by as much as 45 percent from one year ago.

Of course, contributing to the rental issue is the fact that Las Vegas is still in the grip of a housing and rental shortage that developers are struggling to address, with numerous apartment complexes and housing communities currently in the works that real estate experts are saying are expected to help stabilize rents in the region once they are completed.

But in the meantime, reports indicate that owners and investors are currently testing the waters in terms of seeing how much they can get for their rental properties in a red-hot marketplace, often increasing their asking prices in light of any amenities that their properties possess, such as it being a newer build or if it has a pool.

However, until more house and apartment rentals are available in Las Vegas – with more and more projects are being announced and started by the day – some local residents are expressing sincere concern over finding affordable places to live in the meantime.

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 mansion of Scott Gragson – a Las Vegas-based real estate broker who is currently serving time in prison in connection with a fatal drunk-driving accident – has been listed on the rental market, for the whopping price of $50,000 per month.

The mansion, located at 5 Promontory Ridge Drive in The Ridges – a wealthy master-planned community in Summerlin – is described as a “desert contemporary masterpiece,” comes in at 10,621 square-feet in size, is fully furnished, and features six bedrooms.

The residence also features a number of posh amenities for its tenant, including clear views of the famed Las Vegas Strip, a private movie room, a guest house, a gym, and a basketball court.

If security is a concern, the mansion also has a a series of two gated entrances with a guard on-duty.

Gragson, 55, had been arrested on May 30, 2019, after he had been involved in a drunk-driving crash in The Ridges that left Melissa Newton, a 36-year-old mother of three, dead. Gragson pleaded guilty in February 2020 to one count of DUI resulting in death and one count of DUI resulting in substantial bodily harm and was sentenced to eight-to-20 years in prison.

In addition to the prison term, Gragson had also reached a settlement deal to pay restitution to Newton’s family in the amount of $21 million; he would pay $12.8 million, and his insurance company would pay the remaining $8.2 million.

Additional settlements were also reached with the surviving passengers of the vehicle – Greg Tassi and Christie Cobbett – although the amounts of those have not been publicly revealed. A third passenger, Christopher Bentley, is set to begin his civil suit against Gragson this November.

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.