Category Archive : Area Living

LAS VEGAS, NV – Auric Symphony Park, a new luxury apartment complex situated in downtown Las Vegas, was recently unveiled by Nashville, Tennessee-based developer Southern Land Company, providing some much-needed housing options in that part of the city.

Southern Land Company’s vice president of multifamily development west, Kevin House, said that the developer’s founder, Tim Downey, feels that Auric Symphony Park will “revitalize” the downtown Las Vegas area.

“I think we were probably taking a little bit of a leap when we bought the site,” House said. “Tim, the founder of our company, really saw the vision of the area and saw what the city saw so we were excited to buy in and become part of the area.”

House said that new businesses and entertainment establishments that have recently set up shop in the vicinity – such as The Smith Center for the Performing Arts and World Market Center – will create the need for more housing for employees and tourists, saying that “We’ll bring even more bodies and more life to the area.”

Auric Symphony Park – which took two years to complete – features one- and two-bedroom apartments – varying in size from 591 square feet to 1,452 square feet – with rents ranging from $1,495 to $3,100 per month.

The apartment complex features a plethora of lush amenities for its tenants, including two-story cabanas overlooking a large pool area, a gym that offers residents on-site fitness classes, bike storage with a workshop area, a pet spa and pet park offering free tennis balls for pets, and a resident’s lounge on the fifth floor with impressive views of the Las Vegas cityscape.

In addition, the property also boasts approximately 21,000 square feet of ground level retail and restaurant space. Auric Symphony Park began renting units in early July; currently, the 324-unit complex is about 30 percent pre-leased and 18 percent occupied.

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.

The Centers for Disease Control and Prevention (CDC) issued a new national eviction moratorium on Tuesday – after the previous one had expired over the weekend – with this one not taking the form of a “blanket” ban on evictions, but instead targeting counties in the United States with high infection rates of COVID-19.

And while the CDC’s announcement was initially met with waves of confusion over what areas in the country would be affected by it, the question for our readers was quite obviously “will the new eviction ban impact Nevada landlords – especially those in Clark County – yet again?” And, after a few days of waiting, we finally have our answer: yes, it will.

Nevada Health Response indicates that 12 of Nevada’s 17 counties qualify as “substantial” or “high” transmission rate areas, and as a result, those 12 counties are now under the mandate of the CDC’s moratorium not to evict tenants who are unable to make rent payments due to financial hardships brought about by the COVID-19 pandemic. “Substantial” transmission is 50 to 100 cases per 100,000, or a positivity rate between 8 percent and 10 percent, and “high” transmission is 100 or more cases per 100,000 people or a positivity rate of 10 percent or higher.

The new eviction moratorium, slated to expire on October 3, currently affects the following counties in Nevada: Carson, Churchill, Clark, Douglas, Elko, Lincoln, Lyon, Mineral, Nye, Storey, Washoe, and White Pine.

The CDC has stated that the purpose of the new moratorium is to give time to U.S. residents to access billions of dollars in federal rental assistance funds, funds that have been proven to be notoriously slow to distribute.

However, many experts have opined that the CDC’s new eviction moratorium is almost certainly illegal. This may be especially true in light of a recent Supreme Court ruling that the previous eviction ban could not continue beyond July without legislative action on the part of Congress, which failed to happen. In fact, the Biden Administration has already received a legal challenge to the CDC’s new ban, which a U.S. District Judge decreed must be responded to by August 6.

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 a white-hot real estate marketplace, one of the fastest-growing areas of the Las Vegas rental business is turning out to be newly built single-family houses, and a local developer is jumping into it with both feet.

With plans for two projects already drawn up for a total of approximately 450 homes, The Calida Group is planning on constructing these rentals in the Cadence community, located in Henderson. Just over 400 of the homes are slated to be free-standing, while the remaining ones will be attached to townhouses, according to city records.

Calida has plans to break ground on the projects in Cadence – a 2,200-acre community off Lake Mead Parkway east of Boulder Highway – in the third quarter of 2022, and the planned homes will represent the company’s first-ever foray into newly-built, single-family rental tracts in the Southern Nevada region, with more to come in the future, co-founder Eric Cohen noted.

“We are planning many more,” he said.

With the recovery of Las Vegas’ economy and housing market after the mid-2000’s recession, the local rental marketplace exploded, and investors snapped up as many low-cost single-family houses as they could to turn into rental units. The market stalled temporarily during the COVID-19 pandemic, but as vaccination rates steadily grow the economy has continued to bounce back, making the demand for rentals in Vegas stronger than ever.

To satiate rental demand, developers such as Calida have been erecting as many apartments as they can; however, newly built single-family homes have been growing in popularity, and several companies have been jumping on the bandwagon as of late; Cohen noted that they are “one of the biggest requests we received” from his renters.

The demand for rental homes has – along with the rest of Las Vegas’ rental market – driven up rent prices across the board; according to reports, the average rent of a Vegas-based house jumped 17 percent from May 2020 to May 2021, and only continues to grow as more people flock to Nevada for an overall cheaper lifestyle.

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 – Low inventory and high demand of apartment units in the Las Vegas Valley are causing rents to skyrocket to near record-breaking levels, a sign of Nevada’s economic recovery as COVID-19 ebbs into its final days. However, the continuing increases in rent in Clark County has come with a downside as well; hardship for some vulnerable local area residents who may have already been having difficulty keeping up with their payments due to the pandemic.

Rents in Las Vegas, while still well below the national average – as of June 2021, the average rent in the Las Vegas Valley was $1,591, whereas the national average is $1,799 – are nonetheless currently increasing at a faster rate than any other large U.S. metro area. Out of the top 50 U.S. metro areas, the speed of Vegas’ rent increases was at the top of the list, with a jump of 3.6 percent from May to June, which equates to approximately $55. Year-over-year from February 2020 to February 2021, Las Vegas rents have surged almost 20 percent, or $260.

Some Clark County tenants are reporting that they’re seeing their monthly rent jumping by as much as $200 or $300. For some – especially many seniors who are on fixed incomes – sudden increases this large can cause financial struggle and force people to cut difficult corners to get by.

Demand is seen as the main driving force behind the rent acceleration; with the pandemic dying down, businesses are hiring again, people are getting jobs, and new college graduates are entering the workforce heading out on their own for the first time. Rents are reportedly growing quickly throughout the country, but again, currently Vegas lays claim to the fastest rates of them all.

And experts are predicting this trend will continue as the country opens up and the economy recovers, but developers in Las Vegas who are hard at work on building several new apartment complexes are expected to help stabilize rents as more units are made available to satisfy demand.

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 huge apartment building slated to open just south of the famed Las Vegas Strip by the end of 2021, is expected to add more options to the cityscape for people looking for homes to rent near the very heart of Vegas.

Ariva – a 754-unit complex situated several miles off of the west side of Las Vegas Boulevard and just north of Starr Avenue – is currently in the midst of construction efforts, and the initial phase of its development is slated to be open by the end of the year, with the remaining portion of the building expected to be completed at some point in 2023, reports say.

In addition to rental units, Ariva is also planned to encompass approximately 75,000 square-feet of space for retail establishments, restaurants, and office space; this aspect of the complex is expected to be completed before the residential units, according to the developer.

Ariva is located in a less-developed area consisting mostly of tracts of desert, in contrast to the hustle and bustle of the Las Vegas Strip; however, this part of Vegas is seeing more and more investors snapping up land and developing housing projects to accommodate the huge demands of the local real estate industry.

Owned by Silicon Valley-based WTI Inc., Ariva will feature a number of amenities for its residents, including four pools, a yoga studio, basketball and volleyball courts, dog parks, and a sky deck that will offer views of the Las Vegas valley, the developer says.

Another nearby project in the works is Mosaic, a 797-unit townhouse complex off Las Vegas Boulevard at St. Rose Parkway, which offers units in the price range of $260,000 to the low $300,000-range. The developer reports they have already closed on 240 of the units available, with over 200 more currently on their waiting list.

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

LAS VEGAS, NV – According to reports, Ascaya – a master-planned luxury community located in Henderson that was formed by blasting 15 million cubic yards out of a mountain range – has seen sales on-pace to double their number this year when compared to 2020, a year when sales profits were already at a level that were three times higher than they were throughout the previous three years.

Among the recent new buyers of land in Ascaya is Mark Davis, owner of the Las Vegas Raiders NFL team, who purchased a 6-acre plot to construct his custom home featuring views of Allegiant Stadium, his team’s home base.

And according to the developer, the number one draw of Ascaya is the community’s breathtaking views of the surrounding region; in addition, it also features a $25 million clubhouse and a two-acre park currently in the works.

The majority of sales in Ascaya have consisted of vacant lots upon which buyers have been building their own homes to their personal specifications; a small number of sales have been made up of speculative-built homes, reports say.

Currently, the developer of Ascaya – Henry Cheng, a Hong Kong billionaire and owner of NWS Holdings Ltd. – has closed over $38 million in sales in 2021 alone, with an additional $8 million in sales currently under contract. This is in stark contrast to the dismal rate of sales when the community essentially “stalled” due to the housing crash of the mid-2000’s, or even when it re-opened in 2014.

However, with the recent recovery of the Southern Nevada economy and housing market, Ascaya has attracted a new breed of upscale clientele who were attracted by low mortgage rates and the greater bang for their buck Las Vegas afforded them. With that being the case, Ascaya has seen its growth explode over the past year or so.

Ascaya currently features over 300 homesites, and homes that are constructed there are mandated to be of at least 4,500 square-feet in size, according to the developer. Currently, 26 new homes have been built, 18 are currently being constructed, and 21 are in the planning stages.

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 at the Venetian, the much talked-about high-tech Las Vegas event venue that is currently in the works, reached a major development milestone recently when the final 32 steel beams were bolted into place by the 650-strong construction crew, according to reports.

Madison Square Garden Entertainment (MSG) Corporation is the construction manager of the MSG Sphere, and handles “strategic planning and the construction timeline, as well as management of all subcontractors,” according to a press release put out by the company. The previous construction manager, an engineering firm called AECOM, remains in a supporting role.

Madison Square Garden Company Vice President of Construction Nick Tomasino noted that there will be two “topping out” ceremonies for the project, with the first representing the completion of the steel beam bolting and the second slated for 2022, when the venue’s “exosphere” will be added.

The exosphere will consist of 580,000 square feet of LED light panels that will be able to be seen from several miles in the distance, and will increase the height of the current MSG Sphere itself by approximately 30 percent.

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 façade 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 – According to reports, the prices in the Las Vegas rental home marketplace continue to climb amid the recovering local post-COVID economy, and are now ranking among the fastest increasing in the United States.

May saw rental home prices soar as demand remains very high and supply still very low; those factors, combined with the rapidly-recovering Nevada economy, means that there’s people out there with money who want to rent properties, and prices are always set by demand.

The average rent of a Las Vegas home increased year-over-year in May a whopping 17.3 percent, with April showing an 11.3 rate gain over the year before as well, illustrating consistent month-to-month growth.

Las Vegas is now tied with Riverside, California for the second-fastest rising home rents, behind only Phoenix, Arizona, which experienced a rental rate increase of 17.7 percent in May.

Competition for what rental properties there are is fierce, and often realtors are noting that people are filling out multiple rental applications and are nonetheless having a difficult time actually closing a deal with landlords.

During the COVID-19 pandemic, the rental market in Las Vegas initially suffered, but as vaccine distribution has stepped up and more and more of the country has been inoculated, the recovering economy has fueled increased demand for rental housing. However, landlords are also seeing increased competition from the home-buying market due to lower-than-average mortgage rates available driving sales to a higher level than usual.

But this home-buying frenzy has also helped the rental market as well, since many new homeowners may still need a place to live until their home is ready, and would turn to short-term rentals to satisfy that need.

Other factors driving the Las Vegas rental market are people who moved to the Southern Nevada region for its cheaper cost of living to work remotely during the pandemic.

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 – Finally moving out of your parent’s place into the big bad world? Naturally, you’ll have more responsibility, and will have to look out for yourself more. You’ll need to learn about things like paying bills you’re not used to paying for, and that you should always read any paperwork you’re given before signing it. 

Being smart with your money, budgeting wisely and not spending more on your rent than you realistically can are great ways to start strong in solo life. It’s also important to stay away from scams and frauds. Never pay for an apartment you haven’t had a chance to tour, and always be careful about who you’re doing business with. 

If all these tips are confusing you and you’re not really sure what to do, don’t worry. Here are some of our top tips for renting your first apartment. 

Know Who You’re Dealing With 

Unfortunately, there’s no shortage of scammers and criminals in the real estate world, and you don’t need anything much except for money to be a landlord. That said, it might not always be safe to trust landlords to be who they say they are, or even about the history of the property. 

If you’re renting a place with someone you don’t know well, get in touch with a provider of landlord background check or any similar service so you can verify the authenticity of your future landlord’s claims and find out if there’s anything fishy going on with the property. 

Don’t Pay Too Much Rent 

Obviously, you don’t want to rent a property for above market value, but you also don’t want to rent one that’s nicer or more expensive than you can afford. Ideally you shouldn’t be spending any more than 30% of your gross income on rent, and be smart about your savings. 

Be careful about how much you’re paying and if utilities are included in the package or not. Sometimes bills like water and electricity come out of your rent payments, and other times they don’t. It can even be possible that you need to pay some of the utilities and bills yourself because they’re not included in a “utilities included” rent package. 

Consider the Parking Situation 

Parking spaces aren’t always ideal in all places, and if you’re getting a cheaper than usual deal for an apartment it may be because it comes with some hidden cons. Check if any parking space is available nearby, and if the parking lots are safe. The last thing you want is to get mugged or attacked while you’re getting out of your car and heading for your home. 

Make Friends with Your Neighbors 

Your neighbors and the people who are living in the area are by far your most trusted source of information on what it’s like to live in the area, you also need to know who you’ll be living around to make sure there won’t be any problems – particularly if you belong to a marginalized community. 

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 newly-released truck rental data report, Las Vegas tops the list of places to move to amid the ongoing COVID-19 pandemic, despite the relative shortage of housing options available at the moment.

Penske truck rental has confirmed that Las Vegas is the number one spot to move to, basing that declaration on the sheer number of truck rentals that are one-way; this jibes with the large increase Southern Nevada has been experiencing since 2020, a time when the region’s economy and job market first began to experience a boom, and continues to do well despite the pandemic.

U.S. Census Bureau data also shows Nevada’s population grew by 15 percent in 2020.

A lot of this influx of people is coming due in large part to so-called “tax refugees” from California, with both companies and private residents leaving in droves due to the exorbitant taxes imposed upon them at their former home state. Clearly, the much lower cost of living that Nevada affords them is an attractive alternative, especially when the pandemic has given rise to “virtual commutes” to work, where a computer and an internet connection can allow people to work anytime, anywhere.

Estimates indicate that 38 percent of the homes sold in Las Vegas in 2020 were to former California residents, a whopping number that indicates just how much the city and its surrounding areas are proving to be a huge attraction for those looking to get a fresh start in life and their careers from that nearby area.

Penske serves customers in North America, South America, Europe, Asia, and Australia; among its services are full-service commercial truck leasing, truck fleet maintenance, truck rentals, and used truck sales. The company currently employs more than 36,000 workers worldwide and operates a fleet of more than 300,000 vehicles.

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 – Long in development, Elon Musk’s “The Boring Company” has finally completed the Tesla-powered underground people mover – AKA “The Loop” – that will service attendees of the Las Vegas Convention Center going forward, according to reports.

The Loop is comprised of a series of underground tunnels, dug by The Boring Company, that will ferry people back and forth to the Convention Center in a series of Tesla automated electric cars in approximately two minutes each way. Normally, the route would take an average of 30 minutes for a person to walk on their own.

The Loop system project cost is $52 million, with construction originally started in 2019 underneath the convention center campus. The system will be serviced by 62 Tesla cars, although it has been said that the system can handle more if needed; the current vehicle allotment can transport an estimated 4,400 people per hour.

The Boring Company has stated that they plan on expanding the tunnel system that they have started for the Convention Center, with plans for new people mover routes to various area resorts and even the airport having already been submitted to city officials.

The expanding high-tech underground people mover network is anticipated to be yet another major draw for tourists in Las Vegas, where the local economy is dependent on the income brought in by out-of-town visitors.

The first major event at the Convention Center that will make use of The Loop will be The World of Concrete, the commercial construction industry’s largest annual international event for concrete and masonry professionals, set to be held from Tuesday, June 8 through Thursday, June 10, 2021.

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 Las Vegas-based husband and wife are suing the producers of the well-known reality television show “Property Brothers,” alleging that the renovations to their home carried out by the siblings’ crew were sub-par, according to reports.

In 2018, Mindy and Paul King participated in an audition to appear on the reality show, hosted by twin brothers Drew and Jonathan Scott; the renovations they sought for their homes were originally budgeted at $110,000, but that amount increased to over $168,000 upon buying a home located in the Las Vegas Valley, situated near Elkhorn Road and Tenaya Way, according to the lawsuit.

It should be noted that only the producers of the show are named as defendants in the lawsuit, and not the Scott brothers.

A complaint filed by attorney Ryan Ellis, who is representing the Kings, alleges that the couple were lied to and that misrepresentations were made to them “solely for Defendants’ financial gain,” and that the renovations carried out “was plagued with issues” that left the couple with numerous code violations, improperly installed doors, warped cabinets, and poor grout work, according to the lawsuit.

However, Cineflix – the production company behind “Property Brothers” – filed a motion to dismiss, saying that they acknowledged the issues and offered to make the needed repairs, but that the Kings refused to allow the contractor to carry them out. The motion to dismiss the suit noted that Nevada law allows a building contractor a “reasonable opportunity” to make good upon their work.

When the episode of “Property Brothers” in question aired, the Kings appeared to be happy with the work that was done to their home, but they maintain that they were fooled by the show’s production company as to the quality – or alleged lack thereof – of the work.

A judge is scheduled to make a decision on Cineflix’s motion to dismiss at a hearing at the end of March.

Feature Photo: Drew Scott (left) and Jonathan Scott (right) attend the Paper Towns premier at AMC Loews Lincoln Square on July 21, 2015 in New York City. Editorial credit: Debby Wong / Shutterstock.com, licensed.

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.