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pinnacle residences at macdonald highlands
Area Living , Development , Real Estate

$900 Million Luxury Condo Project in Henderson’s MacDonald Highlands Approved by City Council

By Christopher Boyle May 18, 2022

LAS VEGAS, NV – The private guard-gated MacDonald Highlands is set to receive a new $900 million luxury resort-style condominium development, as the Henderson City Council has officially granted their approval for the project, with construction expected to commence in early June of this year.

Pinnacle Residences at MacDonald Highlands – the name bestowed upon the new high-rise condo project, the first of its kind to be built in the valley since the mid-2000’s recession – is ready to go now that the City Council has given the green light to a development agreement, zoning changes, tentative maps and a design review.

The 11-acre project, which will be co-developed by Las Vegas and Mexico-based Azure Resorts and Canada- and New York-based Luxus Development, will consist of two towers with 171 luxury condo units split between them. In addition, there will also be 10 single-family luxury homes built upon the property as well, along with two model homes two blocks away; work on the model homes is expected to commence within 90 days, with a completion deadline set within 14 months.

Azure President and Founder Jim Reilly notes that the project already has multiple reservations, despite the fact that the firm has yet to do any advertising; currently, Pinnacle Residences is still accepting fully-refundable reservations – in amounts anywhere from $10,000 to $100,000 – for interested parties.

The initial terrain blasting is expected to begin in June, with full construction on the project – starting with foundation work – commencing in either December 2022 or January 2023. The initial 24-story tower is slated to take 27 months to complete, with an anticipated opening in the second quarter of 2025; the second 25-story tower will take an additional 44 to 60 days to finish afterwards.

Currently, prices are anticipated to start “at the $2 million range and go up in excess of $20 million,” according to Reilly, who said that the community is aiming to appeal to empty-nesters in the 45-to-65 age range.

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.

INDEPENDENCE
Area Living , Development , Market Updates

Groundbreaking Ceremony Held for Conversion of Las Vegas Golf Course to 1,600-Home Development

By Christopher Boyle May 16, 2022

LAS VEGAS, NV – The former Royal Links golf course is finally on its way to providing numerous affordable homes for Southern Nevada residents, having recently held its officially groundbreaking ceremony to signify that impending start of construction efforts for the eastern Las Vegas Valley-based housing tract.

Touchstone Living founder Tom McCormick, who purchased the shuttered Royal Links golf course in December 2021 for $33.7 million, said that the new housing community his company will be building – now dubbed Independence – is currently due to commence on the third quarter of 2022, initially starting with model homes to entice buyers before moving on to the proper homes they will be offering.

Already, the grass from the original golf course has been removed, with the landscape now covered with various pieces of construction equipment in anticipation of the start of work, which is expected to produce up to 1,600 homes, in addition to numerous residential amenities, such as parks, pools, and playgrounds.

Independence – located along Vegas Valley Drive east of Nellis Boulevard – is hoping to attract first-time buyers and will offer homes in the $200,000 price range; McCormick has noted there are no other projects producing new homes in Southern Nevada in such a buyer-friendly price range.

To drive home that point, those attending the groundbreaking on Monday were wearing blue-and-white Independence shirts with the slogan “why rent?” on them, touting the affordability that the new community will be offering to local residents.

In Southern Nevada, home development is predominantly carried out in suburban areas such as the southwest valley, Summerlin and Henderson; in comparison, the east valley is relatively ignored by developers, allowing the 162-acre Independence a degree of distinction among its peers.

The affordable prices that Independence will be offering for housing will run in direct contrast with the average median home price in Las Vegas, which recently hit $483,000 in March.

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.

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.
Area Living , Market Updates , Rentals

As Deadline Nears, Public Feedback on Short-Term Rental Regulations Requested by Clark County Officials

By Christopher Boyle May 13, 2022

LAS VEGAS, NV – Since a recently-passed piece of legislation – Nevada State Assembly Bill 363 – has done away with a previous ban on short-term rentals in unincorporated Clark County, officials who will eventually be tasked with overseeing the industry are asking for public opinions on potential regulations that will be implemented when rentals become legal as of July 1.

As of the first of July, short-term rental services – either independently-owned or via companies such as AirBNB or VRBO – will be allowed to offer their services in Clark County, often in the form of houses situated within normal neighborhoods. And since these neighborhoods will be directly affected by these new rentals, Clark County is asking these people for input in crafting laws and regulations that will govern the industry locally.

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.

District A County Commissioner Michael Naft noted that an ordinance with tentative rental regulations has been drafted, but that officials are holding regular meetings and are inviting the public to attend in order to fine-tune the laws and minimize any possible annoyances or disruptions that short-term rentals could cause for residents.

“There are a lot of voices in this conversation. There are people on every side of this issue,” Naft said. “This is about coming up with some rational common-sense ways. To do what the state required us to do.”

Some of the regulations that are expected to make it into the final version of the ordinance include hosts being required to possess business licenses; approval of a homeowners’ association in any community where rentals will be set up; a maximum of 16 people allowed in any given rental property; and for it to be illegal to utilize apartments, mobile homes or manufactured homes as rental properties.

Naft noted that it is important for local residents to voice their opinions in order to help them create a set of regulations that will ensure everyone involved is able to maintain their previous quality of life.

To see Clark County’s initial draft of their regulations governing short-term rentals, please click here.

Meanwhile, residents of Clark County are able to submit questions and comments to [email protected].

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.

fields
Area Living , Development , Market Updates

Construction Under Way on 40-Acre Tule Springs Regional Park in City of North Las Vegas

By Christopher Boyle May 11, 2022

LAS VEGAS, NV – The city of North Las Vegas is set to be the recipient of a new 40-acre park located in the vicinity of the 215 Beltway and Revere Street, and when it’s completed the facility is slated to be one of the city’s largest parks offering a wide variety of amenities for local residents.

Tule Springs Regional Park, which will be situated between Dorrell Lane and Deer Springs Way, will take approximately two years to build, and when it is completed and open for public use, it will include numerous family-friendly features, including:

  • Four baseball/softball fields
  • Three soccer/multi-use fields
  • A playground
  • A splashpad
  • Basketball courts
  • Sand volleyball courts
  • Trails
  • Shade structures
  • Restrooms

Cass Palmer, director of parks for North Las Vegas, said that Tule Springs Regional Park will have a little something for everyone, no matter what they are looking for in an outdoor recreational experience.

“Between the athletics and the play features, I think anybody of any age is going to go out there and have fun,” he said.

The construction of the park will be a welcome addition to the several new housing developments that have sprung up in recent years in North Las Vegas. Currently, residents in that area are suffering from a lack of neighboring outdoor recreational spaces, so the news of Tule Springs Regional Park will certainly be welcome, and will assist with future population growth in the area.

“Where are we now, and where do we need to be for the next 10-15 years to support the growth?” Palmer asked, adding that “desert landscaping” will be used wherever possible at Tule Springs due to the notoriously dry climate in Las Vegas.

“We’re integrating the legislative mandate for xeriscaping for all of our parks and trails. We’re anticipating the use of artificial grass in a lot of areas,” he said. “We’ve found a couple of grasses that the SNWA (Southern Nevada Water Authority) prefers. Requires less watering.”

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.

Apartment Buildings
Area Living , Market Updates , Rentals

Las Vegas Apartment Rents Showing Signs of Stabilization, New Report Says

By Christopher Boyle April 18, 2022

LAS VEGAS, NV – For months, skyrocketing rents in Las Vegas have given rise to worries that the city – previously well-known for its low cost of living – was starting to price individuals and families out of the market due to affordability concerns.

As the COVID-19 pandemic has entered it’s (hopefully) final days, in just the last year the rent in Southern Nevada ballooned up by nearly $1,200, with the average asking price currently over $1,450 per month. Rents shockingly grew 20 percent throughout the first quarter of 2022 alone, according to the Nevada State Apartment Association (NVSAA), although they currently still remain below the national average.

And while many affluent individuals have fled nearby California due to its unsustainable taxes and expensive living cost for Las Vegas, reports have indicated that some lower-income families have found the recent rent increases unaffordable.

However, for those beleaguered parties, a new report indicates that rents in Vegas are slowly but surely beginning to stabilize, with NVSAA executive director Susy Vasquez stating this week that they are anticipated to raise at far slower increments than they were previously projected to.

“Rents continue to rise as demand continues to grow, especially from people moving here from out of state,” Vasquez said. ““Local rents are still lower than the national average apartment rent of $1,584 per month during the first quarter. We expect rents to continue increasing this year, but at a more gradual pace than during the past year.”

Experts say that, compared to the 20 percent hike year-over-year that Vegas rents experienced from 2021-2022, rents are only expected to increase by approximately another 5.5 percent by the end of 2022; previously, that number was pegged at anywhere between 7 and 8 percent.

Apartment vacancy rates in Vegas in the first quarter of 2022 were 5.4 percent, which experts deem to be a “stable” amount.

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.

Tivoli Village
Area Living , Market Updates , Rentals

Las Vegas’ Tivoli Village Under New Ownership, Set to Receive New Apartment Complex

By Christopher Boyle April 15, 2022

LAS VEGAS, NV – Tivoli Village, a mixed-use development center consisting of retail and office space and located on over 28 acres in Las Vegas next to the Summerlin community, has announced that it is now under new ownership and will be getting some new additions to the facility, including a new apartment complex.

Tivoli Village was bought by real estate firm 3D Investments for $216 million from its landlord, IDB Group USA Investments; on the day that the sale was announced, Clark County records show 3D Investments then turned around and sold eight acres of the property to The Calida Group – a Las Vegas apartment developer – for $27 million.

The Calida Group has plans to construct a new apartment complex adjacent to Tivoli Village that will take the form of a five-story, 300-unit building, with the groundbreaking expected to take place in early 2023. This will compliment an existing apartment building on the property, Elysian at Tivoli, which is a 359-unit complex that opened in May 2021.

Aside from the eventual addition of the new apartment complex, 3D Investments noted that those who frequent the open-air, Mediterranean-themed Tivoli Village – which features 370,000 square-feet of retail and restaurants and 300,000 square-feet of office space – will most likely see no other major changes to the center itself.

However, the group has also announced plans to eventually develop the property’s northern edge in an effort to draw more tenants and customers to the center, but the exact plans for that project have not yet been finalized, according to 3D Investments.

Tivoli Village was originally announced in May 2005 and at the time was dubbed “The Village at Queensridge” before switching over to its current name. Due to poor economic conditions, the decision was made to develop the property in phases, with the first phase opening in 2011.

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.

MorningStar at The Canyons
Area Living , Development , Real Estate

Groundbreaking Ceremony Planned for Development of New Las Vegas Senior Housing Facility in Summer of 2022

By Christopher Boyle April 1, 2022

LAS VEGAS, NV – In an attempt to address the ongoing need for affordable housing options for Las Vegas’ senior population, two developers based out of Denver, Colorado are finalizing plans to develop a new senior-living facility in Southern Nevada, with the groundbreaking planned for the very near future.

MorningStar Senior Living and Confluent Senior are planning on developing a new project located near the intersection of Alta Drive and Hualapai Way – dubbed MorningStar at The Canyons – which will be comprised of a new 196,000 square-foot building with 168 apartment units spread out over four stories.

The units will be broken up into 95 independent-living units, with an additional 49 assisted-living units and 24 memory-care units reserved for seniors that require additional assistance in their day-to-day lives, reports say.

Assisted Living units feature around-the-clock support from on-site Care Managers with the activities of daily living, according to the developer’s website; memory care units are for seniors that are experiencing memory loss and other cognitive functions.

The project will be constructed upon a site approximately 3.7 acres in size that the developers purchased in February for over $7.4 million, with the groundbreaking ceremony slated to take place in the summer of 2022.

According to the developer’s website, the grand opening for the facility is expected to be held in the second quarter of 2024.

MorningStar at The Canyons will offer numerous attractive amenities for its senior tenants, including an outdoor bar, pool and hot tub, in addition to a movie theater, a gym, indoor and outdoor dining venues, and a clubroom terrace with views of the famed Las Vegas Strip.

This project marks the first collaboration between MorningStar Senior Living and Confluent Senior on a development project in the state of Nevada, reports say.

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.

Least-Affordable
Area Living , Market Updates , Rentals

As Vegas Median Rents Close-In on 40% of Average Income, Now Seventh Least-Affordable Large City in United States

By Christopher Boyle March 28, 2022

LAS VEGAS, NV – A new report indicates the ever-climbing rents in Las Vegas have reached a point where tenants have to devote a significant portion of their respective incomes to housing costs, increasing affordability concerns for a region that has otherwise always been known for its low cost of living when compared to other parts of the country.

The Realtor.com report states that the median rent in Las Vegas has reached $1,600 per month; this represents approximately 39 percent of the average monthly income in Southern Nevada, a number which is raising eyebrows, especially when compared to the median rent elsewhere in the nation comprising 30 percent of the average income.

These new numbers have catapulted Las Vegas into being the seventh least-affordable large city in the United States on a rent-to-income basis, according to the report.

The ever-increasing rents in Vegas, fueled by intense demand for housing options that have only been exasperated by the tail-end of the COVID-19 pandemic, is forcing some financially-challenged residents to resort to renting rooms in houses – some paying as much as $500 per month – or adding roommates in order to make ends meet.

The report indicates that, year-over-year from 2021, rents in Las Vegas have increased approximately 25 percent, which is a jump that is causing many people still recovering from jobs losses sustained during the pandemic to be frugal with their renting habits.

However, even resorting to renting a room to get by isn’t easy, the report says, as there can be safety and comfort concerns associated with such a move, in addition to a lack of space and/or the ability to keep pets, depending on the rules established by the person renting the space.

Luckily, experts say that the ever-increasing rents and home prices in Las Vegas are not sustainable, and expectations are that the market will eventually stabilize to more manageable levels.

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.

Red Rock Canyon National Conservation Area
Area Living , Development , Market Updates

Bonnie Springs Ranch Set to Be Developed Into Luxury Housing Community Featuring 16 Homes

By Christopher Boyle March 25, 2022

LAS VEGAS, NV – Bonnie Springs Ranch, a defunct attraction near Blue Diamond, Nevada that included an 1880’s-style western town replica and a zoo, is set to get a high-end makeover in the form of a new luxury housing development.

A groundbreaking was recently held for The Reserve at Red Rock Canyon – the new name for the property – which, upon completion of construction, is slated to include 16 luxury homes, each situated upon 2 to 4 acres of land apiece.

The homes are catering distinctly to the affluent, with prices starting at a whopping $6.6 million; however, that price only includes the plot of land; if owners want to actually have a residence in which to live as well, they’ll have to build one themselves.

But despite the steep price tag for the property, owners will not have free reign to build anything their hearts desire upon it; guidelines state that any residences must be “compatible with the canyon” and not “stick out,” and the home itself is encouraged to be comprised of several structures as opposed to “one giant building.”

Once development is finished, The Reserve at Red Rock Canyon – located off State Route 159 – will take the form of a guard-gated community comprised of over 60 acres, with the majority of it surrounded by federally-owned land and some degree of private property.

Homeowners will have access to a number of high-end amenities, such as boutique hotel, an outdoor amphitheater, an event barn, and a gourmet restaurant; in addition, residents will also be treated to perpetual breathtaking views of the Spring Mountains and surrounding Red Rock Canyon National Conservation Area, with developer Joel Laub stating that “Nothing will ever be built around this property.”

Water lines and fire hydrants have already been installed in the community, and additional infrastructure work is underway; actual construction of the community’s commercial aspects is slated to begin by the end of 2022, although that estimate is not set in stone.

“Show homes” are currently in the design process by luxury homebuilder Blue Heron and architecture firm Backen & Backen.

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.

901 E Fremont Street
Area Living , Just Sold , Market Updates

Ritzy Las Vegas “Fremont9” Apartment Complex Sells for $80 Million, to be Rebranded “Ely on Fremont”

By Christopher Boyle March 9, 2022

LAS VEGAS, NV – “Fremont9,” a ritzy apartment complex located in Las Vegas’ downtown area which constriction was funded by late entrepreneur and former Zappos CEO Tony Hsieh, has been sold for $80 million and will soon be christened with a new name.

The Calida Group, an apartment developer based in Las Vegas, confirmed that they purchased the 232-unit Fremont9 complex – which was 90.5 percent occupied on the day the deal went down – and news of the sale already has the property “trending upwards,” according to Calida co-founder Doug Eisner.

Fremont9 – which is located at 901 Fremont Street at the corner of Fremont and Ninth – will be officially rebranded within the next few months as “Ely on Fremont,” Eisner revealed.

When it originally opened in 2018, Fremont9 was the first new, large-scale apartment complex on Fremont Street in a number of years, and is part of a development trend concentrating on Southern Nevada urban-area rental facilities to address housing demand.

The sales price of Fremont9 equates to approximately $344,828 per apartment unit; in 2021, the average per-unit sales price of apartment buildings in the region was $215,151.

Eisner noted that part of the attraction to the purchase of Fremont9 was younger tenants who are “hyper-social” and are looking for apartments close to the many entertainment and restaurants options afforded by the Las Vegas Strip.

During the worst of COVID-19, renters tended to favor suburban rental properties in order to avoid densely-populated areas, but as the pandemic wanes, more and more people are once again looking for rentals amid the hustle and bustle of the city, Eisner said.

The five-story Fremont9 offers numerous amenities for tenants, including a clubroom lounge with billiards, outdoor courtyards with bocce ball and fire pits, a yoga and spin studio, a media lounge and more; in addition, Eisner said that there is also unrented ground-floor retail space that is being converted into live-work units.

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.

Las Vegas Seniors
Area Living , Development , Real Estate

Development on Affordable Housing Project for Las Vegas Seniors Begins, Reports Say

By Christopher Boyle March 2, 2022

LAS VEGAS, NV – Addressing concerns over cost-of-living increases in Southern Nevada in recent years, a developer has begun construction on an affordable housing project targeting Las Vegas senior citizens in the east section of the valley, a vulnerable population that is often neglected when it comes to housing options in their price range.

According to the Neighborhood Housing Services of Southern Nevada (NHSSN), ground was broken on “The Golden Rule Senior Apartments” on Eastern Avenue on Thursday of last week, which – once completed – will provide 60 rental units for very low-to-moderate-income seniors.

The National Low Income Housing Coalition has stated over the course of the last several years that the Las Vegas-Henderson-Paradise metropolitan area has offered the lowest amount of housing options for renters with limited means, with only 16 out of every 100 homes built catering to those in lower income brackets, reports say.

The Golden Rule apartment complex – located at 820 N. Eastern Avenue – is expected to be completed by February 2023, according to Clark County Commissioner William McCurdy, who said that Las Vegas needs to address the housing needs of its senior population.

“Too many of our seniors are struggling as rents and the cost of living in Las Vegas increase,” he said. “I’m very happy that we were able to contribute financially toward the completion of this project, which will house those with little income and provide needed social support for these residents.”

The project is being funded with $600,000 in Account for Affordable Housing Trust funds (AAHTF), $828,000 in National Housing Trust Funds from the State of Nevada (NHTF), $675,000 in the form of a permanent loan from Chase Bank, $1.9 million from the City of Las Vegas, and $12.3 million from private investor Boston Financial.

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.

Rent for One-Bedroom Apartment
Area Living , Market Updates , Rentals

Las Vegas Average Rent for One-Bedroom Apartment Hits $1,500 Per Month; Stokes Concerns Over Affordability

By Christopher Boyle February 21, 2022

LAS VEGAS, NV – Due to ever-increasing demand and a lack of inventory, the cost of apartments in the Las Vegas valley continues to climb, with the median monthly price of a one-bedroom unit hitting its highest level ever, a development that is continuing to stoke concerns over affordability among residents in the region.

Reports indicate that roughly half of the valley’s residents are renters, and the rapidly-increasing costs of doing so are starting to weigh heavily upon them; the monthly rent for a one-bedroom apartment currently ranges between $1,200 to $1,700, with the median price being $1,500. In stark contrast, that price just one year prior was approximately $1,100.

Experts say that month-to-month rent increases are going up at levels not seen before; part of that reason can be attributed to rising interest rates pricing some home buyers out of the market, resulting in them turning to rental units instead. This is resulting in more renters being on the market than is typical, and that demand is causing landlords to raise their asking prices to account for it.

In order to get a foot in the door amid the intense competition for apartments and rental properties, experts suggest that renters should make sure they have good credit scores – typically 650 or better is a good start – in addition to having a problem-free rental history. Salary is important as well, as landlords often look favorably upon those who are making at least three times the amount of their monthly rent in take-home pay.

In addition, conducting an apartment search throughout multiple zip codes – instead of simply sticking to one – and paying attention to large rental complexes that may offer move-in deals can often pay off. Mom-and-pop landlords can be a great way to find a rental as well, as they are often independent owners who are renting apartments in homes – or the entire home itself – and may prefer a tenant that is willing to assist in maintaining the property.

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.