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Category Archive : Area Living

Circa Resort

Las Vegas Circa Casino Slated to Open Earlier than Originally Forecast

LAS VEGAS, NV – According to recent reports, the 35-story Circa Resort and Casino, originally slated to open its doors for business in December of 2020, has announced that they could now be open as soon as October.

The first five floors of the tower are scheduled to open October 28, just prior to Halloween; this includes everything except for the hotel tower, which will open at a later date.

The early opening is a milestone that owner Derek Stevens – also owner of the Golden Gate and the D Las Vegas hotel-casinos – attributes to the skill and speed of developer McCarthy Building Companies and construction manager Tre Builders.

“It was really the creativity of McCarthy and Tre Builders to get the first five floors open earlier,” Stevens said. “It’s exciting. During this crazy year of 2020, it’s great to have this story that we’re opening early.”

The Circa, clocking in at 1.25-million-square-feet, is located in downtown Las Vegas at 18 Fremont Street. It will have 777 guest rooms, five restaurants, a two-level casino, and a nine-story parking garage dubbed “Garage Mahal.” Above the casino will be a rooftop deck and amphitheater with six swimming pools and a 125-foot screen.

In addition to a plethora of amenities for guests, the Circa will also boast the largest sportsbook in the country. A sportsbook is a place where a gambler can wager on various sports competitions, including golf, football, basketball, baseball, hockey, soccer, horse racing, greyhound racing, boxing, and mixed martial arts. The Circa was designed by architecture and design firm Steelman Partners. The hotel-casino, initially announced at the Downtown Las Vegas Events Center in January 2019, also holds the distinction of being the first downtown Vegas resort to be built from scratch – as opposed to the renovation or re-purposing of an existing structure – since 1975.

The Circa will employ 1,000 people when it opens. It is being constructed on the site of the former Las Vegas Club and Mermaids Casino, which were demolished in 2017.

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

Share Downtown

“shareDOWNTOWN” – Downtown Vegas Apartment Complex Due to Open Late June

LAS VEGAS, NV – Due to open in late June 2020, shareDOWNTOWN – a new apartment complex located in Las Vegas’ downtown area – offers small, affordable apartments conveniently located within a busy employment area to give workers a local place to live within easy walking distance of their jobs, according to reports.

The apartment complex, which is four stories in height, will feature 63 one-bedroom units that are 480 square-feet in size, with a projected rent ranging from $1,100 to $1,300 per month. Most units will offer either city or mountain views, reports say.

When the complex opens later this month, the first 16 units will be made available with a limited early move-in special discount; the remaining units will be made available soon afterwards.

The building features an interior, open-air courtyard available to all residents that includes a large shade tree, landscaping, and a shared BBQ. Communal lounge areas on each floor offer free Wi-Fi, workspaces, private conference rooms, flat-screen smart TV and a wireless printer/scanner.

A unique aspect of shareDOWNTOWN will be a focus on healthy and active activity for its tennants; rather than one centralized gym or fitness facility location on the premises, as is the norm of most apartment complexes, shareDOWNTOWN will offer calisthenic exercise stations on each and every floor, eschewing complex machinery and equipment in favor of an “urban style workout.” shareDOWNTOWN’s exercise rooms will primarily rely on body-weight exercise stations that will provide for a full-body workout, making use of movements such as dips, pull-ups, push-ups, and more.

The apartments will feature enhanced security, including key-less front door locks, key fob main entry, fully secured garage and remotely monitored cameras. Developer Sam Cherry broke ground on shareDOWNTOWN last summer, with the original open date being May 2020. Cherry has previously developed two Las Vegas condo towers prior to shareDOWNTOWN- the 16-story Soho Lofts, and the 22-story Newport Lofts.

Rendering photo credit: shareDOWNTOWNLV on Facebook.

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

Henderson Silver Knights

Henderson City Council Approves Design, Construction Company for New Hockey Arena, Despite Public Opposition

LAS VEGAS, NV – According to recent reports, the Henderson City Council has voted on hiring a company to design and build an arena to serve as the home for the Henderson Silver Knights minor league hockey team. The new arena, which was approved last month despite opposition from the public will replace the Henderson Pavilion at Green Valley and Paseo Verde parkways.

Following approximately two hours of public comments from people both in favor of and against the development, the Whiting-Turner Contracting Company was awarded the project, with only one Councilman – Dan Stewart – voting against it, and another – John Marz – not present at the meeting.

The new venue, which was listed on the meeting agenda as having a top price of $70 million, currently calls for a structure that houses 6,100 seats and an on-site parking lot containing 1,400 spaces. In addition to hosting home games for the Silver Knights, it will also be available for community events such as music, performing arts, and graduations.

The cost of the project is expected to be divvied up evenly between the City of Henderson and the Vegas Golden Knights, who are the owners of the Silver Knights.

Some members of the community have come out against the new venue, mainly as it related to the use of public money towards its construction. Some residents have attempted to collect enough signatures in order to include the project on the ballot in the upcoming November election season in an attempt to stop the city from funding their share of it. Other concerns involve the potential impact upon the surrounding neighborhoods that construction could have.

The existing pavilion is under 20 years old, and has reportedly suffered from numerous issues that would take extensive renovations to correct. Construction on the new venue is slated to begin in August 2020.

The photo used, in this article showing a sign of the Henderson Silver Knights taken June 17, 2020, is for editorial use only. It is credited to Chara Stagram and licensed through Shutterstock.com.

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

Vegas Turning Out To Be Popular Pick by “COVID Buyers” and Growing Work-At-Home Trend Being New Normal For Some

LAS VEGAS, NV – The Vegas luxury housing market stands to be impacted by the ongoing coronavirus pandemic… but just not in the way that you might initially expect. According to reports, the new work-at-home trend – born at first out of necessity due to governmental “stay at home” orders to help curb the spread of the virus – has morphed over time into an entirely new outlook on work environments in general.

With many companies realizing that members of their workforce could be just as productive while working from a home office, the idea of remote employment has given rise to the idea of simply living wherever you like in the country, as opposed to be tethered to the specific region your company is headquartered in. Known as “COVID buyers,” these people are seeking out their ideal homes in whatever part of the country they want to live in. This development was initially discussed in a report released this June by John Burns Real Estate Consulting, which stated:

“The shift to staying home has given many people the opportunity to work from wherever they want,” they said. “State-of-the-art technology will make an even bigger difference now, as people are looking to relocate out of expensive areas. Salt Lake City, Las Vegas, Boise, Portland and Phoenix are all experiencing surges in California buyers, some of whom have been greenlighted to work from home permanently.”

As mentioned in the report, when given a choice of anywhere in the country to live and work, Las Vegas is turning out to be one of the more popular areas to do so. And the choice among many newcomers to the region is clearly to go big- in May, 53 homes with a value of $1 million or higher closed, the second-highest total for any month in 2020 thus far. This trend is happening at the right time as well, given the fact that Las Vegas is in the midst of reopening its economy after being on lock-down since March due to the pandemic. Home sales in Vegas are already showing signs of recovery and prices have not only been maintained, but have actually managed to rise slightly, showing that the market has retained its value.

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

Convention Center

Elon Musk’s Boring Company May Extend Scope of Las Vegas People Mover Project to Nearby Resorts

LAS VEGAS, NV – According to reports, The Boring Co. – the tunneling company owned by Elon Musk – may be looking to extend the length and scope of the tunnel they are currently working on that will house an elaborate “people mover” train system at the Las Vegas Convention Center.

A people mover is a type of small scale automated guide-way transit – utilizing self-driving, all-electric Tesla vehicles – that would service the Las Vegas convention center, slated to be completed in time for the January 2021 Consumer Electronics Show. The vehicles have a capacity of 16 passengers and there is expected to be 62 vehicles in use at the time the people mover opens.

Initially, the people mover was only envisioned to serve for local transport; while many people movers transport passengers from airports, downtown districts or theme parks to other destinations, the convention center’s people mover was to be more limited in scope, solely dedicated to servicing event attendees.

However, as the project has progressed, The Boring Company is now noting that they are envisioning on extending the tunnel to the north end of the Las Vegas Strip to also serve Wynn Resorts’ Encore and Resorts World, as confirmed by Clark County Commissioner Tick Segerblom via a Twitter post.

Representatives for The Encore are currently negotiating with The Boring Company about the possibility of extending the tunnel for their use; a Wynn Resorts spokeswoman confirmed with the media that the land use file has been made and discussions on the project will continue at an upcoming Las Vegas Convention and Visitors Authority (LVCVA) meeting.

Resorts World has not issued a comment on the project as of yet.

The photo used, in this article, the Las Vegas Convention Center in Las Vegas, Nevada taken September 28, 2019, is for editorial use only. It is credited to JJava Designs and licensed through Shutterstock.com.

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

Family Sitting

Experts Predict How COVID-19 Pandemic Could Permanently Change Real Estate

LAS VEGAS, NV – Experts are currently weighing in on the Las Vegas real estate scene and the changes that are being forced upon it – both in the here-and-now as well as long-term – due to the ongoing coronavirus pandemic.

The housing market in Las Vegas has been bruised and battered by the pandemic as lawmakers have instituted a series of mandates to keep the population and non-essential businesses under lock-down in an effort to halt the spread of the disease, which has claimed over 100,000 lives in the United States so far (102k+ as of today). And while these efforts have proved to be helpful, the short-term impact upon the economy – with many businesses closed, tourism halted, and unemployment skyrocketing – has been brutal.

One of the most affected industries in the Southern Nevada region has been the previously-booming real estate market. Sales have dropped as families lose jobs and worry about their ability to purchase a home and lenders tighten mortgage requirements, but there are also potential long-term impacts that many experts note could change real estate for years to come.

For example, some experts are noting that the pandemic could reverse the current trend of living in densely-packed, city-based downtown areas – where residents are currently cooped-up in tiny apartments during the quarantine and social distancing difficult to maintain when venturing out – with a switch in preferences to the suburbs, which have more options for getting out and experiencing nature safely.

Also, a trend toward renting may be in the cards, as the financial hardships many people are currently enduring – combined with a weakened economy – may be taking the concept of home ownership out of the cards for the time being simply due to affordability concerns.

Another side-effect of the pandemic is that people are spending more time in their homes, with many also working from home; in doing so, many people are realizing that they actually may want a larger home to accommodate the extra time they are likely to be spending there for what could potentially be, the next year as we deal with the fallout of the coronavirus, including a potential flare-up and resurgence come this fall and winter.

For those with more financial cushioning, experts are predicting that more well-off Americans may actually choose to invest in a second home. During the pandemic, many people with second homes fled their primary residences to more comfortable and secluded abodes that they owned in places like the Hamptons or Poconos. With that example before their eyes, it’s possible that more people might set up a situation like that in case the coronavirus rears its ugly head once again soon.

And finally, the very nature of property sales will likely be changed going forward by the coronavirus. Real estate agents, in an effort to adapt to the crisis while still doing business, began offering “virtual” home tours, video walk-throughs, and a plethora of other services. In addition, the typical mountains of paperwork involved when it comes to closing a deal are in the process of being overhauled and streamlined where possible.

As you can see, the coronavirus pandemic – despite the fact that it’s current run appears to be nearly brought under control – will nonetheless have lasting effects upon the real estate industry, both in Las Vegas and nationwide.

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

The Raiders Are Coming Sign

Sale of Expensive Homes Adjacent to Las Vegas Raiders Headquarters, Practice Facility Doubled, Reports Say

LAS VEGAS, NV – The arrival of the Raiders NFL team to the Las Vegas region has sparked numerous aspects of the local economy, creating jobs and attracting businesses and even fans that have deemed it necessary to transplant themselves to the new city of their beloved team. But the latest news is that the team’s new Henderson-based headquarters and practice facility has had an interesting effect of essentially doubling the sales of nearby high-end homes during the first quarter of 2020, many in the $1 million range.

This has been dubbed in some real estate circles as “The Raider Effect.”

In addition of existing homes costing in the $1 million range in the area surrounding the Raiders’ Henderson headquarters jumping up to twice their normal levels so far this year, sales of residences in general – both new and existing, at all price points – have increased as well.

According to recent reports, 32 homes costing $1 million or more were sold in the first quarter of 2020, spread out among Seven Hills, Anthem Country Club, and Southern Highlands, all of which are situated within the corridor surrounding the Raiders’ $75 million headquarters. In contrast, that same region only saw 17 sales of such financial magnitude in the first quarter of 2019.

Obviously, not every home sale in the area is influenced by die-hard sports fans wanting to be in the vicinity of the NFL team’s new base of operations – opening in late 2020 – but it does reflect how much the Raiders’ headquarters has contributed to the overall growth of the Henderson region, leading to an increase of retail, jobs, and construction that has brought new residents from all walks of life seeking homes.

And of course, some of those homes were likely purchased by Raiders players themselves as they begin the process of uprooting themselves from their previous home of Oakland, California, where the team had previously been playing for the majority of its existence. The Raiders will be playing out of the newly-constructed Allegiant Stadium, scheduled to open in July 2020, although the currently ongoing coronavirus pandemic may cause potential delays to that plan.

Photo: Billboard on the Las Vegas Strip announcing that the Oakland Raiders NFL team are moving to Las Vegas in 2020. Photo credit: Steve Bruckmann, December, 2018, Shutterstock.com, licensed.

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

COVID-Keys

COVID-19 Pandemic Causes Las Vegas Home Sales to Drop Nearly 30 Percent

LAS VEGAS, NV – According to recent reports, the economic impact that the ongoing coronavirus pandemic is having upon the Las Vegas real estate market continues, causing a substantial drop in the number of homes sales from March to April and into early May.

Rampant job losses reported amongst mandated stay-at-home orders and non-essential business closures in order to contain the spread of the coronavirus has dried up Las Vegas’ main source of income – tourism – and as a result, the normally busy spring home selling season has experienced a major speed bump. In April 2020, 1,971 single-family homes were sold, representing a 28.5 percent drop from March. In addition, the number of homes put on the market to be sold in April – 2,516 – represented a drop of 30.2 percent from March.

The home building industry, which had been ramping up efforts in the past year in order to meet the previous high level of demand for housing prior to the pandemic, has also been feeling the pinch; the number of contracts signed by builders in April experienced a 56 percent drop from March, with only 459 signing on the dotted line.

Lenders have been doing their part to alleviate the issues causing the plunge in sales by attempting to lower borrowing costs for prospective homeowners; sliding mortgage rates have proved to be helpful, but nonetheless, numerous buyers are getting cold feet and many are still not biting due to fear over their immediate financial futures.

As for unemployment in Las Vegas, it is approximately 25 to 30 percent. However, perhaps there is a light at the end of the tunnel. Despite the drop in builders’ contract signings, cancellations have slightly decreased, and Nevada Governor Steve Sisolak has begun the first phase of jump-starting the state’s economy by allowing some businesses to re-open on a limited basis. These developments will have a corresponding effect upon the real estate market, but regardless it will still be a slow climb to return to the status quo – or – the new normal, whatever that is.

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

Couple Moving

Developer Notes that COVID-19 Could Provide Long-Term Benefits for Las Vegas Real Estate

LAS VEGAS, NV – While Las Vegas is feeling a variety of short-term negative impacts from the ongoing coronavirus pandemic currently hitting our nation, a prominent high-rise developer is noting that there could be long-term benefits, as eventually new business and residents seeking to economize could be driven to Southern Nevada from neighboring states. Strict stay-at-home orders and the closure of businesses deemed non-essential have brought the Las Vegas economy to a near-standstill and subsequently slowed the previously skyrocketing local real estate industry. However, Uri Vaknin, a partner at KRE Capital LLC, noted that while some high-profile deals have indeed gone awry amid the financial uncertainty brought about by the coronavirus outbreak, there nonetheless have been a few glimmers of hope as well that could lead to better things.

For instance, from March through early April, a number of expensive condo sales went under contract in downtown Las Vegas; Vaknin said that this is due to a number of residents and investors in neighboring states such as California – where the high cost of living is making the stay-at-home orders financially unfeasible – taking the plunge and finally moving to Southern Nevada, which has been lauded for it’s much more affordable lifestyle.

“Californians have historically made up a large percentage of our buyers for all the obvious reasons, including traffic congestion, quality of life, high taxes, pollution and unaffordable housing — all things for which the Golden State is known,” Vaknin said. “While COVID-19 is everywhere and can’t be escaped, a few of our buyers have mentioned their concern over being in lock-down in homes that are relatively unaffordable long-term and in areas with high taxes and other quality-of-life issues.”

This trend could continue as more economic refugees seek to flee the expense involved with living in California, as the overall financial impact of the coronavirus pandemic is likely to be felt nationwide for years to come. The fact that local economies will be impacted for such a potentially long period of time will likely encourage those who live in neighboring states to finally move in an attempt to live a more affordable lifestyle in nearby Las Vegas.

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

Aaron Ford

Nevada Attorney General Ford Announces $2 Million in Emergency Funding for Rental Assistance

CARSON CITY, NV – Yesterday, April 7, 2020, Nevada Attorney General Aaron D. Ford announced $2 million in settlement funding for emergency rental assistance transferred to United Way of Southern Nevada and United Way of Northern Nevada and the Sierra. This funding will go directly to Nevada families in need of emergency assistance. Additionally, the Attorney General’s Office created an informational flyer (below) on the Governor’s Directive halting evictions to help renters and landlords understand their rights.

“One of the most important things we can do as state leaders and as human beings is to keep Nevada families in their homes and prevent further suffering,” said AG Ford. “Every minute, another Nevada family calls my office for help so they won’t end up homeless. I am immensely proud that my office is able to prevent wrongful evictions, as well as provide emergency rental assistance funding to our trusted community partners at United Way.”

The funding is part of the previously announced settlement agreement with Wells Fargo. The transfer of the funding received approval from the Nevada State Legislature’s Interim Finance Committee Tuesday morning.

This document has been merged/modified for simple viewing. To download the original agenda letter click here. Link to Nevada Legislature website: www.leg.state.nv.us.

United Way of Southern Nevada and United Way of Northern Nevada and the Sierra are the state’s administering agencies for the Emergency Food and Shelter Program established by Congress in 1983. This additional funding from the Office of the Attorney General will supplement that program until the next set federal appropriation is released next fall. The funding will help thousands of Nevada families stay in stable housing and prevent a further crisis of homeless families in the state.

The Office of the Attorney General has received an unprecedented number of calls from constituents seeking help and information relating to eviction and rental issues. The attached informational flyer on the Governor’s Directive is intended to help renters and landlords understand their rights and obligations during the State of Emergency and answer frequently asked questions.

To download the original flyer click here. Flyer links: nvhealthresponse.nv.gov. Attorney General Website: http://ag.nv.gov

Editors Note: The appearance of Nevada Attorney General visual information does not imply or constitute Office of the Attorney General endorsement.

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

Eviction Notice Stock

Despite Nevada Governor Issuing Eviction Freeze, Some Landlords Continue to Lock Out Tenants

LAS VEGAS, NV – According to reports, despite a statewide moratorium issued by Nevada Governor Steve Sisolak against evictions during the state of emergency brought on by the ongoing coronavirus pandemic, some landlords have defied that decree and have locked out and/or evicted tenants who have been behind on their rent.

The eviction decree by Governor Sisolak applies to all renters in the state of Nevada, monthly or weekly, and applies while the state of emergency is still in effect. The moratorium had a mixed response, with some legal advocates supporting the move while others supported landlords and property managers, noting that they also have their own bills to pay throughout the crisis.

But despite the moratorium, reports indicate that some landlords are disregarding it and are continuing to issue eviction notices and, in some cases, outright lock tenants out of their residences, especially in cases of rent-by-the-week apartments and homes.

Nevada Legal Services report that they have received an elevated number of phone calls from tenants who are facing eviction despite the non-eviction decree from Governor Sisolak. Some are complaining that the exact nature of their rights in these circumstances have not been made clear as well.

“There’s just so many violations, you would think it were a movie” a representative of the Nevada Legal Services was quoted as saying. “You hear about these things and expect that everyone will just follow the rules, but there are illegal lockouts happening left and right.”

Violations reported by Nevada Legal Services allegedly include eviction notices still being served, landlords stacking plywood in their parking lots in order to board up apartments, and hired security guards harassing non-rent paying tenants. The Nevada state attorney general’s office notes that landlords and property managers who disobey the ongoing non-eviction rule could face legal action, including being sued for deceptive trade practices, although the office has stated that lawsuits are a last resort due to the financial strain that landlords state-wide are also going through.

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

Sphere Las Vegas

Coronavirus Pandemic Stops Development, Delays Opening of Las Vegas MSG Sphere

LAS VEGAS, NV – The MSG Sphere, a one-of-a-kind entertainment venue originally slated to open in 2021 on the famed Las Vegas Strip, has become the latest victim of the coronavirus pandemic sweeping the nation. According to reports, the pandemic has brought a halt to construction of the MSG Sphere and, as a result its opening has been delayed to a currently undetermined date in the future.

A $1.7 billion, 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, the Sphere – a joint venture of the Madison Square Garden Co. and Las Vegas Sands Corp. – is touted as a high-tech entertainment venue that will host musical performances and concerts, as well as potentially the occasional boxing or MMA contest.

Due to the outbreak, developers announced that they are suspending all work on the MSG Sphere, a process that will take approximately two weeks to implement. Issues cited include concerns over worker safety as well as disruptions to construction supplies due to fallout of the worldwide coronavirus pandemic. As a result, the 2021 opening of the Sphere will not be met, reports say.

Once completed, the interior of the Sphere will feature a 180,000-square-foot ceiling with massive video screens for attendees to watch, as well as floor-based bass speaker system to appeal to concert and club-goers on evenings when electronic dance music acts take the MSG Sphere stage, giving the venue a multi-genre and event capability.

But the real draw of the Sphere is the exterior, which will feature 36 miles of variable intensity LED lighting, 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.

A new projected completion date for the Sphere’s construction and opening has not been revealed yet, but MGS representatives have stated that they look forward to “quickly and efficiently resuming construction as soon as practicable.”

Las Vegas has allowed construction to continue during the pandemic – as long as workers abide by social distancing guidelines – deeming it as “essential” work; the temporary halt of work on the MSG Sphere project, nonetheless, is the second high-profile project in the city shelved during the pandemic, the second being the former Fontainebleau.

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