Category Archive : Area Living

LAS VEGAS, NV – In a year of never-ending real estate news, 2017 comes to a close with Las Vegas as the region of the United States with the fastest-climbing real estate market; today, let’s take a look back and evaluate some of the highlights – and, considering what a red-letter year it’s been for Nevada, that’s no small task – in anticipation of what is yet to come in 2018.

Raiders Stadium: The former Oakland Raiders will be transplanting themselves to Las Vegas in 2020, and to make them feel at home, in May they purchased a 63-acre plot of land located at Dean Martin Drive and Russell Road in order to construct a massive $2 billion stadium and practice facility – with $750 million of that amount coming from public funding sources – which officially broke ground in November. The project has been credited with increasing tourism interest in Las Vegas, as well as serving as a beacon to companies interested in setting-up shop in Southern Nevada due to the local economic benefits the famous NFL team is providing, even well before their arrival in two years.

World Market Center: Wall Street-based investment firm The Blackstone group made a particularly noteworthy acquisition in Las Vegas in 2017- the World Market Center, a nearly 5.5 million square-foot furniture showroom facility located on Grand Central Parkway at Bonneville Avenue. The purchase, the cost of which was not made public, was announced in September, which was the same time-frame as Blackstone’s procurement of International Market Centers, which owns furniture showrooms located in both Vegas and North Carolina. Blackstone has made several high-profile purchases of Las Vegas real estate in the last few years, including the Las Vegas Strip-based The Cosmopolitan, a 3,000-room hotel.

Fontainebleau: The infamous 60-story hotel, which has been standing overlooking the Strip in its partially-constructed state for years due to the iron grip of the mid-2000’s housing bubble burst upon Southern Nevada, has changed hands several times; in August, real estate investment firms Witkoff and New Valley made public a deal where they acquired the property from the previous owner, Billionaire Carl Icahn, for the sum of $600 million (Icahn had purchased during the depths of the recession for $150 million), with the hopes of finishing the facility for an as-of-yet unannounced purpose (although presumably it will take the form of a hotel of some sort), with the project currently carrying the temporary moniker “Project Blue” as new development efforts are set to commence in 2018.

Alon: The Alon site, a 38 acre expanse of land located on the Strip adjacent to the Fashion Show Shopping Mall, was purchased in December for $336 million by billionaire developer Steve Wynn, who has purchased several properties in the area in recent years – including the $1.5 billion Paradise Park hotel and resort – although it is currently unknown what his plans are for his newest acquisition, the sale of which will be finalized in the first quarter of 2018. At the moment, representatives for Wynn have merely stated that they are purchasing the Alon site and some of its adjacent property – which has changed ownership hands several times over the years, including in 2007 and 2014 – for “future development.”

Town Square: A large open-air retail and office complex located at Las Vegas Boulevard and Sunset Road, Town Square Las Vegas was sold in January to investment firms TIAA and Fairbourne Partners; price was not publicly disclosed, but according to reports the companies took out a $215.6 million mortgage in connection to the acquisition of the 100-acre property, which was seized via foreclosure by creditors in 2011. Retailers already in-place at Town Square include Apple, The Container Store, and Whole Foods Market, in addition to office tenants such as SolarCity.

 Looking for information on investment properties in the area? Give us a call at 702.376.7379 so we can answer any questions you may have.

NEVADA – Las Vegas has, for decades, has been considered the epicenter of lavish hotel accommodations and casinos emphasizing games of chance and potentially big payouts for lucky competitors. However, in the new era of Vegas, defined now by a steadily rising and recovering real estate market and skyrocketing economy propped up by renewed business interest in the region, some casinos are attempting to cash-in not as much on gamblers, but more on tourists in a more family-friendly version of Las Vegas which has risen from the mid-2000’s housing bubble.

For instance, the former Monte Carlo casino resort – now known as the Park MGM casino resort, located on the famed Vegas strip – is undergoing a large-scale renovation, with the stated goal being to transform the property from what many considered an out-of-date, middle of the road property, to a classy, sophisticated hotel with the trappings of higher-class casino games in a bid to attract a younger demographic. Glitz and glamour will be downplayed in favor of what the developers are referring to as a more “romantic” feel, with décor featuring the roots of trees growing out of ceilings, opulent crystal chandeliers, and priceless works of art by masters such as the famous Pablo Picasso.

Park MGM will still boast a whopping 2,700 rooms, but approximately 290 of those rooms – located on the topmost floors of the hotel – will be turned into NoMad Las Vegas, an upscale series of suites. Gone from the Park MGM are garishly patterned carpets, drapes and bright, pastel colors; in their place are subdued hues, such as reds and greens – and furnishings featuring more artsy character.

The reasoning behind the $450 million re-design, according to the developers, is that modern affluent youth are typically turned off aesthetics they may associate with kitsch or tackiness, and as a result a more cutting-edge, modern design aesthetic is being embraced by the Park to evolve with the times. In addition, younger people have demonstrated less interest in gambling activities and as a result, the Park will be including upgrades featuring more varied entertainment options to appeal to this group.

While gambling will be scaled back in some respects, it will remain as a central attraction to retain the resort’s current, core audience, mostly made up of an older demographic; however, one notable omission from the premises once the facility re-opens after completion of the renovation are slot machines, AKA one-armed bandits.

Park MGM follows in the footsteps of several other high-profile casinos on the strip who have experienced faltering business but have seen a resurgence after successfully renovating and re-branding themselves to accommodate changing times and tastes. The Park MGM will, upon re-opening – have 90 percent of the renovated rooms expected to be open for rental starting in January of 2018. Park will offer rooms starting at $88 a night to lure in younger customers, and the company is counting on the property’s central location on the Las Vegas strip making it a powerful draw for tourists of all ages going forward.

Need real estate assistance in the fast-evolving Vegas market? Thinking of relocating here? Maybe just visiting and poking around? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – California is known for a great many things- it’s the epicenter of the nation’s entertainment industry, home to countless movie stars, a leader in environmental causes, technology, and much more. However, unfortunately, once you peer beneath the star-studded veneer and look upon the working class in the so-called “Golden State,” you’ll see a population who is struggling to make ends meet and who are looking for a better way of life.

Many Californians are turning to Las Vegas for the opportunities they feel are being denied to them at home in a bid to finally achieve success.

The high cost of living in California has resulted in a great deal of hardship for the middle-class – with many people finding it necessary to move back in with their parents just to make ends meet – and like in many other areas of the country, people are finding it harder and harder despite working 40+ hours a week with many of them fleeing what they see as a sinking ship. An example- Michael J. Van Essen, a retiree from Silver Lake, California finally got tired of paying $1,160 for a single-bedroom apartment and decided to pick up and move out of state, where he found he could get much more for less.

One region in particular where they’re fleeing to is – you guessed it – Las Vegas, Nevada, where the recent economic and housing boom, revitalizing the area after over a decade of dormancy, has painted it as a very attractive destination for those looking to begin their lives anew for a number of quite valid reasons. For one, it’s situated close to California, so the cost and hassle of moving a lifetime of belongings is minimal when compared to heading elsewhere in the county. Also, due to the spike in the economy in Vegas in the last few years, it’s become a bona-fide hotbed of job and career activity, with numerous businesses, companies, and high-profile major league sports teams are transplanting themselves here; the job market in Southern Nevada is also growing by leaps and bounds with no signs of slowing down, so for now, it seems, obvious it is becoming a magnet for hopefuls looking for a new start.

Additionally, the cost of living is far more manageable in Las Vegas then California; for example, the median home value is currently $512,800, with values having gone up 7.1% over the past year. In contrast, there are many single-family homes on the market in Vegas in the range of $200,000 to $300,000, which is obviously far more manageable amount for working class people on a budget. Incidentals, such as taxes and such, are more reasonable as well when compared to life on the far-west coast of the U.S.

Therefore, if you’re a California resident – or are living in a similarly difficult economic climate elsewhere in the nation – Las Vegas is certainly worth your consideration when it comes to achieving a healthier work-life balance including the goal of home ownership (without working yourself to death while doing so).

Thinking of relocating to Las Vegas from a higher cost of living region? Let us help you plan your relocation. Our experienced agents are here to help you with your Southern Nevada relocation efforts including neighborhood statistics, schools, educational information, etc. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – With the local economy on the rise and new businesses are arriving in the area, Las Vegas is on the verge of its greatest all-time comebacks. But the famous city and its surrounding areas are still struggling in one area- attracting the next generation of young business leaders and workers, and to that end, local officials are eyeing several different projects they hope will appeal to Millennials, a relatively unique section of society with different motivations for success than most.

Millennials are the demographic cohort following Generation X; those born in the early 1980s throughout the mid-1990s to early 2000s, and they are typically known for their savvy with technology and social media and a high degree of ambivalence about material success, preferring a more stable work-life balance and a fulfilling social life as opposed to grinding away for hours behind a desk. As such, Las Vegas is seen by many as the city of excesses; it would only be natural that this would not be the average Millennials’ first choice to live. However – owing in part to their love of posting exciting activities on social media platforms such as Instagram – Southern Nevada developers are starting to invest in amenities they hope will draw in this coveted generation, including a zip line across the Las Vegas strip from Caesars Palace and an e-sports arena at the Luxor, both currently under development and slated for use in 2018.

In addition, a construction project at a Lake Mead National Recreation Area campground is set soon, which will result in approximately $3 million in improvements to the popular Boulder Beach Campground, including restorations and repairs to at least 73 campsites, roads, and sanitation and potable water refill stations. In addition, structures to provide shade during hot summer months will be added as well, providing an environment sure to attract Millennials, many of whom are big fans of outdoor activities when on free time.

Additionally, sporting events are always a great way to attract the younger generation, and in addition to the much-publicized start of construction on the incoming Las Vegas Raiders NFL team’s eponymous stadium, due to open in 2020, local officials recently gave the green light to another sporting complex- the Las Vegas Ballpark, set to be built in Downtown Summerlin. The proposed 10,000-seat baseball stadium will be the new home of Las Vegas 51s Triple-A minor league baseball team, with the initial groundbreaking set to be held in early 2018. The developers have laid out what they refer to as an “aggressive” development schedule, and anticipate the stadium being open in time for the 2019 season. Again, offering more in the way of exciting entertainment options for residents is seen by officials as a way to attract younger people to Nevada, something access to quality sporting entertainment often results in.

A region with a rapidly growing economy and a very competitive real estate and job market needs young people to fill their ranks more than anything, and recent developments in Las Vegas have made it clear that businesses and officials are doing what they can to entice Millennials to take a chance on all that Las Vegas has to offer.

Thinking of relocating to Las Vegas? Maybe investing? If you need real estate information on the fast-evolving Las Vegas market, please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – After the housing bubble in Las Vegas during the mid-2000’s there hasn’t been much of a need for construction workers, as numerous houses and properties – purchased by unlucky investors looking to turn a fast buck – found them sitting unused for the better part of a decade or more as the demand for homes seemingly dried up overnight. Fast-forward to 2017, and the rapidly growing and recovering economy of the Southern Nevada region is not only gobbling up those formally vacant dwellings and vacant lots, but demand is now such that the most sought-after employees in the state are not accountants or engineers, but – you guessed it – construction workers.

The numerous construction projects on the drawing board in Las Vegas have resulted in delays as companies far and wide have found themselves short on workers they need. Currently, demand for affordable housing and apartments in Vegas has resulted in a shortage of selection and skyrocketing prices, and companies have been working overtime to erect new dwellings in an attempt to keep up with demand and to help slowly draw those prices down to a more manageable level.

With work currently progressing on the $1.9 billion Las Vegas Raiders stadium, and an estimated $15 billion of construction projects already slated for the next decade, experts say that up to 10,000 workers are currently needed in order to get these projects up and running. In addition to housing, entertainment, retail, and other building projects have sprung up in recent months, including work on a 14-screen movie theater in North Las Vegas that represents a revitalization attempt of the beleaguered area’s economically-downtrodden downtown district.

In addition, construction in Southern Nevada may get an additional shot in the arm thanks to the innovation of two local businessmen; currently, a high amount of materials for house and building construction needs to be delivered into the region from other states or even other countries, but Father and son Barry and Jordan Yost are investing in a new company – Precision Tube Laser LLC – that may change all of that.

Currently, parts for heavy industrial power generating items such as solar towers and pressure vessels are typically constructed and imported from the Southern United States or Asia; however, with the help of state tax abatement in the amount of $89,000, Precision Tube Laser LLC is the new, proud owner of a $1.2 million laser tube cutting machine – the TruLaser Tube 5000 – that is capable of cutting tubing and other materials into shapes with a precision that standard hand-held, propane-based cutting torches are unable to approach. Without the wait and cost of having to order materials from factories hundreds or even thousands of miles away, construction projects in the Las Vegas area can get a head-start on projects that otherwise might be stuck in the mire until expensive imported parts finally arrive.

The arrival of companies such as Precision Tube Laser LLC into the local construction scene are likely to herald more such innovation in the region once their need is proven; it’s likely that other needs relevant to the Vegas construction community that are served via out-of-state sources will eventually be served in-house as well, leading to an even larger boost to local real estate, and in turn, the need for yet more construction workers. Industry analysts are encouraging those looking for work in Nevada to get the training needed to get involved, as the majority of positions needed in construction tend to pay well, and are expected to provide regular work well into the future as Las Vegas continues on its journey back to prosperity.

Need real estate information on the fast-evolving Las Vegas market? Thinking of relocating here? Maybe investing? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – When a previously-downtrodden region is experiencing a serious upturn in terms of real estate demand and subsequent value, it’s only natural that investment dollars will begin to flow like finely-aged wine into such an opportunity; thus is the case with Southern Nevada, which is boasting a massive growth spurt over the course of the year after the mid-2000’s burst of the housing bubble laid waste to the local real estate market for nearly a decade.

With demand for housing and rental units skyrocketing and supply unable to currently keep up with demand, combined with a growing economy in the form of new businesses and jobs popping up in the region, Las Vegas is fast becoming the best bet for investment opportunities in the United States, and money-men are indeed sitting up and taking notice.

According to recent reports, The Blackstone Group – a name that should be familiar to anyone residing in the area (as the New York-based firm has been very active on the local real estate scene for some time now), recently purchased the southwest valley’s Elysian West apartment complex for the sum of $106.5 million, representing one of the highest prices ever paid for such a property in Las Vegas. The 466-unit complex cost Blackstone approximately twice the market average, according to reports, but given the fact that it occupancy level was nearly full – it was 96 percent at the time of its sale – and the cutthroat rental market in Southern Nevada forcing prospective tenants to be willing to pay more than usual for an apartment, the move was seen as a nonetheless very sound investment.

But during the same period of time – early August, 2017 – two other investment groups threw their hats into the Vegas housing ring with noteworthy purchases as well; DiNapoli Capital Partners of California acquired Palms at Peccole Ranch, a 404-unit apartment complex located on Charleston Boulevard, for $62 million. Again, as a distinct sign of the times, Palms at Peccole Ranch was 95 percent occupied at the time of its sale, and – as with Blackstone’s purchase – DiNapoli paid over the market average for their acquisition. But again, with local families, individuals, and new transplants to the area fighting over table scraps in terms of real estate, the investment by DiNapoli again can be seen as quite sound in the long run. And not to be outdone, another New York-based investment firm – Abacus Capital Group – paid out $24 million for Sterling Court, a 237-unit apartment complex in Clark County.

However, it’s not just rental space that’s in high demand in Las Vegas – the many businesses that are moving into the area due to the booming economy are obviously looking for space to operate in as well. In addition to the housing and rental markets, demand has been rising for industrial space in the region, especially smaller start-ups that are looking to set up shop and begin the process of growth by establishing roots in the community and hiring local prospects as they increase in scope. As a result, many owners of real estate in industrial areas are rapidly setting out to refurbish their properties to accommodate these companies; for example, Harsch Investment Properties is currently transforming 17,000 square foot property they own into several smaller units approximately 2,000 square feet in size, with the division intended to attract start-ups looking to begin small and work their way up.

As you can see, the rapid real estate and corresponding economic growth experienced by the Las Vegas region is creating a circle of growth; housing and rental demand and prices are growing, attracting businesses and investors that, in turn, create yet more demand, and so on. The bottom line is, of course, if you have money to invest, Las Vegas appears to be a great place to do it.

Need real estate information on the fast-evolving Las Vegas market? Free residential market appraisal? Property management assistance for investment homes in the area? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Developers Ramp Up New Home Construction to Meet Growing Demand in Southern Nevada Region

LAS VEGAS, NV – With Las Vegas real estate seemingly outdoing itself at every turn brokers and developers have been struggling to keep up with mounting demand for homes and rental units as more and more families, entities, and corporations literally pour money and resources into the Southern Nevada region.

According to recent mid-year reports, new homes sales in Las Vegas are at their highest level since 2008; in Clark County in June of this year, developers closed on 832 sales of new homes, which brings the total for the up to 4,267. This represents an increase up 22.4 percent over the same period in 2016. In addition, the median price of homes closed on in June was approximately $339,603, which represents an increase of 3.7 percent from the year before.

In addition, the sheer number of new home construction permits pulled in June was an impressive jump not only from 2016, but for the last decade as well, as permits for 1,035 new homes were pulled by developers, the highest amount since July of 2008. Given this number, builders seem more than likely to achieve an impressive goal once the year is out; Clark County, but the time 2017 comes to an end, stands to have over 9,000 new homes within its limits, a situation that impatient potential homeowners are itching to be made into a reality.

Clearly, the efforts of developers and builders has been redoubled since last year as new home construction levels are up a staggering 20 percent in the first half of 2016. And while those numbers may seem truly impressive – and they are, especially considering the massive dry spell the Southern Nevada region has been through since the housing bubble burst – those numbers are still shy of the sheer magnitude of development Las Vegas saw in the years leading up to the real estate crisis in the mid-2000’s, where the first six months of 2006 saw an astonishing 18,800 homes constructed. Of course, many of those homes went on to sit and essentially do nothing as the real estate market plunged into a stupor, the result of the mass recession that held much of the country in its icy grip.

However, as things have slowly improved, homes began to sell once again; soon, even a genuine surplus became not enough as businesses, jobs, and money began flowing back into Vegas, and soon demand was pushing development back into overdrive once again.

Soon, if things continue to progress as they have recently, we may indeed see construction levels as they were back in the early-to-mid 2000’s, bolstered by a growing economy and job market – with entities such as Amazon, the soon-to-be Las Vegas Raiders NFL football team, and more moving into the region.

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.

A Japanese client said:

“There are some reports and information warning of another major earthquake, I want to get out of Japan”.

People in so many cities and towns are troubled by the risks of natural disasters.  Las Vegas has been spared from major natural disasters of the kind this client is worried about, such as earthquakes, hurricanes, tornadoes or tsunamis.

Most of days are sunny, and we can enjoy the sheer beauty of colorful sunrises and sunsets and picturesque desert views each day.

Grand Circle Tours which visit great national parks, such as Grand Canyon, Monument Valley, Bryce Canyon, Arches,and Zion leave from Las Vegas and come back to Las Vegas. The popular town of Sedona is 5 hours away.

It’s no fun for many people, if you’re in a rural area and there isn’t much to do, but Las Vegas offers world class shows and restaurants, a line up of all the brand boutiques and many signature golf courses. You can play tennis and racket ball free without any reservations. Play poker all day and night, nobody will complain, you can even get a chance to be a millionaire.

That’s why, Las Vegas is one of the most popular retirement destinations, but not only retirees, it is possible to work on the Internet away from the office for months at a time. It’s not unusual for a day-trader to be making buy-orders beside the pool in his backyard facing a golf course.

Such luxurious life style can be realized here in Las Vegas at a very reasonable price.

After the bubble burst, the overreacted market resulted in many Las Vegas properties in being highly undervalued some economists say, now ordinary people who are out of state or overseas can acquire second homes here. It is also possible to purchase a second home with friends who have similar tastes in their life style.

The world is an exciting place, why not break out of the ordinary?

Las Vegas – Paul Murad, a Las Vegas community leader with international-business experience, officially declared his candidacy in the Democratic primary for the office of Lieutenant Governor on March 9th, 2010 at 10:00 a.m. at the Secretary of State’s Office.

Murad, a small business owner, brings with his candidacy in the Democratic primary race experience in business development for multinational corporations as well as leadership in local civic organizations. His background provides him with exceptional perspective to create economic opportunity in the state.

“The job of the Lieutenant Governor is to be the ambassador for Nevada,” says Murad, who speaks three languages. “I will aggressively promote Nevada throughout the U.S. and internationally, bringing new businesses and jobs to our state, and attracting capital and investments to diversify our state’s economic base.”

To set the stage for Nevada’s recovery, Murad is focused on economic development, expanding tourism and green jobs. His strategy begins with his 50-50 Plan, in which he will reach out to both the 50 largest domestic and the 50 largest global companies to draw them into Nevada. Murad states, “I will begin talking with companies that are routinely looking for locations to house their corporate headquarters, create manufacturing plants, or expand their distribution and warehouse space.”

Murad grew up in the Soviet Union, living in a one-room apartment with his mother after his father died when he was five years old. Due to the oppressive political regime and lack of opportunities, Murad dreamed of coming to America. As a teenager he came to the United States alone with nothing more than a few hundred dollars in his pocket. Since then Murad has run his own company, taken on leadership positions with local civic organizations and is truly living the American Dream. His mother, now also an American citizen, will accompany him to the Secretary of State’s office in Las Vegas to watch him file his declaration of candidacy.

Paul Murad was endorsed late last week by the group Hispanics in Politics, an endorsement that was posted in the Spanish-speaking newspaper El Mundo.

The 18th annual Las Vegas Bowl sponsored by MAACO  pits No. 15 BYU against No. 16 Oregon State.  For the fifth straight year all the tickets have been sold out.  Fans can still contact BYU and Oregon State ticket offices for seats to the game.  The game will be played on December 22nd and a crowd of 40,000 is expected.  The game kicks off at 5 pm and will be televised nationally on ESPN. Read More

British Airways announced they will be adding a daily direct flight to Las Vegas from London starting in October, just in time for the opening of Project City Center.  This is great news for Las Vegas as visitor count over the last year has dropped and any opportunity for Las Vegas to add more flights to McCarran International Airport is another opportunity to bring in more tourists. According to British Airways, round trip fares will start at about $460, plus fees and taxes.

With many Americans staying closer to home because of the recession, it’s important that Las Vegas keeps doing a great job of tapping into the International Markets.

Buyers Beware! The disturbing trend of low ball listings in Las Vegas!

A disturbing practice I am seeing more and more of lately is the low ball listing of Las Vegas short sale/foreclosed properties. A low ball listing is a listing that is priced, by the Listing Agent, SUBSTANCIALLY below what a common sense comparative market analysis says the property is really worth.

I have spoke to many Las Vegas Listing Agents and asked them why they priced their listings so artificially low. They tell me they were not getting any offers at a higher (more realistic) price. OK, I understand that logic but are they really helping to sell the listing any faster with an unrealistic price.

I would argue that low balling the listing doesn’t help sell the property any quicker and in fact hurts the chances of a sale for the following reasons:

1. Buyer expectations – The Buyer sees the artificially low price and thinks they can get the house for that amount. Even after it is explained that the Seller’s Bank has the final say on what they will or will not accept, this is a difficult psychological hurdle to latter overcome.

 

2. Wasted Time – So the low offer is in and the waiting begins. Banks are not known for quick decisions and several weeks could go by before they respond to the offer. During this time the Listing Agent is required to place the property as Contingent in the Multiple Listing Service (MLS). This could lessen the chance of the property being shown since other potential Buyers could see the property as possibly being sold already. It is also against Nevada law for the Listing Agent to submit other offers while the first offer is pending review by the Bank. Many times the offer will come back from the bank 10% or more higher than what the Listing Agent had it listed for. This tends to anger the Buyer and often causes a complete breakdown of negotiations.

The best way to mitigate against this practice is to educate the Buyer in advance. Las Vegas Buyer’s Agents need to prepare their clients for the possibility of a counter offer above the listing price. If the comparative market analysis shows that the property is worth more than the asking price, share this with your client, it might be what saves the deal in the end.