LAS VEGAS, NV – The Las Vegas rental market – just like any other aspect of the real estate market in Southern Nevada these days – is still experiencing record degrees of growth, with prices that are rising at levels not seen in well over a decade. Rental prices, while showing signs of slowing down and stabilizing in recent months, are nonetheless approaching amounts that rival the boom period of Las Vegas real estate seen just prior to the mid-2000’s burst of the housing bubble.

But obviously – as all things are not created equal – some areas of Las Vegas are commanding higher rental fees than others. But while rental fees continue to rise, a new study reveals that not all things are created equal, as obviously there are some areas of Las Vegas that are just plain more expensive to rent in than others. The study broke things down by individual zip codes, noting which ones were pricier than their neighboring peers. 

The study analyzed 4,400 zip codes in over 130 markets, and based on that established national, regional, and state rankings for rental costs. In Nevada, the Las Vegas Valley – zip code 89123 – is the most expensive area in the state to rent, with the 2019 average price coming in at $1,789 per month; this amount represents an increase of 6.6 percent from 2018.

In second and third most expensive the study indicated a tie; zip codes 89521 (Northern Nevada) and 89436 (Reno) average about $1,685 a month. In fourth place comes Henderson – zip code 89012 – with the average rent amounting to $1,541; a jump of 7.7 percent from last year, the study notes. And finally, in fifth place, Clark County zip code 89141 has an average rental cost of approximately $1,523 a month.

However, it should be pointed out that overall, the cost of living in Las Vegas is still well below the national average, especially when compared to neighboring states such as California, where the rent in zip code 90024 – Los Angeles – will set you back a cool $4,944 a month (up 4.1 percent from 2018).  However, the most expensive zip code in the United States to rent in currently is Manhattan, NY (10282), where the average rent comes in at a whopping $6,211, a 12.4 percent year-over-year increase.

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

LAS VEGAS, NV – In the mid-2000’s Las Vegas housing market, prices reached their peak; in June of 2006, the median sales price of a single-family home hit an all-time high of $315,000, right before the recession hit and rendered the Southern Nevada market nearly inert for almost a decade.

Fast-forward to 2019, and real estate in Las Vegas has finally experienced something of a boom period once again. With the recovery of the economy and the influx of money and jobs into the region, experts began to notice the skyrocketing growth in the housing market. Inventory was scarce and prices were rising, but did they stand a chance of hitting the highs seen before the housing bubble burst? Some were skeptical, but none denied the record-setting growth.

But it appears to be happening, experts say; in September 2019, the median sales price of a single-family home hit $310,000. Closing the gap significantly between what is and what once was. Clearly, home prices – while their growth has finally started to slow recently – are on the cusp of reaching, and perhaps even surpassing, their previous mid-2000 levels.
However, experts say not to read too much into that milestone, as when taking inflation into consideration, the gap is not quite what it once was thought. Inflation means that, in 2019 currency, that peak 2006 home price of $315,000 would actually equate to 398,300. Also, while things have improved overall, they have yet to reach the point where lenders were practically giving loans away; from banks to developers, everyone touched by the real estate industry is playing it a little more safely these days, based on how badly they were burned last time around.

So while the symbolism of the new 2019 peak is a great way to bid farewell to the hardships that the recession forced upon Las Vegas – and indeed, the rest of the nation – it still indicates that there’s room for improvement, and illustrates just how bad things got when they were at their worst. But it also shows how far Vegas has come, and how far it’s still more than capable of going in the future.

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

LAS VEGAS, NV – The Palms Casino Resort has announced that they will be constructing an elaborate climate-controlled dome over one of their outdoor pool areas in order to provide a venue for year-round outdoor partying – known as “day-clubbing” – for their many guests, reports say.

Known as the “KAOS Dome,” the Palms Casino Resort will be building a frame and transparent panels around one of their swimming pools and its surrounding cabanas; the venue will be tied into the resort’s KAOS Dayclub and Nightclub venue by both name and design aesthetic, according to recent announcements. The structure is slated to be approximately 70 feet in height and will be built around a 60-foot tall sculpture by artist Damien Hirst entitled “Demon wit Bowl.”

Palms Casino Resort – owned by Station Casinos – is located near the Las Vegas Strip, has 703 rooms and suites, and contains 95,000 square-foot casino, recording studio, Michelin-starred restaurant and 2,500-seat concert theater. The resort’s Fantasy Tower is also home to several nightlife venues including Moon Nightclub and The View. The tower holds what are known as the Sky Villas and Fantasy Suites, which are some of the most expensive hotel suites in the world. The two-story Sky Villa on the top floor, billed at US $40,000 per night, is listed at number 5 on the World’s 15 Most Expensive Hotels, according to reports.

The pool area that will be converted into the KAOS Dome will be closed on September 15 to accommodate construction and remodeling efforts, and is slated to re-open by October 31 – Halloween – for a celebratory “Demon Dome” party, as which rapper Cardi B is expected to entertain attendees.

The Palms Casino Resort first broke ground in July 2000; construction was completed on September 26, 2001, and the resort opened for business on November 15, 2001. In May 2016, Station Casinos purchased the Palms from the Maloof family – the original owners – for $312.5 million.

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

LAS VEGAS, NV – The downtown Las Vegas skyline as of late is littered with numerous cranes and other pieces of construction equipment, giving visitors plenty to look at as the area undergoes a serious period of development not seen in decades.

Nearly 60% of Las Vegas visitors stop by downtown, and most of those do so because of Fremont Street Experience. Our crown jewel is the massive Viva Vision canopy featuring free light shows nightly.

One of the most noticeable construction projects in the region is the Circa Resort & Casino, situated at the corner of Main Street and the Fremont Street Experience. Upon completion, the Circa will have 777 guest rooms, five restaurants, a two-level casino, one of the largest sports books in Las Vegas, 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. It is expected to open in December 2020.

Also under development in the downtown area is the third tower of the Downtown Grand Hotel & Casino, a seven-floor, 495-room expansion scheduled for completion by the middle of next year. Located at 3rd Street and East Ogden Avenue, the Downtown Grand currently has two hotel towers- an 18-story Casino Tower built in 1985 with 295 rooms, and a 25-story Grand Tower with 334 rooms. The East Tower is connected to the ground level casino. The completion of the third tower will boost the overall number of rooms in the Downtown Grand to 1,124.

And yet another construction project with high-visibility in the Las Vegas downtown area is the ongoing renovation of Viva Vision, a LED display “canopy” that runs along the Fremont Street Experience promenade from Main Street to Fourth Street. 

Currently, Viva Vision is the world’s current largest video screen. Originally, nearly 2.1 million incandescent lights were housed in the canopy. With the completion of the $17 million upgrade, more than 12 million LED lamps will illuminate the overhead canopy. The new LED upgrade was designed and engineered by LG Electronics, who is also the primary corporate sponsor of the canopy. Within the canopy itself are 220 speakers powered by 550,000 watts of amplification. Light and sound shows are presented nightly beginning at dusk on the Viva Vision video screen.

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

LAS VEGAS, NV – According to reports, despite the fact that rental prices for apartments in the Las Vegas area have increased over the past 12 months more than any other major U.S. metropolitan area in the United States, the market is nonetheless still considered by experts as remaining quite healthy and affordable, especially compared to neighboring states such as California.

In a recently-released Zillow report, the median rent in Las Vegas for all property types was $1,435, which represents a 10 percent jump from the same period one year prior. However, local realtors are disputing this figure, noting that the median rental price is more around $1,100; this price is made possible by the fact that developers have been working long and hard over the past year to construct more apartments and condos to satisfy the rapidly-growing demand for affordable housing options in Vegas.

However, reports note, developers have not quite met housing demands as of yet; Clark County occupancy is currently at 95 percent, which is considered the hallmark of a healthy rental market, and further stability of the market would be ensured if more building was completed.

Experts say that Las Vegas’ prices are still considered a bargain, especially when compared to regions where rental prices have increased to points where the cost of living has become prohibitive, such as Seattle, Washington or California’s Bay Area.

Recognizing Las Vegas’ need to expand its rental options in order to further lower prices, developers have been hiring in droves in order to bolster their workforces; experts note that apartments can’t be built fast enough, and that the market has yet to completely recover from the lack of construction activity that took place in Vegas during the recession, a time when numerous projects where either abandoned or outright cancelled. 

Another factor that real estate experts say will be affecting the market in the near future is the impact that professional sports will have upon rentals in Las Vegas; once the Las Vegas Raiders NFL Football team begins hosting home games in the city at the start of their 2020 season, demand for rental units – which are typically cheaper than renting hotel suites for ten or more games per year – will likely increase even more as fans of the team flood the city on a regular basis.

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

LAS VEGAS, NV – According to reports, the cost of the upcoming and in-progress Las Vegas Stadium – future home of the Las Vegas Raiders National Football League’s (NFL) team come 2020 – has risen beyond previously stated points, with an extra $40 million added to the price tag as the project hits its mid-point. Currently, the new price tag comes in at $1.9 billion, reports say.

$750 million of the project’s cost is coming from taxpayer funds. The additional money is said to be going towards new additions to the project, including 20 additional suites and a club area situated at the stadium’s north end. Approximately $1 billion has been spent on construction and design work thus far; the stadium is expected to be completed on-time for the start of the Raiders’ 2020 season, at which point the famed NFL team will have transplanted themselves from their current home in Oakland, California.

The Raiders broke ground on the 65,000-seat stadium on Nov. 13, located on a 63-acre plot of land situated between Russell Road and Hacienda Avenue, west of Interstate 15. 

The next phase of construction involves completing the mounting of the stadium’s 26 canopy trusses – three currently remain to be installed – as well as installing the intricate cable steel roofing system, which will support the massive transparent roof that is set to be installed near the end of the project.

In addition, sports and live entertainment venue company AEG Facilities has been hired to run the stadium; in addition to professional and college football games (the University of Nevada – Las Vegas football team will share the stadium with the Raiders), AEG will also schedule other events, such as concerts, Mixed Martial Arts, and more. The company will also be in charge of hiring and training staff for the facility, and running all aspects of its day-to-day operations.

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

LAS VEGAS – After a record amount of time for rampant appreciation in value, Las Vegas home prices have begun to stabilize is as of late, with overall growth slowing in response to current market conditions. The same cannot be said, however, for the rates of Las Vegas rental properties, as prices continue to increase in response to overall demand, according to reports.

Las Vegas home resale prices have decelerated by 11 percent when compared to the same time one year ago; currently, the median sales price for a single-family home is approximately $300,000, and has held at this level for several months now. As a result of this, home appraisals are being affected due to the fact that home prices are no longer skyrocketing as they were late last year; some homes are coming in valued less than their owners currently would like, according to reports.

However, while home prices have apparently hit a plateau for the time being, the rates for rental properties, in contrast, continue to rise in the Las Vegas area. A recent report released last week noted that Las Vegas has one of the fastest-rising levels of rent prices in the United States. The average monthly rent for homes in Las Vegas was approximately $1,465 in the first quarter of 2019, which represents a near 6.8 percent increase from the same period in 2018. In addition, the average monthly rent for a one-bedroom apartment was $1,025, which represents an increase of over 7 percent from the same time last year.

While home buyers are beginning to find the stabilizing prices in Las Vegas to be a boon – prices have been rising steadily in the market since it recovered from the national recession in 2012 – those looking to rent are reportedly having a more difficult time finding affordable places to live. Likewise, rental units are in such demand that they are often snapped up as quickly as they are shown by realtors, presenting a problem even for those who are fully able to afford the current asking price.

More than likely, rental prices will eventually stabilize as well, especially in light of news that developers have been increasing work on constructing new apartment complexes in Las Vegas. As always, demand sets the price, and as more units go on the market, rental prices should stabilize.

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

LAS VEGAS – You may have seen it on any number of television home improvement shows- the current hot trend of “tiny homes” that is sweeping the nation. Typically consisting of a house that is anywhere from 300-600 square feet large – or even smaller.

The allure of owning a tiny home in today’s often expensive housing market is that it encourages people to do without many of the perceived luxuries of living in a larger dwelling. This includes a reliance on possessions in favor of a more stripped-down, simpler existence where only your bare necessities are provided for. Some people do this out of sheer financial necessity, while others simply desire a simpler way of life. But either way, one region of the country where this trend of tiny homes is growing the most in recent months is in Las Vegas, Nevada, an area in the middle of a large economic and real estate boom that is seen housing prices – while still quite affordable compared to some other areas of the country – experiencing a record-setting rise in the past few years.

The tiny house movement is an architectural and social movement that advocates living simply in small homes. As of 2019 there is no set definition as to what exactly constitutes a tiny house; however, a residential structure under 600 to 300 square feet is generally considered a tiny home, and some people have even managed to live in dwellings 160 feet and smaller. In contrast, the current average size of a new single-family home is approximately 2,662 square feet.

With the national recession hitting in the mid-2000’s, the tiny house movement attracted more attention as it offered affordable, ecologically friendly housing options. Overall, however, it currently represents a very small part of real estate transactions nationwide, with only 1 percent of home buyers acquiring houses of 1,000 square feet or less. Tiny houses typically cost about $20,000 to $50,000 to construct, and have received a large amount of media coverage in recent years, including several television shows dedicated to their construction and the offbeat lifestyles of those occupying them.

According to reports, the demand for tiny homes in Las Vegas is growing in connection with the increase of young professionals moving into the area to take advantage of the rapidly expanding job market. In fact, according to some real estate professionals, there is a waiting list for these diminutive units that are currently under construction. Typically, the increase in interest for these smaller homes range from people over 50 years of age to millennial ages, with the ladder experiencing 63 percent in growth as far as being purchasers of tiny homes of the last few years.

Some of the more popular locations in Las Vegas for communities consisting of tiny homes are Ferguson’s Downtown, the Veteran’s Village in Downtown Las Vegas, as well as several mobile home parks located in Henderson.

Another reason cited by people for wanting a tiny home is the freedom to pick up, move, an experience living in different areas of the country; to that end, some tiny houses are constructed on wheels so they can be transported from one location to another. While some people have reported that downsizing and living with less in a smaller space can be difficult, many people say that the experience has not only improved them for the better, and helped save a lot of money in the process.

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

LAS VEGAS – The soaring real estate market in Las Vegas has been the very epitome of a comeback success story, given the near-decade of stagnation it was previously forced to endure in the mid-2000s when the recession hit our country.

But that success was the equivalent of a double-edged sword. While the real estate market – and subsequently, it’s prices – continue to soar month after month, those growing prices can eventually run in direct contrast with the fact that the region is touted as being one of the more affordable places to live in the country, especially when compared to neighboring states such as California. As a result, recently, sales have begun to slow and inventory has begun to gradually stockpile. The median price of a single-family home on the market has cracked $300,000 for the first time in years; this represents an affordability problem that real estate brokers are now starting to address. Subsequently, the upcoming spring sale season looks to be one that will be exceedingly kind to buyers once again.

According to reports, mortgage rates have been falling and sellers are cutting prices, which experts believe will result in an upswing in purchases in the coming months. With businesses flocking to Las Vegas amid its current economic boom, a record number of new families have been transplanting themselves to the area in order to take advantage. With a great many people arriving within a relatively short amount of time, sellers originally did their best to take advantage by driving prices up; prices which most people were willing to pay, but only to a point. It seems that point has been reached, and in order to ensure continued growth, brokers are realizing that they need to scale their ambitions back in order to help Las Vegas retain its reputation for affordability and quality of life.

Up until this point, Las Vegas had led the nation in real estate price growth on a month-to-month and year-to-year basis, according to reports. But the writing is on the wall- according to a recent report, 2621 single family homes were purchased in the region in March 2019, representing a 33.3 percent increase from February 2019, but a decrease of 16.8 percent from the same period in 2018.

However, changes are in the works. For example, the average rate of a 30-year mortgage in March 2019 was 4.27 percent, which represents a decrease of .60 percent from November 2018, according to reports. In addition, real estate brokers have learned to be more flexible in their negotiations, which are allowing them to close more deals. It’s obvious that when selling a property it’s always good to maximize your profits; it’s just a matter of finding the correct balance between profitability and affordability, an issue that Las Vegas is being forced to address at this point. However, all signs are pointing towards a positive outcome for sellers and buyers alike at this point.

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

LAS VEGAS – The Las Vegas Ballpark, home field for the Las Vegas Aviators of the Triple-A Pacific Coast League, formally opened on April 9 against the Sacramento River Cats, drawing big crowds to the first official event held at the new sports facility and signaling a new era for a team formally plagued by one of the worst home stadiums in the sport.

Las Vegas Ballpark – a $150 million project, funded in part by an $80 million naming rights deal with Las Vegas tourism officials – replaces the Aviators’ previous home at Cashman Field, where the team had resided since 1983. The decision to build a new stadium for the team – previously known as the 51s – was due to many issues stemming from Cashman Field, such as poor conditions in the playing surface, bullpens, and clubhouse, as well as inadequate training facilities.

The problems with Cashman Field, however, culminated on August 22, 2015, when the stadium’s sewage system backed up, expelling raw sewage into the dugouts, forcing the teams to set up chairs on the field for the remainder of the game.

Clearly, it was time for the Aviators to move on to higher – and less stinky – ground. The official groundbreaking was held on February 13, 2018 on a plot of land located near the intersection of South Pavilion Center Drive and Summerlin Center Drive, next to City National Arena. By April 2018, excavation was 85 percent complete with nearby grading for parking lots about 90 percent complete. By June 2018, it was on schedule to be open before the 2019 season.

Before christening the stadium with their opening game on April 9, the Aviators had a soft opening on April 6 hosting a NIAA Sunset 4A Region high school baseball game between Palo Verde High School and Centennial. Considered by many to currently be the pinnacle of minor league baseball stadiums, the $150 million Las Vegas Ballpark, located in Summerlin, Nevada in the Las Vegas Valley, features a number of luxury-style amenities that rival nearly any found in the major leagues.

Las Vegas Ballpark includes 22 suites, a center field pool and several bars. The ballpark has breathable mesh seats, with 8,000 installed, with a total capacity of 10,000. Las Vegas Ballpark also has the largest video board in minor league baseball at 3,930 square feet; the Daktronics video board is 31 feet high by 126 feet wide and features a 13 HD pixel layout. The stadium also has indoor batting cages, a weight room and a rehabilitation center.

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.

Nearly 6-Mile Multi-Year Repaving of Las Vegas Boulevard Expected to Cause Headaches for Motorists

LAS VEGAS – The famed Las Vegas Strip is about to get a major overhaul in the form of a massive repaving, and it’s one that’s sure to create a major headache for local area drivers throughout the course of the multi-year effort, which represents a joint effort of the Las Vegas Valley Water District and Clark County.

A 5.7 mile stretch of Las Vegas Boulevard, ranging from 215 Beltway to Sahara Avenue, is going to be experiencing ongoing work beginning in June of this year, with the project expected to be finished by July of 2022, according to the Clark County Public Works department.

While the roadway will be receiving a fresh start on life, the work also opens up the opportunity for the Las Vegas Valley Water District to install new water mains in place of old ones that were sorely in need of replacement; this includes dual lines in some regions. Also, further enhancements will be added to Las Vegas Boulevard throughout the construction process; multiple improvements and upgrades to the infrastructure are slated to include technology governing pedestrian safety, new roadway medians, and the installation of new, energy-efficient LED lighting.

In addition, there are plans to add a fourth lane to the Boulevard in order to alleviate traffic congestion in the area and enhance safety as it relates to foot traffic; local pavement, officials say, is currently in poor shape, and this project is aimed at addressing it.

Clark County officials have noted that they are taking great pains to conduct the repaving and renovation work on Las Vegas Boulevard as quickly as possible. While seeking to avoid impacting or worsening local traffic congestion – an estimated 36,000 to 60,000 vehicles utilize the Boulevard on a daily basis – work will be carried out at night, between 2 a.m. and 10 a.m. on Monday through Thursday.

County officials have noted that work has been coordinated convention hall and resort owners along the Las Vegas Strip to ensure that major meetings, entertainment conventions and expos are not impacted by the repaving and other rehab work being carried out. At least two lanes in either direction are slated to remain open at all times during all phases of the project, officials say.

The construction will be carried out in five phases throughout a three-year work schedule; Phase A is estimated to cost approximately $33 million and cover the region of the roadway from Sahara to Spring Mountain Road. The complete cost of the project, including all five phases, has yet to be estimated, officials say.

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

LAS VEGAS – At a recent meeting of the Economic Club of Las Vegas, economic experts predicted that the already rapidly rising property prices on the famed Las Vegas Strip could continue their upward trend well into the next decade.

John Knott, head of the CBRE Global Gaming Group, noted that heavy demand for the limited parcels of land on the Strip could translate to a mammoth value of $50 million an acre once a mass series of construction and development projects slated to begin in 2020-21 begin. This is in heavy contrast to current values which are still far below the $30 million an acre level.

Land sales have recently begun to take off on the Las Vegas Strip; before, while much of the city was held in the grip of the housing crisis, plots of land often laid unused for years at a time. But with the recovery of the real estate market and subsequent housing boom taking Vegas by storm, prices have been on the rise at levels not seen in ages. As a result, Knott’s hefty prediction which are to come near the turn of the decade are not appearing to be too far-fetched, given current conditions.

Part of Knott logic, according to reports, is dependent upon the estimated 2020-21 completion of several high-profile construction projects, such as the expansion of the Las Vegas Convention Center, as well as the opening of Resorts World Las Vegas, the Las Vegas stadium, as well as other developments that will only serve to drive up the value of any surrounding undeveloped land. Anticipation of new transportation infrastructure in order to serve these new venues on the Las Vegas Strip will also add to the asking price of any remaining property, and as plots of land are snapped up, the value of any remaining plots will continue to escalate.

In addition, as the population of Vegas continues to increase as more out-of-state residents transplant themselves here to take advantage of the very healthy job market, reports indicate there exists a possibility that the Strip may be increased in length in order to accommodate growth which could also bring additional development to areas adjacent to the Strip as well.

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.