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Category Archive : Market Updates

National Automobile Museum

Northwest Valley Home Sells for $4.65 Million, Offers “Super Garage” for Car Collectors

LAS VEGAS, NV – A home recently sold in Las Vegas’ northwest valley for the impressive sum of $4.65 million, but what’s even more impressive about this residence than the price is the fact that it uniquely caters to automotive enthusiasts, including a “super garage” custom-built by the previous owner of the property.

Mike Williams – the founder of Battle Born Steel, Las Vegas-based structural steel company – purchased the home and the property on which it stands in 2021 for $2.1 million. Williams then set out to renovate the one-story residence into the ultimate home for automotive fanatics and then sell it, something he has done three times already to date.

“This is the third home where I have gone in and redone it to my liking, which I think people are liking these days,” Williams said. “We did all the design with no architectural team and it was done by my wife, Athena, and I. But now, it’s time for another project. That’s what we do. We make it about a year or two years on the property and go see something else out there in the market, and that’s what we are venturing to see, now.”

The highlight of the residence is a massive 5,000 square-foot four-bay garage and workshop that can accommodate up to 22 cars; the facility also houses a “man cave” featuring air conditioning and a fully-stocked bar. Situated outside of the garage is a mini motocross track for dirt bikes, another pastime of Williams and his family.

The other side of the home takes the form of a 6,043 square-foot contemporary Tuscan-inspired mansion specifically designed for entertaining guests, offering five bedrooms, six baths, an additional six-car garage, two outdoor movie theaters with sunken wraparound seating, a fireplace and patio, pool and spa, basketball court, lounging areas and an outdoor kitchen.

Having sold the property, Williams said that he has now set out to find yet another home to renovate in line with his vision, for what will be the fourth time in a row.

LAS VEGAS

Red Rock Resorts Announces New Hotel-Casino Projects in Las Vegas, in Addition to Closures

LAS VEGAS, NV – Plans submitted by Station Casinos – whose parent company is Red Rock Resorts – to construct a new hotel-casino project were recently approved by the North Las Vegas Planning Commission, with the company scheduled next to go before the commission for a first reading and a vote in October.

The Station Casinos project, according to reports, will be built upon a 67 acre plot of land located at the northwest corner of Losee Road and the 215 Beltway, and upon completion will consist of a hotel featuring 600 rooms, a casino with over 75,700 square-feet dedicated to gaming space, as well as numerous high-end amenities such as restaurants, a movie theater, and banquet facilities.

The new Station Casinos resort will prove to be a boon to the local economy as well, with officials representing Red Rock Resorts noting that its development will produce over 1,100 construction jobs and, once open for business, 840 full-time staffing jobs.

Red Rock Resorts is a big-time player in the hospitality industry, and owns multiple hotel-casinos in Southern Nevada under the Station brand, as well as ten Wildfire casinos, with seven located in the Henderson area alone. In addition, a new Wildfire is currently under development in Las Vegas’ downtown area along Fremont Street, a busy tourist destination.

The developer is also in the process of constructing a new resort casino in Southwestern Las Vegas at the intersection of Durango Drive and Interstate 215, which will consist of 73,000-square-foot casino, sports book, a 200-room hotel, four restaurants and meeting space.

Red Rock also announced recently that three casinos they had closed down during the COVID-19 pandemic – Fiesta Henderson, Fiesta Rancho and Texas Station – are now closed permanently, with the buildings slated for demolition and the 107.5 acres of land they currently occupy to be put up for sale. The reasoning for the move, the company noted, was that the casinos’ patrons had taken their business to other Red Rock-owned properties during the closures.

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.

Home for Sale

As Mortgage Rates Continue to Increase, Home Prices in Las Vegas Start to Drop

LAS VAGAS, NV – With mortgage rates going over 6 percent for the first time in 14 years – with the last instance of this occurring during the Great Recession of 2008 – prices of many homes on sale in the Las Vegas real estate market have begun to lower in response, experts say.

The situation is causing some degree of confusion among prospective Vegas-area homebuyers, as many are unsure of what to do; should they wait to make a purchase until mortgage interest rates go down, or would they end up doing themselves more harm than good if that gamble fails to pay off?

However, experts are saying that those who are interested in buying a house should act now and lock in an interest rate, since the fact that home prices are dropping should serve to offset the amount that your monthly payment would be going up. For example, if a homebuyer were to wait and interest rates go up another half-percent, they would find themselves with a much higher monthly payment than if they had purchased a home that cost as much as $10,000 to $20,000 more.

Those in the know are also noting that higher mortgage interest rates may actually cause a reduction in the amount of homes available on the market, as there are not only fewer buyers, but also fewer sellers, with more people taking a “wait and see” approach to listing their homes until circumstances improve.

But real estate experts are saying they anticipate the issue to have less of an impact in Southern Nevada than it will have elsewhere in the nation, given the region’s strong job growth over the course of the last year, as well as the resurgence of the hospitality industry following the COVID-19 pandemic. The area’s low taxes and relatively affordable housing when compared to many other parts of the country are also still serving to drive interest in moving to Las Vegas.

Those factors, along with belief by some that mortgage rates may come down sooner rather than later, will ensure that Las Vegas will remain a competitive and attractive housing market for years to come.

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.

North Park Groundbreaking

New North Las Vegas Apartment Complex Celebrates Official Groundbreaking

LAS VEGAS, NV – A new multi-family apartment complex in North Las Vegas celebrated its official groundbreaking ceremony last week, with both city officials and local civic leaders on-hand to help mark the occasion.

The “North Park Living” development, located at 4100 Scott Robinson Boulevard near Alexander Road and MLK Boulevard, will offer a total of 380 apartments upon completion, with the project consisting of 22 two-story residential buildings upon completion of the $85 million project.

North Park Living will also offer numerous amenities for residents, including an abundance of greenery and trees – in keeping with the “park” name – as well as a clubhouse, an event space pavilion, fire pits, pickleball courts and a resort-style swimming pool and spa.

The developer, Grand Canyon Development Partners (GCDP), noted that the project is expected to be completed by June 2024, although leasing of the units will begin in 2023.

GCDP President Sam Nicholson said that North Park Living will be unique addition to North Las Vegas, and will greatly assist with the housing shortage in the region.

“We are thrilled to partner and help create the North Park Living development,” he said. “This is an especially distinctive project for the North Las Vegas area, and the owner took great care in every stage of planning to provide a high-quality residential community at a value price for renters.”

As a way of giving back to the community, the owner of North Park Living, Rian Ross, donated $10,000 to Findlay Middle School during the groundbreaking ceremony.

“We are honored to give back to Findlay Middle School as a close neighbor to the North Park Living development,” he said. “As someone whose family has had deep ties to the North Las Vegas community since the 1970’s, it was incredibly important for me to show that we truly care for our neighbors that reside here while developing in the area.”

For more information on leasing opportunities contact the developer, Grand Canyon Development Partners Corporate Office at (702) 492-5300 or visit grandcanyoninc.com. Photo credit: KSNV News 3; Courtesy of North Park Living.

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.

Central and South Halls

Total Budget for Upcoming Las Vegas Convention Center Renovation Set at $620 Million

LAS VEGAS, NV – The Las Vegas Convention Center is set to get a new coat of paint – and quite a bit more – when its upcoming two-year renovation project begins in just six months, and according to a presentation made to the Las Vegas Convention and Visitors Authority (LVCVA) board of directors this week, the total cost of the project is slated to be an eye-opening $620 million.

That number includes the addition of $20 million for new administrative and executive offices and a board meeting room, with LVCVA Chief Financial Officer Ed Finger noting the overall cost of the renovations fall exactly within the confines of the ambitious project’s original projected estimate.

The next meeting to take place in regards to the renovation is with the Governor’s Oversight Panel, which is slated to take place on October 12, at which time consideration will be given to approving the addition of the office and meeting space – which is planned to be twice the size of the existing one – as well as the overall schedule for construction.

The renovation will be giving a huge facelift to the Convention Center’s North, Central and South Halls, and with work on the South Hall likely progressing last due to the fact that it is the newest section of the building; in the meantime, some executive offices will be relocated there as work begins on the North and Central Halls first.

In its current form, the project will excise approximately 21,000 square feet of exhibit space to make way for the new executive offices and meeting room, which will be situated in the vicinity of the east end of the South Hall and near the eastern loop of the facility’s underground “people mover” transit system, previously installed by Elon Musk’s Boring Company.

The Convention Center’s façade is also being refreshed, and will take its visual cues from the $1 billion West Hall, which opened last year; construction is anticipated to start after the conclusion of the ConExpo-Con/Agg construction equipment trade show in March 2023.

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.

Mortgage

Home Mortgage Interest Rates Reach 6 Percent, Highest Level Since 2008 Housing Crash

LAS VEGAS, NV – As the Federal Reserve continues to raise interest rates in an attempt to curb the 40-year high inflation that has been holding Americans in its crushing financial grip, home mortgage interest rates have been correspondingly raising along with them, hitting 6 percent last Thursday for the first time since the housing market crash of 2008.

The loss of the cheap money that was fueling the nation’s home-buying frenzy during the COVID-19 pandemic has resulted in an overall slowdown of the market, both in Las Vegas and nationwide, as prospective buyers have been putting the brakes on their house hunting and sellers – who lately have been lowering their asking prices after seeing them skyrocket for the past year – have seen offers dwindle.

Last Thursday, the average rate on a 30-year home loan reached 6.02 percent – the highest level since November 2008, which was 14 years ago – up from 5.89 percent last week and 2.86 percent at this point in time one year ago.

For the past year, home prices and demand in Southern Nevada have surged, breaking records on a monthly basis; however, as inflation has gradually increased along with mortgage rates, the market in Las Vegas has shown some distinct signs of slowing down. Nonetheless, numbers still remain at higher levels than last year, and higher than average for the U.S. overall.

At the end of August 2022, there were almost 8,000 pre-owned houses on the market without offers, representing a 146 percent increase over August 2021; the median sales price of these homes was $450,000 in August, down 3.2 percent, or $15,000, from July, but still 11 percent higher than they were year-over-year. Nonetheless, August was the third month in a row that home prices in Southern Nevada have decreased, following a hot streak where they failed to drop for nearly two years.

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.

Short-Term Rentals

Short-Term Rental Pre-Application Restrictions Causing Controversy for Clark County

LAS VEGAS, NV – Clark County has courted controversy after releasing the pre-application process for procuring licenses for short-term rentals starting in spring of 2023, which include restrictions that have many applicants crying foul over their purportedly restrictive nature.

Once the license pre-application period was officially opened to the public – both via the Clark County website as well as in-person at the Business License Office – over 40 individuals and counting so far have engaged in the process, and almost immediately many complaints began rolling in.

One of the applicants, Winnie Yang, was attempting to obtain a license to rent out her Spring Valley home as an Airbnb unit in order to make extra money on the side; however, she claimed that the license she is hoping to acquire has far too many restrictions that will make it difficult for her to operate the property as she wants to.

Among the factors that she said were an issue include the total number of rentals cannot be greater than one percent of the housing inventory; once the 6-month pre-application process is completed, a random lottery will be utilized to determine who will receive a short-term rental license; and despite Clark County’s plan to issue approximately 2,800 licenses, individuals will be granted one and one only, and they will only be allowed to operate a single property with that license.

Jackie Flores of Greater Las Vegas Short-Term Rental Association has claimed that the short-term rental restrictions are infringing on the constitutional rights of homeowners, and filed a lawsuit in August against Clark County regarding the matter.

“It’s considered the most restrictive ordinance for short-term rentals in the U.S.,” she said. “A lot of those provisions and restrictions, we feel, violate the state constitution and US Constitution.

Previously, short-term rentals were not legal in Clark County; however, in 2021, Assembly Bill 363 was voted into law, and decreed that as of July 1, 2022, it would be legal for companies such as Airbnb and VRBO to operate within the county. Furthermore, the county was also tasked with regulating the new industry, and lawmakers have since crafted an ordinance for that purpose, according to Clark County spokesperson, Erik Pappa.

“We want to allow everyone to compete equally for this process regardless of how many properties you have. We’re balancing a lot of competing interests,” he said. “We want to make sure that there’s adequate public safety. We’re going to inspect the buildings. We’re going to make sure that they have business licenses. Make sure that there is fire protection. All the things you want if you were staying in a hotel.”

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.

Allegiant Stadium

Las Vegas Raiders Purchase Property Across Street from Allegiant Stadium for Over $16 Million

LAS VEGAS, NV – Although the reasoning and purpose for doing so as of press time is still unclear, the Las Vegas Raiders ownership have purchased a vacant property located directly across the street from their home – Allegiant Stadium – for $16.56 million, with records indicating that the sale officially closed earlier in September.

The 2.7 acre property – which had previously been slated to be used to build a hotel, although those plans were later scrapped – is located on Polaris Avenue just west of the stadium, and media inquiries as to the Raiders’ plans for the land were not responded to.

The sale – aside from driving speculation as to what the Raiders intend to do with the property – is serving to illustrate just how much property values have soared in Las Vegas recently, especially when it comes to the heart of its downtown area. Case in point: the property that the Raiders paid over $16 million for in September 2021 is made up of two parcels that had previously sold at different points in recent history for a combined total of $7.8 million.

When asked by local media, Clark County Commissioner Michael Naft noted that the Raiders may have made the purchase in order to beef up Allegiant Stadium’s parking options for attendees.

“They’re always looking at options for closer and on-site parking,” speculated Naft.

If that is the case, it wouldn’t be the first time the Raiders have splashed out for property near the stadium in order to construct parking; in 2019, while the 65,000-seat stadium was still in development, the team spent over $28 million to buy a 17.3 acre plot of land located about one mile away in order to build a parking facility with approximately 2,700 spots.

Currently, Allegiant Stadium has over 35,000 parking spaces situated within one mile of the venue; the property purchased by the Raiders earlier this month already has a small, exclusive lot that attendees can park in for $100 per event.

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.

Allegiant Stadium

Allegiant Stadium Due to Get New Neighboring Hotel on Las Vegas Boulevard

LAS VEGAS, NV – The home of the NFL’s Las Vegas Raiders, Allegiant Stadium, is due to receive a new neighbor on Las Vegas Boulevard in the form of a new hotel in order to give the hundreds of thousands of individuals who travel to Southern Nevada per year to watch the pro football team’s games a nearer place to stay.

In 2021 over 1 million sporting fans flocked to Allegiant Stadium, and out of that impressive number, approximately 500,000 of them were visitors from out-of-state. Therefore, after proving to be such a draw as the nation emerges from the COVID-19 pandemic, real estate firm New Angle Development got the bright idea to propose the development of a new hotel right next to Allegiant to give visitors the opportunity to stay as close as possible to the Raiders’ home base.

The currently unnamed project, whose plans have already been submitted to Clark County officials, will take the form of a $275 million, 19-story, 340-room establishment that will be loaded with the high-quality amenities that would be expected of any hotel located on the famed Las Vegas Strip, including a restaurant, spa, pool bar, rooftop bar, ballroom and meeting space.

Clark County Commissioners are scheduled to review the project plans on October 4, 2022; if approval is granted, New Angle Development has stated they expect the project’s groundbreaking to take place in early 2024.

Approval for the project is expected to be granted provided there are no unexpected hurdles, as Clark County’s Comprehensive Planning Department has been quoted as saying that the site chosen by the developer for this hotel would be “ideal” for a hotel, given the high number of tourists that are drawn to Las Vegas each year for Raiders games and other events at Allegiant Stadium.

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.

Nice House

Prices of Homes in Las Vegas Continue Decline for Third Consecutive Month

LAS VEGAS, NV – The housing market in Las Vegas, once completely on-fire and breaking records left and right, has now just experienced yet another month of cooling as prices of homes have continued to drop for the third month in a row.

In August, the median sales price of previously owned single-family homes – which makes up the majority of the market in Southern Nevada – was down 3.2 percent to $450,000, which represents a $15,000 drop from the previous month.

However, all is not grim; despite the drop, home prices are still 11.1 percent higher year-over-year, but the decrease is still raising eyebrows due to the fact that – prior to three months ago – prices consistently increased month-to-month for over two years.

In addition, sales overall in the Las Vegas marketplace have decreased as well amid higher mortgage interest rates, high home prices, and national inflation hitting a 40-year high. 2,002 single-family homes sold in August in Southern Nevada, which was a drop of 3.1 percent from the month before; also, the end of August saw 7,997 houses were on the market without offers, an increase of 9.1 percent from July.

This isn’t a situation that is unique to Las Vegas, as currently homes in the United States are now selling below their asking prices for the first time in 18 months, whereas previously cheap mortgage interest rates during the pandemic had fueled a slew of homes sales and – as a consequence – that demand drove home prices to skyrocket.

But due to a series of rate increases on behalf of the Federal Reserve in an effort to curb inflation, those low-cost mortgages are now becoming a thing of the past; in August, the average rate on a 30-year home loan was 5.22 percent, as opposed to being just 2.84 percent in August 2021.

However, according to Zillow senior economist Nicole Bachaud, despite the drop in home prices and purchases as of late, sales overall are “still up substantially from last year,” and, despite not yet being a buyer’s market, “it’s becoming a better time to buy, with more time to consider options and less chance of being dragged into a bidding war.”

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.

Vocational education student learning to read construction blueprints.

In Order To Meet Housing Demand, Vegas To Debut Charter High School Focused On Construction

LAS VEGAS, NV – In order to assist with the demand for housing options in Las Vegas, a new charter high school is being established that will focus on developing the construction-related skills of its student body, helping to churn out the next generation that will enable Southern Nevada to continue to grow.

A state board voted unanimously on Monday to approve the Southern Nevada Trades High School, which is currently slated to open in East Las Vegas for its first-ever semester in August 2023.

However, as unique as this concept may sound, it’s actually not the first institute of learning of its kind to appear in the state; the Washoe County School District is partnering with East Las Vegas to open the new school, based on the success of their own home-grown program. The Reno-based ACE High School, has already managed to turn out a large number of impressively-skilled students who are ready, willing and able to pursue a career in construction.

Due to accolades showered upon their Reno forbearers, Southern Nevada Trades High School will be modeling its curriculum upon ACE High School’s, which will also be offering their educational offshoot extensive consultation and guidance.

The reasoning for the creation of an additional construction-focused trade school, according to Southern Nevada Trades High School Chair Brett Willis, is that developers in the state are sorely in need of qualified workers, now more than ever.

“It was identified several years ago that there are just thousands of jobs that we’re short. I know every day we’re out looking for those employees,” Willis said. “We’re a school that’s opening up that’s basically interested in helping kids combine academics with career, technical education. That means there’s gonna be hands-on projects.”

Southern Nevada Trades High School will accept up to 200 freshmen and sophomores when it opens next year, who will be taught by working professionals in the field with decades of experience.

For more information on ‘Building a Brighter Future’ with Southern Nevada Trades High School call them at (702) 758- 3512 of visit their website: https://www.snvtradeshighschool.org

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.

Rents in Las Vegas Expected to Remain at High Levels for Time Being, Report Says

LAS VEGAS, NV – The high rents that many Las Vegas residents have been struggling with recently are expected to remain at their current levels for the time being, according to a new report.

The one-two punch combination of 40-year high levels of national inflation and increased interest rates brought about by the Federal Reserve’s several recent rate hikes – done in an attempt to curb inflation – have contributed greatly to the strain that’s hitting many Southern Nevada renter’s wallets, said Las Vegas economist Mike PeQueen.

“Rent is probably the single largest expense for anybody at this point,” he said. “While it’s a bad sign for the community, it’s not really unexpected because we’ve all watched with interest the last couple of years as residential real estate prices have increased. That is great for people that own homes. For people that rent residential units, it makes the price of living in residential units more expensive, and that over time does hurt a community.”

In addition to inflation and higher interest rates, the realities of supply and demand have also remained a constant factor; simply put, there are fewer apartments in Vegas than people who want to rent them, allowing some landlords and property managers to charge premium rates.

Also, the mid-2000’s recession saw a drastic reduction in the number of homes being built; that, coupled with another construction decrease during the COVID-19 pandemic, has resulted in a high degree of scarcity when it comes to residential homes. With that being the case, many prospective homebuyers are turning to rentals to tide them over, exacerbating the demand for them even more and correspondingly driving up rent even further.

Currently, the average rent for a 2-bedrrom apartment in Las Vegas runs $1,600 a month, with that number reaching as high as $1,800 in more affluent and in-demand places such as Henderson.

PeQueen notes, however, that rents will eventually drop down to more manageable levels once more apartments and houses are built in Southern Nevada and the national economy stabilizes; it will just take some time for that to happen, he said.

“Until we see lower interest rates, and a chance for developers to catch up with what’s in the pipeline of building already, we’re probably not going to see much relief on rents,” PeQueen said. “We have seen recently the rate of increase of rents in Southern Nevada has started to top out. So I don’t think they’re going to shoot up a lot from here, but we’re probably not going to see decreases in rent at this time.”

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.