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Category Archive : Market Updates

Volcano

New Mirage Las Vegas Owner Confirms Iconic Volcano Attraction to Close in Near Future

LAS VEGAS, NV – Hard Rock International, the new owners of the Mirage Las Vegas, have finally responded to repeated questions from fans of the establishment’s iconic live volcano, and while it will be remaining in service in the near and now, it has unfortunately been confirmed that the famed attraction will be retired permanently in the near future due to the lack of revenue that it generates.

The Mirage Las Vegas transferred operations in December 2022 from MGM Resorts International to new owners Hard Rock, the gaming arm of the Seminole Tribe of Florida; this marked the first time that a Native American tribe has run a Las Vegas Strip-based resort casino in history.

The Seminole tribe has developed extensive hotels and resorts for gaming on some of their reservations, and in 2007 the tribe bought the Hard Rock Cafe franchise for $965 million; they currently have a total of seven casinos, and announced in December 2021 that it had purchased the rights to operate The Mirage for $1.075 billion.

While Hard Rock plans to continue operating The Mirage under its current name for the time being – during which they will be keeping the volcano attraction running – the eventual plan is to re-brand the resort with the Hard Rock name and extensively renovate the building’s façade to the same trademark guitar-style shape as other Hard Rock resorts.

During this process, sadly, the establishment’s widely-known artificial volcano – which currently erupts nightly, providing free entertainment in front of the resort – will be discontinued and torn down.

The rebranding project is expected to begin in 2024; until then, MGM will license the “Mirage” name to Hard Rock until the project is complete. Hard Rock Las Vegas is expected to open in 2025 or 2026.

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.

6438 WILD BLUE COURT, LAS VEGAS

Former “Jersey Shore” MTV Reality Show Star Lists Las Vegas House for $1.5 Million

LAS VEGAS, NV – A former star of the MTV reality television series “Jersey Shore” has listed her luxury Las Vegas home on the open marketplace for $1.5 million.

Jennifer Harley – a social media and reality TV star who made a name for herself by dating fellow “Jersey Shore” star Ronnie Ortiz before subsequently starring in the spinoff series “Jersey Shore Family Vacation” – is currently attempting to sell her residence in Summerlin, which she originally acquired in 2018 for approximately $726,000 from builder Woodside Homes.

The home – originally listed on January 6 – is a two-story, four-bedroom residence spanning 2,955 square-feet in size, and is situated near Hualapai Way and Sunset Road. It offers numerous high-end amenities, including marble flooring, custom cabinets, and a backyard with a sunken fire pit with a glass window looking into the property’s sizable in-ground pool.

In addition to being a media personality, Harley is also a licensed agent with Realty One Group, and is responsible for listing the residence herself.

6438 WILD BLUE COURT, LAS VEGAS – $1,495,000.00

Harley had dated Ronnie Ortiz while he was one of the principal cast members of “Jersey Shore.” Ortiz would later file a lawsuit against Harley in fall 2021 in Clark County District Court after Harley had neglected to go along with a plan to sell the home and divide the proceeds.

Eventually the couple split up, and Harley placed the Summerlin home on the market after moving into a separate rental property that was under her ownership.

The house had previously been put up for sale in September 2019 for almost $870,000, but was later removed from the market – after not having been sold despite a price reduction – after the COVID-19 pandemic had essentially frozen the Las Vegas real estate market at the time.

Clik here to see full listing details for 6438 Wild Blue Court in Summerlin

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.

Report Indicates that Hawaiians are Moving to Las Vegas En Masse for More Affordable Lifestyles

Report Indicates Hawaiians Moving to Las Vegas En Masse for More Affordable Lifestyles

LAS VEGAS, NV – Following long-standing reports that the residents of several neighboring states – in particular California – are moving to Las Vegas for its cheaper cost of living, a new development is seeing a large influx of Hawaiian residents now making their way to Sin City as well for more affordable lifestyles as well.

Currently, Hawaiians – who refer to Las Vegas as the “ninth island” – are moving to Southern Nevada to escape the skyrocketing prices of housing on their home state, and when looking at the numbers, it’s easy to see why.

In late 2022, the median price of an average single-family home in Las Vegas was approximately $430,000; in contrast, that price in Hawaii is – for the same type of dwelling – is a staggering $800,000 or higher, a price that is driving out local residents of the island paradise in record numbers.

Scott Suzuki of Ohana Realty – a realtor originally hailing from Hawaii, but now residing and working in Southern Nevada – says that the Las Vegas valley is proving to be the ideal location for his former neighbors to resettle after saying “aloha” to the high prices of their home state.

“The home prices in Hawaii right now…the condos are about $500K and homes could be around $1.1 million,” said Suzuki.

While the median household income for the average Hawaii resident is nearly $90,000, that sum is not matching the rising costs associated with living on the island; meanwhile, the $65,000 that the average Las Vegas resident takes home – while less than Hawaii – is nonetheless far more in line with the local cost of living.

New Las Vegas transplant, Trevis Nishioka, said that he moved from Hawaii recently and hasn’t regretted it due to not being able to afford a residence back home.

“I like Vegas. Vegas is pretty dope. There’s no other place. Vegas is one of a kind,” he said. “We moved here because my wife and i had a family. We wanted our own place. We were living with my auntie and her parents.”

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.

Clark County Becoming Popular for Hawaiian Residents Fleeing High Rent

Clark County Becoming Popular Destination for Hawaiian Residents Fleeing High Rent

LAS VEGAS, NV – Not only are mainland Americans noticing the unique opportunities and affordability offered in Las Vegas, when compared to many other high-priced cities across the U.S., such as New York, and California, but Native Hawaiians have been flocking to Sin City, in large numbers, according to a recent AP story featured in U.S. News and World Report.

Highllighted in that report were 2021 population estimates from the U.S. Census Bureau, indicating that the biggest demographic growth in Clark County, Nevada, were Native Hawaiian and other Pacific Islander populations. California’s Sacramento County also showed similar growth for the same demographic.

Native Hawaiian, Kona Purdy, who was interviewed on the subject by AP reporters said he never wanted to live anywhere else, but with a looming raise in rent and the lure of no state taxes, better earning wages, restaurants catering to Hawaiian taste and a solid base of Hawaiians flocking to Vegas, the attraction was too clear to ignore, moving his family to Henderson in 2017. According to Purdy, who had been paying $2300 a month to “stuff his four-member family” into a single room, there is even a real estate brokerage that helps families relocate from the islands.

So, it’s real painful, because you do get disconnected from the land, which we’re so connected to, being born, and raised [there].” Purdy said, “You go into any store in any part of the valley, and you’ll find someone from Hawaii working there or shopping there,” he added.

To back the numbers up comes a decade span in the American Community Survey, which is recorded by the Department of Business, Economic Development & Tourism, which indicated there were 221,600 Native Hawaiians in the continental U.S. in 2011 and by 2021, 370,000 recorded, closing in on close double just a decade later.

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.

File photo: Classic Topcar, Shutter Stock, licensed.

Formula 1 Headquarters Near Las Vegas Strip Officially Begins Construction on 300,000 Square-Foot Facility

LAS VEGAS, NV – Construction on new upcoming Formula 1 headquarters, located near the Las Vegas Strip, officially commenced this week in preparation for the organization’s upcoming Grand Prix race this November, with the esteemed sporting event taking place in a new racetrack – which is currently in development as well – next door.

Currently, building materials are being dropped off at the site of the headquarters and construction equipment such as bulldozers and tractors are excavating land and preparing for the laying of the infrastructure needed to make the project a reality, less than ten months from now.

Upon completion, the Formula 1 headquarters will stand four stories tall and will offer 300,000 square-feet of office space and other facilities; in addition, it will also serve as both start and finish line for the Grand Prix race itself and will offer VIP seating sections where special guests can enjoy the racing action up-close and personal.

Meanwhile, with the impending arrival of the Formula 1 Grand Prix, local Las Vegas hotels and entertainment venues are gearing up for the influx of tourists and out-of-towners who will be making use of their establishments. Indeed, the Grand Prix is anticipated by many to create a large economic boom in Sin City this November.

A major note on the Formula 1 headquarters is that it will be open year-round – and not just during races – and will offer Formula 1-related activities every single day, ensuring that racing fans will be flocking to Las Vegas throughout the year and not just on Grand Prix weekends.

Formula One originally announced in March 2022 that it would hold a 50-lap Grand Prix in Las Vegas in November 2023; the track that is currently in the works will, upon completion, run for 3.8 miles, with racers expected to hit top speeds of 212 miles per hour.

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.

10000 SUMMIT CANYON DRIVE, LAS VEGAS

Summerlin Home Located on Bellacre Community Golf Course Sells for Nearly $4 Million

LAS VEGAS, NV – A Summerlin home on a golf course located within the master-planned community of Bellacre – featuring a lavish custom kitchen that boasts a $50,000 French oven – recently sold on the open market for nearly $4 million.

The home in question – which was purchased for $3.8 million – is located on a one-acre double lot on Bellacre’s TPC golf course and is a custom-built residence originally constructed in 2002. The sizable home comes in at 9,954 square-feet and features six bedrooms, five full bathrooms, and a garage that can accommodate up to four automobiles.

According to the listing agent, the previous owner had conducted extensive renovations to the residence, sinking nearly $1 million into a series of upgrades that included multiple aspects of its structure; however, the main transformation centered around the kitchen.

That kitchen was recreated nearly from the ground up to have everything that a master chef could ever possibly want or need to create a plethora of culinary delights. These include a custom-made $50,000 La Cornue stove range with gas burners and electric burners, a large French top, a power burner, and a gas lava-rock grill. In addition, there are two vaulted ovens with copper finishes, one gas and one electric.

There are also two islands in the kitchen with refrigerator drawers and double dishwashers, a double-size Sub-Zero range, a $6,000 Miele coffee maker, and a 1,000-bottle wine cellar with a multi-floor dumbwaiter.

The home also has various options for entertaining guests, including two bars, big-screen televisions, and a built-in entertainment and media center. There is also an underground racquetball court, gym, dry sauna, cold plunge pool and laundry room.

The main bedroom on the second floor has a fireplace, entertainment center, walk-in closets, a sitting room, and a balcony overlooking the backyard, offering views of the TPC golf course and surrounding mountain ranges, making this residence certainly a one-of-a-kind buy… even in Las Vegas.

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

Raiders

NFL Raiders Expands Las Vegas Footprint, Purchase Three Buildings for $56 Million

LAS VEGAS, NV – Las Vegas Raiders owner Mark Davis recently purchased three industrial buildings – one of which being the unfinished practice facility of the WNBA Las Vegas Aces – for $56 million, increasing the NFL team’s foothold in Southern Nevada even further. 

Davis purchased the three buildings, which are situated next to the Raiders’ Henderson-based headquarters, from Matter Real Estate Group.

The Aces’ 80,000-square-foot training complex is currently new, albeit unfinished, and once construction is expected to be completed in March 2023, and anticipated to include numerous amenities such as a weight room, daycare facility, player lounges, a lecture hall, and more. 

The Aces were originally purchased by Davis from MGM Resorts International in 2021, and in September 2022 the team won the WNBA Finals against the Connecticut Sun

The Raiders have a major real estate footprint in Las Vegas, including 60 acres of land purchased for $77.5 million in 2017 upon which their current home field – Allegiant Stadium – stands, as well as 55 acres of land in Henderson purchased in 2018, where they constructed a 300,000-square-foot practice facility and headquarters complex. 

An additional 20 acres of land adjacent to Allegiant Stadium was also purchased by the Raiders for $44 million that will mainly be used for a parking facility. 

Davis is also in the process of building a 15,000-square-foot home located within a luxury master-planned community in Henderson called Ascaya which will feature a man cave, professional kitchen, bar, steam room, library and 5,500-square-foot garage. The home is costing the Raiders owner $14 million, but currently its overall completion date is still up in the air. 

As for the aforementioned three industrial buildings that make up Davis’ most recent acquisitions, their exact intended use – aside from the Aces’ training facility – has yet to be revealed. 

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.

MSG Sphere

MSG Entertainment Considering Sale of Tao Restaurant Chain to Fund Las Vegas Sphere  Development

LAS VEGAS, NV – Madison Square Garden Entertainment (MSGE) is currently mulling over the possibility of selling their high-end Tao restaurant and nightclub chain in order to help fund the construction of their ongoing MSG Sphere entertainment venue in Las Vegas, as construction costs have continued spiraling ever-higher as the long-gestating project finally nears completion.

MSGE has reportedly engaged the services of multinational investment bank and financial services company Goldman Sachs to assist with the potential sale of Tao Group, which would include 17 restaurants, nightclubs, day clubs and pool lounges in Las Vegas. Among the local venues that would be part of the proposed sale would include Tao Nightclub and Tao Asian Bistro at The Venetian, Hakkasan at MGM Grand, and Beauty & Essex at The Cosmopolitan of Las Vegas.

In addition, Tao also operates venues in London, Singapore, Dubai, and New York City.

The potential Tao Group sale comes amid the skyrocketing budget of the MSG Sphere project, which has currently swelled to $2.17 billion, surpassing Allegiant Stadium as the Las Vegas’ priciest entertainment venue ever.

When completed, the 17,500-seat MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

The exterior of the sphere will feature 36 miles of variable intensity LED lighting – known as an exosphere – enabling the structure to allow outside spectators to peer through a transparent façade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The venue will cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there as well, according to Madison Square Garden Co.

The MSG Sphere was initially scheduled to open in 2021, although it was later delayed due to the COVID-19 pandemic; it is now slated to open in the second half of 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.

HCA Healthcare File photo: JHVEPhoto, Shutter Stock, licensed.

HCA Healthcare Purchases Nearly 57 Acres on Las Vegas Boulevard for Potential New Medical Facility

LAS VEGAS, NV – HCA Healthcare has purchased a nearly 57-acre plot of land along Las Vegas Boulevard from Station Casinos for approximately $62.3 million, fueling speculation that the hospital chain will be opening up a new medical facility along the Las Vegas Strip in the future.

The sale of the property, located at the northwest corner of Las Vegas Boulevard and Cactus Avenue, was closed in late December 2022, property records show.

Antonio Castelan, Communications Manager and Spokesman for HCA Healthcare, confirmed that the purchase of the property from Station Casinos had taken place but stated there are currently no concrete plans for the property that they can reveal as of press time.

“We buy land from time to time for potential use in the future,” he said. “No specific plans have been made on the use of the land.”

HCA Healthcare is an operator of health care facilities and founded back in 1968. It is based in Nashville, Tennessee, and as of May 2020, owns and operates 186 hospitals and approximately 2,000 sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics in 21 states and the United Kingdom.

As of 2021, HCA Healthcare is ranked #62 on the Fortune 500 rankings of the largest United States corporations by total revenue.

Station Casinos have been involved in a series of real estate moves recently; approximately one month before closing on the deal with HCA Healthcare, their parent company, Red Rock Resorts, announced that Texas Station, Fiesta Rancho and Fiesta Henderson – three of the firm’s Vegas-area resorts, all shuttered since the start of the COVID-19 pandemic – are scheduled for demolition, with the land then to be sold to the highest bidders.

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.

Clark County Courthouse

Clark County Begins Crackdown on Illegal Short-Term Rentals – Submit Application Before March 13 Deadline

LAS VEGAS, NV – Clark County has begun to seriously ramp up enforcement of its rules that forbid illegal short-term rentals within its boundaries according to the Greater Las Vegas Short-Term Rental Association (GLVSTRA), issuing significant financial punitive measures against over 200 violators thus far.

GLVSTRA co-founder Luis Koorndyk noted that Clark County – between July 1 and November 23, 2022 – has so far issued 217 citations with fines and liens, with some reaching as high as $750,000.

“Everyday we’re hearing a story,” he said. “They’ve been fairly consistent, but in the last three- or four-months, enforcement seems to have really ramped up.”

Those looking to operate a short-term rental within the confines of Clark County have until March 13 to submit an application into a lottery that will ultimately issue 2,800 licenses, which means that only a limited number of applicants will be chosen.

Currently, the specific date that the licenses will be issued has not yet been revealed, but enforcement measures have been in effect for several months now. Individuals currently operating short-term rentals in Clark County – such as through services as Airbnb and Vrbo – without licenses are deemed to be doing so illegally and are subject to fines.

Koorndyk noted that the number of short-term rental landlords which have been fined so far only represents a small fraction of those who have been operating illegally.

“We’re looking at 98 percent of all operators, code enforcement doesn’t even know where they are, because they’re not being turned in,” he said. “They’re not being turned in because there are outstanding operators. That’s only 2 percent that they have a problem with.”

Currently, enforcement of illegal short-term rentals in Clark County consists of fines ranging from a minimum of $1,000 a day to a maximum of $10,000 a day.

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.

marijuana

Cannabis Consumption Lounges Coming to Las Vegas Strip in 2023; Venues Will Function Similar To Bars

LAS VEGAS, NV – Following the approval of Nevada voters of Ballot Question 2 – the Initiative to Regulate and Tax Marijuana – the purchase, possession, and consumption of recreational marijuana for adults became legal in Nevada on January 1, 2017.

“A person who is 21 years of age or older is allowed to possess and consume retail marijuana,” the law says. “A marijuana consumer may possess up to 1 ounce of marijuana or 1/8 of an ounce of concentrated marijuana. Marijuana can only be purchased legally from state-licensed retail marijuana stores.”

However, since the law was enacted, outside from private residences there have been no legal places to consume cannabis in Nevada, but that is set to change with the arrival of cannabis lounges to the Las Vegas Strip in 2023.

The state of Nevada – and especially the city of Las Vegas – will be allowing legal cannabis-consumption lounges in the New Year. These venues would function similarly to standard bars, but would only allow the use of marijuana by both residents and tourists; alcohol would be prohibited in such establishments.

The largest cannabis dispensary in Las Vegas, Planet 13 – located approximately one mile from the Las Vegas Strip – has already voluntarily given up its liquor license in favor of opening a cannabis lounge. In addition to existing dispensaries being allowed to open cannabis lounges, 20 licenses for stand-alone lounges will also be issued by the state of Nevada, with several expected to open on the Strip in 2023.

However, none of those 20 cannabis lounges will be located in hotel/casino resorts, as federal law prohibits such a thing; however, the stand-alone lounges will be allowed elsewhere on the Strip once their licenses have been granted by the state.

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.

Las Vegas

Year-in-Review: Top Las Vegas Real Estate Transactions of 2022; Market Again Becoming Red Hot

LAS VEGAS, NV – Las Vegas has been on the comeback trail in a variety of ways since the COVID-19 pandemic has subsided, and 2023 promises even bigger and brighter things to come. But it’s always important to learn from and reflect upon the past, and the top real estate transactions of 2022 prove that – despite some setbacks encountered along the way – the Las Vegas marketplace is once again becoming red hot.

The top five Las Vegas real estate transactions of 2022 were, in no particular order:

Houston billionaire Tilman Fertitta made some major waves when he spent a whopping $270 million in June on a 6.2-acre plot of land at Las Vegas Boulevard and Harmon Avenue that will become the home for a currently unnamed 43-story, 2,420-room hotel-casino.

Next up is Formula One, who purchased approximately 40 acres east of the Las Vegas Strip at Harmon Avenue and Koval Lane in June for $240 million, upon which they are constructing a new race track that is scheduled to debut in November 2023, at which time it will host a 50-lap Grand Prix race.

Also of note is MGM Grand and Mandalay Bay’s properties coming under the full ownership of Vici Properties, who was previously the landlord of those establishments. Vici, which had owned a 50.1 percent stake, announced that they are in the process of buying the remaining 49.9 percent from New York-based financial firm Blackstone for $1.27 billion in cash, giving them full ownership going forward.

Next  on the list is Hollywood A-lister Mark Wahlberg, who purchased 2.5 acres in Summerlin’s The Summit Club for $15.6 million in July, followed by another Summit Club residence in August for $14.5 million. The actor noted that the hefty acquisitions were not only so he could become a Nevada resident, but so that he could also use his purchases to construct movie studios in an effort to make Las Vegas “Hollywood 2.0.”

And finishing off the list is Station Casinos’ purchase of about 126 acres at Las Vegas Boulevard and Cactus Avenue for $172.4 million in July, as part of the company’s efforts to increase their foothold in Southern Nevada by 50 percent.

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.