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Category Archive : Market Updates

Housing Market

Experts Say End of Eviction Moratorium Could Help Las Vegas Housing Market

LAS VEGAS, NV – As the COVID-19 pandemic continues to wind down as vaccination rates increase, the Las Vegas housing market has been skyrocketing, with inventory continuing to shrink as prices correspondingly continue to climb higher and higher. It’s a matter of supply and demand, and currently the demand is outpacing the supply.

It’s a situation that’s starting to prove to be problematic – median home prices in Las Vegas have increased more than 20 percent from 2020 – and many first-time and entry-level homebuyers are finding themselves being priced out of the market.

However, real estate experts are predicting that the end of the federal eviction moratorium – which occurred on July 31 – and the resulting repercussions could result in a stabilizing effect upon housing supply and prices.

The end of the moratorium – which was keeping people behind on their rent in their homes during the height of the pandemic – means that potentially scores of tenants may be facing eviction proceedings for failure to pay rent. As a result, experts say, numerous homes will eventually be making their way into the Southern Nevada marketplace.

However, it will take some time – at least 30 to 90 days, if not more – for the effect of these new homes joining the Las Vegas inventory to be truly felt, as evictions can take some time to play out. In addition, a new law passed by the Nevada legislature will put evictions on-hold if tenants have applied for federal rental assistance money, and the process of awaiting the approval or denial of those funds can take months.

A big shift could be seen by the end of 2021, experts say, as many evictions will have been completed by that time, coinciding with the time of year when FHA loan limits are increased. Currently, FHA loans are limited to $378,000, and the median price for a single-family home in Las Vegas is $420,000; by the end of the year, however, that could all change in the buyer’s favor, opening the doors for a more stable, affordable Las Vegas housing market.

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.

Tent

As Eviction Moratorium Comes to an End, Governor Sisolak Urges Residents to Seek Rental Assistance

LAS VEGAS, NV – After several controversial extensions since it was originally instituted in the fall by the Centers for Disease Control and Prevention (CDC) to prevent homelessness during the COVID-19 pandemic, the federal eviction moratorium finally came to an end on July 31, and now thousands of households in Nevada are facing potential eviction for nonpayment of rent.

In order to help in the only way he currently has available to him, Governor Steve Sisolak is now urging Nevada residents who are behind on their rent and anticipate being evicted in the very near future to do their best to seek out rental assistance programs that are available to them.

“I want to be clear, if you are a renter you must apply for this assistance,” Sisolak said. “Filling out and submitting an application is the best thing you can do right now if you fear you may be evicted for nonpayment of rent.”

Sisolak, during a virtual news conference held this weekend, continuously urged residents to apply for rental assistance, since the recently-passed Assembly Bill 486 temporarily halts the eviction process for renters until the aid applicant is notified of the outcome. The bill also allows landlords to apply for aid on behalf of tenants who are behind on rent but for whatever reason have not applied for aid themselves.

“We have plenty of rental assistance money available through funds from the federal government,” Sisolak said. “There are dedicated people through all levels of government working to process those payments as quickly as possible.”

Applying for rental assistance from the CARES Housing Assistance Program – both by tenants and landlords – can be done by clicking here. Eligible applicants must be able to show how they have been financially impacted by the pandemic and meet income requirements.

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

Eviction

The Federal Eviction Moratorium Ends August 1; What Will it Mean for Landlords?

LAS VEGAS, NV – The eviction moratorium instituted and extended by the Centers for Disease Control and Prevention (CDC) is finally slated to come to an end on August 1, and while it will likely result in thousands of eviction cases for Nevada residents – as well as residents nationwide – what exactly will it mean for the landlords who have been chomping at the bit for over a year to finally get their properties back in their possession?

For landlords who are finally hoping for things to go back to pre-pandemic “normal,” they may find that they have a bit longer to wait due to actions by Nevada Governor Steve Sisolak and the State Legislature.

According to the Nevada State Apartment Association, courts have already processed large amounts of eviction paperwork filed in anticipation of the end of the CDC eviction ban, but landlords should expect the process of getting their soon-to-be former tenants out of their rentals to take some time and potentially, serious effort.

Simply put, every eviction will require constables to proceed with locking out the former tenants, and the massive tidal wave of evictions that are anticipated to come in August will stretch both the resources of said constables – as well as their ability to communicate with landlords over what units need attention – very thin.

With that being the case, the actual process of evicting everyone that requires it will already take an extended period of time over and above the norm; however a new law signed by Governor Sisolak could make that process take even longer to carry out.

The law – Assembly Bill 486 – protects tenants from eviction who have submitted an application for federal rental assistance until their application has been approved or denied by Clark County’s CARES Housing Assistance Program, a process which could take months.

In addition, renters are under no obligation to inform landlords that they have applied for rental assistance – or the status of their application – unless they are in the process of being evicted.

And finally, Nevada Assemblyman Howard Watts’ new law – Assembly Bill 141 – seals all eviction records due to non-payment of rent caused by pandemic-related financial hardship, making it more difficult for landlords to properly vet prospective new tenants.

While landlords may finally be seeing a light at the end of the tunnel in terms of the pandemic, they unfortunately may still have a ways yet to go before things get back to normal.

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.

Cadence community, located in Henderson

Delving Into Growing Area of Las Vegas’ Rental Business: Newly Built Single-Family Houses

LAS VEGAS, NV – Amid a white-hot real estate marketplace, one of the fastest-growing areas of the Las Vegas rental business is turning out to be newly built single-family houses, and a local developer is jumping into it with both feet.

With plans for two projects already drawn up for a total of approximately 450 homes, The Calida Group is planning on constructing these rentals in the Cadence community, located in Henderson. Just over 400 of the homes are slated to be free-standing, while the remaining ones will be attached to townhouses, according to city records.

Calida has plans to break ground on the projects in Cadence – a 2,200-acre community off Lake Mead Parkway east of Boulder Highway – in the third quarter of 2022, and the planned homes will represent the company’s first-ever foray into newly-built, single-family rental tracts in the Southern Nevada region, with more to come in the future, co-founder Eric Cohen noted.

“We are planning many more,” he said.

With the recovery of Las Vegas’ economy and housing market after the mid-2000’s recession, the local rental marketplace exploded, and investors snapped up as many low-cost single-family houses as they could to turn into rental units. The market stalled temporarily during the COVID-19 pandemic, but as vaccination rates steadily grow the economy has continued to bounce back, making the demand for rentals in Vegas stronger than ever.

To satiate rental demand, developers such as Calida have been erecting as many apartments as they can; however, newly built single-family homes have been growing in popularity, and several companies have been jumping on the bandwagon as of late; Cohen noted that they are “one of the biggest requests we received” from his renters.

The demand for rental homes has – along with the rest of Las Vegas’ rental market – driven up rent prices across the board; according to reports, the average rent of a Vegas-based house jumped 17 percent from May 2020 to May 2021, and only continues to grow as more people flock to Nevada for an overall cheaper lifestyle.

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.

Shaquille

NBA Legend Shaquille O’Neal Reportedly Purchases Estate in Las Vegas for $2 Million

LAS VEGAS, NV – Shaquille O’Neal, legendary professional basketball player, actor, and current sports analyst on TNT’s Inside the NBA has purchased a private 1-acre estate in the southeast valley for $2 million, right after previously having sold the Southern Highlands residence he had bought prior to the COVID-19 pandemic.

O’Neal, regarded as one of the greatest basketball players and centers of all time, has business dealings in Las Vegas, so owning a home in the region makes perfect sense. However, confusion surrounded the sale after the listing agent, Zar Zanganeh, initially issued a Facebook post on July 9 congratulating O’Neal and his realtor on the acquisition, only to turn around and later delete the post.

Upon being contacted by local Southern Nevada media, Zanganeh reportedly said that she was unable to disclose the buyer of the property, only saying that it was a long-time client and friend; however, neither she nor O’Neal’s personal realtor would deny that the basketball great was the buyer when asked.

The home, a 5,980 square-foot, two-story, five bedroom residence located east of Sunset Park, closed on July 9 for $1.95 million, and according to Clark County records, the buyer was Lester J. Knispel Trust and Chexy Trust, which has been previously utilized for Las Vegas real estate deals by O’Neal.

Meanwhile, O’Neal’s Turnberry Place condo – which was also listed under the trust’s name – was sold in February 2020 for $677,000, after previously being purchased for $670,000 in January 2019, records say.

While O’Neal spends the majority of his time working in Atlanta, Georgia on TNT’s Inside the NBA, the listing agent did note that her client intends to live in the southeast valley residence, confirming that it was not purchased for a relative or as a rental.

Other real estate deals that can be attributed O’Neal include a two-story, 5,440-square-foot Southern Highlands home that he bought in September $765,000, featuring a swim-up bar; Clark County property records listed the Shaquille O’Neal Revocable Trust as the owner, and the home was later sold on June 28 for $1 million.

O’Neal’s other dealings in Las Vegas include co-ownership of Big Chicken sandwich shop east of the Strip.

Photo: Shaquille “Shaq” O’Neal at the ‘Killer Bees’ New York Special Screening at Landmark 57 Theater on November 12, 2018 in New York City. File: Ron Adar, Shutterstock.com, licensed.

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

thrive edward homes

Housing in Demand: Summerlin Townhouse Complex Sold Out Before Construction Even Begins

LAS VEGAS, NV – Thrive, a new townhouse complex in Summerlin, has exemplified the massive demand for housing options in Southern Nevada in a very eye-opening way- by completely selling out of all its units before the project has even broken ground.

Developer Edward Homes notes that Thrive isn’t actually slated to begin construction until August 1, which is situated along Charleston Boulevard, less than a mile west of Red Rock Resort. The project is anticipated to be finished by the first quarter of 2023, owner Brock Metzka says, but that still hasn’t stopped people from putting their hard-earned money down well in advance of move-in day.

“It was really fast,” Metzka said, noting that prior to the recent real estate boom in Las Vegas, he’s never completely sold out a planned development before it was even built.

The development was originally slated to be completed in phases, with the initial phase consisting of model homes to show off to prospective buyers. However, given the fact that all of the townhome units sold out in less than 90 days, such an approach was no longer necessary; instead, full-up construction of the entire community is now planned to commence in August.

Thrive, which will consist of 43 homes, sits on 2.6 acres of land in the Las Vegas Valley, sold out so quickly due to the massive demand for housing options in Southern Nevada these days, coupled with cheap loan options and a huge influx of out-of-state buyers who are flocking to the region for its blossoming economy, vibrant job market, and low cost of living when compared to many other parts of the country.

Located at the southwest corner of Charleston Boulevard and Plaza Centre Drive near the 215 Beltway, Thrive’s townhouses range in price from $440,000 to $550,000, with the higher-end residences coming in at three-stories. Many of the buyers hail from nearby California, according to Metzka, and most of them are paying cash.

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.

Rental

Demand: Las Vegas Rents Currently Growing Faster Than Any Other Large U.S. Metro Area

LAS VEGAS, NV – Low inventory and high demand of apartment units in the Las Vegas Valley are causing rents to skyrocket to near record-breaking levels, a sign of Nevada’s economic recovery as COVID-19 ebbs into its final days. However, the continuing increases in rent in Clark County has come with a downside as well; hardship for some vulnerable local area residents who may have already been having difficulty keeping up with their payments due to the pandemic.

Rents in Las Vegas, while still well below the national average – as of June 2021, the average rent in the Las Vegas Valley was $1,591, whereas the national average is $1,799 – are nonetheless currently increasing at a faster rate than any other large U.S. metro area. Out of the top 50 U.S. metro areas, the speed of Vegas’ rent increases was at the top of the list, with a jump of 3.6 percent from May to June, which equates to approximately $55. Year-over-year from February 2020 to February 2021, Las Vegas rents have surged almost 20 percent, or $260.

Some Clark County tenants are reporting that they’re seeing their monthly rent jumping by as much as $200 or $300. For some – especially many seniors who are on fixed incomes – sudden increases this large can cause financial struggle and force people to cut difficult corners to get by.

Demand is seen as the main driving force behind the rent acceleration; with the pandemic dying down, businesses are hiring again, people are getting jobs, and new college graduates are entering the workforce heading out on their own for the first time. Rents are reportedly growing quickly throughout the country, but again, currently Vegas lays claim to the fastest rates of them all.

And experts are predicting this trend will continue as the country opens up and the economy recovers, but developers in Las Vegas who are hard at work on building several new apartment complexes are expected to help stabilize rents as more units are made available to satisfy demand.

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 valley

Sales of Homes in Ascaya Luxury Master-Planned Community in Henderson Are Soaring

LAS VEGAS, NV – According to reports, Ascaya – a master-planned luxury community located in Henderson that was formed by blasting 15 million cubic yards out of a mountain range – has seen sales on-pace to double their number this year when compared to 2020, a year when sales profits were already at a level that were three times higher than they were throughout the previous three years.

Among the recent new buyers of land in Ascaya is Mark Davis, owner of the Las Vegas Raiders NFL team, who purchased a 6-acre plot to construct his custom home featuring views of Allegiant Stadium, his team’s home base.

And according to the developer, the number one draw of Ascaya is the community’s breathtaking views of the surrounding region; in addition, it also features a $25 million clubhouse and a two-acre park currently in the works.

The majority of sales in Ascaya have consisted of vacant lots upon which buyers have been building their own homes to their personal specifications; a small number of sales have been made up of speculative-built homes, reports say.

Currently, the developer of Ascaya – Henry Cheng, a Hong Kong billionaire and owner of NWS Holdings Ltd. – has closed over $38 million in sales in 2021 alone, with an additional $8 million in sales currently under contract. This is in stark contrast to the dismal rate of sales when the community essentially “stalled” due to the housing crash of the mid-2000’s, or even when it re-opened in 2014.

However, with the recent recovery of the Southern Nevada economy and housing market, Ascaya has attracted a new breed of upscale clientele who were attracted by low mortgage rates and the greater bang for their buck Las Vegas afforded them. With that being the case, Ascaya has seen its growth explode over the past year or so.

Ascaya currently features over 300 homesites, and homes that are constructed there are mandated to be of at least 4,500 square-feet in size, according to the developer. Currently, 26 new homes have been built, 18 are currently being constructed, and 21 are in the planning stages.

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.

real estate boom

Las Vegas Homes Continue to Sell at Lightning Pace; Overall Total Sales Begin to Stabilize

LAS VEGAS, NV – The house selling boom that’s taken the nation – and particularly Las Vegas – in its iron grip since the COVID-19 pandemic has begun easing off has finally begun to show some early signs of stabilizing and cooling down, despite the fact that many new homes introduced to the market are still being snatched up at an incredibly quick pace, reports say.

In Southern Nevada, sales of homes have started to drop ever so slightly over the course of the past few months and the number of available homes on the market has started to build; however, this doesn’t mean that the Las Vegas real estate scene has hit a plateau at all, since the houses that are being sold are still being gobbled up lightning fast.

Reports indicate that approximately 87 percent of previously owned single-family homes that were sold in the month of May had only been listed on the open market for 30 days or less; this represents a significant increase from the sales figures from January, when that number was at 64 percent.

Las Vegas’ real estate market has continued to grow over the past few months, as shown by fast sales and quickly escalating prices, spurred on by low mortgage rates that allow buyers to get more for their money. Regardless, the competition has been fierce, to the point that simply offering the initial asking price on a home is no longer a viable option; typically, the successful buys as of late have paid more.

However, experts are having trouble predicting where Las Vegas’ housing market will ultimately end up as the pandemic slowly comes to an end and the city’s tourism industry finally begins to heat up once again.

Despite the market showing signs of becoming more stable after skyrocketing for months, it nonetheless is still breaking records; the median sale price of a single-family home in May broke the all-time record at $385,000, and the overall inventory of available houses – despite increasing recently – is still low, with the end of May seeing only 2,031 homes for sale without offers.

So while there are a slightly smaller amount of people buying homes at the moment, those that are doing so are still grabbing them at a frantic rate.

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

Vegas Modern 001

“Vegas Modern 001” $25 Million Deal Sets Record for Highest Priced Home Sale in Las Vegas History

LAS VEGAS, NV – In a real estate marketplace such as Las Vegas that is regularly setting records as of late, it takes a whopper of a deal to stand out; one such deal has just taken place, and it has broken the all-time record for the highest-priced home sale in Southern Nevada history, according to reports.

The sale of Vegas Modern 001 – a three-story, 15,000 square-foot home in Henderson’s MacDonald Highlands community – has earned its place in the record books, reportedly going for a staggering $25 million. The brand-new home, built by luxury developer Blue Heron of Southern Nevada, was purchased by LoanDepot Founder and Chairman Anthony Hsieh.

The property was originally listed for $28 million, which was also noted at the time for being the most expensive home listing in Las Vegas history.

Intended to be an ultra-sleek, high-tech showcase with a plethora of eye-opening amenities, Vegas Modern 001 features a great room with retractable walls, an office casita, seven fire features, water on three sides and views of both the Las Vegas Strip and the Red Rock Mountains, 200 solar panels, and a “smart home” system that allows users full control over the security system, sound system, and energy management.

The home has seven bedrooms – including a primary suite with a private patio and a separate suite accessed by a glass bridge – as well as nine bathrooms and a garage with room for up to 11 cars.

The home’s chef’s kitchen is also impressive, with Wolf and Sub-Zero touchscreen appliances, a full catering kitchen, and a glass wine cellar.

Prior to the sale of Vegas Modern 001, the highest record for a home sale in Las Vegas was when illusionist David Copperfield bought a 31,000- square-foot house in Summerlin in 2016 for $17.55 million.

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

Eviction Moratorium

New Nevada Eviction Bill Will Allow Landlords to Apply for Rental Assistance on Behalf of Tenants

LAS VEGAS, NV – According to reports, a recently passed eviction bill aims to address the many issues being faced by landlords throughout the ongoing COVID-19 pandemic, particularly when it comes to offering potential financial relief when it comes to tenants who may have access to federal rental assistance funds but for whatever reason have not applied for them.

Assembly Bill 486 will allow landlords suffering hardship due to non-payment of rent during the pandemic to apply for rental assistance on behalf of their tenant; many Nevada property owners have noted that renters not bothering to apply for rental assistance – be it out of ignorance, apathy, or outright malice – have been an ongoing thorn in their side for the past year.

However, Bill 486 also introduces some additional protections for tenants as well, including pausing eviction proceedings once they have applied for rental assistance until their application has been processed.

The bill will not be enforced until the end of the federal eviction moratorium – due to expire on July 31 – but despite finally giving landlords access to possible financial relief, many have nonetheless criticized the bill as actually doing more harm than good by drawing out the eviction process even longer due to the grace period it affords renters applying for assistance that they may or may not be approved for.

The typical eviction process in Nevada would see tenants behind on their rent receiving a notice from their landlord giving them seven days to quit or pay; the tenant would then have to file a response with the court, followed by a landlord filing an eviction. The two parties would then meet before a judge, who would present a final ruling on the matter.

However, legal experts have noted that AB486 alters that process by requiring all eviction hearings to be put on hold for a maximum of 30 days, after which it would go into mediation. The bill also protects tenants who have submitted an application for assistance from eviction until their application has been approved or denied by Clark County’s CARES Housing Assistance Program, a process which could take months.

As for the landlord, if they do receive rental assistance on behalf of a tenant, the eviction will be automatically dismissed and the landlord will not be able to file another case against the tenant for a minimum of 90 days.

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

Clark County’s Short-Term Rental Ban Set to End in 2022; New Regulations Being Drawn up by Officials

LAS VEGAS, NV – As of July 1, 2022, reports say, Clark County’s ban on short-term rentals comes to an end, as mandated by legislation passed by state lawmakers; from that point, all short-term rentals must be legalized and regulated, posing a difficult task for county officials. After all, despite the ban that is currently in-place, reports indicate that over 6,000 properties have been illegally renting regardless.

Assembly Bill 363 mandates that Clark County regulate its short-term rental industry, and with the end of the ban in sight, the possibility that these short-term rentals could start providing significant tax revenue is set to become very real. Rentals are incredibly popular in the Southern Nevada region, given that it is home to the famed Las Vegas Strip.

Assemblywoman Rochelle Nguyen, who sponsored Bill 363, noted that regulations need to be devised that will take into account the needs and concerns of both the residents who are renting their homes out for extra income, their neighbors who have often issued complaints regarding excessive noise and partying, as well as labor groups and local law enforcement.

One of the main reasons Nguyen said that she sponsored the bill – signed into law by Governor Steve Sisolak in early June – was because simply banning short-term rentals was not working at all, and lauded the potential tax revenue they could generate with proper oversight.

“I don’t think they work,” she said. “I think we are missing out on the potential revenue and it makes it difficult for our counties and cities to enforce what is being perpetrated in our communities with these investment properties.”

However, not everyone believes that the bill is perfect; neighbors of rentals who are furious with the noise have claimed that the bill is not strict enough in that regard, and on the opposite side, renters have complained that the new regulations limit them far too much. But the bill is not an end-all, be-all in terms of regulating the industry; it is meant to merely set the overall framework into which local municipalities can develop and implement their own regulations, which Clark County officials currently in the process of working out while maintaining the guidelines already set forth by the state.

Clark County officials have also expressed skepticism regarding their ability to enforce whatever mandates the bill establishes, given their own inability to enforce the county’s soon-to-end ban on short-term rentals. But the degree of flexibility that counties are afforded to create and enforce their own regulations may make that process easier for Clark officials, but at the same time may cause them to incur additional expenses setting up the infrastructure to do so.

Currently, the bill only applies to Clark County, Henderson, Las Vegas and North Las Vegas; all other counties and cities in Nevada are exempt.

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.