Category Archive : Market Updates

LAS VEGAS, NV – The Harmon at 370, an apartment complex located near the famed Las Vegas Strip and adjacent to a large tract of vacant land that Formula One is currently developing into a new racetrack, has been listed for sale, with the property’s new landlord asking for the hefty sum of nearly $189 million.

Previously, the complex had been known as Harbor Island Apartments, and residents had grown quite used to the large plot of land next door – especially since its perpetual state of disuse had resulted in a sustained state of peace and quiet.

However, the 21.4-acre site at 370 East Harmon Avenue – situated approximately one mile east of the Strip – sold to Laguna Point Properties in the spring for $126 million, at which time it was rechristened The Harmon at 370; at the same time as that purchase, Formula One was in the process of buying the empty plot next door.

Greg Campbell, a founding principal with Laguna Point Properties, said that he started getting inquiries about selling the apartment complex before his company had even finished closing on the deal, as the news of a Formula One racetrack being built next door had generated a great deal of hype.

“They get a whole following of people who want to be around them,” Campbell said of Formula One; with that being the case, it didn’t take long for Laguna Point Properties to put the property they had just purchased back on the market, and at a much higher price point than they themselves had paid.

The Harmon at 370 is being marketed as being “suitable for hotel, resort, retail and mixed-use development,” and is expected to be demolished if sold, with the property expected to be developed into something that caters more towards Formula One fans and general tourists, as opposed to long-term housing.

Formula One announced in March 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 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 – Around the world, few cities have the reputation that Las Vegas does when it comes to serving as a destination for extravagant New Year’s Eve festivities, and apparently AirBnb realizes this, as the well-known online short-term rental business has decided to impose a very strict series of rules for those looking to party in Sin City to ring in 2023. 

In an attempt to curb noise complaints and other issues expressed by homeowners in neighborhoods where AirBnb rentals are located – which are popular venues for tourists to host New Year’s Eve parties – the company announced that they will be going all-out this year to ensure that guests are adhering to all rules and local ordinances, particularly as they pertain to the use of the properties by unauthorized individuals. 

AirBnb, as they have in recent years, will continue to enforce their policy of not allowing one-night rentals in Las Vegas for New Year’s Eve; this pertains to not just apartments, but especially homes as well, as private residences have been responsible for numerous complaints over the years from neighboring homes. 

In addition, AirBnb will also only allow renters this New Year’s who have engaged their services previously, and who have a history of positive reviews; those who have received negative reviews from hosts – or who have no history at all, good or bad – will be barred from renting an AirBnb in the vicinity of New Year’s Eve. 

This policy is not exclusive to Las Vegas; AirBnb will be enforcing it with all of their rental partners throughout the country as a means of ensuring the safety and well-being of both tenants and homeowners. 

“We continue to draw a hard line on disruptive parties and emphasize safe and responsible travel during a weekend where we know some may be more inclined to try to throw an unauthorized party,” the company said in a statement. 

Since introducing the policy, AirBnb has noted that the number of out-of-control shindigs at their rental properties have dropped by 56 percent, which should hopefully go a long way to appeasing neighboring homes in areas with AirBnb units as they celebrate the arrival of the new year. 

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 – Station Casinos, a hotel and casino company based in suburb of Summerlin South, has announced the nearly $24 million sale of a plot of land they had owned in Southwest Las Vegas that is adjacent to their currently in-development Durango Hotel and Casino resort.

The plot of land sold consists of 21.3 acres just to the west of the Durango, and was purchased by Las Vegas apartment developer Ovation Development Corporation for a total of $23.9 million; the sale closed last week, according to property records.

The Durango Resort began construction in early 2022, and is being developed at the intersection of Durango Drive and Interstate 215 in the southwest Las Vegas valley. The $750 million hotel-casino is estimated to be completed by fall 2023, and will boast a 73,000 square-foot casino, sportsbook, a 200-room hotel, four restaurants, and meeting space.

Station Casinos had originally purchased a 71-acre plot of land at the site, of which 50 acres is devoted to the Durango project; Station’s parent company, Red Rock Resorts, had previously announced that they would sell off the remaining redundant acreage, saying it would most likely be going to the developer of a multifamily residential project.

The location of the Durango is proving to be in a fast-growing part of Southern Nevada, and an additional apartment complex – especially one situated in a bustling, touristy section of the city – would go a long way to helping address the housing shortage plaguing the region.

This isn’t the first time Station and Ovation have conducted business; previously, the developer had purchased a five-acre lot in Henderson from the company in fall 2021 in order to build a 55-and-older residential complex.

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 – UnCommons – a large mixed-used facility currently under development in southwestern Las Vegas – has officially entered the apartment construction phase of its development – known as phase 2 – after having fully leased the office buildings that were erected during the first phase.

Upon completion, UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – will essentially be a mini-city within a city, consisting of 500,000 square feet of offices, in addition to restaurants, health and fitness studios, relaxation options, and over 830 residential units.

The concept behind the $400 million project is that it will be a space where the various employees working for the businesses located there will have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right at their fingertips.

UnCommons was announced in early 2019 and broke ground in summer 2020, and according to Matter Real Estate Group – the company behind its development – the project has officially begun work on its first 352-unit apartment complex, dubbed Vestra, which is slated to be available for move-ins in March 2023.

A second apartment complex, the 454-unit Domus, is currently in its design phase.

Matter has finished and fully leased two office buildings – with tenants including CBRE Group, Morgan Stanley and DraftKings – and is in the process of building two more; in addition, multiple restaurants and entertainment venues are slated to open in 2023 as well, including The Coffee Class, Smitten Ice Cream, SoulBelly, Saint Honoré Doughnuts and a sports bar called General Admission.

When completed, UnCommons is expected to be a boon for its inhabitants, who will be able to access the conveniently-located public retail and entertainment options built within rather than having to commute to farther areas such as Henderson for a afternoon or evening out.

Phase 2 is expected to be completed by summer 2023.

For more information on availability and more, visit https://uncommons.com

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 – As the real estate marketplace continues to experience a cooldown amid record national inflation, spiking interest rates on mortgages, and skyrocketing home prices, one crafty Las Vegas seller is getting attention for the bold move of listing their house with a starting price of just $1 in an effort to draw more offers. 

In a real estate climate that are seeing more and more homes sitting on the market for extended periods of time when compared to the mid-pandemic housing boom where they were selling hand-over-fist amid fierce competition, sellers are trying to figure out new ways of drawing prospective buyers to their listings. 

And if you’re browsing ads for a new home and notice a residence in the vicinity of St. Rose Parkway and I-15 with an initial asking price of $1, real estate agent Lana Boley wants to assure you that is not a typo. Instead, it’s part of a strategy intended to help move the house quickly for clients who are in a rush to sell in a slow market. 

“It is not a mistake. You basically have to talk to the listing agent and see what’s the highest you could do for that home,” she said. “Sometimes people just need to move to another state, or they have a different situation, and they don’t want to wait for an offer. So if they would like to sell it fast, they could list it for $1, or really, really low, so they could receive several offers and choose the best one.” 

The creative move comes as sellers in Vegas are dropping the prices of their homes after sales have dropped in recent months; according to reports, 2.4 percent of homes for sale in Southern Nevada have actually been “delisted” by their agents in order to wait for the market to recover. 

79 LOCKHEED AVENUE, LAS VEGAS – Accepting Offers

However, Boley noted that this is a sign that what was recently a very strong seller’s market is transitioning into a buyer’s market… albeit slowly. 

“There are a lot of opportunities, especially for the first-time homebuyers,” she said. 

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 – Claudio Fischer, a former commercial airline pilot turned real estate millionaire, is currently attempting to bring his goal of opening a resort on the famed Las Vegas Strip into reality after being forced to place the project on the back burner when the COVID-19 pandemic hit in 2020.

Fischer is in the midst of negotiations in his native Santiago, Chile with Las Vegas Convention and Visitors Authority (LVCVA) President and CEO Steve Hill and Chief Financial Officer Ed Finger to purchase a 10-acre plot of land – the former location of The Riviera – located on the southeast corner of Las Vegas and Elvis Presley boulevards.

Currently, the deal being discussed is for Fischer to acquire the property for the sum of $120 million. Originally, the parties in question appeared close to cutting a deal in March 2020, but when the pandemic occurred – halting Las Vegas’ economy and shuttering its casinos for an incredible 78 days – all involved agreed to put the project on hold until things had cleared.

The land that The Riviera had once stood upon was purchased by the LVCVA in order to allow them to finish the development of the Las Vegas Convention Center’s new West Hall, while leaving 10 acres of the property undeveloped with the intention of selling it down the line for a potential resort.

As the pandemic wore on, the parties kept in touch and waited for the right time to progress on the project; currently, according to Hill, the deal is slated to be closed by December 15 at the latest.

If the deal goes through, the LVCVA will still be allowed to use the land for parking and outdoor convention exhibits up until Fischer begins construction, for which he has a deadline to start of January 1, 2031; if he has not begun the project by that point, the LVCVA would then have the option to buy back the property.

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 sale of the former apartment complex of late entrepreneur and Zappos CEO Tony Hsieh has been deemed fraudulent by a Las Vegas judge since his estate never approved of the transaction, leaving the buyer in a state of limbo in regards to the rights to their purchase.

Much of the Las Vegas real estate empire amassed by Hsieh has been listed on the open market by his family, totaling nearly 100 properties throughout the downtown Las Vegas area. Hsieh had passed away in November 2021 at the age of 46 due to injuries suffered in a Connecticut house fire, and had no will before his death, reports say.

The apartment complex in question, known as Cassia – which Hsieh purchased in 2012 – is located at 319 South Ninth Street, and was purportedly sold in March for $1.2 million by an individual named Santiago Espinosa, who claimed to be a managing member of Hsieh’s limited liability company that owned the property.

However, attorneys representing Hsieh’s estate were not informed of the sale until May, at which point they stated they had never heard of anyone named “Santiago Espinosa.” District Judge Gloria Sturman subsequently ruled that the sale of Cassia was “clearly fraudulent” and ordered that the deed be immediately returned to Hsieh’s estate.

While the whereabouts of the individual claiming to be Santiago Espinosa are currently known to authorities, the same cannot be said regarding the person who notarized the fraudulent sale, reports say. A source close to the situation alleges that the attempted sale of Cassia was part of a large-scale attempt to rip off real estate buyers across the Las Vegas valley.

The apartment complex had been sold to Galaxy Home Buyers LLC – managed by realtor Sarah Sorrells – and that the reversal of the sale by the judge resulted in the firm taking a $1.2 million loss that they have no choice but to accept.

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 – A “fix and flip” luxury residence located on Boulderback Drive in Las Vegas that was purchased and extensively renovated has now been listed on the open market for a whopping $5.895 million.

Shelly Kramarczuk, principal and owner of SK Design, first noted the home earlier in 2022, and after purchasing the single-story, four-bedroom, 4,832 square-foot property, oversaw a complete transformation of its interior.

Many of the changes in the home made extensive use of Neolith, a type of sintered stone made from three types of natural materials: Glass, Porcelain, and Quartz. The stone puts together the best features of these raw materials, creating a stone that is highly durable, waterproof, scratch resistant, and resistant to UV rays.

1 BOULDERBACK DRIVE, HENDERSON – $5,895,000.00

An entire wall in the home’s great room is completely made up of Neolith, Kramarczuk noted, and influenced her decision to make it a common design motif throughout.

“It transformed the entire feeling of the home. I am in love with the Neolith product line. It’s so rich in its look and appeal,” she said. “I immediately saw it in my mind when I first entered the home. I had a vision of re-slabbing it to transform the feeling of the home, so that is where I started.”

The great room Neolith wall features a 98-inch television with an integrated sound system and a 100-inch Dimplex fireplace – with the components are built into an AV media wall box behind the television – all of which have been incorporated seamlessly into the structure.

Kramarczuk added a number of other elegant design aspects into the home over the course of its 5-month renovation process, including a $70,000 custom Bocci chandelier hanging over the formal dining table, floor-to-ceiling glass throughout much of the residence, dual contrasting waterfall islands with quartz countertops in the kitchen, and much more, creating what Kramarczuk referred to as a “timeless, organic-modern aesthetic.”

“Boulderback is a special property,” she said. “The floor plan is functional, with four bedrooms and flex rooms that can be customized to the buyer’s interests and needs.”

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 long-abandoned Las Vegas White Sands Motel site – with the pool empty, existing building boarded-up and encircled with barbed wire fencing, now home to a stray cat colony – has been listed on the local real estate marketplace for $1.5 million by the estate of late owner Spartaco Colleli, in the hopes that even the most dilapidated property in Southern Nevada can fetch a healthy sum from the right investor.

The former motel – located on a 1.1 acre parcel of land on Las Vegas Boulevard, across from the Luxor Hotel and Casino – is being auctioned off on a website called Ten-X, which is accepting bids from December 12 to 14. The listing claims that the property’s “redevelopment opportunities are endless” due in-part to its proximity to Allegiant Stadium, T-Mobile Arena, and other well-known establishments.

Currently, it’s unknown if any bids will be made upon the property, or how much money overall it will generate in an auction; however, the building – originally constructed in the 1950s – is currently in a substantial state of disrepair, having been the target of vandalism and squatting by homeless people and cats for years.

With that being the case, the motel will most likely be torn down and the land re-developed if it does indeed sell next month, with the property likely used for some sort of tourist attraction due to its prominent location on the Las Vegas Strip.

The White Sands Motel site has been unsuccessfully put on the open market several times over the years for various asking prices. It was initially offered for $25 million in 2016, then for $18 million in 2021, and finally $12 million in spring 2022, with no takers each time. The $1.1 million starting price for this new auction represents the lowest amount it’s been advertised for yet, and experts believe that this may finally push buyers to take the plunge.

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 – An injunction hearing scheduled for this past Thursday regarding a lawsuit filed by a group of short-term rental owners that alleges that Clark County is violating their property rights has been delayed for December 19, further drawing out the legal process that had originally begun when the case was filed this past August.

The lawsuit, brought by the Greater Las Vegas Short-Term Rental Association (GLVSTRA), is seeking to temporarily block a law set into place in the form of a Nevada legislature bill known as AB 363, which added new ordinances in June regulating short term rentals in the state. In turn, unincorporated Clark County was subsequently tasked with handling oversight of the industry within its borders, and were mandated to create their own set of regulations.

GLVSTRA founder Jackie Flores said that the new ordinances – both on a local and state level – clearly infringe upon the rights of property owners who wish to rent out their residences via services such as Airbnb and Vrbo.

“Our position is that both the state law and the Clark County ordinance just goes too far where it’s actually violating people’s constitutional rights and freedoms,” Flores said. “AB 363 makes it hard for people to get a license and once you get a license, it makes it easy for people to get in trouble for minimal things.”

Some of the contested regulations created by Clark County officials include no more than 10 people in a property, minimum two-night stay reservations, rentals being no closer than 1,000 feet one another, and no-warning, on-the-spot county inspections, among others, Flores said.

“They have a provision in the ordinance that says any Count Official can come to your private home at any time whenever they feel like it and for whatever they want and you have to let them in your property,” she said. “You have to let them in your house and we felt like that was like you’re going way too far.”

Flores added that the cities of Henderson, Las Vegas, and North Las Vegas offered compliance periods right after their respective ordinances were passed, but that Clark County did not follow suit.

In addition, the application process being offered to get licensed – including an upcoming permit lottery –  is overly convoluted and cumbersome, Flores claimed, and will likely result in as many as 80 percent of the over 12,000 illegal short-term rentals in Clark County not being able to legitimize themselves.

“Right now they have a pre-application period of six months,” she said. “That period is just really you pre-applying but nothing really happening, and then after those six months then they’ll have at some point in time they still don’t know when a lottery then you move onto the next step which is application to the license.”

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 – An “outdated” equestrian property extensively transformed into an “organic luxury modern farmhouse” located in an out-of-the-way section of Las Vegas has been listed on the open real estate marketplace for nearly $2 million, according to reports.

The residence, located at 7435 W. Richmar Avenue – situated in a “peaceful nook” under Exploration Peak in the southwest Las Vegas Valley – was originally purchased in February 2022 by the husband-and-wife real estate team of Natalia and Ben Harris before their extensive renovation of the property.

The 3,358-square-foot home has now been listed for $1.849 million and features six bedrooms, four baths, formal living and dining and an executive office/flex space, all situated upon two acres of property isolated enough to give homeowners a strong sense privacy, but close enough to shopping and entertainment venues for when groceries or a night on the town are desired.

The house also boasts a detached casita, mature fruit trees, a greenhouse, resort-style pool, recreational vehicle parking and an oversized motor court entry.

7435 WEST RICHMAR AVENUE, LAS VEGAS – $1,849,000.00

Another selling point of the property is the large amount of nearby wildlife, with the owners noting that hundreds of species of birds are on display on a daily basis and coyotes are visible running up the nearby hills.

The property’s $250,000 in renovations – carried out by Gary Martin of GC Construction – were primarily confined to the residence’s interior, which Natalia and Ben Harris noted had a “cramped” feeling due to an excessive amount of partition walls; many of these were subsequently knocked down to create a spacious open-concept floor plan.

The overall aesthetic of the home, according to Natalia Harris, is now one of an “organic, modern farmhouse to pay tribute to the equestrian aspect of the property,” avoiding a completely modern feel in favor of an emphasis on warm, natural colors and textures.

Other upgrades include the gutting of the outdated kitchen and substituting it with a gourmet kitchen featuring quartz countertops and a striking black chevron backsplash, replacing the existing central multicolored stone fireplace with a LED black porcelain tile fireplace, and ripping out the old primary bathroom and transforming it into an exotic, resort-style bath.

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 – Growth Holdings, a Las Vegas-based holding company, has received a construction loan in the amount of $85 million towards the development of Otonomus Las Vegas, an apartment complex slated to be comprised of both residential and short-term rental units.

Otonomus Las Vegas is planned to be completed and to begin welcoming tenants during the fourth-quarter of 2024, and will be comprised of 303 fully-furnished units boasting numerous luxury-minded perks, such as stainless steel appliances, granite and quartz countertops, tile backsplashes and LED lighting.

The apartment complex – developed by Growth Airo 1, LLC – will take the form of a building that will be comprised five stories, and its living units will share a number of specific design aspects, such as open floor plans, 10-foot ceilings, walk-in closets, and private balconies.

Tenants will also have access to a number of swanky amenities, such as a cutting-edge fitness facility, a clubhouse, multi-functional meeting space, three courtyards with picnic and barbecue areas, lounge areas, and two resort-style pools with cabanas.

In addition, Otonomus Las Vegas will have a retail component as well, with 38,000 square-feet being available to businesses such as restaurants, office space, and various shops, among others. The first floor of the building will be dedicated to retail, whereas the remaining second through fifth floors will be comprised of tenant living space.

Otonomus Las Vegas is being developed in collaboration with Airbnb and is being built at the corner of Decatur Boulevard and Russell Road, which is only a seven-minute drive from Allegiant Stadium, home of the Las Vegas Raiders. And while first introduced in Las Vegas, Growth Holdings have indicated their plan to expand the Otonomus concept to Japan and other countries around the world in the future, if this initial endeavor is successful.

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.