Category Archive : Market Updates

LAS VEGAS, NV – Resorts World Las Vegas, a hotel and casino currently under construction by the Malaysia-based Genting Group on the Las Vegas Strip, is still on-track to meet its original projected summer 2021 opening date, despite the trials and tribulations presented by the COVID-19 pandemic, according to reports.

The previous site of the Stardust Resort and Casino until 2007, groundbreaking for Resorts World took place in May 2015, and construction began in late 2017. At a cost of $4.3 billion, Resorts World is potentially the most expensive resort property ever developed in Las Vegas.

Even with the limitations and delays presented due to COVID-19, not only is the project proceeding on-schedule for its opening date, but the property’s management announced in July the addition of a 5,000-seat theater in partnership with AEG.

Genting Group credits their ability to remain on-track throughout the course of the project with numerous cutting-edge safety protocols that they have introduced to keep workers safe and healthy while abiding by all guidelines imposed by local and state government in order to curb the spread of COVID-19.

Resorts World Las Vegas will offer a whopping 3,500 rooms for guests upon its 2021 opening, as well as a 75,000 square-foot nightclub, convention space, a 220,000 square-foot pool complex, an LED video globe, and a 100,000 square-foot LED screen, measuring 294 feet in height and 340 feet in width.

Portions of the property will be branded as Hilton, while other portions will be marketed under two of Hilton’s other brands, LXR Hotels and Conrad Hotels.

In addition, Resorts World has also commissioned The Boring Company, owned by Tesla’s Elon Musk, to construct an underground people mover system, similar to the one that the company is currently constructing for the Las Vegas Convention Center. The system would function as an extension of the one for the Convention Center, and would ferry people back and forth between the two locations upon completion.

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 Calida Group – one of the largest developers in Southern Nevada – is planning to open a new apartment complex in the Hughes Center office park in fall of 2020, one that promises a plethora of upscale amenities for tenants, according to reports. Dubbed the Elysian at Hughes Center, the complex – which will begin pre-leasing later this month – is a 368-unit facility with apartments that range in size from 619 square feet to 2,477 square feet. Rent varies from $1,285 to $4,400 per month, according to Calida Group reps.

The complex takes the form of two five-story buildings, each constructed around a six-level parking garage.

Elysian at Hughes Center features a slew of high-class perks for tenants, ranging from a 5,065 square-foot indoor and outdoor “sky lounge” providing panoramic views of the Las Vegas Strip, a clubhouse that contains exercise facilities, tanning rooms, a golf simulator, and a wine-tasking lounge, as well as landscaped resort-style pool, spa, and recreation decks.

The apartment complex is located on a 6-acre site one mile east of the Las Vegas Strip, at the northern edge of the 68-acre Hughes Center. Calida purchased the property for $15.9 million in 2017 from The Blackstone Group, which also serves as the Hughes Center landlord. Ground was broken on construction for Elysian at Hughes Center on January of 2019.

Calida owner Eric Cohen has expressed great excitement about the Elysian project, noting that its home at Hughes Center – an office park with thousands of workers and situated within walking distance of dozens of restaurants – makes it an “amazing location” and a great alternative to the high-rises that are on the nearby Strip.

The projected cost for the project is over $100 million, reports say.

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

LAS VEGAS, NV – Representatives of the Las Vegas hotel industry sent an appeal to Congress this week, asking for financial assistance and commercial debt relief in order to help ward off an “unprecedented wave” of foreclosures due to financial issues born out of the COVID-19 pandemic, according to reports.  

In July, reports indicate that approximately one-fourth of Las Vegas hotels were a month late – or more – on their mortgage loan payments, which represents the highest level of financial distress to ever befall the city’s hospitality industry. Compare that figure to the fourth quarter of 2019, when just over one percent of hotels were in that same predicament, said analysis firm Trepp.

On Tuesday, over 4,000 hotel owners – including 20 from Nevada – signed a letter that was sent to Congress, calling for passage of the Helping Open Properties Endeavor (HOPE) Act, which was drafted in-part to help protect owners of commercial real estate from foreclosures as a result of fallout from the COVID-19 pandemic. The bill specifically targets businesses that hold commercial mortgage-backed securities loans.

Hotels across the country have suffered during the pandemic, as travel has slowed to a standstill in order to help curb the spread of the disease; however, Las Vegas in particular has suffered more than most due to its reliance on tourism, and even with Nevada in the process of opening its economy once again, the economic damage has been done. And with tourism levels not yet returning to normal, it’s clear that outside help is sorely needed if many of these hotels are to survive.

Casino resorts on the Las Vegas Strip generate the majority of their revenue from gambling activities; however, smaller hotels that do not have gambling on premises would benefit the most from the passage of the HOPE Act. We will be sure to report here if Congress responds to the hotel industry letter.

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 – With the COVID-19 pandemic remaking the concept of work as we know it, scores of people are finding themselves transplanted from their familiar office settings and telecommuting from their own homes thanks to social distancing guidelines designed to curb the spread of the disease. And while there are advantages to working from home, there are also stresses that naturally come with the idea of taking your own personal abode and making it your place of business. If home is work and work is home, what’s a person to do to?

Well, go to Las Vegas, it seems.

MGM Resorts has launched a new “Work from  Las Vegas” travel package, aimed at professionals in the business world who are tired of working while stuck in their homes. The package includes discounts on airfare, lodging, and even includes a dedicated concierge – dubbed an “executive assistant” by MGM – to help them with their workload, including handling reservations and scheduling.

The program – dubbed “Viva Las Office” and heralded by MGM Resorts as “the ultimate home-away-from-the-home office experience” – is yet another innovation that Las Vegas is breaking out in an attempt to make up for the losses in revenue due to the drop in tourism brought about by the pandemic. The program offers stays ranging from 3-to-5 nights at costs ranging from $100 to $350 per night, not including any additional resort fees that may be incurred.

MGM Resorts also offers semiprivate jet service with discounts of $75, $100 or $125 off round-trip tickets. Packages include varying tiers of prices and service – including “The Associate,” “The Manager,” and “The Executive” –  with the overall goal being a productive and focused work experience, as well as the opportunity to enjoy the sights and sounds of Vegas during the off-hours.

The “Viva Las Office” program is currently limited to Bellagio and ARIA.

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 – Local developer Edward Homes recently broke ground on a new housing project located in Las Vegas’ 1,200-acre Providence community, the last new-home development slated to be constructed at that location. The new housing tract, called Brownstones at Providence, is planned to add 30 new townhouses on a 3-acre plot of land, and is expected to start framing the new units in approximately a month. The project, the last new addition to the Providence community according to reports, has already had 10 signed sales contracts by buyers of the townhouses.

Providence is a master-planned community located in the northwest valley of Southern Nevada near the 215 Beltway and Hualapai Way. Its origins can be traced back prior to the mid-2000’s recession, a period of time where developers consistently bought up large plots of land to construct housing developments, which was a very profitable venture before the recession hit. Developed by the Focus Property Group, Providence first began to sell homes in the community in 2006, at the height of the region’s real estate boom.

Edward Homes noted that the low supply of homes on the Las Vegas real estate market was the driving force behind the decision to proceed with the construction of Brownstones at Providence, citing the strong demand for new housing despite the impact of the ongoing COVID-19 pandemic.

June 2020 saw approximately 1,230 sales contracts signed with homebuilders in Southern Nevada, the highest amount since February. Meanwhile, pre-existing home sales in July numbered over 4,000, the largest amount of homes sold in Las Vegas since 2017.

The fact that buyers are able to lock in very low interest rates on loans these days – as low as 3 percent – has also helped to sustain the demand for housing, regardless of the financial difficulties that many residents are experiencing.

Construction for the Brownstones at Providence project is expected to be completed by the end of summer 2021.

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

LAS VEGAS, NV – According to recent reports, Las Vegas’ ongoing real estate rebound from COVID-19 has hit yet another milestone, with the industry setting an all-new record in the month of July 2020 and cementing it as one of the more notable aspects of the region’s recovering economy, damaged as it has been by the pandemic.

Realtors have revealed that July saw the largest amount of homes sold in Las Vegas since 2017, with over 4,000 pre-existing residences changing hands. That is indeed impressive, especially given how far the market had come since the mid-2000s recession, and how far it had dropped again thanks to COVID.

Local realtors have been quoted as saying that the local housing market is currently “on fire,” citing the non-stop demand coupled with historically low interest rates – some as low as 3 or even 2.5 percent – and a limited supply as the contributing factors to local real estate managing to weather the storm and come back faster than estimated after COVID played havoc with Nevada’s economy. Interest rates are expected to remain low for the remainder of 2020, reports say.

Therefore, individuals and families that have managed to remain employed throughout the pandemic – or who had adequate financial resources already in place – have been taking advantage of the opportunities presented to purchase homes in large numbers.

Also, the median single-family Las Vegas home price in July was $330,000, an increase of approximately 9 percent from the same period last year. Again, this is despite the current pandemic, which is still making its presence felt in Nevada and across the country.

In addition, ongoing forbearance and moratorium decrees that have been enabling people to remain in their homes despite the financial difficulties they have been experiencing have resulted in Las Vegas’ lowest amount of foreclosures and short sales ever, preventing another mid-2000’s-style catastrophe to strike the Southern Nevada housing marketplace. Federal homeowner and renter assistance has also played a part, reports say.

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

LAS VEGAS, NV – Plans for a new apartment complex in Henderson were recently announced by a Las Vegas-based developer to be constructed on a 19-acre plot of land at the southeast corner of Galleria Drive and Boulder Highway, according to reports.

Tru Development Company noted that the complex, dubbed The Apex at Galleria (stylized as “theAPEX @galleria”), will be a 336-unit apartment complex with and 3.8 acres of retail development available for sale, ground lease, or build to suit as well.

Tru is teaming up with MultiGreen Properties to bring the project to life, according to Tim Deters, President and CEO of TRU Development.

“TRU Development Company is excited to be partnering with MultiGreen Properties on our first project collaboration in southern Nevada,” he said. “We are honored to have the opportunity to expand the multifamily offerings in the Las Vegas Valley and create a community centered around technology, sustainability, and wellness. We look forward to bringing our vision to fruition and welcoming residents in 2021.”

The apartments at The Apex at Galleria will be available for lease in March of 2021, and heralds what the developer is calling a series of “Apex” branded communities to be built throughout the state of Nevada, according to Randy Norton, Founder and Chairman of the Board at MultiGreen.

“We are excited to be working with TRU in the State of Nevada as we continue to grow and design theAPEX brand,” he said. “Our goal is to build thousands of newly constructed APEX- branded units together, all of which will be attainable, sustainable, and tech-enabled residences.”

Tru most recently is responsible for the construction of the Kaktus Life rental project off Cactus Avenue and Interstate 15, a 4-story complex. It also has plans for a southwest valley apartment building in the works, adjacent to the Meadows mall. Ground on Apex at Galleria is expected to be broken at some point in the fourth quarter of 2020.

Editors note: The photo used in this story, a rendering of the new apartment complex in Henderson, is credited to TRU Development, Nevada Business Magazine, Nevada Business Journal and Press Release Wire.

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 – It was recently announced that construction of the long-awaited Allegiant Stadium, new home of the NFL Las Vegas Raiders, will be ready for start of the team’s 2020 season on September 21, despite numerous hurdles and challenges thrown in its path thanks to the ongoing COVID-19 pandemic. However, that good news comes with one caveat- according to the team’s management; all of the Raiders’ games played for their inaugural season at Allegiant will be done so without the benefit of fans, who have been banned from the venue due to health concerns.

The Raiders announced that fans would not be allowed in the stadium for the 2020 season in a statement released this week to season ticket holders, following suit with many other professional sporting teams that are taking similar precautions to help curb the spread of COVID-19, the disease caused by the coronavirus that has claimed over 160,000 lives in the U.S. to date.

“There is nothing more important to the Raider Organization than the health and safety of our players, coaches, staff, stadium workers and fans,” the statement said. “After intensive consultation with healthcare officials and state and community leaders, we have made the difficult decision to play the Las Vegas Raiders 2020 inaugural season at Allegiant Stadium without fans in attendance. This decision is based on our commitment to protect the health of our fans and the entire community in response to the coronavirus pandemic affecting us all.”

Reduced seating was considered but ultimately ruled out by the team; season ticket holders have the option of either receiving full refunds or applying their payments to the 2021 season instead.

Allegiant Stadium, a $2 billion, 65,000-seat complex built on a 63-acre plot of land located just west of Interstate 15, officially broke ground in November of 2017 and faced several hurdles in its development – thanks in no small part to the pandemic – while making headway towards its 2020 goal of completion.

The Raiders will play their first game at Allegiant on September 21 when they host the New Orleans Saints. A planned Garth Brooks concert for August 22 – the first-ever event planned for the stadium – was recently re-scheduled to February 27.

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

LAS VEGAS, NV – In a recent report, the lengths that Southern Nevada real estate agents have gone to in order to reinvent themselves amid the challenges presented by the ongoing COVID-19 pandemic were laid out, and it paints a picture of an industry that has not only managed to survive adversity, but actually thrive despite it.

The pandemic initially caused issues for the local real estate market due to mandatory stay-at –home orders and business closures to help contain the spread of the coronavirus, which causes the respiratory disease known as COVID-19. While real estate was considered an “essential business” and thus was allowed to continue to operate, it was nonetheless hamstrung by high unemployment levels and the resulting extreme financial uncertainty in the region, not to mention restrictions caused by social distancing guidelines.

However, the real estate industry has bounced back amid the chaos by adapting to conditions; many agents, according to the interview, have moved everything to a “virtual platform,” setting up 3D online tours of properties in their inventory and producing far greater amounts of video content highlighting the homes and rental units on offer.

In addition, Zoom – a popular video conferencing app – was highly utilized to conduct open houses, a move that may have actually changed the way real estate business is conducted going forward, even after the pandemic is eventually a thing of the past. After all, these steps can greatly decrease the amount of time a sale takes, and it allows people who live in other areas to check out a property without having to travel; instead, they can get all the information they need about their potential new home right in the comfort of their current abode.

That said, Las Vegas has seen a bump in the number of real estate buyers from both out of town and out of state throughout the course of the pandemic, particularly from California, mainly due to the affordable lifestyle in Nevada when compared to their home state.

As for what the future could potentially bring – especially now that Nevada is slowly but surely coming out of lockdown – experts believe that the real estate market will continue its impressive rebound, although that enthusiasm is tempered by the fact that is a so-called “second wave” of the pandemic hits in the fall, the economic damage could be just as bad as the first time… if not worse.

However, the current low interest rates in the market have encouraged many U.S. residents to purchase homes, with noted mortgage loan company Freddie Mac noting that current purchase demand activity has actually gone up 20 percent from the same time period in 2019, placing it at its highest level since 2009.

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

LAS VEGAS, NV – According to reports, 38 acres of undeveloped land located on the famed Las Vegas Strip recently sold for $108.6 million during an online auction that garnered four separate bids by undisclosed buyers.

The virtual auction was the first of its kind held in Clark County due to social distancing guidelines brought about by the ongoing COVID-19 pandemic, which made a traditional in-person auction problematic. The land has been designated as a “qualified opportunity zone,” meaning that it can be developed for a variety of uses, including as a casino, hotels, retail, restaurants, parking, resorts, in addition to a variety of other establishments. The land is just west of McCarran International Airport, which would mean that different parts of the property would have varying degrees of maximum height allowances.

The property is located on the corner of Hacienda Avenue and Las Vegas Boulevard, and is within walking distance of Allegiant Stadium, the upcoming home of the NFL Las Vegas Raiders and the University of Nevada Las Vegas Rebels. The land includes 750 feet of frontage on Las Vegas Boulevard across from the Mandalay Bay Resort and Casino.

The auction involved the sale of six separate lots in the area which were owned by Desert Land, LLC, Desert Oasis Apartments, LLC and Desert Oasis Investments, LLC. The property came into Clark County ownership after the aforementioned firms filed Chapter 11 bankruptcy petitions in the District of Nevada.

At the time, Kavita Gupta was appointed by the Chapter 11 Trustee, and oversaw the sales process and was given management of the debtors’ business and property dealings. The trustee, in turn, engaged Keen-Summit Capital Partners LLC and Colliers International as the real estate agents for the auction.

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

LAS VEGAS, NV – According to reports, Nevada officials have announced that a large amount of federal funding made available to those impacted by the COVID-19 pandemic is still available via the state’s CARES Housing Assistance Program, which launched last Monday.

Since the program began on July 20, it has received 3,085 applications from residents whose finances have been negatively impacted by the pandemic and are seeking assistance with remaining in their homes. Most of the people applying for rent assistance are asking for up to two or three months of back-rent to be paid to cover missed rent payments during the eviction moratorium.

The COVID-19 pandemic has caused widespread financial hardship in Nevada, with record unemployment numbers dominating the economy amid mandatory business closures and stay-at-home orders issued to halt the spread of the dangerous virus. And while cases of COVID had dropped to levels that saw these mandates being lifted, the long-term financial issues – coupled with a resurgence of positive cases – has left many facing the very real prospect of homelessness.

The rental assistance program is being run by the Nevada Housing Division and in coordination with Clark County Social Services, the Reno Housing Authority, and the Nevada Rural Housing Authority. In addition, a network consisting of 14 community not-for-profits is administering the program in Clark County.

Nevada Governor Steve Sisolak recently announced the rental assistance program, available to Nevada residents who are experiencing financial insolvency due to the ongoing COVID-19 pandemic, in the form of $30 million in federal CARES Act funding allocated to residential rental assistance, and an additional $20 million towards commercial rental assistance.

In order to apply for the rental assistance program, Nevada residents can visit housing.nv.gov. Successful applicants should begin seeing payments sent directly to their landlords over the course of the next two weeks, reports say. Funds will be dispersed on a first-come, first-served basis.

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

LAS VEGAS, NV – After the housing market in Las Vegas came to a virtual standstill amid the chaos of the COVID-19 pandemic, initial reports indicated that the market was bouncing back at a higher than anticipated pace; more recent reports indicate this is still the case, with sales reaching their highest point yet since the advent of the pandemic.

When COVID-19 first hit the region, Southern Nevada’s housing market practically collapsed due to the economic devastation, with sellers drying up and cancellations of pending sales running rampant. However, the lows, while bad, never quite hit the points that experts first predicted, and efforts on the part of sellers – including virtual walk-throughs and online forms, among other methods of maintaining social distancing – have enabled business to improve over the past month.

June saw a major improvement in the number of sales contracts signed, with 1,230 people signing on the dotted line, which is the highest number reported since February when the pandemic had just started making its presence felt in the United States. In addition, June also saw just 208 sales cancellations, which represents a drop of 43 percent of the cancellations that occurred in May; obviously this is also a good indication of recovery for home builders.

Also, despite the rocky road for builders during the past few months, a saving grace came in the form of home price stability; prices on new homes did not lower significantly, and sellers did not provide many significant incentives in an attempt to attract sellers, citing that demand was still present and that sales would bounce back eventually.

The resale market also has continued to improve recently, with 2,460 homes selling in June for a median price of $325,000, representing a 45 percent jump from the previous month. Clearly, the basic need for home ownership will eventually outweigh concerns over a pandemic as long as proper precautions are taken.

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.