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Category Archive : Market Updates

Las Vegas Median Home Prices Hit Record $460,000 Amid Lowering Sales Overall, Report Indicates

LAS VEGAS, NV – A new report released this week indicates that home prices in Las Vegas continue to increase on a regular basis, despite the fact that home sales in Southern Nevada overall have begun to slow down when compared to the same period of time one year ago.

According to Las Vegas Realtors (LVR), the median price of existing single-family homes sold in Las Vegas in March 2022 was $460,000, which once again breaks the all-time record, as has been the case each and every month for the last several months. Just one year ago – in March 2021 – the median price was just $363,000, which was 26.7 percent lower than it is now.

Another all-time real estate-related record was set in March as well – the median price of local condos and town homes sold in March hit $270,000, smashing last month’s record and representing a 39.2 percent jump from March 2021, when that price was $194,000.

In contrast, the lowest homes reached in terms of cost in recent times was during the mid-2000’s recession, when the median price of existing single-family homes bottomed out at a mere $118,000.

However, LVR President Brandon Roberts noted that the number of homes selling on the market is starting to ebb slightly, driven by several factors.

We keep expecting prices to slow down at some point, but it’s not happening, yet,” Roberts said. “With mortgage interest rates rising recently and the inventory of homes available for sale as low as it has ever been, it’s no surprise that we’re starting to see fewer homes being sold.”

For example, there were only 2,005 single-family homes on the Las Vegas marketplace without any offers, which is an increase of 13.1 percent from the same period of time in 2021. In addition, 4,205 existing local homes, condos and town homes sold in March, which is 12.2 percent less for homes and 6.5 percent less for condos and town homes than one year prior.

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.

Apartment Buildings

Las Vegas Apartment Rents Showing Signs of Stabilization, New Report Says

LAS VEGAS, NV – For months, skyrocketing rents in Las Vegas have given rise to worries that the city – previously well-known for its low cost of living – was starting to price individuals and families out of the market due to affordability concerns.

As the COVID-19 pandemic has entered it’s (hopefully) final days, in just the last year the rent in Southern Nevada ballooned up by nearly $1,200, with the average asking price currently over $1,450 per month. Rents shockingly grew 20 percent throughout the first quarter of 2022 alone, according to the Nevada State Apartment Association (NVSAA), although they currently still remain below the national average.

And while many affluent individuals have fled nearby California due to its unsustainable taxes and expensive living cost for Las Vegas, reports have indicated that some lower-income families have found the recent rent increases unaffordable.

However, for those beleaguered parties, a new report indicates that rents in Vegas are slowly but surely beginning to stabilize, with NVSAA executive director Susy Vasquez stating this week that they are anticipated to raise at far slower increments than they were previously projected to.

“Rents continue to rise as demand continues to grow, especially from people moving here from out of state,” Vasquez said. ““Local rents are still lower than the national average apartment rent of $1,584 per month during the first quarter. We expect rents to continue increasing this year, but at a more gradual pace than during the past year.”

Experts say that, compared to the 20 percent hike year-over-year that Vegas rents experienced from 2021-2022, rents are only expected to increase by approximately another 5.5 percent by the end of 2022; previously, that number was pegged at anywhere between 7 and 8 percent.

Apartment vacancy rates in Vegas in the first quarter of 2022 were 5.4 percent, which experts deem to be a “stable” amount.

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.

Tivoli Village

Las Vegas’ Tivoli Village Under New Ownership, Set to Receive New Apartment Complex

LAS VEGAS, NV – Tivoli Village, a mixed-use development center consisting of retail and office space and located on over 28 acres in Las Vegas next to the Summerlin community, has announced that it is now under new ownership and will be getting some new additions to the facility, including a new apartment complex.

Tivoli Village was bought by real estate firm 3D Investments for $216 million from its landlord, IDB Group USA Investments; on the day that the sale was announced, Clark County records show 3D Investments then turned around and sold eight acres of the property to The Calida Group – a Las Vegas apartment developer – for $27 million.

The Calida Group has plans to construct a new apartment complex adjacent to Tivoli Village that will take the form of a five-story, 300-unit building, with the groundbreaking expected to take place in early 2023. This will compliment an existing apartment building on the property, Elysian at Tivoli, which is a 359-unit complex that opened in May 2021.

Aside from the eventual addition of the new apartment complex, 3D Investments noted that those who frequent the open-air, Mediterranean-themed Tivoli Village – which features 370,000 square-feet of retail and restaurants and 300,000 square-feet of office space – will most likely see no other major changes to the center itself.

However, the group has also announced plans to eventually develop the property’s northern edge in an effort to draw more tenants and customers to the center, but the exact plans for that project have not yet been finalized, according to 3D Investments.

Tivoli Village was originally announced in May 2005 and at the time was dubbed “The Village at Queensridge” before switching over to its current name. Due to poor economic conditions, the decision was made to develop the property in phases, with the first phase opening in 2011.

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.

44 Hawk Ridge Dr

Number of March $1 Million-Plus Luxury Homes Sales in Las Vegas Sets All-Time Record

LAS VEGAS, NV – With the luxury home market in Las Vegas going strong and showing no signs of slowing down as affluent residents from neighboring states continue to transplant themselves into the region, the number of $1 million and higher homes sales in Southern Nevada in the month of March has set an all-time record.

According to reports, there were an incredible 196 homes in Las Vegas with an asking price of $1 million and higher sold in March, with the priciest being a residence in Summerlin that sold for $11.4 million and featured a $35,000 tub in its master bedroom.

The buyer of the expensive Summerlin home – located at 44 Hawk Ridge Drive, – has chosen to remain anonymous, driving a great deal of speculation about their identity. Construction of the residence commenced in 2018 and lasted until 2021, at which time it was listed on the market for $11.9 million, eventually closing for $11.4 million according to property records from Clark County.

The two-story home features an eight-car air-conditioned garage, swimming pool and the aforementioned $35,000 tub in the master bedroom. The home measures 10,609 square feet with four bedrooms and five-and-half baths.

No buyer’s agent was used, and the mysterious buyer utilized an out-of-state attorney for the transaction.

The home was previously owned by former Red Rock Resorts president Richard Haskins, who had passed away after a July 4, 2020 water accident in Michigan; Mike and Linda Huhn then bought the residence, which was still approximately 75 percent into its construction, and sank an additional $2 million into its completion before listing it.

At one point there was speculation that the buyer of the property was then-NFL Green Bay Packers wide receiver Davante Adams, who was said to be buying a home in Summerlin after being traded to the Las Vegas Raiders. However, in a local interview, Mike Huhn said that he was unaware of who had purchased his home, and could only say that the attorney representing them was located in New York.

It would be pretty cool if [Adams] did buy it,” Huhn said. “Whoever moved in, moved in a week after we left. We’re still curious and, hopefully, we’ll find out sooner than 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.

Briefcase Full Of Stacks Of Hundred-dollar Bills

Nearly One-Third of All Southern Nevada Home Sales Paid for in Cash, March Report Shows

LAS VEGAS, NV – A growing number of homebuyers in the Southern Nevada region are paying for their purchases in cold, hard cash as opposed to taking out mortgages, a recent report says, which could be fueled by several factors, including investment and the arrival of affluent transplants from neighboring states.

The Las Vegas Realtors group report released last Wednesday indicates that 32 percent of all property transactions that took place during March 2022 – which includes existing homes, condominiums and townhomes – were paid for in full with cash, which is an increase of 8 percent over the same period of time one year prior.

Experts say there are numerous factors that could be contributing to the increase in cash real estate purchases in Southern Nevada as of late, such as an increase in investors sinking their money into the market. In addition, there has been an influx of new, wealthy residents to the region from neighboring markets such as California, where homes overall are far pricier; after selling of their old homes, these new transplants to Nevada are flush with cash and ready to take advantage of the comparatively lower home prices.

The median price for an exiting home in Las Vegas in March was $460,000 – yet another record amount – and the median price for a condominium or townhome was $270,000; compare that amount to the median home price in Los Angeles, which came in at an astonishing $935,640. With those numbers in mind, it’s no wonder that California homeowners are cashing out and fleeing for neighboring states such as Nevada with a lower cost of living.

However, this bump in cash sales, while significant, is nonetheless still less then Vegas’ peak rate which in 2013 following the recession, where the number of cash-based transactions hit a whopping 60 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.

11489 SNOW CREEK AVENUE, LAS VEGAS - $3,500,000.00

Heavily Renovated Luxury Home in Red Rock Country Club Hits Market for $3.5 Million

LAS VEGAS, NV – An aging million-dollar-plus home located in Las Vegas’ Red Rock Country Club community that has received a huge facelift – now boasting numerous new modern touches – has just been listed on the open market for $3.5 million.

Forte Specialty Contractors, owned by developer Scott Acton, has been responsible for renovating many high-end homes in Southern Nevada and building some of the iconic sights of Las Vegas, such as the pirate ship at Treasure Island 20 years ago.

In September 2020, Acton purchased a home in Red Rock Country Club for $1.025 million that was originally built in 2003, and spent a year gutting, renovating and sprucing it up to suit the tastes of today’s homebuyers that are seeking out the latest in high-tech bells and whistles, along with luxury trappings such as high-end finishes and appliances, along with new open floor plans.

The two-story home – listed by Acton’s daughter, Samantha Paez – offers five bedrooms, six bathrooms, and comes in at 4,546 square feet, with 100 of those feet having been newly added during the extensive renovation process.

11489 SNOW CREEK AVENUE, LAS VEGAS – $3,500,000.00

The home – located on the golf course in Red Rock – now boasts numerous modernized amenities, including a home office/gym combo, steel windows and doors, high-end upgrades with marble and stone throughout, a double island marble-countered kitchen with white European millwork finishes, Viking appliances and custom banquette seating.

The master bedroom features a patio, custom fabric headboard attached to the wall, a bathroom featuring floor-to-ceiling Vanilla Onyx marble, and an upgraded the backyard with etched concrete, lush landscaping, and a new pool.

Currently, Forte Specialty Contractors is one of the main developers of high-end properties in Las Vegas, with 15 projects currently in the works in The Summit, adjacent to Red Rock Country Club.

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.

Henderson, Summerlin

No Sign Vegas’ Housing Boom Ending as Report Indicates Prices Still Rising; Rapid Sales, Low Inventory, Climbing Costs

LAS VEGAS, NV – A new report indicates that Las Vegas’ housing boom isn’t showing any signs of slowing in the near future, as prices continue to increase at an incredible rate when compared to many other markets across the United States.

In January 2022, home prices in Las Vegas had increased year-over-year from January 2021 by an amazing 26.2 percent; this is in contrast with the average gains across the country, which was approximately 19.2 percent, according to the S&P CoreLogic Case-Shiller index released last week by S&P Dow Jones Indices.

It also must be noted that, according to the Case-Shiller data, this represents the eighth month in a row that Las Vegas has seen its homes prices increase faster than the national average, with its highly-competitive market being driven by rapid sales, low inventory, and climbing costs.

In addition, the median sales price of previously owned single-family homes in Las Vegas was $450,000 last month, which represents a jump of 26.8 percent – or $95,000 – from February 2021, reports say.

The report covers 20 major metro areas, and while it illustrated that Vegas is far outpacing much of the country in terms of rising home prices, the king of the pack remains Phoenix, Arizona, which saw the cost of housing increase year-over-year in January by an astonishing 32.6 percent.

The housing boom – both in Las Vegas and nationwide – has been driven by historically low interest rates on mortgages that have allowed buyers to get more for their money; even with interest rates now beginning to increase slowly, the average rate on a 30-year home loan in February 2022 was 3.76 percent. This rate is indeed still quite low, but nonetheless higher than it was in February 2021, when it was a mere 2.81 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.

apartment complex

Investor Currently Renovating, Flipping Multiple Rundown Rental Properties in Downtown Las Vegas

LAS VEGAS, NV – An investment group is currently in the process of sinking some impressive capital into Las Vegas, with 13 rundown rental properties located in the city’s downtown area currently in the midst of major renovations before eventually being put back on the market for sale once they are complete.

Property management and construction company Las Vegas Apartments Corporation has a history of purchasing vacant or dilapidated properties in Las Vegas’ downtown, putting money into fixing them up, and then flipping them on the open market in an effort to “revitalize” the area.

Currently, the group is the second-highest volume property owner in downtown Vegas, according to reports, with 13 properties currently under their belt – all of which are in varying degrees of renovation; once work is finished, they will all be put up for sale.

The most recent fixer-upper property that Las Vegas Apartments Corporation purchased, renovated, and successfully flipped was 10-unit apartment complex at 211 South 13th Street, off the corner of Carson Avenue; the group bought the building in 2018 for $675,000, and closed on it last Friday for $2.7 million, representing a significant return on their initial investment.

The irony is that Las Vegas Apartments Corporation hadn’t fully completed their renovations on the complex when they sold it for that whopping amount, but the demand for housing on 13th Street was so strong they were unable to pass up the huge offers they were receiving for the unfinished project.

Part of the deal, reports say, includes extending the leasing of the current tenants that currently reside in the apartment complex.

Next on Las Vegas Apartments Corporation’s to-do list is the renovation of the 1950′s era Safari Motel, a project that the group has only just acquired the permits for; upon completion of the repairs, the motel will be master leased to Veterans Affairs, according to reports.

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.

Highway 93 in North Las Vegas

Huge Industrial Park Under Development in Northern Las Vegas off Interstate 15 at U.S. Highway 93

LAS VEGAS, NV – Developers who have an already very established presence in Southern Nevada are teaming up to embark on a new project to build a huge industrial park in Northern Las Vegas, which is slated to include a series of large warehouses and other related structures that are sure to be a boon to the local business community.

Moonwater Capital and Western States Contracting will be co-developing multiple buildings in Apex Industrial Park, a facility situated upon thousands of acres of land that has not seen much in the way of use in recent years, until now, that is.

The project calls for several large-scale warehouses to be constructed upon 300 acres of the property, starting with an initial warehouse that is anticipated to be over 900,000 square-feet in size upon completion; groundbreaking on that building is expected to take place in the fourth quarter of 2022, according to Moonwater representatives.

Currently, Apex is mainly comprised of empty desert land, but the property – located off Interstate 15 at U.S. Highway 93 in North Las Vegas – offers vast potential for development, with the main factor for its disuse until recently being a lack of infrastructure due to its remote location.

However, Moonwater Capital and Western States Contracting are aiming to change all of that, with work already underway on establishing the needed infrastructure; it has been confirmed that electricity has been installed in Apex, and the developers have recently entered into an agreement with the city of North Las Vegas on a water pipeline. In addition, other needed additions – such as sewers and gas – are in the works as well.

Demand for warehouses in the Southern Nevada region have increased in recent years, due mainly to the COVID-19 pandemic, which increased the degree of online shopping local residents have engaged in; this, in turn, has increased the need for distribution space, which the new development at Apex Industrial Park aims to address.

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.

Least-Affordable

As Vegas Median Rents Close-In on 40% of Average Income, Now Seventh Least-Affordable Large City in United States

LAS VEGAS, NV – A new report indicates the ever-climbing rents in Las Vegas have reached a point where tenants have to devote a significant portion of their respective incomes to housing costs, increasing affordability concerns for a region that has otherwise always been known for its low cost of living when compared to other parts of the country.

The Realtor.com report states that the median rent in Las Vegas has reached $1,600 per month; this represents approximately 39 percent of the average monthly income in Southern Nevada, a number which is raising eyebrows, especially when compared to the median rent elsewhere in the nation comprising 30 percent of the average income.

These new numbers have catapulted Las Vegas into being the seventh least-affordable large city in the United States on a rent-to-income basis, according to the report.

The ever-increasing rents in Vegas, fueled by intense demand for housing options that have only been exasperated by the tail-end of the COVID-19 pandemic, is forcing some financially-challenged residents to resort to renting rooms in houses – some paying as much as $500 per month – or adding roommates in order to make ends meet.

The report indicates that, year-over-year from 2021, rents in Las Vegas have increased approximately 25 percent, which is a jump that is causing many people still recovering from jobs losses sustained during the pandemic to be frugal with their renting habits.

However, even resorting to renting a room to get by isn’t easy, the report says, as there can be safety and comfort concerns associated with such a move, in addition to a lack of space and/or the ability to keep pets, depending on the rules established by the person renting the space.

Luckily, experts say that the ever-increasing rents and home prices in Las Vegas are not sustainable, and expectations are that the market will eventually stabilize to more manageable levels.

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.

Red Rock Canyon National Conservation Area

Bonnie Springs Ranch Set to Be Developed Into Luxury Housing Community Featuring 16 Homes

LAS VEGAS, NV – Bonnie Springs Ranch, a defunct attraction near Blue Diamond, Nevada that included an 1880’s-style western town replica and a zoo, is set to get a high-end makeover in the form of a new luxury housing development.

A groundbreaking was recently held for The Reserve at Red Rock Canyon – the new name for the property – which, upon completion of construction, is slated to include 16 luxury homes, each situated upon 2 to 4 acres of land apiece.

The homes are catering distinctly to the affluent, with prices starting at a whopping $6.6 million; however, that price only includes the plot of land; if owners want to actually have a residence in which to live as well, they’ll have to build one themselves.

But despite the steep price tag for the property, owners will not have free reign to build anything their hearts desire upon it; guidelines state that any residences must be “compatible with the canyon” and not “stick out,” and the home itself is encouraged to be comprised of several structures as opposed to “one giant building.”

Once development is finished, The Reserve at Red Rock Canyon – located off State Route 159 – will take the form of a guard-gated community comprised of over 60 acres, with the majority of it surrounded by federally-owned land and some degree of private property.

Homeowners will have access to a number of high-end amenities, such as boutique hotel, an outdoor amphitheater, an event barn, and a gourmet restaurant; in addition, residents will also be treated to perpetual breathtaking views of the Spring Mountains and surrounding Red Rock Canyon National Conservation Area, with developer Joel Laub stating that “Nothing will ever be built around this property.

Water lines and fire hydrants have already been installed in the community, and additional infrastructure work is underway; actual construction of the community’s commercial aspects is slated to begin by the end of 2022, although that estimate is not set in stone.

“Show homes” are currently in the design process by luxury homebuilder Blue Heron and architecture firm Backen & Backen.

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.

The Pass Casino Kit Leong

Las Vegas’ The Pass Casino Files Plans to Add Six-Story, Atwell Suites-Branded Hotel At Once Quiet Water Street

LAS VEGAS, NV – Located in Downtown Henderson, The Pass Casino – formerly known as the Eldorado, until it was sold in late 2020 – has announced plans to add onto the establishment by building a six-story Atwell Suites-branded hotel on the property.

Developer Joe DeSimone, who renovated and renamed the Eldorado upon its purchase for an undisclosed price, has filed plans with the city of Henderson to construct the approximately $20 million hotel, which is slated to have 90 rooms. While a specific date has not yet been decided for the project’s groundbreaking, it is anticipated to take place in either September or October, reports say.

The Atwell Suites hotel – a brand of British-owned IHG Hotels & Resorts – is expected to offer a variety of amenities for guests, such as a pool and wine bar; however, construction of a dedicated parking garage is not necessary, DeSimone notes, since The Pass itself already possesses one that will be adequate enough to serve the needs of the hotel as well.

DeSimone, founder and owner of First Federal Realty DeSimone, said that building a hotel for The Pass is a great business move, as the casino’s location at 140 Water Street is centrally located in an up-and-coming area.

Recently, the once quiet Water Street has seen a large increase in foot traffic as breweries, restaurants, an ice rink, and other entertainment options have been added in recent years. DeSimone noted that The Pass has benefited from the street’s current upward trajectory – calling recent business “very strong” – and said that part of his reasoning for adding the hotel is due to the fact that the area is currently without any significant hotel competition.

The nearest large-scale hotel to The Pass’ location – the Fiesta Henderson – has yet to reopen after having shut down during the COVID-19 pandemic, and has not made any announcements regarding its future.

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.