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Category Archive : Market Updates

AirBnB

Condo, Timeshare Owners on Las Vegas Strip Renting Out Via Airbnb Circumventing Pricey Resort Fees

LAS VEGAS, NV – Condo and timeshare owners on the famed Las Vegas Strip have recently been renting out their residences via short-term rental websites such as Airbnb, allowing renters to circumvent pricey resort fees that they would otherwise be responsible for paying, according to reports.

In today’s rough economy when a dollar saved is a dollar earned, Airbnb’s introduction on the Strip is allowing tourists who are braving the ongoing COVID-19 pandemic to get the most for their money; enjoying the experience of staying in a luxury resort hotel for less. For example, Elara by Hilton Grand Vacations typically runs $159.80 on a Monday; however, the same exact type of room in the same hotel on the same night will only cost you $79 when booked through Airbnb.

It’s the same experience, but the Strip’s at-times excessive fees no longer apply since the unit is already owned or shared by someone else. While this is currently legally allowed within Clark County – who has been imposing stricter rules on short-term rentals as of late – it’s nonetheless frowned upon by some resorts, who understandably view services such as Airbnb as competition.

While Clark County forbids residential areas to have short-term rentals private owners on the Strip are allowed to engage in this activity, provided that they are properly licensed; in addition, the rules that are imposed differ resort to resort as well, depending on management.

Resorts on the Strip that allow Airbnb include The Signature at MGM Grand and Vdara, both of which function under the umbrella of MGM Resorts International. Westgate however, which is located east of the Strip, does not allow the practice.

Occasionally, listings will covertly pop up on Airbnb in Strip resorts that do not allow short-term rentals, including Westgate, Jockey Club, and Palms Place.

If you’re wondering why some resorts do allow short-terms rentals, however, the answers are typically that guests are likely to spend their money on amenities available at the hotel itself, such as restaurants, spas, and casinos, thus resulting in additional revenue.

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.

Sisolak

Nevada Governor Steve Sisolak Extending “Statewide Pause” – Reinstating Eviction Moratorium through End of March

LAS VEGAS, NV – Nevada Governor Steve Sisolak, citing recent massive spikes in the COVID-19 pandemic, announced Sunday that he would be extending a “statewide pause” that he implemented in November in an effort to help curb the spread of the virus. In addition – and perhaps more controversially – he will also be reinstating a previously-expired residential eviction moratorium, which will bar most evictions in Nevada throughout the end of March 2021.

Sisolak originally clamped down on activities that could potentially spread COVID-19 in a November 22 mandate – originally set to end Tuesday, but now extended to January 15 – that included a cap on the number of patrons allowed at public businesses such as gyms, restaurants, bars, casinos, and bowling alleys.

In addition, mask rules were tightened and previous public gathering limits of 250 people were cut by either 50 or 25 percent capacity – whichever results in a lower number – and private gatherings at 10 people from a maximum of two households.

Perhaps an even bigger announcement on the part of Sisolak was the fact that he will be reinstating his original eviction moratorium that previously expired on October 15. The moratorium, which goes into effect at 12:01 a.m. on Tuesday, December 15, will ban all residential evictions that are based on a tenant’s inability to pay their rent and will last until March 31, 2021.

Tenants may still be evicted for other reasons, such as breaking the law, proving to be a threat to their neighbors, damaging the property, and other related reasons.

Sisolak’s new eviction moratorium is set to address a nationwide moratorium issued by President Donald Trump through the Centers for Disease Control and Prevention (CDC) that is set to expire on December 31, in addition to looming deadlines after which federal assistance funds will no longer be available.

Sisolak noted on Sunday that he knows these new measures will produce hardship for many people – in particular landlords – but given the dramatically-rising numbers of COVID-19 hospitalizations in Nevada and a lack of economic assistance from the Federal government, he felt he had no choice.

“I know the mitigation restrictions in place under the current ‘pause’ are devastating to many Nevadans who just want to go back to ‘normal,’ who are worried about their jobs, their businesses, keeping their homes and getting their kids back to school,” he said. “But as I’ve said for nine months now, we must do what we can to protect the health and safety of the public. That remains more important than ever as we experience these record numbers.”

Since the pandemic hit in March, Nevada – and the tourism-driven Las Vegas in particular – has experienced massive unemployment numbers and widespread economic damage as shutdown measures closed businesses and entertainment venues.

On Sunday, Sisolak – who has received backlash on his handling of the pandemic – stated that if the measures he is implementing this week do not curb the spread of COVID-19, even more stringent restrictions may take place.

Early morning view of new neighborhoods and Route 215 from the top of Lone Mountain in Northwest Las Vegas.

Rental House Construction Set for Huge Expansion in Las Vegas, Experts Say

LAS VEGAS, NV – According to reports, experts on the Las Vegas real estate scene are saying that the region is set for a huge explosion of rental house development, based on current demand and market conditions. The rental house market was a huge source of income for developers during the period after the mid-2000’s recession, and during today’s economic uncertainty brought about by the ongoing COVID-19 pandemic, it is remaining profitable, prompting companies to bring all of their resources to bear on the Southern Nevada marketplace in order to construct more rental properties.

For example, developer Moderne Communities broke ground in February – right before the pandemic took home on the United States – on Moderne at Centennial, a $40 million development consisting of 185 single-story rental duplexes and freestanding houses, with the expectation of having tenants moving in by February 2021, exactly one year after work originally began.

Another company getting on the bandwagon is American Homes 4 Rent, which has recently opened a 34-house rental project in the Spring Valley and a 35-house rental project in the south Las Vegas valley. In addition, they are currently in the process of developing other rental communities as well. Overall, the company currently owns over 1,000 single-family houses in the Las Vegas area.

Las Vegas has been a popular location for developers of rental properties for many years; the market expanded rapidly in the wake of the mid-2000’s recession with companies and individuals purchasing homes for cheap and renting them out, and in recent years – as the local economy as continued to recover and thrive – the need for more and more housing options have increased.

The concept of single-family homes being constructed in large quantities explicitly as rentals – as opposed to being sold outright – is a fairly new concept in this day and age,  but it’s been increasing in popularity across the country and Las Vegas developers have taken notice.

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, Nevada

November Sets Yet Another Las Vegas Real Estate Record Despite Ongoing Pandemic

LAS VEGAS, NV – Despite the ongoing COVID-19 pandemic, Las Vegas continues to turn the real estate industry on its ear as it has set yet another record – for the sixth month in a row – for the median prices of existing homes in the Southern Nevada region, reports say.

In November, the median price of a single-family home in Las Vegas was $345,000, as per the Las Vegas Realtors trade organization. This represents the sixth month in a row where – despite the financial hurdles being presented by the pandemic on the local economy as a whole – home prices have continued to escalate, defying and confusing industry experts, according to a statement issued by Realtor association’s president Tom Blanchard.

“Like other places around the country, we’re seeing multiple offers on properties listed for sale,” he said. “The supply of available homes is very low, and demand is high. I hope the new year will bring some additional inventory as local homeowners start to feel more comfortable moving.”

At the end of November, approximately 8,400 homes were listed for sale on the Las Vegas real estate MLS, representing a decrease in inventory of 19 percent from the same period one year before and an 11 percent drop from October 2020.

As reported previously, the increasing prices on the market are likely in-part fueled by record-low interest rates on home loans brought about by the pandemic, as well as lower-than-average inventory being available.

Experts are also speculating that COVID-19 mortgage forbearance opportunities have played a part, where homeowners who had experienced financial hardship related to the pandemic where able to – for a limited time – avoid foreclosure without having to make home payments. Many of these homeowners would then have no choice but to turn around and sell their homes, albeit while taking advantage of the high prices offered by current market conditions.

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 tourism

Seeking Assistance from Clark County; Landlords Are Feeling the Crunch Along With Everyone Else

LAS VEGAS, NV – One fact of the ongoing COVID-19 pandemic is that everyone is feeling the financial crunch that the disease has ushered in, top to bottom. And one group that is being hit hardest of all are landlords, some of whom are seeking assistance from local government in order to survive.

While many people are struggling throughout the pandemic – Las Vegas’ tourism-dependent economy has taken a larger hit than most this year, leading to massive job losses and record unemployment numbers – some forget that landlords across the state of Nevada are also bearing the brunt of the economic damage.

Despite the eviction moratorium Nevada Governor Steve Sisolak issued in March having recently ended, a similar decree by U.S. President Donald Trump that lasts throughout the end of 2020 has given reprieve to many who were facing homelessness.

And while this is an excellent thing, it nonetheless achieves its goal while standing on the backs of landlords and property managers across Nevada, many of whom are feeling the financial pinch more than most. Most, not wanting to put good people out on the street, have been working with tenants who have fallen on hard times, often at significant personal cost and hardship.

Some landlords – many of which in Nevada are actually small mom-and-pop operations, as opposed to large cooperate entities – have petitioned Clark County for grants that are offered to small businesses by way of the Federal CARES Act, currently due to expire by the end of the year unless Congress grants an extension.

“You can use the funds for anything you deem necessary to stabilize your business during this difficult time,” said Michael Naft, Clark County Commissioner for District A. “So that might be back rent. It might be utility assistance.”

To many property owners the CARES Act is proving to be literal lifesaver, and a large number of them are depending on the proposed extension that Congress is working on in their next COVID-19 relief bill, possibly to be presented for consideration this week.

However, some landlords have faced an uphill battle in the form of tenants who have not lost their jobs due to COVID-19, yet nonetheless have taken advantage of eviction moratoriums and not paid rent anyway.

“We do have a few tenants that have never lost their job throughout this whole thing that have stopped paying rent,” said apartment complex owner Ben Lamson. “I don’t appreciate the people that are trying to take advantage of the situation.”

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.

Summerlin Home

Home of Las Vegas-Based Injury Law Attorney Farhan Naqvi Sold for $7.4 Million – Third-Highest Sale Price of 2020

LAS VEGAS, NV – The Summerlin home of noted Las Vegas injury law attorney Farhan Naqvi has been sold for a whopping $7.4 Million, according to recent reports. The two-story home, located in The Ridges – a master-planned community within Summerlin – fetched the third-highest sale price of 2020 thus far, a year that has seen the sale of luxury homes in Las Vegas set records despite the ongoing COVID-19 pandemic.

Naqvi, well-known in Southern Nevada from his ongoing television commercial advertising his law practice, originally purchased a lot next to The Ridges’ Bear’s Best golf course, and then acquired the services of Blue Heron – a developer that specializes in luxury homes who constructed the residence in 2015.

The home, located on just under an acre and constructed in a “cool, modern” style, comes in at 7,000 square-feet in size with five bedrooms, a five-car garage, a fancy entry courtyard, and “amazing views” of the famed Las Vegas Strip. Also on the property is a 1,800 square-foot, two bedroom guesthouse. The home has been purchased by a Sacramento, California civil attorney, reports say.

Naqvi’s new residence will not be far from his original abode; he is currently in the process of having a home constructed in Summerlin’s Summit Club resort community.

The high number of luxury sales in the region as of late has been credited in-part to California residents who are moving into Las Vegas to escape the high cost of living in their former home state; high taxes have been a driving force behind many residents and businesses leaving California for Vegas in recent years.

According to the Multiple Listing Service, 95 homes with a value of $1 million or higher were sold in October, with 96 such homes selling the month before.

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.

Construction Struggling to Keep Up with Rabid Demand

Las Vegas Industrial Construction Struggling to Keep Up with Rabid Demand

LAS VEGAS, NV – According to reports, increased and ongoing desire on the part of companies for more industrial space in Las Vegas is overwhelming the efforts of local developers who are struggling mightily thus far to keep pace with demand.

Due to a number of factors, more and more companies are making Las Vegas home, and these companies need space to set up shop; space that is becoming scarcer by the day as need outstrips available inventory.

Among the factors figuring into this mass exodus on the part of businesses into Southern Nevada are those looking to establish west coast operations and companies fleeing neighboring states – such as California, where taxes and the high cost of living are becoming intolerable – for regions like Las Vegas where business can be much more profitable by way of lower taxes and cheaper living expenses.

While this influx of new businesses is a boon for Las Vegas’ economy, developers have been working hard to keep up with the constant want for new industrial space in their backyard. However, recent efforts have been managing to just barely keep pace with demand; over 10 million square feet of new industrial space has been added to Las Vegas since 2019, and an additional 6.3 million square feet are currently under development as of November – an increase over the average rate of industrial construction – with much of that upcoming space already experiencing significant leasing activity, reports say.

The ongoing COVID-19 pandemic hasn’t had much of a negative impact upon industrial leasing in the Las Vegas region, either, with current activity approximately matching what occurred in 2019. Ecommerce and tech companies are making up the bulk of new leasers in the marketplace, but other businesses – such as manufacturing, retail, trade, and more – are also significant, with North Las Vegas representing the biggest submarket for new industrial leasing.

Experts predict that this trend will continue well into 2021 as local population grows and the economy continues to recover from the pandemic.

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.

Virgin Rendering

Opening of Virgin Hotels Las Vegas Facing Potential Delay In Light of Continued COVID-19 Pandemic

LAS VEGAS, NV – According to recent reports, Virgin Hotels Las Vegas, which was originally looking to open their doors for business this fall, is currently facing the possibility of delays that could push that opening into early 2021 due to complications caused by the ongoing pandemic.

Due to spikes in positive COVID cases nationwide, Nevada Governor Steve Sisolak placed renewed restrictions on businesses and gatherings for three weeks in an effort to curb the spread of the disease. Among the restrictions are non-essential businesses such as casinos reducing their guest capacity to a maximum of 25 percent and event gathering having a cap of 50 imposed; previously, the cap was 250. Owing to these and other conditions caused by the pandemic, including construction delays, JC Hospitality – the owner of Virgin Hotels Las Vegas – sent an internal staff memo out noting that the property’s management is considering pushing back the fall opening to January 15, 2021.

In the memo, Richard Bosworth, JC Hospitality President and CEO, noted that while Sisolak’s restrictions are currently only set for three weeks, that time period could be increased if COVID is still a threat. Regardless, the restrictions currently in place would most likely interfere with pre-opening events and activities as well as occupancy projections.

Bosworth’s memo also contained a potentially grim forecast; with the opening of Virgin Hotels Las Vegas pushed back to mid-January, he took the time to point out that the CDC and John Hopkins University have issued a warning that another COVID spike could occur in January as colder weather sets in, which could spell trouble for the hotel’s opening if this is accurate.

That said, Bosworth acknowledged that future developments with COVID could possibly delay the opening of the hotel – located at the site of the former Hard Rock Hotel & Casino Las Vegas and featuring 1,500 rooms and a 60,000 square-foot casino – even further.

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.

500 SHETLAND ROAD, LAS VEGAS

Previous Las Vegas Residence of Late Country Star Kenny Rogers on Market for $3.19 Million

LAS VEGAS, NV – A historic Las Vegas residence that was once the former home of late Country Music great Kenny Rogers has just been listed on the open market with an asking price of over $3 million, according to reports.

A 7,249-square-foot single-story estate located at 500 Shetland Road, the glamorous home is situated on one acre of land and has been listed for $3,199,999. The residence was completely customized and its design was considered extremely forward-thinking and progressive when it was originally constructed back in the early 1970’s.

The estate boasts a private gated entry, a grand double-door glass entry, four en suite bedrooms with dual master suites, six and a half bathrooms, an office/library, large living room, dining room, and great room with a sunken bar lined with padded club chairs. Design aesthetics include beveled mirrored walls, fabric upholstered walls, marble flooring, crown molding, and large amounts of natural stone.

The property is topped off by a large, lush backyard with a resort-style pool with spa and a sizable deck area.

Several notable personalities have called the residence home in the years since it was built. Kenny Rogers, the iconic singer and actor, purchased the home in 1995 and owned it for three years, later selling it to casino mogul Phil Ruffin in 1998. Ruffin’s wife at the time, Lynne, then proceeded with extensive renovations, and stayed in the home after the couple divorced in the early 2000’s. She later remarried a man named R.T. Smith and lived in the home until her death in 2011, with Smith remaining there until his passing in 2019.

The property then fell into the hands of Smith’s two step-children, who are co-trustees of the estate; with the home having fallen into a state of disrepair, they have since performed extensive restorations to return the home to its former glory before listing it on the real estate 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.

Las Vegas

Las Vegas Moves To Top of List for Companies Looking At West Coast Expansion

LAS VEGAS, NV – According to reports, Las Vegas continues to attract numerous companies that see the city as an ideal location for West Coast expansion of their businesses, even in the midst of the ongoing COVID-19 pandemic.

Among the businesses looking to set up shop in Vegas is Whitebox, a major Depository Trust Company based out of Baltimore, MD. They recently signed a lease for a 350,000-square-foot, free-standing building at Golden Triangle Logistics Center in North Las Vegas, citing a business-friendly environment, affordable real estate costs, the abundance of prospective local employees looking for work, and the closeness of major U.S. shipping ports in nearby California.

Another factor that is attracting companies to Las Vegas is the fact that it’s most notable neighbor in the region, California, has become decisively business un-friendly in recent years, with the high cost of operating in the state and excessive taxes often driving out established firms and discouraging newcomers from setting up shop. Vegas, in comparison, features a growing economy, state incentives, and far cheaper taxes, expenses, and costs-of-living.

These factors have resulted in what many are referring to as an exodus of companies from California and into Vegas. In addition, many companies from the eastern United States that are considering or pursuing West Coast expansion are forgoing California – a mainstay for decades – and are settling down in Las Vegas instead, reaping the benefits of an environment that wants to attract new blood to the local economy.

In addition to saving money and access to labor, one other factor that is luring in new businesses to Vegas is close access to California-based ports and a multitude of shipping highways, including Interstate 15, I-40, and I-11, all of which provide access to large population centers in the western United States.

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.

Beazer

Beazer Homes to Hold Grand Opening for New Community in North Las Vegas Dubbed Acacia Ranch

LAS VEGAS, NV – Atlanta-based Beazer Homes, one of the largest homebuilders in the country, recently announced that they will be holding a grand opening on December 5th for their newest community in the city of North Las Vegas, dubbed Acacia Ranch, according to reports.

The Acacia Ranch community will consist of 48 new single-family homes – with six single and two-story floor plans available to choose from – all situated in the vicinity of numerous entertainment, shopping, and dining options. In addition, it is located near both the Interstate 215 and U.S. Highway 95 freeways, allowing for easy access by car.

The homes will range in size from 1,750 square feet to 3,182 square feet, and the plots of land they will be available on will measure 100 feet deep with 20-25 foot rear yards – larger than the land provided by the average home in the region by approximately 15 to 20 percent.

All homes will include open-concept kitchens and two- or-three-car garages. Buyers can choose between pre-set layouts or the ability to choose room-specific layouts, allowing them a great deal of flexibility to design the homes in a way that is better tailored to their lives.

Homes in Acacia Ranch will focus on affordability, with prices starting in the low $300,000 range while being devoid of any homeowners associations fees.

At the December 5th grand opening, interested parties will be able to tour model homes to see what the final residences will look like, in addition to having assistance available on-hand for the loan pre-qualification process.

Construction plans and materials are said to yield a great deal of energy efficiency, reports say. Beazer builds homes in Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina, Tennessee, Texas and Virginia.

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.

Bubble

Real Estate Experts Say Las Vegas Buyers Are “Frenzied” With Home Prices “Defying Logic” – May Cause Another Bubble

LAS VEGAS, NV – According to recent reports, the mad scramble for local real estate and the subsequent record-setting months of rising median single-family home prices during the pandemic has real estate experts speculating that Las Vegas may potentially be in another bubble, reminiscent of the mid-2000’s that eventually gave way to a recession.

Multiple sellers are reporting that despite the ever-increasing prices of homes on the market – October 2020 saw the single-family homes median sales price reach and all-time high of $340,000 – multiple offers are often being made on new inventory as soon as they are available, with the activity surrounding it being described as “frenzied” and “defying logic” – lending itself to fears of a new recession in the works.

However, according to experts, there are several important differences between today’s real estate market and the one that eventually lead to the mid-2000’s recession; in the past, loans were easy to come by and the strong Southern Nevada economy led to skyrocketing property values, house-flipping, and mass construction. When the recession hit and the bottom dropped out, few regions were hit as badly as Las Vegas, with property values tanking, construction projects halted, and countless homes foreclosed upon.

Fast-forward to today, and while on the surface circumstances may seem similar, requirements for loans are mort strict now. While record-low interest rates are making it easier for people to get loans with monthly payments that they absolutely can afford, lenders are going to far greater lengths to verify a borrower’s income, employment, and assets; in the mid-2000’s, this often didn’t happen at all, leading an expert to note that “if you could walk and chew gum, you got a mortgage.” The result? A large increase in defaulted home loans, which experts say is unlikely to happen today.

So while experts are still scratching their heads over the current state of home pricing and demand in 2020 Las Vegas amid the pandemic and it’s uncertain what the market will ultimately look like within the next few years, it’s safe to assume that another bubble is, in fact, not around the corner.

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.