LAS VEGAS, NV – The Las Vegas rental market – just like any other aspect of the real estate market in Southern Nevada these days – is still experiencing record degrees of growth, with prices that are rising at levels not seen in well over a decade. Rental prices, while showing signs of slowing down and stabilizing in recent months, are nonetheless approaching amounts that rival the boom period of Las Vegas real estate seen just prior to the mid-2000’s burst of the housing bubble.

But obviously – as all things are not created equal – some areas of Las Vegas are commanding higher rental fees than others. But while rental fees continue to rise, a new study reveals that not all things are created equal, as obviously there are some areas of Las Vegas that are just plain more expensive to rent in than others. The study broke things down by individual zip codes, noting which ones were pricier than their neighboring peers. 

The study analyzed 4,400 zip codes in over 130 markets, and based on that established national, regional, and state rankings for rental costs. In Nevada, the Las Vegas Valley – zip code 89123 – is the most expensive area in the state to rent, with the 2019 average price coming in at $1,789 per month; this amount represents an increase of 6.6 percent from 2018.

In second and third most expensive the study indicated a tie; zip codes 89521 (Northern Nevada) and 89436 (Reno) average about $1,685 a month. In fourth place comes Henderson – zip code 89012 – with the average rent amounting to $1,541; a jump of 7.7 percent from last year, the study notes. And finally, in fifth place, Clark County zip code 89141 has an average rental cost of approximately $1,523 a month.

However, it should be pointed out that overall, the cost of living in Las Vegas is still well below the national average, especially when compared to neighboring states such as California, where the rent in zip code 90024 – Los Angeles – will set you back a cool $4,944 a month (up 4.1 percent from 2018).  However, the most expensive zip code in the United States to rent in currently is Manhattan, NY (10282), where the average rent comes in at a whopping $6,211, a 12.4 percent year-over-year increase.

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 – While the growth of home prices on the real estate market has slowed as of late after a period of massive growth, Las Vegas is still outpacing the vast majority of large cities in the county; that is, except its neighboring city of Phoenix, Arizona, according to reports.

In Southern Nevada as of July 2019, median home prices have been recorded as increasing 4.7 percent since the same period in 2018; this runs in direct contrast with the national average of 3.2 percent, reports say.

However, Phoenix has jumped in the rankings, showing a 5.8 percent gain year-over-year for the second month in a row. Previously, Las Vegas had occupied the top of the price growth list for a full year; for the past two months, it’s had to settle for number two on that list, a no less impressive distinction.

Currently, the median price of a single-family home in Las Vegas is $305,000 as of September, which represents a 3.4 percent increase over the same period of time in 2018. Growth is still there, although demand has decreased as developers have addressed the city’s rampant housing shortage brought on by a booming economy and an influx of out-of-state transplants looking for good jobs. The number of homes on the market is slowly increasing, which is helping to stabilize the formerly skyrocketing rate of growth for new home prices in the region.

In contrast, the median sales price of a single-family home in Las Vegas in August of 2018 represented a 13.5 percent increase over the same period in 2017, reports say; a massive jump, indeed. 

The current growth of the Las Vegas real estate market is seen as more sustainable, according to experts, many of whom were worried that the previous rapid growth the city was experiencing would soon affect the region’s much-touted affordable cost of living.

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 – Recently, with real estate booming in Southern Nevada, investment firms in New York have been delivering an influx of capital into multiple upcoming development projects in Las Vegas, signaling a strong belief in the current and future potential of the region, reports say.

The Rio Resort and Casino was sold last month by Caesars Entertainment Corp for $516.3 million to Imperial Companies, making the latest high-profile – and high-dollar – sale of a Vegas property to a New York-based investor or group. As per the deal, Caesars will continue to function as management for the Rio for the next two years – or possibly longer – while paying $45 million in rent annually.

Prior to the mid-2000’s national recession – before housing values in Las Vegas had collapsed and multiple development projects were abandoned – many New York-based investment firms swept in and financially backed numerous construction and real estate projects, a trend that has continued to this very day with the recovery of the economy.

One of the very biggest New York investors in Las Vegas is The Blackstone Group, owned by Stephen Schwarzman. Among the Vegas-based purchases that Blackstone has made in recent years – in addition to multiple local-area apartment buildings – include the Hughes Center office park for $347 million in 2013, the Cosmopolitan for over $1.7 billion in 2014, and the World Market Center furniture showroom hall in 2017; the amount of that last acquisition has not been publicly disclosed.

Steve Witkoff, a prominent New York-based developer, purchased the Las Vegas Strip-based Fontainebleau – in an unfinished state at the time, and now called Drew Las Vegas – for $600 million in 2017, along with partners based in Florida. In addition, the Nakash family of New York, in partnership with Gindi Capital, purchased the Showcase Mall – located on the Las Vegas Strip in Paradise – for over $367 million, the deal done in two phases in 2014 and 2015. Gindi, on their own, also bought 9.5 acres of property on Las Vegas Boulevard for $172 million in 2019.

Many other deals and investments have been made by New York-based entities as well.

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 – Matter Real Estate Group has obtained a $150 million loan in order to push forward with their proposed work on a Las Vegas mixed-use facility that will offer business offices, apartments, retail, dining, and entertainment options, all combined into one unique location, reports say.

Due to be constructed off of Durango Drive and the 2015 Beltway in the southwest valley, UnCommons – the name of the mixed-used facility – will essentially be a mini-city within a city, a space where the various employees working for the businesses located there will have solutions to all of their needs right at their fingertips. Initial plans for the project call for 150,000 square-feet of office space situated on a 40-acre lot, in conjunction with restaurants, shopping establishments, an exercise studio, relaxation options, several parking garages, and 875 apartments.

Phase one of the UnCommons project – currently budgeted at approximately $400 million – is set to break ground in 2020, and as long as there are no unexpected issues, completion of construction is expected by the middle of 2021, with additional phases planned on afterwards to add more features, amenities, and functionality, reports say.

While the construction and real estate boom that has overtaken Las Vegas since the country’s recovery from the mid-2000’s recession has seen numerous housing and office building projects erected by developers looking to take advantage of the region’s booming economy, few mixed-use projects such as the UnCommons have been included.

Therefore, experts are expecting the UnCommons project – with its proposed goal of catering to the extensive needs of a diverse cross-section of the professional population – to make quite a splash when it is completed. 

Mixed-use developments such as the UnCommons are notoriously difficult and complicated to design and construct, and as a result they tend to be even harder still to acquire financing for. Usually more pedestrian and time-tested developments are easier to get solid backing for, but members of Matter Real Estate Group have been beating a path across the country in recent months in order to successfully drum up support from investors, 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 – According to reports, the Rio All-Suite Hotel and Casino in Las Vegas, Nevada has been sold by Caesars Entertainment to a real estate investment company for $516.3 million.

The buyer, controlled by the firm Imperial Companies, has agreed to acquire the Rio Casino-Hotel, which is located on the famed Las Vegas Strip. Under the terms of the announced agreement, Caesars will still operate the hotel/casino for at least the next two years, paying the new owners $45 million a year in rent. After two years, Caesars retains a $7 million option to continue managing the property for an additional year; further years of management are also possible after the expiration of the lease as well, according to the agreement.

Caesars CEO Tony Rodio noted in a released statement that the move to sell the Rio would enable the company to concentrate on their many other holdings in the Southern Nevada region and beyond.

“This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties and is expected to result in incremental EBITDA at those properties,” he said.

Caesars Entertainment Chief Executive, Tony Rodio

First opening its doors for business on January 15, 1990, the Rio was the first all-suite resort in the Las Vegas area. It was named after the city of Rio de Janeiro and is influenced by Brazilian culture, and is the host casino for the World Series of Poker.

The hotel towers are covered in blue and red glass. The Rio hotel’s 2,522 suites range in size from 600 to 13,000 square feet and have floor to ceiling windows. There are several private villas on the property for high-rollers. In addition, the complex includes a wine cellar that has more than 50,000 bottles. The Rio Pavilion convention center has a total of 160,000 square feet of space. A Race and Sports Book is also available.

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 – Many Las Vegas construction projects that are either in the planning stages or are currently in the works are facing the very real threat of skyrocketing costs in the face of trade tariffs brought on by the ongoing US/China Trade War, according to recent reports.

As previously announced by President Donald Trump, on October 1, 2019, new tariffs – ranging from 25 percent to 30 percent – will be placed on $250 billion worth of Chinese goods; in addition, $160 billion worth of Chinese goods will come under a new 15 percent tax due to be instituted on December 15.

How this affects construction in Las Vegas – and much of the United States, for that matter – is in steel, one of China’s main exports, which is also home to six of the 10 largest steel-producing companies headquartered there, according to reports. 

And the increased steel prices that the tariffs are causing are making many developers think twice about going forward with – or scaling back – numerous planned projects in the Southern Nevada region due to the ballooning costs involved. For example, a proposed sports and entertainment complex for the Las Vegas Strip headed up by former NBA star Jackie Robinson has raised its estimated costs from $2.7 billion to nearly $3 billion as a result of increased steel costs, reports say. In addition, the developers of the MSG Sphere at The Venetian have increased their initial estimate from $1.2 billion to $1.7 billion.

However, an equal number of developers are pressing forward and taking on the extra costs as they come, while others are managing to remain on-budget as pre-existing purchase contracts with exporters have rendered them temporarily immune to the rising costs brought about by the US/Chine trade war. Projects that report no significant cost overruns due to the conflict include the Las Vegas Raiders Stadium and the Las Vegas Convention and Visitors Authority (LVCVA) convention center expansion.

According to the LVCVA, there are ongoing or currently planned projects scheduled to open through 2022 totaling in the amount of $15.2 billion within the confines of the city.

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 – Derek Stevens – noted owner of several high-profile Las Vegas casinos, including D Las Vegas and Golden Gate and developer of the under-construction Circa Resort & Casino – recently announced his plans to build a warehouse near the downtown area to service his hotels, according to reports.

The warehouse, whose project plans have been approved by the Las Vegas City Council, would be built in a vacant lot at the northeast corner of Bonanza Road and Main Street and is slated to be 62,976 square-feet in size.

The lot, previously empty for an extended period of time, was the former home of the Nevada Biltmore Hotel in the 1940’s. It has remained in disuse since then, with an attempt to build a $135 million, 296 unit condominium complex there in the mid-2000’s never coming to fruition due to the recession; Stevens later acquired the property through foreclosure.

The warehouse, according to reports, would be used primarily to service Stevens’ currently-in-construction Circa Resort & Casino, a 777 room hotel that is expected to open in December 2020. The warehouse would also service other hotels that Stevens owns in the downtown area. 

Ground is expected to be officially broken on construction by April of 2020. The project’s general contractor has been announced as being Tré Builders, and efforts have been made to open up channels of discourse with neighboring residents of the project in order to get feedback from them.

According to reports, some of local residents are unhappy with the impending warehouse and its planned aesthetics, claiming that it will have a negative impact upon them. 

Others, however, have been supportive of the warehouse project, noting that the vacant lot is currently home to many undomiciled people.
Attempts to placate neighbors of the project include numerous design elements that will reportedly enhance the visual appeal of the warehouse, including cypress trees, wall vines and a mural.

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 Boy Scouts of America Las Vegas Area Council’s camp, located in Mount Potosi near the Las Vegas Valley, will soon have 1,150 acres of land converted into luxury homes if a local commercial brokerage’s asking price of $90 million is met by an interested developer, according to reports.

Brokerage firm Newmark Knight Frank is put out a press release advertising the sale of the land – known as the Spencer W. Kimball Scout Reservation – is situated at an elevation of 5,800 feet and is currently ripe for development. The release notes that the land could accommodate approximately 1,250 units, ranging from single-family homes located on 3-acre lots as well as attached town houses and condominiums.

The land offers a great chance for an enterprising entrepreneur to take advantage of the current skyrocketing economic climate in the Southern Nevada region with such an investment, according to Newmark Knight Frank executive managing director Curt Allsop.

“The Mount Potosi Canyon Road land offers an extraordinary opportunity for developers, as the potential acquisition of 1,150 acres of contiguous land in one transaction has not existed in Las Vegas for many years,” he said in the firm’s statement. “Located just outside of Las Vegas in a striking natural environment offering unequaled views, the site’s remarkable attributes, combined with the traditional price points of a master-planned community will allow for luxury living without the luxury price tag.”

The Boy Scouts of America Las Vegas Area Council has operated the Spencer W. Kimball Scout Reservation for over 60 years, but a recent decision by the council in regards to their resource and financial management has lead to their decision to engage the services of Newmark Knight Frank to market the property for potential sale. The current asking price of $90 million comes out to just over $78,000 an acre.

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 downtown Las Vegas skyline as of late is littered with numerous cranes and other pieces of construction equipment, giving visitors plenty to look at as the area undergoes a serious period of development not seen in decades.

Nearly 60% of Las Vegas visitors stop by downtown, and most of those do so because of Fremont Street Experience. Our crown jewel is the massive Viva Vision canopy featuring free light shows nightly.

One of the most noticeable construction projects in the region is the Circa Resort & Casino, situated at the corner of Main Street and the Fremont Street Experience. Upon completion, the Circa will have 777 guest rooms, five restaurants, a two-level casino, one of the largest sports books in Las Vegas, and a nine-story parking garage dubbed “Garage Mahal.” Above the casino will be a rooftop deck and amphitheater with six swimming pools and a 125-foot screen. It is expected to open in December 2020.

Also under development in the downtown area is the third tower of the Downtown Grand Hotel & Casino, a seven-floor, 495-room expansion scheduled for completion by the middle of next year. Located at 3rd Street and East Ogden Avenue, the Downtown Grand currently has two hotel towers- an 18-story Casino Tower built in 1985 with 295 rooms, and a 25-story Grand Tower with 334 rooms. The East Tower is connected to the ground level casino. The completion of the third tower will boost the overall number of rooms in the Downtown Grand to 1,124.

And yet another construction project with high-visibility in the Las Vegas downtown area is the ongoing renovation of Viva Vision, a LED display “canopy” that runs along the Fremont Street Experience promenade from Main Street to Fourth Street. 

Currently, Viva Vision is the world’s current largest video screen. Originally, nearly 2.1 million incandescent lights were housed in the canopy. With the completion of the $17 million upgrade, more than 12 million LED lamps will illuminate the overhead canopy. The new LED upgrade was designed and engineered by LG Electronics, who is also the primary corporate sponsor of the canopy. Within the canopy itself are 220 speakers powered by 550,000 watts of amplification. Light and sound shows are presented nightly beginning at dusk on the Viva Vision video screen.

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 Majestic Las Vegas, the latest luxury resort hotel to call Sin City home, is slated to offer a different experience than many of the establishments in town when it opens its doors for business in 2023.

Eschewing gambling and other similar activities, The Majestic will instead exclusively focus on a growing field in the hotel world- health and wellness.
From outward appearances, The Majestic – estimated to cost a whopping $850 million – will most likely look like your run-of-the-mill luxury high-rise, offering 720 suites, six gourmet restaurants, a 50 cabana pool area, and theaters for live entertainment. However, at the very heart of the hotel will be a unique attraction- a four-level, fitness and nutrition spa center featuring state-of-the-art facilities and services such as exercise classes, full-body treatments, and more.

Catering to clientele that wish to avoid the Las Vegas gambling scene – again, there will be no high-stakes betting or games of chance on the premises – The Majestic will feature a contemporary design inspired by the iconic La Concha Motel originally constructed in 1961. 

The Majestic will also cater to Las Vegas’ business community, with levels 51 through 60 – dubbed “Sky Suites” – offering 25,000 square feet of space that is fully customizable and reconfigurable for the needs of any businesses that may decide to take up residence in the hotel. These business tenants will have full access to the hotel’s amenities, as well as a private concierge and a dedicated Owner’s Club.

The Majestic is slated to be constructed upon the six-acre location of the former Clarion Hotel – just two blocks from the Las Vegas Strip – and will be situated directly across from the new Las Vegas Convention Center, which is due to open in 2021. If all goes according to plan, The Majestic, with its emphasis on health and wellness, will offer an interesting new twist to the Southern Nevada tourism trade by giving guests a healthy respite from the excesses that Las Vegas is known world-wide for.

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 – Recently, Las Vegas city officials and business leaders discussed the status of a proposed and oft-delayed high-speed train between Las Vegas and California, a project that is now seemingly going forward with a estimated construction start date of 2020, according to reports.

The service, which will serve as a conduit between the two regions for upwards of 22 million people, has been in the on again/off again planning stages since the late 1990’s. However, developer Virgin Trains USA has stated that they are ready to begin development after similar railways that they have developed and maintained in Florida have proven to be successful, giving them an established model to adhere to with the Vegas equivalent. 

The project overall is expected to take approximately three years to complete, with the railway to cover the distance between the Las Vegas Strip and Victorville, California, a 75 minute-long trip; the distance – about 185 miles – is cited by Virgin Trains USA as being too close to fly, but too far to drive, thus making a railway line an ideal solution for commuters and travelers between the two cities. 

Construction of the railway system – which will run alongside Interstate 15 and will reach speeds of 150 miles per hour – is expected to be privately-funded, according to reports.

A railway connecting LA and Vegas would prove beneficial to both, as each city features a robust business climate that a dedicated train line would help to grow. Establishing a direct, fast and easy commute would help their overall job markets and provide a means for companies to recruit more widely to suit their needs. Currently, the 15 freeway serves as the most direct means of travel between LA and Vegas, in addition to air travel, which can be cost-prohibitive for most commuters. Train service, in contrast, would be very affordable.

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 – Experts have recently noted that the Las Vegas real estate market has settled into a degree of stability that the region has not seen for 20 years, according to reports. This comes after a period of skyrocketing growth that followed one of the worst recessions Vegas has seen when the housing bubble burst in the mid-2000’s.

Greater Las Vegas Association of Realtors President Janet Carpenter recently stated that there are a number of factors that figure into this determination, including home price appreciation slowing to a more gradual rate than the region has seen in years. 

Sales and the amount of homes on the market has also approached a greater degree of synchronicity, reports say. In July, 3,159 single-family homes were purchased, representing an 8.8 percent increase from June yet only a slight decrease of 0.8 percent from the same time period one year prior. The median sales price of those homes was $303,000, showing only a dip of 0.3 percent from the previous month with an increase of 8.8 percent from July 2018.

As for the available inventory on the Las Vegas real estate market, 7,808 homes were for sale without current offers at the close of July, which represents over a 63 percent increase from 2018 but only a 0.1 decrease from June 2019.

Clearly, the market is falling into a more sustainable pattern than it has seen in some time, when a previous lack of inventory coupled with massive demand caused home prices to swell at a record rate that many experts feared would lead to affordability concerns down the road. This was a major concern, as Vegas was often seen as a more affordable alternative to neighboring states such as California, where the escalating cost of living was actually driving some residents out. 

However, a greater amount of homes on the market are helping to reign in skyrocketing home price growth and are giving potential home-buyers more options, leading to an overall more stable marketplace for Las Vegas’ future.

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.