Category Archive : Market Updates

LAS VEGAS, NV – Despite yet another all-time record being set for home prices in Southern Nevada for the month of May – something that has consistently happened month-after-month for some time now – conditions show that sales overall are beginning to slow in Vegas, indicating that a gradual shift is occurring towards a more sustainable marketplace, experts say.

The median price of existing single-family homes sold in Southern Nevada during May 2022 was a whopping $482,000, yet again an increase over the previous month’s record. The price represents a 25.2 percent increase over the same period of time one year ago, when the median home price was $385,000.

The median price of condominiums and townhouses in May also broke last month’s record price, with an increase to $285,000, which is a 39 percent jump from May 2021 when that price was just $205,000.

Prices of existing homes for sale in Las Vegas has more than quadrupled since the market has recovered from the mid-2000’s recession, when the median price of single-family homes reached a historic low of $118,000.

According to Las Vegas Realtors President Brandon Roberts, these factors have caused a slowdown in the number of homes being sold in Southern Nevada and a corresponding build-up of available inventory, which is starting to signify the beginning of equilibrium in the local market.

“The slowdown in sales and increase in our housing supply are signs that things may be starting to calm down a bit,” he said. “Even though prices are still going up, it’s welcome news for potential buyers to see more homes on the market. As we’ve been saying for months, the rate of appreciation we’ve seen over the past year or two seems unsustainable.”

At the end of this past May, there were 3,570 single-family homes listed for sale without any sort of offer, which represents a huge 75.8 percent increase from May 2021. There were also 797 condominiums and townhouses currently on the market without offers at the end of May, which is 50.7 percent higher than was the case in May 2021.

Sales of homes and condos/townhouses were down 8.8 percent and 6.6 percent in May, respectively, when compared to the same period of time one year prior.

Currently, there is over a one-month supply of homes on the Las Vegas market, but while this is higher than was previously available, it is nonetheless still considered a “tight” market and further progress will be needed for it to be considered “balanced.”

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 legendary Oscar De La Hoya, former professional boxing champion and current boxing promoter, has purchased a home that is currently in the process of being constructed in the luxury MacDonald Highlands community in Las Vegas’ Henderson neighborhood for an eye-opening $14.6 million.

De La Hoya, known in his boxing days as “The Golden Boy,” is now in possession of the highest-priced purchase in Las Vegas for the month of May, along with NHL Vegas Golden Knight player Alex Tuch, who was traded to the Buffalo Sabres and subsequently sold his Summerlin home for a pricey sum.

The MacDonald Highlands home purchased by De La Hoya is situated upon one acre and packs 10,460 square feet into a one-story dwelling. The home, located at 1990 South Bundy Drive, was purchased from luxury builder Blue Heron, boasts five bedrooms and an eight-car garage.

The design of De La Hoya’s new home is said to be “classic with a modern twist,” and possesses a high-end look and feel that has become the trademark of Blue Heron, according to listing agent Kristen Routh-Silberman.

“It represents another masterpiece and milestone for Blue Heron and Tyler Jones,” Routh-Silberman said. “It’s sensational and will be a showstopper once it’s complete. Blue Heron is constantly evolving and [with this home] here they are taking modern and mixing it with timeless. It’s a new look for them. It’s very refined for modern architecture. It should be a showpiece in Architectural Digest when it’s finished.”

The home features numerous amenities, including an entrance with water features and a porte-cochere – a covered entrance large enough for vehicles to pass through – in addition to panoramic views of the famed Las Vegas Strip and nearby mountain ranges.

In addition, the master bedroom is located in its own dedicated wing of the house, which also has a digital den and media room, an office, a wet bar, outdoor dining, a wine room, a lap pool, spa, fire lounges, and play areas.

Construction on the home will be completed by next spring, according to the developer.

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 – Eagle Hills, one of Summerlin’s top luxury communities, has a swanky, highly-desirable estate that has just been listed on the open Las Vegas real estate marketplace for the eye-opening sum of $1.7 million.

The estate, located at 9237 White Tail Drive, offers numerous high-end amenities that are sure to attract a large number of affluent buyers, according to listing agent Leslie Carver.

“Eagle Hills is a well-established and popular neighborhood in Summerlin,” she said. “This home is the whole package. It offers a beautiful floor plan, large outdoor space and great community amenities that are exclusive to residents.”

The 4,192 square-foot residence encompasses four bedrooms, five bathrooms, an open-floor great room featuring an in-wall fireplace and dry bar with glass shelves, private living room, dining room, dedicated office space, soaring ceilings and a covered front entry with a glass front door and double sidelights.

9237 WHITE TAIL DRIVE, LAS VEGAS – $1,700,000.00

In addition, the home offers an open-concept kitchen with granite counters, double dishwashers, a three-compartment sink, and an oversized pantry.

It also features a master bedroom, located on the second floor, in addition to a second room that offers a bar and a balcony leading to the backyard; the main bathroom has marble countertops, and oversized marble shower with a built-in bench, a spacious double vanity, a jetted soaking bath, and much more.

The backyard features a wrap-around covered patio, a large lawn with multiple trees that provide shade, and an iron gate that leads to a secluded walking path.

Another attractive feature of the property is its location within Summerlin’s guard-gated Eagle Hills community, which provides numerous top-of-the-line amenities for its residents, such as private tennis and basketball courts, shaded children’s park, walking trails, and access to a top golf course.

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 – Steven Wynn, a real estate businessman and art collector known for his involvement in the luxury casino and hotel industry, has finally sold his mammoth Las Vegas mansion for a fairly deep discount after originally listing it on the market in 2020 for $25 million.

The buyer, affluent British businessman Simon Dolan, stepped up to purchase Wynn’s opulent residence, with property records indicating that the closing price on the property – $17.5 million – was well below the initial asking price when it was first listed two years ago.

Wynn closed on the sale on June 1. Up until that point, the property had been on and off the market several times, with the asking price lowered in March 2022 to $24.5 million; this number represents 30 percent over and above what Dolan would finally end up paying for the residence.

Located at 1717 Enclave Court, the estate comes in at 15,000 square feet with six bedrooms and nine bathrooms, situated on a street that is known as “billionaire’s row” for its many mansions and high-priced properties.

The mansion, which recently benefitted from a major renovation project, features a plethora of amenities including a game room, wine closet, gilded doors, silk carpeting, a butler’s pantry, and a full wing dedicated to a live-in caretaker. There are also extensive security features, including infrared security cameras monitoring the grounds and a backup power system in case of power failure.

The all-cash deal, despite the discounted price, still qualifies as a successful transaction for Wynn; he had originally purchased the property in March 2018 for $13 million, represents a tidy profit for the businessman, even with the money he invested into renovations.

Famed magician David Copperfield owns a neighboring mansion, a 31,000-square-foot estate that he purchased in 2016 for $17.55 million, the highest price ever paid for a Las Vegas mansion at the time; due to Wynn’s estate selling for a discounted price, it failed to set a new record.

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

LAS VEGAS, NV – A Las Vegas developer has listed a swanky new spec home built on the grounds of the Southern Highlands Golf Club for the whopping sum of $5.29 million, and to sweeten the deal they’re throwing in a $100,000 Tesla to help fill out the dwelling’s spacious four-car garage.

A spec house – short for speculative house – is a new house that a home developer builds on the speculation that it will sell easily for a profit. Builders design these move-in-ready homes to be as appealing to home buyers as possible.

That being said, Domanico Developers – the builders of the new Southern Highlands Golf Club listing – certainly gave it their all when attempting to offer an appealing home. Located at 15 Fire Rock Court in a guard-gated enclave, the home comes in at two stories and boasts a contemporary design.

The home uses stone on its exterior, and a huge double-height great room boasts vaulted ceilings and a humongous fireplace mantle. There are two master bedrooms on each wing of the lower level, each with a spa-steam shower, walk-in closet, a washer and dryer, and a private trellis-covered courtyard. Next to the great room is a game room that can be used as a theater.

15 FIRE ROCK COURT, LAS VEGAS – $5,290,000.00

The backyard has a swimming pool, barbecue area, a fire pit and serving bar.

According to the realtor representing the developer, in addition to the $100,000 Tesla, another move to sweeten the deal for prospective buyers includes a $100,000 allowance for furniture as well; the home comes with furniture from Staged To Sell which can be purchased by the buyer, if they so choose.

And if the buyer already happens to own a Tesla, they can instead receive a discount on the sale if they prefer, according to listing agent Ernie Domanico, Jr, who noted that the impressive incentives included in the same are part of a creative marketing strategy.

“If the buyers already have a Tesla, we can just credit them $100,000 and they can do whatever they want with it,” Domanico said. “We are trying to do something new to grab people’s attention. Electric cars are a big thing and everyone that goes with electric cars seems to be going toward a Tesla.”

LAS VEGAS, NV – One of Las Vegas’ most unique and eye-catching entertainment venues hit a major milestone in its construction this week, as construction crews working on the MSG Sphere topped off its steel exosphere on Tuesday, placing it one step closer to meeting its 2023 opening date.

Over 1,400 members of the construction crew held a celebration of the venue’s progress – which has been in development since 2016 – by signing a steel beam that was then affixed to the top of the sphere, which represented the “completion of primary structural work on the project,” according to developer MSG Entertainment.

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 366-foot-tall, 516 foot wide, globe-shaped arena – the largest spherical structure on Earth, according to the company – located on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

The exterior of the sphere will feature 36 miles of variable intensity LED lighting – the aforementioned exosphere – enabling the structure to allow outside spectators to peer through a transparent facade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The attendee capacity of the MSG Sphere will be scalable, MSG Entertainment said, ranging from approximately 17,500 seated to 20,000 with a mix of seated and standing. The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed.

MSG Entertainment, though a wholly-owned subsidiary, has been handling the “strategic planning and the construction timeline, as well as management of all subcontractors,” with the previous construction manager, an engineering firm called AECOM, serving the project in a supporting role.

Originally slated to be opened in 2020, the project had fallen behind scheduling estimates, but is now on-track for its revised 2023 opening date.

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 residents can recall the period in the mid-2000’s when home prices in Southern Nevada were skyrocketing – much as they are now – and then came crashing down when the Great Recession hit.

However, while circumstances are painting a similar picture these days, experts are noting that there are enough major differences this time around that local residents need not fear another real estate crash, as Las Vegas is most likely proving to be “bubble resistant” – at least for the time being.

Low inventory and rising interest rates on mortgages are two factors that are contributing to the greater stability of the Las Vegas housing market this time around, and while these issues can spell frustration and affordability concerns among homebuyers, they should also prevent yet another bubble from forming – and bursting – once again in Southern Nevada, realtors say.

Experts note that the rising interest rates are slowing things down – which is a good thing – and due to the relative lack of inventory, Vegas isn’t currently seeing price drops on the homes available for sale.

A solid job market is also helping to create stability when it comes to home prices, as are the greatly-improved lending standards that have appeared since the previous mid-2000’s market crash. Previously – from 2004 through 2006 – lenders were practically giving loans to just about anyone who applied for them; however, nowadays, the more stringent qualifications in-place are ensuring that individuals that receive loans actually deserve to have them.

Rising interest rates have created a sense of urgency among home buyers, who are desperate to lock in lower rates before they get too high; not too long ago, the average buyer could lock in a 3 percent mortgage rate, whereas nowadays that number is currently over 5 percent. However, while rates are indeed going up, they still remain historically low; in 1981, the average 30-year fixed rate was 16.6 percent.

For the time being, there’s no better time to buy a house in Las Vegas, provided you can find one.

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 board of directors of the Las Vegas Convention and Visitors Authority (LVCVA) voted to approve its 2022-2023 budget last week, and among those funds are an impressive $600 million that is earmarked towards an extensive renovation of the Las Vegas Convention Center (LVCC) as the end of the COVID-19 pandemic has seen a significant uptick in the number of organizations holding large-scale events in Vegas once again.

As one of the largest convention centers in the world, the LVCC has 2,500,000 square feet of exhibit space and can host shows that can accommodate as many as 200,000 participants. The venue is adjacent to the Westgate Las Vegas Resort and Casino and the Renaissance Las Vegas Hotel and is accessible from the Las Vegas Monorail at the Convention Center station.

The reasoning for the large allocation of its 2022-2023 budget towards renovating the LVCC, according to LVCVA Chief Financial Officer Ed Finger, is the fact that life is returning to normal after over two years of lockdowns, and with a new slew of convention-goers beginning to frequent Vegas once again, the funds are needed to bring the venue up to modern standards.

Finger noted that the $600 million will be applied in-part towards to renovating the convention center’s three main exhibition halls.

“The LVCVA has scheduled construction around major conventions so that they won’t have to go elsewhere during the building process,” he said. “A major part of the renovation will be construction of a climate-controlled corridor linking the North, Central and South halls.”

The LVCVA is anticipating that tourism will finally be returning to normal in Las Vegas as the pandemic is (hopefully) seeing its final days, with the origination expecting to receive room tax revenue in 2022 in the amount of $306.2 million; full recovery of the tourism trade is expected to take place in 2023-2024.

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 inflation still hurting most Americans in the wallet and prices in the housing market skyrocketing nationwide, a new report indicates that among the major metro cities where costs are increasing the most, Las Vegas is now currently ranked number two in terms of rising rents, leading to concerns over affordability despite signs that the market may be starting to stabilize.

Among the 15 major metros covered in the report where rents are rising the fastest, residents of the Las Vegas-Henderson-Paradise area are experiencing one of the highest percentage rent increases from pre-pandemic 2019 to 2022, as per a study released by San Francisco-based rental software firm Stessa Inc.

Southern Nevada is ranked number 2 in terms of rent increases, with the median rent in 2022 currently $1,485, which represents a jump of 24.8 percent when compared to the median rent in 2019, which was $1,190.

The Las Vegas region comes in closely behind the Sacramento-Roseville-Folsom, California metro area, which took the number 1 spot with its 2022 median rent increasing 25.3 percent to $1,830, compared to $1,461 in 2019.

The main factors driving the rent increases in Southern Nevada include limited inventory, coupled with a rapidly-recovering post-pandemic economy that has driven fierce competition among prospective tenants, leading to many – especially those with a degree of affluence – paying for rentals well above the initial asking price, according to the Stessa report.

With rising real estate prices, 70 percent of the growth of the rental market since 2009 has come from higher-income earners who might otherwise have bought a home,” they said. “And as more high earners enter or stay in the rental market, builders and developers are incentivized to provide more luxury units, which means less new stock to meet the needs of low and middle-income earners.”

Nationally, median rents rose 12.5 percent in 2022 to $1,445, up from $1,284 in 2019.

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 – Formula 1, the highest class of international racing for open-wheel single-seater formula racing cars sanctioned by the Fédération Internationale de l’Automobile (FIA), has revealed the extent of their considerable investment in their upcoming Las Vegas-based Grand Prix location, which is slated to take place in the center of the city – with the track situated partly on the Las Vegas Strip – starting in November 2023.

Formula 1 will be putting $240 million into the street-based night race as part of a multi-year deal with the city, making the event their third annual Grand Prix in the United States, following the United States Grand Prix at Austin, Texas and the Miami, Florida Grand Prix.

The $240 million that Formula 1 will be investing will be going to the acquisition of a 39-acre site in Las Vegas – located north east of East Harmon Avenue and Koval Lane – in order to build a permanent pits and paddock facility, according to Greg Maffei, CEO and President of Liberty Media, Formula 1’s commercial rights holder.

“Liberty Media did enter an agreement to acquire 39 acres east of the strip to lock in circuit design and capacity for the pits and paddock, among other hospitality and race support venues,” Maffei said at a press event last Friday.

Maffei noted that Colorado-based Liberty Media’s decision to promote the Grand Prix in Las Vegas in conjunction with local partners was driven by several factors.

“One is proximity: It’s fairly easy relatively to being in Denver to get to Vegas for us to do the work and we have knowledge of local US market relative to many other markets,” he said. “But more importantly we see the opportunity of being a promoter is a way to expand our understanding of the business, understand how to be the best F1 product on the track for other promoters as well, and to look at the opportunity to grow our knowledge and understanding and potentially promote other races down the road.”

“Vegas is going to be large and a perhaps unique opportunity so from a financial perspective we think this one sets up pretty well to be worth the time/extra focus to become the promoter,” Maffei added.

Formula 1 cars are the fastest regulated road-course racing cars in the world, and the Grand Prix races take place worldwide on both purpose-built circuits and closed public roads.

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 – 26 acres of land located along the south edge of the famed Las Vegas Strip, the site of a proposed – and failed – Ferris wheel project is now on the open market, with the property owners asking for $7 million per acre, for a total of $182 million.

Real estate brokerage CBRE Group now has the property for sale, which includes land that was originally slated to be the home of SkyVue, an observation wheel project that was started but never completed; currently, the only indication that the project ever existed at all is the presence of two concrete columns, with the effort never advancing past that stage.

The SkyVue property has been offered on the market previously, most recently when it was purchased four years ago via bankruptcy court by Seattle-area businessman Wayne Perry via a credit bid.

However, experts anticipate that the property will most likely fetch top-dollar in the current marketplace, as the Vegas Strip has recently exploded in terms of development following the waning days of the COVID-19 pandemic.

Still, the latest offering comes as real estate sales and development plans gain momentum in and around Las Vegas’ famed casino corridor, amid the tourism industry’s continued rebound from the pandemic. The property’s close proximity to prominent sports venues – such as Allegiant Stadium and T-Mobile Arena – as well as the Tropicana hotel-casino should make it especially attractive to investors.

To sweeten the deal, the SkyVue property offering also includes a separately-owned apartment complex.

As originally envisioned, the SkyVue project would have encompassed a 500-foot-tall observation wheel, a roller coaster and retail and restaurant space. However, if purchased, the current property owner doubts that any buyer would consider restarting SkyVue; instead, they feel that the new owners would most likely knock down the two existing concrete columns to make way for a hotel casino.

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 former Royal Links golf course is finally on its way to providing numerous affordable homes for Southern Nevada residents, having recently held its officially groundbreaking ceremony to signify that impending start of construction efforts for the eastern Las Vegas Valley-based housing tract.

Touchstone Living founder Tom McCormick, who purchased the shuttered Royal Links golf course in December 2021 for $33.7 million, said that the new housing community his company will be building – now dubbed Independence – is currently due to commence on the third quarter of 2022, initially starting with model homes to entice buyers before moving on to the proper homes they will be offering.

Already, the grass from the original golf course has been removed, with the landscape now covered with various pieces of construction equipment in anticipation of the start of work, which is expected to produce up to 1,600 homes, in addition to numerous residential amenities, such as parks, pools, and playgrounds.

Independence – located along Vegas Valley Drive east of Nellis Boulevard – is hoping to attract first-time buyers and will offer homes in the $200,000 price range; McCormick has noted there are no other projects producing new homes in Southern Nevada in such a buyer-friendly price range.

To drive home that point, those attending the groundbreaking on Monday were wearing blue-and-white Independence shirts with the slogan “why rent?” on them, touting the affordability that the new community will be offering to local residents.

In Southern Nevada, home development is predominantly carried out in suburban areas such as the southwest valley, Summerlin and Henderson; in comparison, the east valley is relatively ignored by developers, allowing the 162-acre Independence a degree of distinction among its peers.

The affordable prices that Independence will be offering for housing will run in direct contrast with the average median home price in Las Vegas, which recently hit $483,000 in March.

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.