Category Archive : Market Updates

LAS VEGAS, NV – Since a recently-passed piece of legislation – Nevada State Assembly Bill 363 – has done away with a previous ban on short-term rentals in unincorporated Clark County, officials who will eventually be tasked with overseeing the industry are asking for public opinions on potential regulations that will be implemented when rentals become legal as of July 1.

As of the first of July, short-term rental services – either independently-owned or via companies such as AirBNB or VRBO – will be allowed to offer their services in Clark County, often in the form of houses situated within normal neighborhoods. And since these neighborhoods will be directly affected by these new rentals, Clark County is asking these people for input in crafting laws and regulations that will govern the industry locally.

Many of these people have already been negatively impacted by illegal short-term rentals in their communities, many of which are leased to groups who hold loud, disruptive parties; as a result, many who have given their opinions on possible regulations are split regarding their desire to even have rentals in their neighborhoods.

District A County Commissioner Michael Naft noted that an ordinance with tentative rental regulations has been drafted, but that officials are holding regular meetings and are inviting the public to attend in order to fine-tune the laws and minimize any possible annoyances or disruptions that short-term rentals could cause for residents.

“There are a lot of voices in this conversation. There are people on every side of this issue,” Naft said. “This is about coming up with some rational common-sense ways. To do what the state required us to do.”

Some of the regulations that are expected to make it into the final version of the ordinance include hosts being required to possess business licenses; approval of a homeowners’ association in any community where rentals will be set up; a maximum of 16 people allowed in any given rental property; and for it to be illegal to utilize apartments, mobile homes or manufactured homes as rental properties.

Naft noted that it is important for local residents to voice their opinions in order to help them create a set of regulations that will ensure everyone involved is able to maintain their previous quality of life.

To see Clark County’s initial draft of their regulations governing short-term rentals, please click here.

Meanwhile, residents of Clark County are able to submit questions and comments to STRComment@ClarkCountyNV.gov.

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 city of North Las Vegas is set to be the recipient of a new 40-acre park located in the vicinity of the 215 Beltway and Revere Street, and when it’s completed the facility is slated to be one of the city’s largest parks offering a wide variety of amenities for local residents.

Tule Springs Regional Park, which will be situated between Dorrell Lane and Deer Springs Way, will take approximately two years to build, and when it is completed and open for public use, it will include numerous family-friendly features, including:

• Four baseball/softball fields
• Three soccer/multi-use fields
• A playground
• A splashpad
• Basketball courts
• Sand volleyball courts
• Trails
• Shade structures
• Restrooms

Cass Palmer, director of parks for North Las Vegas, said that Tule Springs Regional Park will have a little something for everyone, no matter what they are looking for in an outdoor recreational experience.

“Between the athletics and the play features, I think anybody of any age is going to go out there and have fun,” he said.

The construction of the park will be a welcome addition to the several new housing developments that have sprung up in recent years in North Las Vegas. Currently, residents in that area are suffering from a lack of neighboring outdoor recreational spaces, so the news of Tule Springs Regional Park will certainly be welcome, and will assist with future population growth in the area.

“Where are we now, and where do we need to be for the next 10-15 years to support the growth?” Palmer asked, adding that “desert landscaping” will be used wherever possible at Tule Springs due to the notoriously dry climate in Las Vegas.

“We’re integrating the legislative mandate for xeriscaping for all of our parks and trails. We’re anticipating the use of artificial grass in a lot of areas,” he said. “We’ve found a couple of grasses that the SNWA (Southern Nevada Water Authority) prefers. Requires less watering.”

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 – Laguna Point Properties, a multifamily investment company based out of Mission Viejo, California, has announced the purchase of two large apartment complexes in Las Vegas in an off-market transaction worth a total of $129.7 million, giving the company a large foothold in the Southern Nevada rental marketplace.

Topaz and Viridian, two apartment communities that are located adjacent to one another on West Viking Road, were part of the Laguna Point Properties deal. Topaz, constructed in 1985, offers 252 units featuring both one and two bedroom floorplans; Viridian, built in 1981, offers 456 units in the form of studios, one, two, and three-bedroom apartments.

The two Las Vegas acquisitions are part of a larger, multi-state deal on Laguna Point Properties’ part; the firm has recently spent the sum of $566 million acquiring not only the two aforementioned complexes in Nevada, but an additional five properties in Los Angeles, California and one in Jacksonville, Florida, for a grand total of 1,945 apartment units overall.

Las Vegas-based property management company Cushman & Wakefield have been tapped by Laguna Point Properties to oversee the Topaz and Viridian, whereas Greystar and ZRS Management will manage the Los Angeles and Jacksonville complexes, respectively.

According to Laguna Point Properties’ website, the company’s mission “is to opportunistically acquire and renovate class “B” and “C” multifamily assets in the Western and Southeastern United States. The typical acquisition will range from 100 to 500 units and have a price between $15 million and $70 million. The Company and its affiliates have acquired over 6,500 multifamily units, with a current portfolio of 5,200 apartment homes and a total capitalization of $758 million.”

It is currently unknown if Laguna Point Properties has any plans to renovate or make any changes to Topaz and Viridian upon taking them over.

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 – Easily ranking as one of the largest real estate sales the Las Vegas Strip has ever seen, VICI Properties Inc. announced this week that they have completed their acquisition of Las Vegas’ MGM Growth Properties LLC for $17.2 billion, which has increased the buyer’s presence on the Strip in the form of multiple hotel resorts and casinos.

The deal, which was first announced in August 2021, results in VICI Properties acquiring a large amount of Las Vegas Boulevard-based, MGM Resorts-operated properties, including Mandalay Bay, MGM Grand, The Mirage, Park MGM, New York-New York, Luxor and Excalibur.

The acquisition also includes several other casinos located in other states, such as the MGM Grand Detroit and MGM National Harbor near Washington, D.C.

Overall, the merger will likely not result in any outward changes to the properties in question, as VICI will not be overseeing the day-to-day operations of the properties, but instead will merely be collecting rent from the management companies that do. While the deal includes VICI Properties assuming $5.7 billion of MGM’s debt, the company is also standing to receive over $1 billion in rent on an annual basis from their new acquisitions.

As a result of the purchase, VICI Properties is now one of the biggest property owners on Las Vegas Boulevard, with the firm now owning a whopping ten resorts on the Strip; this represents approximately 40,775 hotel rooms, 1.2 million square feet of casino space, and 5.9 million square feet of meeting and convention space.

“The addition of the MGP portfolio, together with the recent closing of our Venetian acquisition, elevates VICI to the top ranks of American four-wall [real estate investment trusts], making VICI a top-5 REIT by [earnings before interest, taxes, depreciation, and amortization] and a top-10 REIT by enterprise value,” said VICI CEO Edward Pitoniak. “We also become the largest owner of hotel and conference real estate in America, within what we believe is the superior transparency and integrity of the Triple Net Lease model.”

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 housing market in Las Vegas has experienced a historic degree of growth in the past year, with fierce competition for the city’s limited inventory resulting in fast sales, multiple offers – many well above the asking price – with cheap money in the form of low-interest mortgage loans fueling the activity to levels not seen before the mid-2000’s recession.

However, one vital piece of the puzzle – and one of the main driving factors – of that sales activity is quickly going away. Borrowing costs have been steadily rising as of late, and the resulting higher-interest home loans have been slowing down sales, both in Las Vegas and nationwide, reports say.

One year ago, the average interest rate on a 30-year home loan was just 2.98 percent; however, as of last week, that average is now up to 5.1 percent, which represents a significant addition to a borrower’s monthly payment.

As a result of steadily rising interest rates, the buying frenzy that the country has been in the grip of is starting to abate, according to Freddie Mac chief economist Sam Khater in a news release.

“The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand,” he said, noting that currently skyrocketing home prices should slow down to “a more sustainable pace later this year” as a result.

Overall, nationwide home prices have increased by almost 20 percent year-over-year in February, and while Las Vegas has experienced fluctuations in real estate activity on a regular basis over the years, the city’s increasing housing costs are still comparably higher than other major marketplaces across the country, driving concerns over affordability.

However, there are signs that the local market is beginning to show signs of stability; in March, sales of pre-owned single-family homes were down 12 percent year-over-year, and Southern Nevada builders recorded almost 1,260 net sales in March, the largest number in a year.

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 – UnCommons – a large mixed-used facility currently under development in southwestern Las Vegas – has officially entered phase two of its construction after having fully leased the buildings that were erected during the first phase.

Upon completion, UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – will essentially be a mini-city within a city, consisting of 500,000 square feet of offices, in addition to restaurants, health and fitness studios, relaxation options, and over 830 residential units.

The concept behind the development is that it will be a space where the various employees working for the businesses located there will have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right there at their fingertips.

Phase one of the $400 million project – which broke ground in August 2020 after a series of delays brought on by the COVID-19 pandemic – consisted of two office buildings, two parking garages, and food and beverage space.

According to Matter Real Estate Group – the company behind UnCommon’s development – the first office tenants will start opening for business in June, with food-and-beverage outlets starting in July; currently, the company notes that retail options at UnCommons are approximately 90 percent leased.

The second phase will add an additional two office buildings, a third parking garage, and a building called The Assembly, which will offer 5,000 square-feet of conference center space to accommodate up to 250 people, as well as food catering provided by the various eateries located in UnCommons itself.

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.

Phase two of construction for UnCommons is slated to be completed in summer 2023.

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 Nashville developer that has already opened one luxury apartment complex in downtown Las Vegas last year has just announced plans to construct a second apartment complex in the same area, adding to their already impressive portfolio in Southern Nevada.

Symphony Park was announced by Southern Land Company, with work on the project expected to begin in fall of 2022. The current plan for Symphony Park is for a complex that encompasses over 500 units spread out amongst a five-story building and a 22-story tower; construction on the smaller building would commence first, with work on the high-rise building slated to start in approximately one year.

In addition, Southern Land Company has another project lined up in Las Vegas’ Arts District, with the City Council having just approved plans for an as-yet untitled 335-unit apartment complex at the intersection of California Avenue and Third Street. A timetable for the groundbreaking for that project has not yet been announced.

The site of the Arts District project is currently vacant, aside from a small commercial building that is in a serious state of disrepair that will most likely be demolished when work commences.

In a statement, Southern Land representatives noted that the company was making serious efforts to address the demand for downtown apartment units “to help meet a need and offer dynamic, luxury residential options in areas of Las Vegas that we anticipate will only continue to transform and thrive.”

These two projects join Auric, a 324-unit rental complex that Southern Land developed previously that is located directly next door to the upcoming Symphony Park site. Auric is currently about 70 percent leased, according to Southern Land representatives, and features a resort-style pool area, a resident lounge with bar, and concierge service.

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 there haven’t been many ‘motels’ on the Las Vegas Strip in recent years amid the massive hotels and casino resorts that the roadway has become well-known for, one of the remaining holdouts – the Travelodge Motel – was listed on the market for a whopping $52 million.

Situated next to Circus Circus Hotel and Casino, the Travelodge – located on a 1.8-acre plot of land on the northern part of the Strip – boasts 100 rooms spread out over two stories, and the sale also includes a three-story commercial building next door on Las Vegas Boulevard as well as the Bonanza Gift Shop, a souvenir shop catering to local tourists looking to purchase Vegas memorabilia.

Haim Gabay, the current owner of the Travelodge, appears to be trying to take advantage of the recent uptick in development in the northern end of the Las Vegas Strip recently, with that part of the roadway plagued for years by unfinished construction and a lack of foot traffic. The new effort to develop that section of town is already having a positive effect and is drawing the eyes of investors, making this likely a unique opportunity to list the Travelodge on the market.

The Travelodge is located across from the still-in-development Fontainebleau Las Vegas, a 67-story hotel resort that is scheduled to open in 2023, and adjacent to the Las Vegas Convention Center’s newly-opened West Hall and the $4.3 billion, 3,500-room Resorts World Las Vegas. Also of note is a 10 acre-lot nearby recently purchased by a Chilean developer, although exact plans for that project have yet to be revealed.

While few in number currently, the Travelodge isn’t the only motel to call the Las Vegas Strip home; others include Diamond Inn, Motel 8 Plus, and the former White Sands, a long-closed motel across from the Luxor.

However, the $52 million asking price for Travelodge is significant, experts say, especially when compared to White Sands’ current sale price of $12 million and what the Motel 8 Plus recently sold for, $7.4 million in 2018. Time will tell if Gabay gets any takers, or if he will be forced to lower his price.

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 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 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 – 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 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 – 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 Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – With the 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 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.