Category Archive : Market Updates

LAS VEGAS, NV – “Fremont9,” a ritzy apartment complex located in Las Vegas’ downtown area which constriction was funded by late entrepreneur and former Zappos CEO Tony Hsieh, has been sold for $80 million and will soon be christened with a new name.

The Calida Group, an apartment developer based in Las Vegas, confirmed that they purchased the 232-unit Fremont9 complex – which was 90.5 percent occupied on the day the deal went down – and news of the sale already has the property “trending upwards,” according to Calida co-founder Doug Eisner.

Fremont9 – which is located at 901 Fremont Street at the corner of Fremont and Ninth – will be officially rebranded within the next few months as “Ely on Fremont,” Eisner revealed.

When it originally opened in 2018, Fremont9 was the first new, large-scale apartment complex on Fremont Street in a number of years, and is part of a development trend concentrating on Southern Nevada urban-area rental facilities to address housing demand.

The sales price of Fremont9 equates to approximately $344,828 per apartment unit; in 2021, the average per-unit sales price of apartment buildings in the region was $215,151.

Eisner noted that part of the attraction to the purchase of Fremont9 was younger tenants who are “hyper-social” and are looking for apartments close to the many entertainment and restaurants options afforded by the Las Vegas Strip.

During the worst of COVID-19, renters tended to favor suburban rental properties in order to avoid densely-populated areas, but as the pandemic wanes, more and more people are once again looking for rentals amid the hustle and bustle of the city, Eisner said.

The five-story Fremont9 offers numerous amenities for tenants, including a clubroom lounge with billiards, outdoor courtyards with bocce ball and fire pits, a yoga and spin studio, a media lounge and more; in addition, Eisner said that there is also unrented ground-floor retail space that is being converted into live-work units.

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 lavish Las Vegas mansion that was once rented as a home for a whopping $50,000 a month 15 years ago by the late and controversial “King of Pop” Michael Jackson has been listed for sale on the market.

The 17,461-square-foot Las Vegas estate – surrounded by a 10-foot-high wall – is located in the western Las Vegas Valley, and currently has an asking price of $9.5 million.

Luxury real estate brokerage The Agency announced Friday that a 17,461-square-foot mansion in western Las Vegas, home to the King of Pop 15 years ago, is on the market for $9.5 million. Sellers Dong Xue and his wife Jeanette Zhou – both big fans of Jackson – bought the home in 2010 for $3.1 million.

2785 SOUTH MONTE CRISTO WAY, LAS VEGAS – $9,500,000.00

The mansion – which Jackson rented for a year in 2006 after spending time in the Middle East and Ireland – is located on an acre of land 15 minutes from The Las Vegas Strip at 2785 South Monte Cristo Way. It features eight bedrooms, nine bathrooms, and a Roman-style interior, an indoor fountain, custom chandeliers, a home theater, a security room, marble flooring and an orchestra loft overlooking a grand ballroom.

Jackson – whose sisters and parents lived in the Southern Nevada region at the time he rented the home – had faced allegations of sexual abuse for a number of years, and some have speculated that he had rented the compound in order to have privacy from paparazzi, which are rare in Las Vegas.

Some of Jackson’s personal furniture – including a dining table and a sofa – remained in the house when Xue and Zhou purchased it; the couple, previously California residents, had been using the mansion as their primary residence for over ten years.

The property was listed on the market Thursday, March 3.

Feature photo: Jackson attending The 4th Annual Roger Neal Oscar Viewing Dinner-Icon Awards and After Party at The Hollywood Palladium, Los Angeles, CA on February 24th, 2019 File photo: Eugene Powers, Shutter Stock, licensed.

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 – Ever-increasing home prices in Las Vegas are now outstripping the current average in the United States, according to a recent Case-Shiller report, with the end of 2021 setting the stage for what to expect in 2022.

House values in Southern Nevada in December 2021 had shockingly jumped 25.5 percent from the same period of time in 2020; this runs in contrast with the 18.8 percent price climb on a national basis, according to reports. Vegas home prices have been accelerating past the national average now for the past seven months in a row.

Arizona, specifically Phoenix, is also a region where home prices have been rising fastest over the course of the past year, blasting past the national average to an even greater degree than Vegas. As of press time, home prices in Phoenix have jumped a whopping 32.5 percent year-over-year, illustrating the exuberant degree that home prices have raised overall in the United States during the past 365 days, despite – or perhaps because of – the impact of the pandemic.

Among the 20 markets covered by S&P Dow Jones, home prices are at an all-time high despite high unemployment caused by the COVID-19 pandemic; this factor has been mitigated by rock-bottom interest rates on home loans that have allowed buyers to maximize their budgets.

Rising home costs, both in Las Vegas and nationwide, have also been driven by limited inventory and “persistent demand,” real estate experts say.

However, of the 15 markets tracked by the Case-Shiller report, Southern Nevada has been proven to be an especially popular place for people to move to due to its low cost of living when compared to other regions with higher tax brackets and overall lower – for the time being – home prices.

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 – Gene Simmons, widely known bassist for the legendary rock band Kiss, has sold his Vegas area mansion after he first listed it on the market in October 2021, a mere six months after originally purchasing it.

Simmons’ luxurious home – located at 7 Talus Court in Henderson – is currently under contract, reports say. He had first listed it for $15 million, but then dropped the price to $13.5 million one month later. He also announced earlier in February that he was even willing to take certain types of cryptocurrency – such as Bitcoin – in exchange for the home.

The 72 year-old rocker had originally purchased the mansion in May 2021 for $8.2 million, in addition to an adjacent .48-acre parcel of land for $2.6 million, for a total of $10.8 million. However, he only resided there for several months before going on tour, leaving the home empty.

Simmons’ mansion is a two-story, six-bedroom, 10,871 square-foot residence with six full baths, two half-baths, a pool, 3,963 square feet on the first floor, 3,882 on the second floor, a finished 3,026 square-foot basement and 2,284 square-foot basement garage.

The home is situated on nearly a full acre of land, including a “little forest” of over 130 trees that Simmons had planted on approximately a half-acre he said set him back $1 million.

When asked why he was selling it, he stated in an interview that his family was “not fans of 115-degree weather,” adding “how many houses do you need anyway?”

Known by the alias “The Demon” when rocking out on-stage, Simmons also noted in a separate interview that he was leaving his long-time home in Los Angeles for a 12,000 square-foot mansion in Lake Tahoe; he cited the need for a “quieter life” and the fact that California had become “inhabitable” due to its high tax rates.

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 affluent out-of-state residents fleeing highly-taxed regions of the country for Las Vegas due to its more affordable cost of living experience, demand for luxury rental units have reached a fever pitch, driving the market to surpass the $50,000 per month mark and beyond, and without any signs of slowing down due to increasingly low inventory.

Newer listings on the market in Southern Nevada have several luxury rental homes and condos going for prices ranging from $35,000 per month all the way up to a full-furnished unit – a 10,600 square foot residence in The Ridges with six bedrooms and six baths – for a whopping $65,000 per month.

Currently, the most expensive rented luxury property – acquired last fall on a one-year lease – is a $50,000 per month for a Summerlin one-story mansion that comes with landscaping, pool maintenance and weekly cleaning. The home is situated on 0.82 acres and is estimated to be worth over $9 million, and includes a private office, game room, movie theater, sunken wet bar, resort pool with spa, a gym and a basketball court.

The second-most expensive, currently rented rental property in Las Vegas is a $30,000 per month Ascaya property.

In addition to fleeing highly-taxed states such as California, another driving factor of the luxury market in Las Vegas was the COVID-19 pandemic and the subsequent rise of remote working, enabling people to ply their trades from any region of the country during business lockdowns. Prior to COVID, experts say, the high end of the Vegas luxury rental market was averaging about $25,000 to $35,000 a month, as opposed to $50,000 or higher now.

Experts say that many of these wealthy, out-of-state renters have actually purchased their own properties and are currently in the midst of having their own high-end homes built upon them; in the meantime, they are renting local luxury units to reside in until construction is completed, at which time the property is passed on to the next affluent transplant to the region.

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 north edge of the Las Vegas Strip was in the midst of multiple construction and development projects that – with the arrival of the mid-2000’s economic recession – instead resulted in huge empty tracts of land and little-to-no foot traffic. The vibrancy and excitement of the Strip had failed to carry to the end of Las Vegas’ casino corridor… until now, it seems.

Originally, plans for megaresorts and other projects were slated for the north edge of the Strip, but the recession stalled these plans indefinitely; however, new development is finally being spearheaded, and local residents are hopeful that the turnaround they’ve been long hoping for is finally set to take place.

In June 2021, Resorts World Las Vegas – a $4.3 billion casino and resort – opened for business, representing the first new resort constructed at the northern end of the Strip in over ten years. Fontainebleau Las Vegas, derailed by the recession, is finally back under development and is slated to finally open in late 2023, after being purchased once again by its original developer. And finally, a $1 billion, 1.4 million-square-foot expansion Las Vegas Convention Center’s West Hall was completed and opened in June 2021.

In addition to projects that have been started from scratch, there are others that are centering on pre-existing properties that are currently being renovated or upgraded in some way, such as the Sahara Las Vegas, which is remodeling its 1,100 rooms and pool to the tune of $150 million, along with adding new restaurants.

Also, The Strat recently finished a $110 million facelift as well – adding a new coat of polish to its rooms, casino, and restaurants – and Circus Circus expanded its arcade and carnival game area, added a new ride, and is in the middle of a $9 million renovation of their food court.

With the Las Vegas economy bouncing back and tourism picking up again in a big way with the (hopefully) final days of the COVID-19 pandemic, experts are expecting the new-found interest that developers are paying to the north edge will result in the area possibly becoming the “hot side of the Strip” within the next five years.

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 – Due to ever-increasing demand and a lack of inventory, the cost of apartments in the Las Vegas valley continues to climb, with the median monthly price of a one-bedroom unit hitting its highest level ever, a development that is continuing to stoke concerns over affordability among residents in the region.

Reports indicate that roughly half of the valley’s residents are renters, and the rapidly-increasing costs of doing so are starting to weigh heavily upon them; the monthly rent for a one-bedroom apartment currently ranges between $1,200 to $1,700, with the median price being $1,500. In stark contrast, that price just one year prior was approximately $1,100.

Experts say that month-to-month rent increases are going up at levels not seen before; part of that reason can be attributed to rising interest rates pricing some home buyers out of the market, resulting in them turning to rental units instead. This is resulting in more renters being on the market than is typical, and that demand is causing landlords to raise their asking prices to account for it.

In order to get a foot in the door amid the intense competition for apartments and rental properties, experts suggest that renters should make sure they have good credit scores – typically 650 or better is a good start – in addition to having a problem-free rental history. Salary is important as well, as landlords often look favorably upon those who are making at least three times the amount of their monthly rent in take-home pay.

In addition, conducting an apartment search throughout multiple zip codes – instead of simply sticking to one – and paying attention to large rental complexes that may offer move-in deals can often pay off. Mom-and-pop landlords can be a great way to find a rental as well, as they are often independent owners who are renting apartments in homes – or the entire home itself – and may prefer a tenant that is willing to assist in maintaining the property.

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 a great while, condominiums failed to figure into the Las Vegas real estate marketplace to the same degree as stand-alone homes did; however, that began to drastically change right before COVID-19 hit, but while the pandemic caused a brief hiccup in the ascension of condos as a viable real estate marketplace asset, the market nonetheless recovered and rose to a status of prominence that is currently showing no signs of slowing down.

Today, condos in Las Vegas are viewed as an excellent and affordable alternative to the ever-increasing expense of stand-alone homes, especially among Millennials who are approaching typical home-buying age. In fact, in December 2021, condo sales in Southern Nevada totaled over $221 million, representing a 38.5 percent increase over December 2020, with the median sales price year-over-year jumping by 30.1 percent.

Condos have become a popular means to achieve home occupancy in Las Vegas in the face of the demand for housing options that, thus far, local Southern Nevada home developers have not been able to adequately address. This comes in the face of increased migration to Vegas by residents from neighboring states – especially California – that are in search of more affordable lifestyle options or investment properties when compared to their previous homes.

The two main groups that are driving condo sales in Las Vegas as of late are – first of all – millennials, many of whom are approaching the age where they are where they are considering becoming first-time homeowners. This is being driven in-part by this tech-savvy generation’s embracement of the concept of digital home buying, which can often be done on their cell phones for an easy shopping experience.

Secondly, approximately 25 percent of Las Vegas condo buyers since 2019 have been residents from California, some of whom were making the move to Nevada permanent and were able to purchase residences with cash due to the sale of their original home; many others have been second-home buyers who have retained their California residences.

Experts see 2022 continuing this trend, especially if the state of California passes its much-talked-about “wealth tax,” in addition to other ongoing cost of living increases that residents consider excessive and, in many cases, unsustainable.

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 – Las Vegas-based real estate firm Nigro Development held a public groundbreaking ceremony recently to signify the start of construction on SpringHill Suites, a 127-room hotel situated in the Las Vegas Valley north of the 215 Beltway at Decatur Boulevard.

According to a statement issued by the firm, construction of SpringHill Suites is slated to be completed in the first quarter of 2023, with Nigro Development President Michael Nigro saying that it will address a very real need for housing options in this part of the city.

“The southwest region of Las Vegas has developed so much in recent years, and there is an increasing need for this type of property to support those in the community as the population and visitor numbers grow, along with the new industrial businesses opening in the area,” he said.

Nigro Development is no stranger to the Las Vegas real estate scene; they are responsible for creating several mass rental properties in Southern Nevada in an effort to address the serious demand for affordable housing options as the local economy continues to recover in the wake of the COVID-19 pandemic.

In addition to SpringHill Suites, the company has also been responsible for constructing a Residence Inn on St. Rose Parkway in Henderson and a Fairfield Inn & Suites on Sky Pointe Drive in the northwest valley, both of which were completed in 2019. In addition, the firm also broke ground on a 119-room TownePlace Suites in North Las Vegas in 2020; that project is slated to be finished and open for business in the spring of 2022.

“With over 600,000 square feet of space currently under management for investor partners, Nigro Properties has proven success in the property management realm,” Nigro’s website states. “Nigro Properties ongoing objective entails providing first class environments for conducting business while attracting and maintaining satisfied tenants. Nigro Properties’ staff never ‘rests on its laurels.’ They are steadfast in their quest to maintain the highest levels of quality customer service in Las Vegas, always fostering positive tenant relations and exceeding expectations.”

Feature photo: Todd Nigro, Brian Paulson, Michael Nigro, Dave Voiss, Mike Cook, Cory Frank pose during the ground breaking at Decatur Commons and going vertical ceremony for Springhill Suites. Photo credit: Ronda Churchill for Nigro.

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 – At this point, it may be a moot point, but the numbers for January 2022 are in, and once again home prices in Las Vegas have set yet another all-time record, showing that – even with the advent of yet another new year – the real estate scene in Southern Nevada does not appear to be showing any signs of slowing down.

Reports indicate that last year’s red-hot market has carried over into 2022, with January’s median sales price of previously-owned single-family homes – which makes up the majority of home sales in Las Vegas – was $435,000, an increase of 2.4 percent – or approximately $10,000 – over December 2021, which itself was yet another record-setting month.

In addition, last month’s new record represents a whopping 26.1 percent increase – or about $90,000 – year-over-year from January 2021.

However, both sales overall and the amount of homes available on the market have both dropped recently; 2,561 houses were sold in January, which is a drop of 19.4 percent from December and 2.9 percent year-over-year. Only 1,821 single-family homes were listed in January without offers, which is a 19.1 percent decrease from December and 21.3 percent less than January 2021.

In addition, January’s record was a threefold increase from ten years ago following the national recession, at which time home prices in Southern Nevada reached a record low of $118,000 in January 2012.

Experts say that Las Vegas’ home sales are still being driven in-part by current low interest rates on home loans, which are expected to steadily rise as the year goes on but are still expected to remain historically low for the foreseeable future; this has resulted in fast sales and rapidly rising prices, making Vegas currently very much a seller’s market.

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 – Las Vegas Sands has entered into an agreement to sell its Vegas property and operations – including the Venetian Resort and the Sands Expo and Convention Center – for a total of $6.25 billion to several companies, signifying that significant changes are likely to come for the iconic Las Vegas Strip casino.

VICI Properties Inc. will be purchasing both the land and real estate assets of the Venetian Resort and the Sands Expo and Convention Center for $4 billion in cash, reports say. In addition, Apollo Global Management – a private-equity firm – will acquire the Venetian Resort’s operating company for $2.25 billion.

The sales will be finalized once Nevada regulators have issued their approval; however, the Nevada Gaming Control Board has already “unanimously signed off on Apollo Global Management’s purchase of the Venetian, Palazzo and Venetian Expo, indicating one of the largest Las Vegas Strip asset sales announced in 2021 is closer to wrapping up.”

Reports indicate that Sands is selling its Southern Nevada properties due to the nearly insurmountable competition from Caesars and MGM, who control a large portion of the famed Las Vegas Strip. In contrast, Sands have instead pivoted their attention to their properties in Macau and Singapore, according to Chief Executive Robert Goldstein.

“This company is focused on growth, and we see meaningful opportunities on a variety of fronts,” he said. “Asia remains the backbone of this company and our developments in Macau and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities.”

However, Sands is still expressing a continued interest in developing and expanding their remaining assets in the United States as well, Goldstein said.

“There are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company,” he said.

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 – 2022 remains an extremely competitive and pricey industry for Las Vegas luxury real estate, with the top two properties currently on the market so far this year ranging in price from a low of $24.5 million to a whopping high of $32.5 million.

The top spot is taken by a Henderson home located in Carina Way in Seven Hills listed for $32.5 million that offers views of the Rio Secco golf course. If sold for this price, it will take the all-time record for the highest-valued home price in Las Vegas history, which currently belongs to the 2021 sale of a $25 million residence in MacDonald Highlands in Henderson.

2738 CARINA WAY, HENDERSON – $32,500,000.00

The 14,207 square-foot, three story residence has four bedrooms, nine baths, numerous high-tech amenities, and three climate-controlled garages with space to accommodate up to 12 vehicles; amazingly, the garage even has a car lift that can deliver one of the vehicles directly to the home’s master bedroom.

“There’s lots of activity. We’re in the midst of negotiating an offer, and it’s a good offer,” said the home’s listing agent. “It’s a fabulous house and exciting home to sell, and we’re excited for the first quarter of this year for sure.”

The second-highest priced home on the list belongs to real estate developer and art collector Steve Wynn, who is selling his Billionaire’s Row Enclave Court home for $24.5 million;  in 2018, Wynn purchased the home in Country Club Hills adjacent to the TPC Summerlin golf course for $13 million. The two-story, eight-bath home comes in at 13,500 square feet, and features an additional $16 million in remodeling efforts by Wynn.

1717 ENCLAVE COURT, LAS VEGAS – $24,500,000.00

“It’s like having a boutique Wynn resort,” the listing’s realtor said. “It’s beautiful. It’s ethereal and creates an ambiance like you’re in your own personal resort. It’s breathtaking. The finish-out is gorgeous.”

Many real estate experts realistically expect the $25 million luxury home record to be surpassed this 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.