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15 Fire Rock Court
Featured Listings , Market Updates , Real Estate

Las Vegas Developer Lists Southern Highlands Golf Club Spec Home for $5.29 Million, Includes $100,000 Tesla

By Christopher Boyle June 6, 2022

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.”

MSG Sphere
Area Living , Development , Market Updates

‘Largest Spherical Structure On Earth’ Hits Major Construction Milestone as Workers Top Off Venue

By Christopher Boyle June 3, 2022

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 Property Management specializes 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.

Bubble
Economy , Market Updates , Real Estate

Real Estate Experts Say Housing Market in Las Vegas Is Most Likely “Bubble Resistant”

By Christopher Boyle June 1, 2022

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 Property Management specializes 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 Convention Center
Area Living , Economy , Market Updates

LVCVA Board of Directors Approves $600 Million for Renovation of Las Vegas Convention Center

By Christopher Boyle May 30, 2022

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 Property Management specializes 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
Area Living , Market Updates , Rentals

Report: Las Vegas Now Ranks Number 2 in U.S. Among Cities with Fastest-Rising Rents

By Christopher Boyle May 25, 2022

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 Property Management specializes 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.

Formula Las Vegas
Area Living , Investing , Market Updates

Formula 1 Invests $240 Million in 2023 Las Vegas Grand Prix Location; 39-Acre Site off Las Vegas Strip

By Christopher Boyle May 23, 2022

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 Property Management specializes 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.

Aerial Mandalay Bay
Development , Market Updates , Real Estate

26 Acres Along Las Vegas Strip Across from Mandalay Bay Now on Market for $182 Million

By Christopher Boyle May 20, 2022

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 Property Management specializes 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.

INDEPENDENCE
Area Living , Development , Market Updates

Groundbreaking Ceremony Held for Conversion of Las Vegas Golf Course to 1,600-Home Development

By Christopher Boyle May 16, 2022

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 Property Management specializes 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.

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.
Area Living , Market Updates , Rentals

As Deadline Nears, Public Feedback on Short-Term Rental Regulations Requested by Clark County Officials

By Christopher Boyle May 13, 2022

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 [email protected].

Shelter Realty Property Management specializes 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.

fields
Area Living , Development , Market Updates

Construction Under Way on 40-Acre Tule Springs Regional Park in City of North Las Vegas

By Christopher Boyle May 11, 2022

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 Property Management specializes 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 Real Estate
Market Updates , Property Management , Rentals

Topaz, Viridian Apartment Complexes in Las Vegas Sell for Total of $129.7 Million

By Christopher Boyle May 9, 2022

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 Property Management specializes 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.

MGM Growth Properties
Investing , Just Sold , Market Updates

VICI Properties Acquires Las Vegas’ MGM Growth Properties for $17.2 Billion; Now Owns Ten Resorts On Strip

By Christopher Boyle May 6, 2022

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 Property Management specializes 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.