Category Archive : Market Updates

LAS VEGAS, NV – Project63, a new four-story retail strip mall-style development at Las Vegas’ multi-tower CityCenter complex, has officially begun construction in an effort to meet both growing consumer demand as well as its anticipated 2022 completion date.

While the frame of the building itself is slated to be completed by this upcoming March, the entire project is not anticipated to be finished until fall of 2022, reports say.

The complex, according to Clark County documents, will clock in at 228,278 square feet. It will be located at the southwest corner of Las Vegas Boulevard and Harmon Avenue, and currently is already about 30 percent leased via signed contracts with the developer reporting on the project’s many signed contracts.

“We’re seeing a very strong response,” they said.

The developers, Brett Torino of Las Vegas and New York’s Flag Luxury Group, reportedly purchased the site for $80 million earlier this year from MGM Resorts International and its partner CityCenter, a government-owned holding company Dubai World.

When the per-acre price is factored in, the amount of monies paid in this transaction was far-in-excess of even the price paid for Las Vegas Boulevard during the intense real estate activity experienced during the aftermath of the Great Recession of the mid-2000s.

Located adjacent to the luxury mall Shops at Crystals and across the intersection from Harmon Corner, the location was originally where the never-completed Harmon hotel tower was intended to be; the project – which was deemed “structurally flawed” – was dismantled several years ago.

Clark County commissioners approved plans for Project63 in August; once completed, the resulting apartment complex is anticipated to help alleviate the great demand for rental housing options that are currently plaguing Las Vegas in the wake of the COVID-19 pandemic.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The Biden Administration’s Treasury Department is looking to crack down on all-cash real estate transactions by enacting more stringent reporting requirements, which is intended to curb money laundering activity. This is pertinent to Las Vegas, as the city is slated to be included in the initial batch of U.S. cities that the regulation will pertain to if it comes to pass.

The Treasury Department noted that the regulation is intended to essentially plug what they say is a “vulnerability” in the American real estate market. At the moment, title insurance companies in only 12 metropolitan areas in the entire country are mandated to report individuals who purchase real estate in all-cash transactions through shell companies if the amount is higher than $300,000.

Himamauli Das, acting director of Treasury’s Financial Crimes Enforcement Network, said that the regulation will crack down on bad actors’ use of the American real estate market to launder money made through illegal acts.

“Increasing transparency in the real estate sector will curb the ability of corrupt officials and criminals to launder the proceeds of their ill-gotten gains through the U.S. real estate market,” Das said. “The regulation will strengthen U.S. national security and help protect the integrity of the U.S. financial system.”

If passed, the regulation would initially expand reporting requirements to apply to an additional 12 metropolitan areas: Las Vegas, Boston; Chicago, Dallas-Fort Worth, Honolulu, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco, and Seattle.

Corrupt government officials – in addition to other criminal elements – from around the world have reportedly been utilizing the American real estate marketplace to launder proceeds from criminal activity

The U.S. real estate market has long been viewed as a stable way station for corrupt government officials around the globe and other illicit actors looking to launder proceeds from criminal activity by utilizing shell companies to buy property in the United States.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The Palms Casino Resort, which has sat closed and unused near the Las Vegas Strip since closing due to the COVID-19 pandemic in March 2020, has announced that it will now be reopening in 2022 under new ownership.

The Palms, which originally opened for business in November 2001, catered to local residents and tourists, in addition to becoming popular among celebrities and young adults. It opened with a casino, restaurants and nightclubs, and a 42-story hotel. Over the years numerous additions were added, including a second tower, a recording studio, a movie theater, a music venue, and a high-rise condo hotel.

Nevada state government ordered casinos to close in March 2020 due to the COVID-19 pandemic, but while casinos were allowed to begin reopening a few months later, the Palms remained closed while then-owner Red Rock Resorts waited for the local economy to improve.

In May 2021, Red Rock announced that it would be selling The Palms to the San Manuel Band of Mission Indians – a federally recognized tribe of Serrano people in California – for $650 million in cash. The deal is still pending due to regulatory approval, but is expected to be finalized by the end of the year.

The San Manuel Band of Mission Indians anticipates reopening the resort in 2022, with a greater emphasis being placed upon gambling as opposed to nightlife, with the core demographic still being local residents.

The resort – which had a $600 million renovation in 2019 – located just west of I-15 near the Las Vegas Strip and features a casino, approximately 700 hotel rooms, and suites, a variety of restaurants, meeting and convention spaces, a 2,500-seat theater, a pool, and spa, other numerous other amenities.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Ground was recently broken on The Highline, a new luxury apartment complex that is being constructed within “next generation” master planned community The Gramercy Las Vegas, slated for completion by winter 2023.

Lyon Living and LandSpire Group are co-developing The Highline, with the project being the first one that they are collaborating upon in the Las Vegas Valley. When completed, the project will boast 294 apartment homes, consisting of studios and one-and-two bedroom units featuring numerous amenities and high-end appliances.

Tenants of The Highline will also have access to an impressive rooftop lounge area, including a resort-style pool and spa, a clubhouse, beer garden, co-working space, an elite fitness facility according to managing partner of Lyon Living Pete Zak.

“As the economy and population of the Las Vegas area continues to grow, we wanted to bring an innovative and exciting new property to the area, that will offer residents more than just a place to live, but a place to dine, shop, explore and network,” he said. “Conveniently located in the heart of Spring Valley, The Highline will deliver a sophisticated level of dining, retail and office space, while embodying a socially-driven living community that encourages residents to gather and entertain in shared spaces. We are excited for this first-ever partnership with LandSpire Group, who shares a similar vision of creating unique, community-based developments.”

The Highline will continue to evolve and grow past its 2023 opening date, and will eventually make 71 townhomes available for purchase, in addition to adding 25,000 square feet of retail space that will supplement the restaurants, shopping, and offices already offered in The Gramercy Las Vegas.

The Highline is advertised as being family-and-pet friendly, and is located just a few miles away from the hustle and bustle of the famed Las Vegas Strip, but will nonetheless be close to some of the most sought-after dining and shopping options available in Southern Nevada.

Rockwood Construction will be handling the construction duties on The Highline, and anticipates a 26-month timetable to completion.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A report released recently by Las Vegas Realtors (LVR) indicates that the cost of condominiums and townhomes in Southern Nevada have broken an all-time record, showing a whopping increase of 26 percent year-over-year.

According to the report, as of October 2021 the median price of Las Vegas condos and townhomes was approximately $236,000, which represents a 26.5 percent increase over October 2020, when that number was at $186,500.

LVR President Aldo Martinez noted that, as home prices continue to climb in Las Vegas – the median price of existing single-family homes sold in Southern Nevada during October 2021 was $410,000 – people looking for affordable lodging alternatives have been turning to condos and townhomes, which despite their own prices increases still remain cost-efficient overall.

“Our home prices are still increasing, but they’re going up more gradually. Even though we’re slowing down a bit, home prices are still rising,” Martinez said. “Buyers looking for more affordable options have been turning to condominiums and townhomes, as witnessed by the median condo price of $236,000. As we’ve been saying for some time, the rate of appreciation we’ve seen this year is great for homeowners, and the low interest rates have been great for home buyers.”

The LVR report noted that the total value of all real estate transactions conducted in Southern Nevada during October 2021 was over $1.5 billion for homes and $204 million for condos, high-rise condos and townhomes. This represents an overall increase of 13.5 percent year-over-year increase for homes of 13.5 percent, and a very impressive increase of 37 percent for condos and townhomes.

Overall, however, supply of both homes and condos remains tight, and given the overall demand – while currently beginning to show signs of cooling slightly – are nonetheless expected to continue an upward trajectory.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – In an effort to crack down on unauthorized New Year’s Eve parties in their rental partner’s properties, Aidbnb recently announced that they would be blocking users with poor credentials from reserving one-night rentals in the Las Vegas region. The move, Airbnb says, is to assist with noise complaints from neighbors and damage complaints from their rental partners.

The announcement comes as a great many neighborhoods across the country have issued previous complaints regarding Airbnb customers disturbing their neighbors with noise and wild partying, which has been a long-standing complaint – especially in suburban Las Vegas communities – in regards to the service.

The vacation home rental company noted that guests who have a series of negative reviews from people they have rented from in the past will be automatically blocked from reserving one-night stays in the Southern Nevada region – always known as a popular destination for partiers on New Year’s Eve.

Airbnb has implemented similar one-night rental bans on other major holidays in Las Vegas, including Halloween, New Year’s Eve 2021, the Fourth of July, and local users under the age of 25 with a history of poor reviews. Overall, the company noted that over 1,550 reservations in the region were blocked due to these policies.

Based on their success in lowering the number of holiday-related complaints in Las Vegas with these new policies, Airbnb has announced that they intend to implement these bans on individuals with consistently poor reviews in other cities throughout the United States.

In addition, Airbnb has other polices that discourage users from renting properties to use as party hangouts, including putting a cap on the occupancy of any rental home at 16 people due to the ingoing COVID-19 pandemic.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Lake Mead West Apartments, a new affordable housing complex that will be located near Texas Station in North Las Vegas, recently broke ground and, once development is started, is slated to be completed in 2023.

According to Hassan Chaudhry, principal of developer Foresight Companies and developer of Lake Mead West Apartments, the project will offer 156 units when completed and will have one, two, and three-bedroom units with below-market rents. At the moment, fair market rent in the area starts in the mid-$900 range.

“High-quality affordable housing is a critical need in Southern Nevada, and Lake Mead West Apartments will be a much-needed community in North Las Vegas,” he said. “Creating a project that is a true public-private partnership to benefit our working families requires intensive collaboration among numerous agencies and entities, but is worth the hard work for the community benefit.”

Chaudhry noted that the phrase “affordable” shouldn’t scare off prospective tenants who are worried that may translate into a lack of quality.

“Affordable just means that there is an opportunity for someone to pay less in rent. it doesn’t mean the quality of construction is low somehow,” Chaudhry said.

Lake Mead West Apartments, the development cost of which comes in at approximately $31.5 million, will be comprised of a gated complex and will feature numerous amenities for tenants, including a dog park and a barbecue area. In addition, the project will also boast of so-called “Wrap Around Services” aimed at serving the needs of tenants, offering services such as affordable health care, a food pantry, after-school programs for students, social services, computer/internet workstations, and a children’s play area.

The housing complex was brought into existence via a public-private partnership with the City of North Las Vegas, Nevada Housing Division, Foresight Companies, LLC and a private investor called Red Stone.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A Stockton, California-based developer has announced that a new 265-unit apartment complex is set to open in Henderson’s Cadence community in 2022, which is anticipated to help address the near-ravenous demand for affordable housing options in Las Vegas during the past year.

A.G. Spanos Companies, founded by billionaire Alex Spanos in 1960, is a builder of multifamily residences, commercial buildings and communities, and is considered to be one of the biggest apartment developers in the United States; the company is currently led by Chairman and CEO Dean Spanos, owner of the Los Angeles Chargers football team.

In a press release, Spanos announced that the new apartment complex they are currently developing is expected to begin letting tenants begin their occupancy in the third quarter of next year.

The project, which will consist of 265 units ranging in size from 617 to 1,320 square feet, will feature a variety of amenities for tenants, including a 10,000-square-foot clubhouse and private parking garages situated in all of the buildings located in the complex.

Spanos has constructed over 200,000 multi-family housing and master planned communities with fifty years of operational experience. Their mission, as stated on their website, is “to enhance the communities where we build and develop projects that endure.”

In Las Vegas alone, the company has built over 22,000 apartment units from the 1970s through the 1990s.

Spanos representatives noted that the new apartment complex is being constructed on a plot of land located within Cadence, a master-planned community in Henderson that is currently being developed by the LandWell Company. Cadence is being developed on a plot of land 2,200 acres in size and is located off of Lake Mead Parkway east of Boulder Highway.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The long-gestating Fontainebleau resort project – located on the northern part of the famed Las Vegas Strip and originally scheduled to open in 2009 – has finally commenced on construction after it was re-acquired by its original developer following changing hands several times over the years.

Jeffrey Soffer, chairman and CEO of Florida-based Fontainebleau Development, is still surprised that another developer didn’t finish what he began in the 12 years since he put the brakes on the nearly-3,800-room, $2 billion development due to lack of funding, despite it already being 75 percent completed.

“I saw the articles over the years that it should be torn down, crazy stuff like that,” Soffer said in a recent interview. “The building itself was very well-built as a physical structure. It’s in pristine shape.”

However, this week Soffer was involved in the groundbreaking ceremony with numerous local dignitaries and politicians, such as Nevada Governor Steve Sisolak and various Clark County officials. After a prolonged delay, the Fontainebleau is finally on-track to be completed and open for business by the fourth quarter of 2023, with Soffer declaring that he will finally “finish what I started.”

Soffer reacquired the Las Vegas project in February in partnership with Koch Real Estate Investments.

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first envisioned in 2007, and will consist of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants and other amenities. Once completed, the project will provide approximately 6,000 full-time employees, which will greatly add to Las Vegas’ blossoming job market.

Parts of the original design that are being jettisoned include condominium units and a significant reduction of the originally planned 245,000 square feet of retail space. In addition, a 20,000-square-foot attraction on Fontainebleau’s roof – originally slated to open upon completion of the project – will instead debut within the next two years, Soffer said.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A new luxury resort-style condominium project is slated to be built in MacDonald Highlands in Henderson, which will be the first high-rise apartment building constructed in the city since the mid-2000’s recession if it is approved by the Henderson City Council.

The proposed $600 million Pinnacle Residences at MacDonald Highlands will be comprised of 183 units – spread out over two towers, one being 24 stories and the other 25 – currently in the planning process, will include underground parking.

The designs of the project have yet to be finalized, but Pinnacle Residences is to cater to the wealthy based on the current anticipated pricing plan; units are expected to start at $1.5 million and go all the way up to $13 million for penthouses, which will feature terraces with private pools and outdoor kitchens, outdoor dining and outdoor sitting areas.

The units will range in size from 6,000 square feet to 7,000 square feet, with three to five bedrooms and numerous amenities included, with the feel said to be “more like a luxury hotel resort.”

Currently, about 140 reservations have been made thus far, with prospective residents plunking down anywhere between $10,000 and $100,000 for units; it should be noted that these reservations are refundable until early 2022, at which time they will be converted into purchase and sales agreements with 25 percent down and the remainder due when the unit is complete and ready for move-in.

The Henderson City Council will review the plans for the project and potentially give their approval for it to proceed in December. If approved, the developers – Las Vegas and Mexico- based Azure Resorts and Canada and New York-based Luxus Developments – anticipate readying the site in early 2022 and starting construction in the third quarter of that year, with an expected completion date of summer 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The MSG Sphere, the high-tech entertainment venue that has been under construction off of the famed Las Vegas Strip for some time now, has entered a new phase of construction on its way to its anticipated 2023 opening date.

The project has progressed to a point that the steel structure that will support the venue’s interior LED display and multi-layered audio system has entered a concentrated point of development, MSG Entertainment said in a press release.

Upon completion of the venue’s concrete and steel domed roof late last month, developers on the project have transitioned to a section of the MGS Sphere that will support a hanger system under the dome that will house its significant multimedia presence, according to vice president for construction at MSG Entertainment Nick Tomasino.

“Completing MSG Sphere’s domed roof is a significant milestone because it allows us to begin the next phase of construction – building the steel framework to support the advanced audio and visual immersive technologies that will make MSG Sphere a first-of-its-kind entertainment destination,” he said.

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed 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 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.

Originally slated to be opened in 2020, the project has fallen behind scheduling estimates and is now eying a 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – “Sync Apartment Homes,” a new apartment complex that is slated to be constructed near the Aliante Hotel in North Las Vegas, broke ground this week, with a completion date estimated to be in the fourth quarter of 2022.

Development firms American Nevada Co. and Warmington Properties have teamed up to build Sync Apartment Homes; the two companies held the groundbreaking ceremony for the new apartment complex – located off Aliante Parkway and the 215 Beltway in North Las Vegas – on Tuesday, November 9 which, upon completion, will be comprised of 203 units with a number of high-scale amenities that are sure to attract scores of tenants.

Sync Apartment Homes is to be comprised, according to reports, of several two and three-story buildings built upon a 9.4-acre project site, and will feature attached garages and a resort-style pool area for tenants to utilize. The apartment units are to range in size from 815 to 1,338 square feet and are to offer competitive rental price points.

Sync Apartment Homes is one of three brand new multifamily apartment communities that Warmington Properties will complete in the Las Vegas area in 2023, bringing their total in North Las Vegas to twelve.

Apartment complexes such as this are, according to many real estate professionals, the key to solving the skyrocketing rental prices that Las Vegas is currently experiencing that are leading many to question the region’s long-standing reputation for affordability.

According to their website, Warmington Properties – via a group of residential building companies – has constructed approximately 40,000 homes in core markets throughout the West Coast of the U.S. They offer “professionally managed, lifestyle-centric communities” in many sought-after locations in Southern California, Las Vegas, Nevada, and Salt Lake City, Utah.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com