Category Archive : Market Updates

LAS VEGAS, NV – According to recent reports, construction on an ambitious massive mixed-use complex situated in Las Vegas – dubbed “Evora” by developer Joe Sorge – is underway, but still several years from completion.

Evora is a 42-acre project located in the southwest valley between Post Road and Patrick Lane, along Buffalo Drive. As currently planned, the development will be comprised of 1,343 residential units, approximately 240,000 square-feet of commercial/retail space, and an underground parking facility, reports say.

Originally, ground was broken on Evora in fall of 2019; development of the project will advance in phases and the current timetable calls for it to be completed within about six to seven years, according to project manager Curt Schriner of Grand Canyon Development Partners.

The reasoning for the unusually-long development schedule is due to the affect that the ongoing COVID-10 pandemic is having upon the multifamily housing and mixed-use marketplace, although the impact of the pandemic isn’t causing the devastating problems that were originally anticipated.

Developer Sorge noted that he was anticipating increasing the appeal of Evora by offering prospective buyers a variety of attractive amenities; in addition to access to retail, restaurant and office space, residents would also have access to a 1.5-acre public plaza, a 1-mile walking trail, and a workout facility comprised of a gum, sauna, and sport courts.

Sorge himself is a Las Vegas resident, being the owner of a $7.7 million, 8,702-square-foot home in Summerlin. A Harvard Medical School graduate who also holds bachelor’s degrees in biology and chemistry, he has predicted that the current COVID-19 pandemic will soon be a thing of the past due to the current accessibility of new vaccines, and once enough of the public has been inoculated, the economy will be back to normal including real estate.

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 – According to recent reports, the 2020 Las Vegas housing market ended on a large glut of sales that resulted in the year concluding on a high note that otherwise contrasted with a year marked with economic downturn and uncertainty due to the ongoing COVID-19 pandemic.

In December 2020, 3,305 single-family homes were sold on the open market, representing an 8.9 percent increase from the previous month and a whopping 26.7 percent increase from December 2019.

The all-time high median sales price set in November 2020 – $345,000 – remained a constant in December, representing an increase of 10.2 percent from December 2019.

While all that was happening, the available housing inventory in Las Vegas got smaller and smaller while demand grew; at the tail end of 2020 there were 3,240 houses on the market without offers, representing a decrease of 13.7 percent from November and a 41.5 percent drop from the end of December 2019, reports say.

In a press release put out by Las Vegas Realtors, Aldo Martinez – 2021 president of the association– noted that record-low mortgage rates have contributed to a Southern Nevada housing market that has defied the predictions of industry experts during the ongoing pandemic.

“I think we surprised a lot of people with how the local housing market not only held up, but set records, during an otherwise rough year for our community and our local economy,” Martinez said. “As long as these trends continue, it’s a good bet that local home prices will keep rising.”

If things continue as they have been going – coupled with the fact that a COVID-19 vaccine is currently in the process of being distributed to the populace – it’s only natural to assume that 2021 will continue this upward trend.

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 – According to recent reports, Southern Nevada –  and Las Vegas in particular – have closed out 2020 by setting huge final sales records that show an increase of 38 percent over 2019 for homes valued at $1 million or more. However, the so-called “uber-luxury” market – comprised of homes valued at $4 million or more – has risen to levels never before seen in the history of the region.

The 2020 sales of uber-luxury homes in Las Vegas were at least 50 percent higher than they were in 2019, reports say, and all while the ravages of the COVID-19 pandemic are otherwise wreaking havoc on the Nevada economy.

According to recently-released figures, 129 homes and condominiums costing $1 million or more were sold in December 2020, a marked improvement over the 98 such homes sold in November; reports indicate that many buyers were attempting to close before the end of the year for tax purposes, causing a log-jam of sorts in terms of sales at the tail of 2020.

However, 13 residences valued at $5 million or more occurred in December 2020 alone, for a grand total of 32 for the entire year; in contrast, only 14 such sales took place in all of 2019, illustrating that 2020 was a record-crusher in that regard.

Some real estate experts attribute the jump in upper-luxury sales in 2020 to the impact of the COVID-19 pandemic and lockdowns set by local governments in order to curb the spread of the disease influencing people with the financial means to improve their living conditions as much as possible.

After all, if you’re going to be stuck in your home for months at a time, why not do so in a spacious, luxurious residence during a period of time when mortgage interest rates are at an all-time low?

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 – According to reports, the date for the official groundbreaking of the Majestic Las Vegas hotel will take place in July, with developer Lorenzo Doumani eyeing an anticipated completion date in 2024.

The Majestic Las Vegas will be built at the six-acre site of the former Clarion hotel, which was imploded in 2015. The project was originally approved in 2019, but faced numerous hurdles and delays due to the ongoing COVID-19 pandemic.

With a whopping $850 million price tag, the Majestic is slated to be a 45-story high-rise consisting of 720 rooms with numerous amenities for guests, including all-purpose space for conventions and meeting rooms as well as restaurants and a wellness/medical spa that would be able to offer physical examinations as well as professional advice on diet and exercise.

The property will also include 35 top-floor, customizable corporate suites that can be utilized as conventions or showrooms, which will range in price from $10 million to $100 million.

What sets the Majestic apart, however, is the fact that it will be an example of a rare non-gaming hotel in Las Vegas, with the focus being put on health instead; numerous amenities focusing on well-being and exercise will be available, from yoga, spin classes to nutritional consultants and medical spa facilities.

“It is time for Las Vegas to provide a luxury option for those who visit our city who want something that is non-gaming,” Lorenzo Doumani said in a statement.

The Majestic was originally announced by Doumani in 2004 as a 42-story condominium tower located on a separate property and accompanied by Hilton’s Conrad Las Vegas; however, it was redesigned numerous times over the course of several years until Hilton pulled out of the project in 2007.

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 – Nevada Governor Steve Sisolak’s statewide eviction moratorium is currently in effect until March 31, which prevents tenants and homeowners from being evicted from their homes due to financial reasons stemming from the ongoing COVID-19 pandemic.

While this offers a layer of protection for individuals affected by the economic damage inflicted upon Nevada, it nonetheless demands that landlords continue to suffer massive losses in the form of unpaid rent. While this has caused a great deal of hardship for landlords – many of which are small, mom-and-pop operations who use rentals to get by – there is a clause in the current eviction ban that offers a layer of protection for landlords if the worst should happen.

According to experts, the Governor’s moratorium will nonetheless allow a landlord to begin the process of evicting a tenant if they are facing a very real threat of foreclosure on their property. However, this dire financial hardship would have to be proven in a court of law; once a judge has been satisfied that a landlord literally has no other recourse and is in very real danger of losing their home or apartment complex, eviction proceedings would then be allowed to begin.

“If the homeowner is facing a very real threat of foreclosure, they can go ahead and move forward with an eviction process,” said Bailey Bortolin, Nevada Legal Aid Policy Director.

With that being the case, experts also stress the vital importance of tenants and landlords setting up payment plans for whatever amount the tenant can realistically afford, keeping an open channel of communication between all parties, and putting in an application to Clark County’s CHAP program for rental assistance, since Sisolak’s eviction ban does not absolve a tenant from paying back rent.

Governor Sisolak’s statewide eviction moratorium is currently running concurrently with a federal moratorium issued by the CDC; however, experts note that the Nevada ban essentially overrides the federal one, due to end on Jan. 31.

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 – According to reports, the long-time home of esteemed Las Vegas sports bettor Lem Banker, who passed away in November 2020 at the age of 93, has recently been put up for sale by his family for $680,000.

The home, located at 216 Campbell Drive in Rancho Nevada Estates, is a one-story four-bedroom home situated on a half-acre of land. Coming in at 3,584 square feet, the residence was first built in 1967 and Banker was its first – and only – owner. The home features sunlit primary suite skylights, a grand brick fireplace, circular driveway – big enough to accommodate a dozen cars – palm trees, and a pool in the backyard.

Over the years, Banker had the home’s garage converted into a bar and entertainment room where he would often invite guests to enjoy drinks and watch sporting events, in addition to using the area for working out.

An unusual and fairly unique aspect of Banker’s home is that it comes from an era where wood-burning brick fireplaces were allowed in Las Vegas homes – it has one in a great room located off of the kitchen – something that isn’t allowed in modern residences, making this house a rare find in Southern Nevada.

Lem Banker was considered a legend in Las Vegas betting circles, so well-known that he was even once featured in a segment on the TV show, “Lifestyles of the Rich and Famous.”

Banker was known for doing extensive research and exhibiting great discipline when making his sporting picks and he parlayed that effort into a great many wins throughout his extensive career as a sports better. He was also known for being gentle, friendly, and generous. Banker was born in the Bronx, New York, but moved to Las Vegas in the late 1950s.

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 – According to reports, many experts expected Las Vegas to endure irreparable harm to its real estate industry with the advent of the COVID-19 pandemic in March, what with lockdown orders hamstringing tourism – the lifeblood of the city – and rampant unemployment becoming commonplace as a result.

However, despite the blows endured by the economy to this day due to the pandemic, the Las Vegas real estate market not only recovered far more quickly than experts anticipated, but is currently in the midst of a hot streak that is now expected to continue well into 2021 and beyond; all while many other industries in Vegas are still experiencing financial trials and tribulations as COVID continues to cause issues.

What separates Las Vegas Real Estate from other businesses in this regard? Experts say that “cheap money” is a leading cause, with mortgage rates currently experiencing record lows that are expected to continue into the New Year; this translates into affordable monthly mortgage payments that help to keep housing demand at a high level.

Another factor feeding into Las Vegas’ current real estate success is the mass exodus of residents from highly-taxed neighboring states – mainly, California – into Southern Nevada who are seeking to take advantage of the comparatively cheaper cost of living.

This demand has also caused home prices to escalate at a level not seen since before the mid-2000’s recession, although that price growth could slow in 2021 depending on the number of listings on the market; the more that are listed, the slower prices will rise.

However, real estate is a tricky business, and even a market that is doing as well as the one in Southern Nevada is not immune to issues; currently, it also has a higher-than-average amount of late mortgage payments when compared to the country as a whole, reports say.

But, if the circumstances that have caused Las Vegas’ real estate to thrive despite the pandemic persist, experts say that 2021 will likely continue to set records, especially with a new COVID vaccine on the way.

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 downtown area of Las Vegas Boulevard is currently in the midst of a pricey $125 million improvement project that will see a majority of the infrastructure on the world-famous street – much of it originally constructed in the 1940s – receive a needed facelift, according to reports.

The project will include the repaving of sidewalks and roads, as well as the replacement of gutters, curbs, traffic signals, storm drains, and sewer pipes, with the majority of the work taking place from Stewart to Sahara avenues, with additional work also being carried out in other areas as well.

The infrastructure in this section of the Boulevard is considered some of the oldest in Las Vegas, reports say, and is sorely in need of renovation.

In addition, Las Vegas Boulevard will be widened north of Sahara Avenue, and lighting and safety billboards will be installed, enhancing the safety of the area in the evening hours. Also, approximately 200 trees will be planted, adding a more rustic look to the downtown section of the Boulevard.

The work, being carried out over a 2.5 mile section of the Boulevard, has been in the planning phase for the past decade and is expected to be the largest public works project the city has ever undertaken. The construction itself – which started in spring 2020 – is expected to take three years, with an estimated spring of 2023 completion date currently being eyed by officials.

The construction, while ultimately being very beneficial to residents, has nonetheless caused traffic issues while being carried out, with various lanes being made unavailable to vehicles at various stages of the project. Motorists looking to avoid delays can circumvent traffic congestion by taking Maryland and Grand Central parkways or Fourth and Sixth streets, officials say.

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 – According to reports, the Madison Square Garden Entertainment (MSG) Corporation has taken over as the construction manager of the Las Vegas MSG Sphere, the technologically-impressive event venue that has seen its share of delays as of late.

MSG, though a wholly-owned subsidiary, will take over “strategic planning and the construction timeline, as well as management of all subcontractors,” according to a press release put out by the company. The previous construction manager, an engineering firm called AECOM, will remain on the project in a supporting role, according to MSG’s president of development and construction Jayne McGivern.

“We have taken significant steps to strengthen our internal construction team,” she said. “This, along with valued support from AECOM, will give us greater transparency and control over the construction process, while enabling us to continue benefiting from AECOM’s expertise.”

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, enabling the structure to allow outside spectators to peer through a transparent façade 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 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 – This week, Congress and the Senate approved a massive $892 billion COVID-19 economic stimulus bill in order to help combat the financial damage inflicted upon the country by the ongoing COVID-19 pandemic. Including in the bill – in addition to $300 weekly unemployment benefits and $600 stimulus checks – is also a one-month extension of the current national eviction moratorium and an emergency rental assistance program.

Originally decreed by President Donald Trump and enacted by the Centers of Disease Control and Prevention (CDC) in September, the Federal eviction moratorium was originally set to expire on December 31. However, as mandated in the new stimulus package – which has cleared both the House and Senate, the bill now moves to Trump’s desk for signature by an extended deadline of January 31. Late last night Trump asked Congress to increase the amount in the stimulus checks to $2,000 for individuals or $4,000 for couples before he signs it into law, instead of what he called the “ridiculously low” $600 for individuals.

In addition, the stimulus package also contains $25 billion in emergency rental assistance funds and moves back the deadline for the use of funds remaining from the first stimulus package enacted by the government, known as the CARES Act.

While an additional month where tenants cannot be evicted due to non-payment of rent will not be the news that most landlords will want to hear, the additional emergency rental assistance funds that will be made available – in addition to the aforementioned $600 checks and $300-a-week unemployment boost – will hopefully mean that delinquent tenants will be able to catch on up back rent in the near future.

It should be noted that a recent statewide eviction moratorium was enacted by Governor Steve Sisolak in response to the original Dec. 31 end date of the federal eviction moratorium, which will bar most evictions in Nevada throughout the end of March 2021. It is unknown at this time if Sisolak will revise his own moratorium based on the newly-passed federal extension or not.

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 – According to recent reports, the newly-instituted eviction moratorium put in place by Nevada Governor Steve Sisolak  has limitations imposed upon it that were not immediately made known to the public. Legal experts are noting that Sisolak’s new moratorium, issued in response to a Federal CDC moratorium due to expire at the end of the year, contains fundamental differences from the previously-expired version that the Governor originally signed in March.

According to Attorney Jim Berchtold with the Legal Aid Center of Southern Nevada, while the Sisolak’s original moratorium offered blanket protection to anyone who faced eviction in face of COVID-19-related issues, the new moratorium he recently issued – which lasts until March 31 – only applies in certain situations and comes with a series of requirements that the original did not.

“This one is not automatic. Only certain people qualify for its protections,” Berchtold said. “The person has to be unable to pay rent due to some COVID related reason. They have to make less than $99,000 per year in 2020 and they have to be at risk of homelessness, or forced into a group living situation, if they are evicted.”

In order to ensure qualification for Sisolak’s new moratorium, Berchtold noted that it is required that anyone hoping to take advantage of it apply for the current CDC-related moratorium and then submit the relevant paperwork to their landlord.

Part of the reasoning behind Sisolak’s new moratorium is to help prevent the spread of the current spike of COVID-19. The new moratorium does not apply, however, to tenants who are destructive to their residences or are proving to be a nuances and/or danger to their neighbors, according to reports.

In addition, if you are a tenant who is faced with eviction for non-payment of rent due to COVID-19-relation issues, Clark County’s CARE Housing Assistance Program (CHAPS) can provide rental assistance so that landlords –  who themselves are experiencing extreme financial hardship throughout the pandemic – can receive payments that they desperately need.

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 – According to reports, the Las Vegas Turnberry Place penthouse of Barbara and Bruce Woollen, often used to host a variety of star-studded fundraisers and lavish parties, was recently listed on the market for a whopping $5.5 million.

Celebrities entertained by the Woollens’ at the penthouse included household names such as Sir Anthony Hopkins, Jane Seymour, and Jonathan Winters. Hopkins, a noted artist in addition to being an award-winning actor, once held an art show at the penthouse selling all of the paintings he had on display.

The Woollens’ were known for holding fundraisers at the penthouse that benefited local causes such as the arts community and underprivileged children; over the years the couple raised over $1 million that they donated to charity. The two were also known for investing in commercial and residential real estate.

The penthouse at Turnberry located at 2777 Paradise Road-3704, Las Vegas, NV 89109, is considered unique, coming in at two stories with a large outside deck – featuring 2,200 square feet of exterior space – with a 300-square-foot pool, a Jacuzzi, and a dual-sided fireplace. The penthouse is one of only eight top floor suites offered at Turnberry Place. In addition, it is the only top floor penthouse for sale in Las Vegas with a private pool and spa.

The inside is just as fancy as the outside, with over 6,421 square feet of interior space including three bedrooms and five bathrooms; luxury  trappings include crown molding, 11-foot ceilings, marble flooring, and a formal living room featuring a full bar with a granite counter.

Turnberry Place is a luxury residential high-rise condominium complex near the Las Vegas Strip in Winchester that contains four towers. All of the towers are 477 feet tall and have 38 floors. The community is considered the largest tax payer in Clark County, Nevada.

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.