Category Archive : Market Updates

LAS VEGAS, NV – Despite the COVID pandemic continuing to flare up around the country – and the economic woes that follow in the disease’s wake – Las Vegas has nonetheless managed to set records as home prices have managed to hit all-time highs for the fifth consecutive month in a row, according to recent reports.

October 2020 saw the demand for residences in Las Vegas to continue to climb, with the median sales price of previously-owned single-family homes – which make up the majority of the marketplace – reach $340,000, representing a 0.9 percent increase from September, itself a record-making month for the real estate industry. In addition, jumps in home prices last month saw an increase of 10.8 percent from October 2019, showing that despite the economic impact of COVID still being felt, it hasn’t done much to slow down home prices.

Market inventory is still growing smaller as well, with the end of October seeing only 4,501 single-family homes on the market without offers, a decrease of 6.2 percent from the previous month and a decrease of 37.6 percent from October 2019. 3,225 homes were sold in October, representing a decrease of only 1.4 percent from the previous month but a jump of 11.2 percent from the same time period in 2019.

While negatively affected early on in the pandemic, the Las Vegas housing market bounced back far more quickly than anticipated and has been described as being “on fire” in recent months, due in part to much lower interest rates on loans as of late.

Before the pandemic hit, the record median sales price of single-family homes was $316,000 in February, a milestone that had taken 13 years to reach after the mid-2000’s recession; in mid-2006, right before the market crashed, the record median home price was $315,000.

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, construction on Brightline West, an $8 billion railway system that would have linked Las Vegas and California – one which has been in the works for years now, has been indefinitely delayed due to last-minute financial hurdles the project has been unable to clear.

Brightline, developers of the project, announced that a $2.4 billion bond they were planning on selling to fund the first phase of construction – with a sale deadline of December 1 – has now been delayed due to several reasons, ranging from the COVID-19 pandemic and its effects upon financial markets to the upcoming election and the economic uncertainty that it is creating.

It is currently not known when Brightline plans to offer the bond for sale, but representatives from the company maintain that they will keep tabs on the market, that investors are still interested in the project, and that it will eventually resume its forward momentum.

“Brightline West received a significant amount of investor interest, despite the challenging market. We ultimately had a deal, but it would have been restrictive,” they said. “We have always said we will fund this project with a combination of equity and debt — exactly as we have [with the passenger rail system the company operates] in Florida. That continues to be our plan.”

Originally, work on Brightline West was expected to start this year, with a completion date set for early 2024, according to reports. The finished rail line would have resulted in a 34-mile stretch of track in Nevada running along Interstate 15 that would have ended at the south end of the Las Vegas Strip. This line would be fed by several other lines from various locations in California resulting in a total of approximately 185 miles of track overall, and providing a link between Las Vegas and Los Angeles.

The delay is sure to cause some degree of economic impact, as according to Brightline West’s official website, it would have created more than 40,000 construction jobs and more than 1,000 permanent jobs, with an economic income of $9 billion. In addition, it would have generated $1 billion in tax revenue.

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 Las Vegas city council unanimously voted to impose restrictions upon short-terms rentals of rooms and homes, such as those rented via Airbnb, including a new rule that requires a $900 a year licensing fee for the privilege of doing so; a fee that is currently the highest in the valley, according to reports.

The vote came after a public comment period – held virtually, due to COVID-19 concerns – where the city council listened to residents who were both for and against the idea of short-terms rentals in their neighborhoods. While some expressed strong opposition to the new restrictions and fees, many North Las Vegas residents expressed dissatisfaction with the number of Airbnb rentals that end up being party houses.

In addition to the annual $900 fee, there will also be a 13 percent transient lodging tax imposed on rentals whose occupants stay less than 30 days; if the stay is over 30 days, the 13 percent tax is waived.

There are also numerous other rules that Airbnb renters must adhere to, such as the installation of noise monitoring equipment, at least $500,000 in general liability insurance, and making sure that all neighbors living within 200 feet of the property are notified that the property is a short-term rental.

Short-term rentals in Las Vegas have taken off in the last year, and especially during the ongoing pandemic, as it allows homebound families and friends to vacation in a fancy home in a tourist destination while maintaining lodging that adheres to social distancing regulations, more so than most hotels can manage.

However, some rentals have caused issues for the surrounding community, as many occupants typically use the residence as loud and disruptive party houses; hence the strict new rules adopted by the North Las Vegas city council.

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 Boulevard will soon be receiving a new 754-unit apartment complex in what is currently a stretch of desert land running along the famous road. Ariva, headed up by investor group WTI Inc. out of Cupertino, California, is currently under construction and, when completed, stands to be one of the largest rental developments in the city, according to reports.

Like many new developments in Las Vegas these days, Ariva is slated to be a mixed-use facility, combining rental apartments with retail and office space. The project, which originally broke ground in August of this year, is expected to start renting the initially offering of apartments in late 2021, with the entire project expected to be completed in mid-2023, reports say.

Work on the complex is being carried out by Las Vegas contractor Sam Nicholson, and is being constructed in a spot on Las Vegas Boulevard that’s considered slightly off the beaten trail in terms of tourism. Situated several miles south of the glamour of Las Vegas’ hotels and casinos, Ariva is being built in an area made up more of large plots of vacant, expensive land that has only recently begun to experience large-scale development.

The Ariva project has been in various stages of development for over three years, and when completed, will encompass at least twice the size as the average apartment complex in the Southern Nevada region, reports say. The property is located on – 46.6 acres – originally purchased by WTI in July 2017 for $24.5 million, after the company had their plans approved by Clark County the month before.

When finished, Ariva – formerly known as The Arch – will possess four pools, a huge gym, two penthouses, and approximately 71,000 square feet of commercial space.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – While the eviction moratorium put into place by Nevada Governor Steve Sisolak has since expired, the end of the Nevada moratorium is finally giving Las Vegas landlords the opportunity to gain access to properties that have been home to tenants that have not been paying rent for the past six months or so, and what some of these landlords are discovering is the end of one hassle but, unfortunately, the beginning of yet another.

While most tenants relied on the eviction moratorium to avoid homelessness while furloughed or laid off due to the COVID-19 pandemic, others merely took advantage of a well-meaning program in order to get out of paying rent. Likewise, most tenants will go to great pains to leave a property in the same condition as when they moved in, but some landlords are discovering that isn’t the case with everyone.

A recent report indicates that some Las Vegas landlords who have finally been able to evict tenants for non-payment of rent are discovering – much to their dismay –  that some of them took vindictive action while exiting the premises in the form of thousands of dollars of vandalism that the landlord is now on the hook for.

Las Vegas real estate broker and property manager Geoffrey Lavell recently got the chance to inspect a property where the tenants, who had been evicted, inflicted approximately $18,000 in damage to the apartment. High-end appliances were destroyed, multiple hatchet marks were discovered on every wall, the carpet was cut out, and windows, mirrors, and furniture were broken.

“Not having rent for six months is already hard for the homeowner, but having to pay $18,000 or so in repairs is devastating,” he said. “It ruins them financially, and now I fear the only chance the owner has is to sell the property.”

Lavell said that a police report has been filed against the tenant.

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 luxury home market is being described as “on fire” by experts, with home sales continuing to set records despite the ongoing COVID-19 pandemic. For example, Noel Lee, 71, the CEO of Monster Inc., recently sold his Henderson home – measuring 11,375 square feet with six bedrooms and nine bathrooms – for $7 million, the third-highest price paid for a residence in the Las Vegas valley in 2020 so far. Lee’s two-story home features two master suites, an office, game room, fitness room, wine cellar, theater, an infinity-edge pool, and a five-car garage.

The other two highest 2020 luxury home sales in Las Vegas were a MacDonald Highlands mansion owned by Paragon Gaming co-founder Diana Bennett for a whopping $11.25 million, and a Summerlin mansion located in The Ridges – a master-planned community – for $10.15 million.

In addition, 96 homes with a closing price of $1 million or higher were made in September alone, setting an all-time one month Las Vegas record. Previously, the record for homes at this price point (or higher) was 74 in May of 2019.

Overall, in September, 502 luxury homes and condos were sold in Las Vegas, representing a 16.4 percent increase over the same month in 2019, when 431 luxury homes and condos were sold. In contrast, the number of single-family homes – in all price ranges – in Southern Nevada are down 5.6 percent from 2019.

Industry experts are noting that the sales of existing luxury homes are bolstering the Las Vegas real estate market as a whole, according to reports; there are currently 160 sales pending in September of luxury homes in Las Vegas with an additional seven months of inventory to spare, further showing that the Sothern Nevada luxury sales market is showing no signs of slowing down anytime soon.

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 a Bloomberg report, Las Vegas is the city in the United States that the highest increase in the number of residents who are not paying rent due to finical issues related to the ongoing COVID-19 pandemic.

With Las Vegas’ dependence on tourism to supply the city’s ample economy, the pandemic has wreaked havoc with the city’s finances due to the fact that people simply aren’t traveling as much these days. This has lead to major spikes in unemployment, with many local residents laid off or furloughed from their jobs and unable to make ends meet as a result.

With Nevada Governor Steve Sisolak’s state-level eviction moratorium recently expired, one with no further extensions, all that’s standing between tenants and a life of homelessness is the federal eviction moratorium signed into effect by President Donald Trump, which is set to expire at the end of the year; however, unlike the state moratorium, tenants must opt-in to Trump’s decree in order to take advantage of it.

Meanwhile, regardless, Nevada landlords are holding their breath until the end of 2020, as according to reports, September saw 10.6 percent of Las Vegas renters as having missed a rent payment, with this number representing an increase of 4.1 percent over the same time period in 2019. This is the largest increase in missed payments amongst the top 50 metropolitan areas in the United States, according to reports.

However, this does not represent the highest number of tenants missing their rent payments in the nation; that dubious honor falls upon New Orleans – another city highly dependent upon tourism to support its local economy – where 12.9 Percent of tenants missed rental payments in September, a jump of 8.6 percent from 2019.

Other tourism-dependent cities in the United States that have high levels of tenants missing rent payments due to the ongoing pandemic are Los Angeles, Seattle, and New York, reports 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 recent reports, an East Las Vegas golf course once owned by famous gambler Billy Walters will potentially be converted into land for housing by its current ownership.

Rezoning of the 160-acre Royal Links Golf Club for residential use was recently approved by the Clark County Commission. The club property, owned by Shelby Futch – who purchased it in 2016 – is located one mile east of Nellis Boulevard, running along Vegas Valley Drive.

Futch has noted that he envisions a very dense network of approximately 1,200 homes to be built upon the property; plans for the project have been filed with Clark County, but at this point in time they are merely considered to be in a conceptual stage and nothing more. Reports indicate that land owners will sometimes get potential projects officially approved in order to make their property more appealing to an outside developer, who would then swoop in and make a purchase.

The Royal Links Golf Club was originally owned by Walters, an entrepreneur, philanthropist, and retired professional gambler widely regarded as among the most successful sports bettors in Las Vegas, having a winning streak which extended for over 30 years. In 2011, Walters claimed he could make anywhere from $50 to $60 million on a good year from sports betting alone.

Walters bought the land from the city of Las Vegas in 1999 for $894,000, but afterwards found himself embroiled in controversy in 2005 after offering the city $7.2 million to lift a deed restriction on residential development – approved by the City Council, which was headed by Walters’ personal friend and former lawyer, Mayor Oscar Goodman – so as to allow residential development, which would have vastly increased the property’s value. Nevada’s then-attorney general announced an investigation into the matter, and the City Council then quickly reversed its decision.

In April 2017, Walters was found guilty of insider trading and was sentenced to 5 years in prison and fined $10 million. He was recently released from prison due to being vulnerable to COVID-19.

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 Elon Musk-owned Boring Company is looking to expand upon the so-called “people mover” underground transit system they have installed for the Las Vegas Convention Center, with the intention of extending its scope into the city’s tourism corridor.

A people mover is a type of small scale automated guideway transit – utilizing self-driving, all-electric Tesla vehicles – that service the Las Vegas convention center, originally slated to be completed in time for the January 2021 Consumer Electronics Show, before it was cancelled due to the ongoing COVID-19 pandemic, that is.

The Boring Company has submitted a special use permit application to the city of Las Vegas, as well as a land use design review to Clark County which, if approved, would account for approximately 15 miles of additional tunnels – in both directions – being constructed throughout Las Vegas. The project is said to be supported by numerous resort hotels in the downtown area.

If the Boring Company’s permits are approved, they would be able to extend the people mover throughout a proposed 50 stations, ranging from the Fremont Street Experience and Circa’s Garage Mahal to Allegiant Stadium, the new home of the Las Vegas Raiders NFL team. In addition, an extension servicing McCarran International Airport is also a possibility.

If approved, the people mover extension would be constructed at the cost of the Boring Company; however, Musk’s business would retain all farebox and advertising revenue generated by the system upon completion, reports say.

The Boring Company has distributed a concept map of the proposed system, showing separate northbound and southbound tunnels running beneath Las Vegas Boulevard, Main Street, Frank Sinatra Drive, Tropicana Avenue, Russell Road, Valley View Boulevard, Arville Street, Flamingo Road and Paradise Road.

Construction on the people mover officially began on November 15, 2019, and is being constructed in partnership with the LVCVA, and is slated to be completed in January 2021.

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 residential COVID-19 eviction moratorium, originally set to expire on September 1 – but extended at the last minute for 45 days – is set to expire on October 15, Thursday of this week. Many expect the lift will result in a flood of eviction notices going out to tenants.

Sisolak initially instituted the moratorium due to the high degree of unemployment brought about by the onset of the COVID-19 pandemic – people were unable to be evicted for nonpayment of rent if it was due to issues related to the pandemic – but over time landlords were facing their own monetary hurdles in the form of tenants missing multiple rent payments; indeed a double-edged sword where both parties are hurting.

However, over time, the monies owed to landlords started to number in the thousands; indeed, when the moratorium expires this week – Sisolak has yet to comment on another extension, except to say that the moratorium “can’t go on forever” – countless eviction notices, already chambered for months, are due to be sent to tenants who may owe their landlords thousands of dollars in back rent, money that landlords may never see.

Still, it remains to be seen whether President Trump’s own recently-signed residential eviction moratorium, which authorized the Centers for Disease Control and Prevention (CDC) to prevent COVID-related residential evictions nationwide until December 31, will cause even more confusion.

Trump’s moratorium only applies if tenants actually opt into it. There are numerous requirements for the moratorium to take effect, including the applicant having exhausted all attempts to obtain any available government assistance, have an inability to pay rent due to financial distress which must be directly brought about by COVID-related circumstances, and other issues. Many of these situations require a tenant to sign a sworn affidavit in order for them to be protected.

Regardless of what happens this Thursday, there’s one thing for sure- people will be suffering on both sides of the equation. People out of work may very well end up on the street, and cash-strapped landlords will most likely end up having to give up thousands of dollars rightfully owed to them.

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 median price of single family homes in Las Vegas has managed to set yet another record in September 2020, despite the continued presence of COVID-19.

Despite the extraordinarily hard hits that the Southern Nevada tourism-driven economy has taken due to roadblocks presented by COVID, home prices in the region continued their upward climb in defiance of the circumstances, reports say.

The median sales price of previously owned single-family homes, which constitutes the bulk of the Vegas market, reached $337,250 in September, representing an increase of 0.7 percent from August, a month in which a previous record was established. In addition, the amount represented a jump of 8.8 percent from September 2019.

The volume of sales was impressive as well, with 3,270 being sold in September, an increase of 12.4 percent from the previous month and 18.9 percent from September 2019. Indeed, despite the potential hazards presented by COVID, people are not being deterred from seeking out and purchasing homes in Las Vegas.

These sales figures were likely helped by the fact that the current inventory of available homes in Las Vegas has increased, giving buyers a wider selection to choose from. The number of homes up for grabs in Vegas in September was increased by 3.4 percent over August for a total of 4,798.

The Las Vegas housing market has been on fire in recent months, with buyers in need of places to live braving potential illness in order to secure lodging during a period of time where record-low interest rates on loans provide an irresistible lure. In addition, local real estate agents have evolved with the times, providing safe alternatives to doing business that include setting up online tours of properties and using video conferencing.

These factors, when combined with Las Vegas’ low cost of living, have enabled the local real estate market to bounce back from the pandemic much faster than experts had predicted.

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, President Trump – fresh off a brief stay at Walter Reed Military Medical Center for successful treatment of his recent COVID-19 infection – announced via Twitter that he had instructed his aides to cease all negotiations with Democrats over a new Coronavirus relief bill until after the election, an act that surprised many who were expecting a new bill to hopefully be signed soon.

The move will delay additional stimulus measures such as federal unemployment insurance and stimulus checks, and could spell additional economic hardship for millions who have lost their jobs or were furloughed due to the ongoing pandemic. People who have already been fighting to stay in their homes – and landlords who haven’t been getting paid rent – and were relying on the passage of another wave of financial relief will now face a potentially grim reality until government-mandated eviction moratoriums eventually end.

In Las Vegas, Nevada Governor Steve Sisolak signed an extension to the moratorium on residential non payment of rent evictions related to COVID-19 through October 15, however, an additional extension signed by Trump back in September increases eviction protections until the end of the year for non payment of rents. So, while tenants that are unable to make their rent obligations could potentially be safe until 2021, landlords – who face their own financial obligations – will likely be left out in the cold, as the cessation of any relief negotiations until after the election will only mean that rents will continue to not be paid.

Trump has blamed House Speaker Nancy Pelosi for the stalled negotiations, with the two parties far apart on the final numbers of the bill and the amount of support needed. The President stated via Twitter that “after I win the election, I will sign a massive Stimulus Bill that focuses on hardworking Americans and Small Business.”

However, some have seen this announcement – which is proving to be unpopular – as a potential blow not only to the president’s hopes for re-election, but those of GOP House and Senate members as well.

“Waiting until after the election to reach an agreement on the next COVID-19 relief package is a huge mistake,” said Republican Senator Susan Collins of Maine, who is up for re-election in November. “I have already been in touch with the Secretary of the Treasury, one of the chief negotiators, and with several of my Senate colleagues.”

Federal Reserve Chairman Jerome Powell warned this week that the country’s economic recovery is still in a fragile state and requires additional economic stimulus.

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.