Category Archive : Market Updates

LAS VEGAS, NV – Despite the ongoing COVID-19 pandemic, Las Vegas continues to turn the real estate industry on its ear as it has set yet another record – for the sixth month in a row – for the median prices of existing homes in the Southern Nevada region, reports say.

In November, the median price of a single-family home in Las Vegas was $345,000, as per the Las Vegas Realtors trade organization. This represents the sixth month in a row where – despite the financial hurdles being presented by the pandemic on the local economy as a whole – home prices have continued to escalate, defying and confusing industry experts, according to a statement issued by Realtor association’s president Tom Blanchard.

“Like other places around the country, we’re seeing multiple offers on properties listed for sale,” he said. “The supply of available homes is very low, and demand is high. I hope the new year will bring some additional inventory as local homeowners start to feel more comfortable moving.”

At the end of November, approximately 8,400 homes were listed for sale on the Las Vegas real estate MLS, representing a decrease in inventory of 19 percent from the same period one year before and an 11 percent drop from October 2020.

As reported previously, the increasing prices on the market are likely in-part fueled by record-low interest rates on home loans brought about by the pandemic, as well as lower-than-average inventory being available.

Experts are also speculating that COVID-19 mortgage forbearance opportunities have played a part, where homeowners who had experienced financial hardship related to the pandemic where able to – for a limited time – avoid foreclosure without having to make home payments. Many of these homeowners would then have no choice but to turn around and sell their homes, albeit while taking advantage of the high prices offered by current market conditions.

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 – According to reports, a judge has blocked an attempt by Nevada Governor Steve Sisolak’s office to designate evictions as “non-essential” during the COVID-19 pandemic, opening the doors for landlords to begin eviction proceedings that go into effect at the end of December when a federal mandate against them is set to expire.

Currently, some tenants are protected from eviction via a mandate on the part of President Donald Trump, by way of the Center for Disease Control and Prevention (CDC); in addition, they have access to rental assistance provided by way of the CARES Act, originally passed by Congress to aid those who have been financially impacted by the pandemic. However, both of these are set to end come January 1, at which time a flood of evictions are expected to come.

Governor Sisolak has not announced any further extensions on his own now-expired eviction moratorium – which came to an end in mid-October – but his office recently sent a letter to the Las Vegas Justice Court (LVJC) regarding the influx of eviction paperwork, stating that they were concerned over crowding conditions these “non-essential” cases may be causing – allegedly violating social distancing guidelines – and asking chief justice Suzan Baucum to put a stop to them.

“The overcrowding of people within the LVJC during this statewide pause is a public health issue, and the Governor urges you to direct that all in-person appearances (including evictions) be suspended during this statewide pause for the express purpose of helping to contain the spread of COVID-19,” the letter said.

It should be noted that evictions were not the only case type mentioned – although they were highlighted – in the letter from Sisolak’s office, but rather all in-person court appearances be stopped in order to help curb the spread of COVID-19.

Baucum, in response, did institute several measures in order to increase safety in the courts and decrease the amount of social contact, but while some hearings have been postponed until 2021, eviction proceedings – which the chief justice deemed “essential” – were allowed to continue on an in-person basis, or through other means where possible.

When responding to the letter, Baucum noted that Sisolak’s moratorium on evictions has expired and that the court thusly had no cause to stop eviction hearings from going forward. Also, the Trump/CDC mandate does not serve as full protection against evictions, but only covers those who qualify and have opted into the program.

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 – One fact of the ongoing COVID-19 pandemic is that everyone is feeling the financial crunch that the disease has ushered in, top to bottom. And one group that is being hit hardest of all are landlords, some of whom are seeking assistance from local government in order to survive.

While many people are struggling throughout the pandemic – Las Vegas’ tourism-dependent economy has taken a larger hit than most this year, leading to massive job losses and record unemployment numbers – some forget that landlords across the state of Nevada are also bearing the brunt of the economic damage.

Despite the eviction moratorium Nevada Governor Steve Sisolak issued in March having recently ended, a similar decree by U.S. President Donald Trump that lasts throughout the end of 2020 has given reprieve to many who were facing homelessness.

And while this is an excellent thing, it nonetheless achieves its goal while standing on the backs of landlords and property managers across Nevada, many of whom are feeling the financial pinch more than most. Most, not wanting to put good people out on the street, have been working with tenants who have fallen on hard times, often at significant personal cost and hardship.

Some landlords – many of which in Nevada are actually small mom-and-pop operations, as opposed to large cooperate entities – have petitioned Clark County for grants that are offered to small businesses by way of the Federal CARES Act, currently due to expire by the end of the year unless Congress grants an extension.

“You can use the funds for anything you deem necessary to stabilize your business during this difficult time,” said Michael Naft, Clark County Commissioner for District A. “So that might be back rent. It might be utility assistance.”

To many property owners the CARES Act is proving to be literal lifesaver, and a large number of them are depending on the proposed extension that Congress is working on in their next COVID-19 relief bill, possibly to be presented for consideration this week.

However, some landlords have faced an uphill battle in the form of tenants who have not lost their jobs due to COVID-19, yet nonetheless have taken advantage of eviction moratoriums and not paid rent anyway.

“We do have a few tenants that have never lost their job throughout this whole thing that have stopped paying rent,” said apartment complex owner Ben Lamson. “I don’t appreciate the people that are trying to take advantage of the situation.”

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 Summerlin home of noted Las Vegas injury law attorney Farhan Naqvi has been sold for a whopping $7.4 Million, according to recent reports. The two-story home, located in The Ridges – a master-planned community within Summerlin – fetched the third-highest sale price of 2020 thus far, a year that has seen the sale of luxury homes in Las Vegas set records despite the ongoing COVID-19 pandemic.

Naqvi, well-known in Southern Nevada from his ongoing television commercial advertising his law practice, originally purchased a lot next to The Ridges’ Bear’s Best golf course, and then acquired the services of Blue Heron – a developer that specializes in luxury homes who constructed the residence in 2015.

The home, located on just under an acre and constructed in a “cool, modern” style, comes in at 7,000 square-feet in size with five bedrooms, a five-car garage, a fancy entry courtyard, and “amazing views” of the famed Las Vegas Strip. Also on the property is a 1,800 square-foot, two bedroom guesthouse. The home has been purchased by a Sacramento, California civil attorney, reports say.

Naqvi’s new residence will not be far from his original abode; he is currently in the process of having a home constructed in Summerlin’s Summit Club resort community.

The high number of luxury sales in the region as of late has been credited in-part to California residents who are moving into Las Vegas to escape the high cost of living in their former home state; high taxes have been a driving force behind many residents and businesses leaving California for Vegas in recent years.

According to the Multiple Listing Service, 95 homes with a value of $1 million or higher were sold in October, with 96 such homes selling the month before.

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 – According to reports, increased and ongoing desire on the part of companies for more industrial space in Las Vegas is overwhelming the efforts of local developers who are struggling mightily thus far to keep pace with demand.

Due to a number of factors, more and more companies are making Las Vegas home, and these companies need space to set up shop; space that is becoming scarcer by the day as need outstrips available inventory.

Among the factors figuring into this mass exodus on the part of businesses into Southern Nevada are those looking to establish west coast operations and companies fleeing neighboring states – such as California, where taxes and the high cost of living are becoming intolerable – for regions like Las Vegas where business can be much more profitable by way of lower taxes and cheaper living expenses.

While this influx of new businesses is a boon for Las Vegas’ economy, developers have been working hard to keep up with the constant want for new industrial space in their backyard. However, recent efforts have been managing to just barely keep pace with demand; over 10 million square feet of new industrial space has been added to Las Vegas since 2019, and an additional 6.3 million square feet are currently under development as of November – an increase over the average rate of industrial construction – with much of that upcoming space already experiencing significant leasing activity, reports say.

The ongoing COVID-19 pandemic hasn’t had much of a negative impact upon industrial leasing in the Las Vegas region, either, with current activity approximately matching what occurred in 2019. Ecommerce and tech companies are making up the bulk of new leasers in the marketplace, but other businesses – such as manufacturing, retail, trade, and more – are also significant, with North Las Vegas representing the biggest submarket for new industrial leasing.

Experts predict that this trend will continue well into 2021 as local population grows and the economy continues to recover from the 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 – According to recent reports, Virgin Hotels Las Vegas, which was originally looking to open their doors for business this fall, is currently facing the possibility of delays that could push that opening into early 2021 due to complications caused by the ongoing pandemic.

Due to spikes in positive COVID cases nationwide, Nevada Governor Steve Sisolak placed renewed restrictions on businesses and gatherings for three weeks in an effort to curb the spread of the disease. Among the restrictions are non-essential businesses such as casinos reducing their guest capacity to a maximum of 25 percent and event gathering having a cap of 50 imposed; previously, the cap was 250. Owing to these and other conditions caused by the pandemic, including construction delays, JC Hospitality – the owner of Virgin Hotels Las Vegas – sent an internal staff memo out noting that the property’s management is considering pushing back the fall opening to January 15, 2021.

In the memo, Richard Bosworth, JC Hospitality President and CEO, noted that while Sisolak’s restrictions are currently only set for three weeks, that time period could be increased if COVID is still a threat. Regardless, the restrictions currently in place would most likely interfere with pre-opening events and activities as well as occupancy projections.

Bosworth’s memo also contained a potentially grim forecast; with the opening of Virgin Hotels Las Vegas pushed back to mid-January, he took the time to point out that the CDC and John Hopkins University have issued a warning that another COVID spike could occur in January as colder weather sets in, which could spell trouble for the hotel’s opening if this is accurate.

That said, Bosworth acknowledged that future developments with COVID could possibly delay the opening of the hotel – located at the site of the former Hard Rock Hotel & Casino Las Vegas and featuring 1,500 rooms and a 60,000 square-foot casino – even further.

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 historic Las Vegas residence that was once the former home of late Country Music great Kenny Rogers has just been listed on the open market with an asking price of over $3 million, according to reports.

A 7,249-square-foot single-story estate located at 500 Shetland Road, the glamorous home is situated on one acre of land and has been listed for $3,199,999. The residence was completely customized and its design was considered extremely forward-thinking and progressive when it was originally constructed back in the early 1970’s.

The estate boasts a private gated entry, a grand double-door glass entry, four en suite bedrooms with dual master suites, six and a half bathrooms, an office/library, large living room, dining room, and great room with a sunken bar lined with padded club chairs. Design aesthetics include beveled mirrored walls, fabric upholstered walls, marble flooring, crown molding, and large amounts of natural stone.

The property is topped off by a large, lush backyard with a resort-style pool with spa and a sizable deck area.

Several notable personalities have called the residence home in the years since it was built. Kenny Rogers, the iconic singer and actor, purchased the home in 1995 and owned it for three years, later selling it to casino mogul Phil Ruffin in 1998. Ruffin’s wife at the time, Lynne, then proceeded with extensive renovations, and stayed in the home after the couple divorced in the early 2000’s. She later remarried a man named R.T. Smith and lived in the home until her death in 2011, with Smith remaining there until his passing in 2019.

The property then fell into the hands of Smith’s two step-children, who are co-trustees of the estate; with the home having fallen into a state of disrepair, they have since performed extensive restorations to return the home to its former glory before listing it on the real estate market.

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 – According to reports, Las Vegas continues to attract numerous companies that see the city as an ideal location for West Coast expansion of their businesses, even in the midst of the ongoing COVID-19 pandemic.

Among the businesses looking to set up shop in Vegas is Whitebox, a major Depository Trust Company based out of Baltimore, MD. They recently signed a lease for a 350,000-square-foot, free-standing building at Golden Triangle Logistics Center in North Las Vegas, citing a business-friendly environment, affordable real estate costs, the abundance of prospective local employees looking for work, and the closeness of major U.S. shipping ports in nearby California.

Another factor that is attracting companies to Las Vegas is the fact that it’s most notable neighbor in the region, California, has become decisively business un-friendly in recent years, with the high cost of operating in the state and excessive taxes often driving out established firms and discouraging newcomers from setting up shop. Vegas, in comparison, features a growing economy, state incentives, and far cheaper taxes, expenses, and costs-of-living.

These factors have resulted in what many are referring to as an exodus of companies from California and into Vegas. In addition, many companies from the eastern United States that are considering or pursuing West Coast expansion are forgoing California – a mainstay for decades – and are settling down in Las Vegas instead, reaping the benefits of an environment that wants to attract new blood to the local economy.

In addition to saving money and access to labor, one other factor that is luring in new businesses to Vegas is close access to California-based ports and a multitude of shipping highways, including Interstate 15, I-40, and I-11, all of which provide access to large population centers in the western 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 – Atlanta-based Beazer Homes, one of the largest homebuilders in the country, recently announced that they will be holding a grand opening on December 5th for their newest community in the city of North Las Vegas, dubbed Acacia Ranch, according to reports.

The Acacia Ranch community will consist of 48 new single-family homes – with six single and two-story floor plans available to choose from – all situated in the vicinity of numerous entertainment, shopping, and dining options. In addition, it is located near both the Interstate 215 and U.S. Highway 95 freeways, allowing for easy access by car.

The homes will range in size from 1,750 square feet to 3,182 square feet, and the plots of land they will be available on will measure 100 feet deep with 20-25 foot rear yards – larger than the land provided by the average home in the region by approximately 15 to 20 percent.

All homes will include open-concept kitchens and two- or-three-car garages. Buyers can choose between pre-set layouts or the ability to choose room-specific layouts, allowing them a great deal of flexibility to design the homes in a way that is better tailored to their lives.

Homes in Acacia Ranch will focus on affordability, with prices starting in the low $300,000 range while being devoid of any homeowners associations fees.

At the December 5th grand opening, interested parties will be able to tour model homes to see what the final residences will look like, in addition to having assistance available on-hand for the loan pre-qualification process.

Construction plans and materials are said to yield a great deal of energy efficiency, reports say. Beazer builds homes in Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina, Tennessee, Texas and Virginia.

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 – According to recent reports, the mad scramble for local real estate and the subsequent record-setting months of rising median single-family home prices during the pandemic has real estate experts speculating that Las Vegas may potentially be in another bubble, reminiscent of the mid-2000’s that eventually gave way to a recession.

Multiple sellers are reporting that despite the ever-increasing prices of homes on the market – October 2020 saw the single-family homes median sales price reach and all-time high of $340,000 – multiple offers are often being made on new inventory as soon as they are available, with the activity surrounding it being described as “frenzied” and “defying logic” – lending itself to fears of a new recession in the works.

However, according to experts, there are several important differences between today’s real estate market and the one that eventually lead to the mid-2000’s recession; in the past, loans were easy to come by and the strong Southern Nevada economy led to skyrocketing property values, house-flipping, and mass construction. When the recession hit and the bottom dropped out, few regions were hit as badly as Las Vegas, with property values tanking, construction projects halted, and countless homes foreclosed upon.

Fast-forward to today, and while on the surface circumstances may seem similar, requirements for loans are mort strict now. While record-low interest rates are making it easier for people to get loans with monthly payments that they absolutely can afford, lenders are going to far greater lengths to verify a borrower’s income, employment, and assets; in the mid-2000’s, this often didn’t happen at all, leading an expert to note that “if you could walk and chew gum, you got a mortgage.” The result? A large increase in defaulted home loans, which experts say is unlikely to happen today.

So while experts are still scratching their heads over the current state of home pricing and demand in 2020 Las Vegas amid the pandemic and it’s uncertain what the market will ultimately look like within the next few years, it’s safe to assume that another bubble is, in fact, not around the corner.

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 – Soaring prices in the Las Vegas housing market are being shaped by one vitally important factor above all others – dwindling supply of residences available for buyers, according to recent reports. October 2020 saw yet another record broken when it comes to the median price for an existing single-family home sold in Southern Nevada, with prices now up to $340,200, representing a jump of approximately 11 percent from October of 2019.

Real estate experts are noting that thanks to COVID-19, the house buying season that normally hits its peak during the summer has continued into the fall with no signs of slowing down; that, coupled with demands for housing not being met in terms of new construction – in some instances slowed down by the pandemic – have resulted in home prices that seem to get higher month-after-month.

Townhouses and condominiums are also growing in cost, with the median sales price in October coming in at $186,500, compared to $171,250 during the same period of time last year.

Typically, to maintain a balanced real estate market, a six-month supply of homes is needed; currently, Las Vegas finds itself far below that threshold, with only a 1.5 month supply of homes for sale. Approximately 4,000 homes were sold in October 2020 alone.

Experts are also attributing the demand for homes to historically low interest rates on home loans, in addition to an order issued by Nevada Governor Steve Sisolak that allowed real estate agents statewide to be able to resume open houses for prospective buyers; the latter move has been attributed to more people getting out and buying homes and more homeowners putting their residences up for sale.

Ultimately, developers must find a way to increase their output of home construction in order to not only meet the continuing demand, but to also help stabilize prices, lest they continue to increase on a monthly basis.

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 – With the economy continuing to re-open across the country in the wake of the COVID-19 pandemic, many people are looking to finally do a bit of traveling after being home-bound for many months on end.

But while the U.S. Centers for Disease Control and Prevention stresses the safest thing a person can do to stay safe is to simply stay at home, there are precautions one can take when traveling and staying in hotels that can minimize risk and serve to keep you and your loved ones safe while allowing you to get out there and work off a bit of cabin fever at the same time.

First of all, when looking for lodging options while on the road, it’s best to avoid risky establishments such as hostels, which typically utilize shared sleeping areas with total strangers.

When it comes to hotels or Airbnb residences, call ahead and ask if they have a policy that provides a time buffer in their rooms between guests; 72 hours is ideal, but any amount of time that allows hotel staff to engage in a thorough, top-to-bottom cleaning of the room will suffice. All surfaces should be subjected to intense cleaning, including scrubbing floors with spar and water, washing all towels and sheets with hot water, and an overall disinfection of all areas and items that are touched by guests often, such as door knobs, light switches, and so on.

Also inquire if the hotel that you’re interested in enforces strict social distancing protocols. Once there, avoiding common areas and make a point of taking stairs instead of elevators. In addition, bringing your own cleaning and protective supplies – such as disinfecting wipes, hand sanitizer, and masks – is good idea as well, just in case.

According to infectious disease expert at the University of California, Dr. Natascha Tuznik, hotels have reported very few instances of COVID-19 infections since they have been allowed to re-open, which illustrates that they are taking their cleaning and disinfecting routines – as well as the health of their guests and staff – very seriously. So, if you feel the need to travel in the near future, hotels should provide a safe and secure place for you to stay while the pandemic is still sorting itself out, as long as you’re careful and do your research first.

Photo: Sign outside the entrance to the Four Seasons Hotel on Las Vegas Boulevard. Editorial credit: Ceri Breeze / Shutterstock.com, licensed.

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