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Category Archive : Market Updates

Nevada Passes New Housing Laws Governing Construction, Housing Development, Evictions

LAS VEGAS – Lawmakers in Nevada have recently passed a number of new pieces of legislation that are aimed at governing certain aspects of the housing market in the state, such as the eviction process, defect claims on construction projects, and the development of affordable housing.

Nevada lawmakers are hoping that a number of new bills including Assembly Bill 421, Senate Bill 103, and Senate Bill 151 will assist with construction, housing, evictions and of affordable housing for low-income residents. File Photo: Pixabay.

To start with, the state Legislature – currently under Democratic control – enacted a law to counter one passed four years ago when the lawmaking body was under Republican control. The new law enables victims that allege that a contractor has engaged in sub-standard construction work to have an easier process if they wish to sue said contractor for damages in court. Due to take effect on October 1, 2019, Assembly Bill 421 enables customers of a contractor to report alleged defects in housing and building development projects in “reasonable detail” when presenting a notice to the contractor; previously, the law in place was more exacting, requiring “specific” and “exact” levels of detail. In addition, plaintiffs now have 10 years in which to file a lawsuit against a contractor, as opposed to the six years allotted under the old law.

Next was a new law aimed at potentially providing a boost to the construction of affordable housing for Nevada residents of limited financial means. Due to go into effect on July 1, 2019, Senate Bill 103, gives local municipalities the ability to apply discounts on some of the fees that are typically levied on affordable housing projects. In addition, Senate Bill 448 – due to come into force on January 1, 2020 – adds to the support of affordable housing construction by allowing Nevada officials to provide financial assistance to new projects with the ability to issue transferable tax credits in the amount of $10 million per year

State lawmakers are hoping that these bills will assist with the issue of affordable housing for low-income residents, which number at approximately 73,000, according to reports. Currently, developers construct about 1,000 units annually that are aimed at this population; these bills could increase that output to as much as 1,600 per year.

And finally, Senate Bill 151, due to kick in starting July 1, 2019, would increase protections for those renting properties by granting more time to tenants before they are able to be evicted by landlords for lack of payment on their rent; in addition, late fees for delinquent rent payments will be capped at five percent of the full amount of the tenants regular rent amount, and more time will be granted – seven business days, as opposed to the previous five –  for tenants to pay overdue rent to landlords to avoid eviction. Evicted tenants will also be allowed to enter their former dwelling to procure “essential” belongings, such as medicine, for up to five days.
Whereas the previous laws could be seen as overly favoring renters and developers, some are saying these new laws have swung the pendulum too far in the opposite direction, while others are applauding the new bills.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Home Prices in Las Vegas Remain Relatively Unchanged for Last Several Months; Is Southern Nevada Finally Reaching Plateau?

LAS VEGAS – After several years of nonstop, skyrocketing growth, the Las Vegas real estate market appears to have finally begun to stabilize as the median sales price of single-family homes have remained relatively flat throughout spring of 2019, according to reports.

So far, throughout March, April, and now May of 2019, the median sales price of single-family homes – particularly pre-owned ones, which make up the largest segment of the market currently – have remained at approximately $300,000.

The Vegas real estate market reached its highest price point in June of 2006, when a median house would fetch approximately $315,000 on the open market. File photo: GLVAR.

To drive the point home, the price of a single-family house in May of 2018 saw an increase of 18 percent from the same period in 2017; in May of 2019, however, that increase amounted to only 1.7 percent, which represents the smallest year-to-year increase in seven years, according to reports.

The slowdown in Las Vegas’ real estate market has been becoming more noticeable in the last few months. Not only has it been apparent in the smaller increases in housing prices, but sales overall have decreased from the shocking levels they attained over the past few years, with the amount of available listings on the market increasing slowly but steadily. This is only natural in a market where real estate has experienced a nearly unprecedented amount of growth in such a short amount of time.

Previously, availability was becoming so scarce – and prices growing so quickly – that affordability concerns were being expressed by many moving to the region.

Strong demand is clearly still out there for housing in the Southern Nevada region, with resale prices still increasing in Las Vegas. This, experts say, is just a sign that the market has reached the point where pricing on real estate must stabilize in order for it to still remain viable.

The Las Vegas real estate market reached its highest price point in June of 2006, when a median house would fetch approximately $315,000 on the open market. That amount, of course, plummeted after the real estate bubble burst shortly thereafter, leading to the national recession.

Regardless of the fact that prices have remained rather flat during the spring, re-sales continue to do well in Las Vegas, with over 3,200 single family homes selling in May, an increase of 4.5 period from the same period one year prior. However, over 7,800 houses were on the market without offers by the end of last month, representing a 90 percent difference from the same period in 2018. Developers, who recently have been scrambling with construction projects in order to keep up with housing demands, have also noted that they have been selling fewer units in recent months.

Again, while still one of the most active and profitable real estate markets in the country, Las Vegas appears to finally be experiencing a plateau, and it is important for sellers to recognize this and make appropriate adjustments to their sales models in order to ensure continued growth.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Sands Corp, Madison Square Garden Announce General Contractor Behind 18,000 Seat MGS Sphere Project

LAS VEGAS – According to reports, AECOM, a Los Angeles-based construction and engineering firm, was named as the general contractor of the upcoming MSG Sphere performance venue slated to be built off of the famed Las Vegas Strip.

The futuristic music venue MSG Sphere, a joint venture between Sands Corp. and Madison Square Garden, 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 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 facade to watch the concert within; at higher lighting intensities, outside vision will be obscured. In addition, images of Las Vegas taken via a camera system could be projected upon the sphere.

New video of the proposed MSG Sphere was shown at a Clark County Commission meeting in 2018 according to KTNV 13 Las Vegas, a Scripps TV Station Group news program.

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. A 180,000-square-foot ceiling with massive video screens and a floor-based bass speaker system should give the venue a multi-genre and event capability.

AECOM is no stranger to construction projects in southern Nevada. The company, which has offices in Las Vegas, was also the builder of the T-Mobile Arena, a project that was completed three years ago for a cost of 375 million dollars. They are also responsible for the construction of the Mercedes-Benz stadium and State Farm Arena in Atlanta, Georgia, as well as the USTA Billie Jean King national tennis center in Queens, New York.

AECOM has been doing preliminary work on the site since February, excavating dirt and preparing the structure’s foundation. Ground was officially broken on the site in late September of 2019.

The MGS Sphere project, according to reports, could create up to 3,500 construction jobs during its creation and an additional 4,400 permanent jobs on-site once the venue is completed and open for business. Currently, the projected cost of the project is now yet known, nor is the estimated date of completion. However, if it holds true to its ambitions design goals, the MGS Sphere will indeed be an extremely impressive attraction in Las Vegas’ already flashy and busy skyline.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Report: Las Vegas – Southern California High-Speed Rail Project Expected To Be Delayed by Two Years or More

LAS VEGAS – A $4 billion high-speed railway project that would have provided a direct connection between Las Vegas and Southern California that was scheduled by Virgin Trains USA has been delayed for possibly as much as two years, according to reports.

Virgin Trains, formerly known as Brightline, most recently had constructed a similar high-speed rail system in Florida, joining Orlando and Miami. Photo credit: Twitter/Gobrightline.com

The issue at hand, reports say, is that Virgin Trains USA was unable to secure the necessary tax abatements during the current legislative session, despite Virgin Trains’ vice president of government affairs Robert O’Malley having spent the past month in Carson City, Nevada, attempting to secure them. Due to the failure to do so, the high-speed railway project could be delayed as much as 24 months, if not longer.

The project is slated to take the form of a 185 mile long, dual rack system that would run along Interstate 15. Aside from the abatements, Virgin noted that they are not asking for any additional money from local government, such as grants or tax credits; the project will otherwise be privately funded.

Abatements are a critical part of the financing of any construction project, with many companies seeking them from those municipalities that they are conducting work within; especially is such work serves a vital public interest.

Virgin Trains has noted that they will attempt to once again secure the abatements when the 2021 legislative session begins, however, without these tax exemptions the project may not come to fruition. 

Virgin Trains, formerly known as Brightline, most recently had constructed a similar high-speed rail system in Florida, joining Orlando and Miami, with the company receiving the required abatements from state government in order to take on the work. Virgin representatives have touted the boon to the local economy and job market that the construction of a cross-state railway would provide for the Southern Nevada region. In addition, they also noted that a modern train system provides a more efficient and convenient transportation option for local residents – reportedly removing 4.5 million cars from I-15 annually – as well as one that produces far less in terms of environmental pollution overall.

It is not currently known why Nevada lawmakers were against the abatements to Virgin during the current legislative session, despite having done so for other companies in the recent past.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Home Prices in Las Vegas Climb at Twice National Average

LAS VEGAS – While the prices of new home sales in Las Vegas have showed some signs of slowing in recent months – clearly indicating that the red-hot real estate market is approaching the maximum buyers are willing to pay – those prices are still growing at rates that are twice the average elsewhere in the United States, according to reports.

While prices of new home sales in Las Vegas have showed some signs of slowing in recent months those prices are still growing at rates that are twice the average elsewhere in the United States, according to reports. File photo, Pixabay.

In March 2019, the national average growth in home prices, year-over-year, was 3.7 percent, which contrasts sharply with the prices in Las Vegas, which are up 8.2 percent from the same period last year. S&P Dow Jones Indices released their S&P CoreLogic Case-Shiller index recently, which indicated that Southern Nevada continued to feature the fastest-rising prices in the 20 markets that the report covers, and has remained at the top of the list for the past 10 months.

In contrast, growth overall throughout the rest of the nation has slowed recently, reports indicate. Bucking that trend, Las Vegas’ August 2019 home prices represented a whopping jump of nearly 14 percent from the same period in 2018.

After Las Vegas recovered from the mid-2000’s burst of the housing bubble and subsequent economic recession, demand rose sharply for affordable housing as money and businesses began flocking to Southern Nevada due to the relatively low cost of living when compared to many other regions in the United States. However, the market – due to demand – saw house prices and mortgage rates steadily rise as sellers looked to take advantage of the desperate scramble for their wares. 

Experts have been predicting that eventually these sellers would hit a wall when prices began to get too high, and it appears that we are rapidly approaching that point now. Sales are reported beginning to drop and the once emaciated amount of houses available on the market has begun to slowly grow once again.

Las Vegas, according to experts, is still considered a fantastic seller’s market; the median sales price of a single-family home in April was $300,000, which represents an increase of 3.8 percent from 2018. However, in order to ensure that the market remains strong, sellers should consider having more realistic outlooks for pricing models to ensure stability for the real estate market in the long-term, especially in light of recently increased inventory due to the output of developers looking to get sorely-needed affordable homes and apartment complexes built and on the market.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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 Raiders Address Parking Concerns by Purchasing Additional Land Near New $2 Billion Stadium

LAS VEGAS – Las Vegas Raiders officials announced this week that they have addressed potential parking concerns surrounding their stadium being constructed at Russell Road and Hacienda Avenue by purchasing additional areas of land in the area in order to convert it into additional parking, reports say. This land will add to the property’s 63-acre plot where the new $2 billion, 65,000-seat home of the Raiders is slated to open for the start of the team’s 2020 season.

The Las Vegas Raiders have addressed concerns over stadium parking by purchasing additional land expected to provide an additional 12,000 spots. Photo: Manica Architecture.

Accompanying the purchase and conversion of the new properties for parking purposes is also a comprehensive transportation plan for ferrying attendees to and from their vehicles; the move is expected to provide a large boost to the amount of parking available for the stadium, Raiders officials say. Currently, there are only 2,725 parking spots situated on the stadium property itself, but this move – Raiders management have purchased several plots of land adjacent to the stadium – is expected to provide approximately an additional 12,000 or so spaces nearby, as well as increase the number of the stadium’s on-site spaces to almost 6,000. With the Clark County requirement of at least 16,250 parking spaces at the stadium, this move will exceed that number by at least 1,700 or more.
Raiders management are working out deals with area casinos to lease out excess fields for events and overflow parking when needed, reports say.

Transportation options are being researched and proposed by Clark County and Raiders management for attendees parked at the off-site lots, including a pedestrian bridge and an underground “people mover” that inventor and entrepreneur Elon Musk’s the Boring Company recently won the $48.7 million bid to construct. Work on the people mover, which will involve a looping tunnel that shuttles attendees back and forth via electrical train cars, is stated to take just a year to complete.

Since the construction of the Las Vegas Raiders stadium was announced, one of the major issues that had generated concern was in regards to the parking available in the area, since much of the surrounding land is currently undeveloped. However, with the announcement of the additional land purchases by stadium management, these issues appear to have been adequately addressed, providing a viable solution that is expected to be ready for attendees in time for the Raiders’ 2020 opening day festivities.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

LVCVA Awards Elon Musk’s Boring Company Contract for Convention Center Underground Transit System

LAS VEGAS – Despite last-minute objections by two board members, the Las Vegas Convention and Visitors Authority (LVCVA) voted on Wednesday last week to award the Boring Company – owned by technology entrepreneur, investor, engineer, and Tesla, Inc. co-founder Elon Musk – the contract to create and construct an underground transit system for the Las Vegas Convention Center.

The relatively inexperienced Boring Company (not yet having completed any significant project) won the contract with a $48.7 million bid for the mile-long “people mover” project, coming in both below their competitors’ bids as well as offering an accelerated construction schedule that beat out other companies vying for the job. Boring’s plans also presented less disruptions to events and activities currently taking place at the Convention Center, another attractive prospect to LVCVA board members.

The underground tunnel would focus on pedestrian transportation to and from the Convention Center, with Boring’s plan involving autonomous electric vehicles operating in a continuous loop that would ferry approximately 4,400 passengers every hour, reports say. Currently, the travel time by foot via the same route above-ground is an average of 15 minutes; the people mover would shorten that to just one minute, by Boring’s estimate.

While the favored company for several weeks now, Boring ran into a potential roadblock recently as two LVCVA board members objected to Musk’s company being awarded the contract, fearing the start-up would be unable to live up to their lofty promises. Instead, the two board members – Las Vegas Mayor Carolyn Goodman and Michelle Fiore – favored the bid from the more experienced Dopplemayr Garaventa, who they allowed a last-minute presentation involving an elevated rail system to the LVCVA board last week in order to potentially sway their votes. However, their efforts were unsuccessful; the board majority nonetheless voted to officially award the people mover contract to Boring.

If Musk’s company proves itself and successfully completes the new Las Vegas Convention Center transportation system – both on-time and on-budget – additional Vegas-based projects may be awarded to the company in the future, including a commercial tunnel.

To date, the Boring Company has made just one successful tunnel; a test project based in California, solely to be used for tunnel construction research purposes. Boring has proposed several projects in cities such as New York, Los Angeles, and Chicago, none of which have come to light.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Elon Musk’s “The Boring Company” May Loose $48M Contract for Las Vegas People-Mover System

LAS VEGAS – The Boring Company – an infrastructure and tunnel construction company owned by technology entrepreneur, investor, engineer, and co-founder of Tesla, Inc. Elon Musk – is facing some stiff competition for the contract to design and build a people mover” system that would service the Las Vegas convention center, according to reports.

The Las Vegas Convention Center Loop will connect its new exhibit hall with the existing campus (North/Central/South Halls). Image Credit: Tvsdesign/Design Las Vegas and The Boring Company

A people mover is a type of small scale automated guide-way transit system, and in the case of the one envisioned for the convention center, it would only serve for local transport; while many people movers transport passengers from airports, downtown districts or theme parks to other destinations, the convention center’s dual-tunnel people mover would be more limited in scope, solely dedicated to servicing event attendees only.

Doppelmayr Garaventa Group, an Austrian company, had initially lost out to The Boring Company’s negotiated $48.7 million design-build bid on work for the people mover. However, some members of the Las Vegas Convention and Visitors Authority (LVCVA) board – which is due to vote on the approval of Boring’s contract – are having second thoughts, and are encouraging their members to give Doppelmayr’s proposal additional consideration, which is said to take a very different approach to the project than Musk’s company.

As opposed to Boring’s under-ground tunnel-based design, Doppelmayr has proposed an above-ground transport system with an estimated cost of $215 million; however, reports say that the work is now potentially able to be done for about $85 million instead. Despite the proposal costing more than Boring’s, some LVCVA board members are finding themselves partial to Doppelmayr’s extensive track record – the company has been in existence for over 125 years – as opposed to Boring, a relative newcomer that has only been doing business for three years, and the Las Vegas people-mover would represent its first major project.

However, Boring ’s estimate for the overall length of the project was not only considerably cheaper than their competitors, but mush faster as well, with President Steve Davis claiming the project could be completed within the span of one year.

LVCVA officials are hoping to have a transport system constructed while the convention center renovation is undergoing a $1.4 billion renovation, and to have the system completed in time for the January 2021 Consumer Electronics Show, according to officials. Doppelmayr has been invited to hold an additional presentation of their plans this week, but no final decision has been made on who will be awarded the people-mover contract.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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 Estate of Late Comedian Jerry Lewis Coming Up for Auction; 1701 Waldman Ave, Las Vegas, NV – MLS #2073268

LAS VEGAS – Famed comedian Jerry Lewis had resided in Las Vegas for over 30 years before his death in August of 2017 at the age of 91. Recently, local real estate investor Jane Popple announced that his home would be going up for a public auction planned from May 25th through 27th.

Popple had previously purchased the home for $1.2 million from Jerry Lewis’s Widow, Sam, in 2018. Lewis’s daughter, Danielle, had grown up in the residence, and she and her mother had held an auction of much of the late comedian’s personal belongings and movie memorabilia earlier this year. The auction included over 400 items which netted $1,071,766.00 in proceeds.

Famed comedian Jerry Lewis in the 1960s. Lewis entertained millions of fans and was well known for hosting an annual Telethon raising money for the Muscular Dystrophy Association, benefiting children who were affectionately known as “Jerry’s Kids.”

Located near Interstate 15 and Charleston Boulevard in the affluent Scotch 80s neighborhood, the 7,325 square foot house comes in at two stories and boasts five grand bathrooms. There is a casita – a small house unconnected to the main house used for guests or as a changing room – as well as an office, a large in-ground pool, and an expansive backyard that the property’s listing says is ideal for entertaining guests. In fact, over the years the residence has been host to a variety of parties and get-togethers featuring many well-known celebrities and Las Vegas dignitaries of whom were entertained in the extensive bar located in the house’s family room. The list price is $1.8M.

An enthusiast of the color red, Lewis would often wear a red shirt or sweater while performing; his former Las Vegas home also reflected this color aesthetic, with many of the carpets, appliances, and pieces of furniture crimson in color, giving the accommodations a bright, warm, and inviting sensibility.

An enthusiast of the color red, his former Las Vegas home also reflected this color aesthetic, with many of the carpets, appliances, and pieces of furniture crimson in color. 1701 Waldman Ave, Las Vegas, NV 89102. MLS #2073268

The Scotch 80s neighborhood itself is considered well-to-do, with the median price of a single-family home coming in at over $734,000.00. The neighborhood has seen a variety of celebrities and well-known businessman calling it home since the 1950s, including Howard Hughes, Steve Wynn, singer Phyllis McGuire, Carolyn Goodman, and more.

Jerry Lewis entertained millions of fans after appearing in dozens of comedy films and television shows over decades, often with his friend and partner Dean Martin, himself another famous Las Vegas entertainer and comedian. Lewis was also well known for hosting an annual Labor Day Telethon that raised money for the Muscular Dystrophy Association, benefiting children who were affectionately known as “Jerry’s Kids.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Florida-Based Real Estate Firm Acquires Two Vegas Strip Malls

LAS VEGAS – Pebb Enterprises, a Florida-based real estate firm, has been on a bit of a buying tear in Las Vegas as of late, seemingly investing a serious amount of capital in the city’s retail infrastructure; a bold move, according to experts, considering the at-times shaky nature of the real estate scene in Southern Nevada – and the country as a whole.

Ian Weiner, PEBB President & CEO, said in a statement that the acquisition of Rainbow Promenade and Cheyenne Commons firmly cements PEBB’s presence in the Las Vegas market.

Last month Pebb purchased Rainbow Promenade, a retail plaza located at the corner of Rainbow Boulevard and Smoke Ranch Road. The plaza, coming in at 220,279 square-feet, sits on a 22-acre plot of land and recently underwent $5,000,000 in renovation work. The shopping center is almost completely occupied, and features high-profile tenants such as Barnes and Noble and Hobby Lobby. Only 2 percent of retail space remains for rent, according to reports, and business overall is said to be brisk in the shopping center.

This represents a significant turnaround for Rainbow Promenade fortunes; in 2013, the plaza was in foreclosure, but according to recent reports, it has regained its financial composure and currently boasts strong and consistent sales.

This acquisition follows Pebb’s purchase of Cheyenne Commons in March, a retail center situated on a 35 acre plot of land located one mile up the road. While reportedly a solid purchase, Cheyenne Commons does not currently feature nearly-full occupation like Rainbow Promenade does.

Some experts question Pabb’s increased investment in retail during a period where brick-and-mortar stores are being forced to endure increased competition from online retailers such as Amazon and eBay, entities that typically are able to sell goods at far cheaper prices while enjoying reduced overhead costs. With the recent announcement of Amazon offering free one-day shipping in the near-future to Prime members, retail in general appears to be facing an uphill battle in our country going forward.

As a result of the increased competition from online retailers, physical stores have increasingly faced financial hardship, with many closing their doors almost as quickly as they first opened. For example, a recent report revealed that it is estimated that approximately one-half of all shopping malls currently open today may be closed within the next 10 years, which is a sobering reality of today’s retail climate.

Pebb representatives noted in a statement that the retail establishments in Rainbow Promenade frequently feature strong sales numbers, and that the majority of the tenants in the plaza have recently-renewed lease agreements. The strip mall itself is in a highly visible location, close to populated residential areas and busy roadways. These factors, along with others, may prove to be saving graces for the retail scene in Vegas, and prove that Pebb’s investment, at least for now, is a solid one.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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 Stadium Crews Set to Enter “Most Dangerous” Phase of Construction for Future Home of Raiders Football Team

LAS VEGAS – Work on the Las Vegas Stadium – the near-future home of the famed Oakland Raiders National Football League (NFL) team – has entered what the reports are referring to as the “most difficult” and “most dangerous” phase of its ongoing construction efforts. Since breaking ground on the new $2 billion, 65,000-seat stadium on Nov. 13, building crews are set to begin elevating 22 canopy trusses – each weighing 65 tons apiece – in order to affix them to the rim of the stadium at its highest points, many of which are as high as 120 feet off the ground.

These efforts require complex and exceedingly precise work between multiple departments involved in the construction of the stadium, such as the engineers, supervisors, iron workers, and more, all while taking into consideration the weather on any given day as rain or even minor shifts in wind velocity can have a major effect when working with the canopy trusses at such heights. Reports note that work can only take place at times when winds are lower than a sustained 17 miles per hour, for example. Regardless, lifting and affixing the canopy trusses will be relatively unique each and every time it is done, with work crews having to take into consideration any number of random variables that may not have been anticipated during the initial planning stages.

In addition, the canopy trusses must be put in place with extreme precision in order to incorporate them into the enormous translucent roof of the stadium, which will enable natural light to permeate the interior in order to give attendees the feeling of being outdoors. The roof is currently slated to be constructed on the floor of the stadium, and once the canopy trusses are in place, the roof will be lifted and affixed to them. Placement of the canopy trusses is slated to be completed by July 31.

Work on the stadium is currently going according to schedule, reports say, with anticipation of the Raiders playing the opening game of their 2020 season there. Anticipation of a major NFL team now calling Las Vegas home has helped to spark the local Las Vegas economy, driving businesses and tourism to the region and greatly increasing the city’s fortunes since its come back from the mid-2000s recession.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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 Home Buyers Facing Better Financial Prospects This Spring, According to Recent Reports

LAS VEGAS – The soaring real estate market in Las Vegas has been the very epitome of a comeback success story, given the near-decade of stagnation it was previously forced to endure in the mid-2000s when the recession hit our country.

But that success was the equivalent of a double-edged sword. While the real estate market – and subsequently, it’s prices – continue to soar month after month, those growing prices can eventually run in direct contrast with the fact that the region is touted as being one of the more affordable places to live in the country, especially when compared to neighboring states such as California. As a result, recently, sales have begun to slow and inventory has begun to gradually stockpile. The median price of a single-family home on the market has cracked $300,000 for the first time in years; this represents an affordability problem that real estate brokers are now starting to address. Subsequently, the upcoming spring sale season looks to be one that will be exceedingly kind to buyers once again.

According to reports, mortgage rates have been falling and sellers are cutting prices, which experts believe will result in an upswing in purchases in the coming months. With businesses flocking to Las Vegas amid its current economic boom, a record number of new families have been transplanting themselves to the area in order to take advantage. With a great many people arriving within a relatively short amount of time, sellers originally did their best to take advantage by driving prices up; prices which most people were willing to pay, but only to a point. It seems that point has been reached, and in order to ensure continued growth, brokers are realizing that they need to scale their ambitions back in order to help Las Vegas retain its reputation for affordability and quality of life.

Up until this point, Las Vegas had led the nation in real estate price growth on a month-to-month and year-to-year basis, according to reports. But the writing is on the wall- according to a recent report, 2621 single family homes were purchased in the region in March 2019, representing a 33.3 percent increase from February 2019, but a decrease of 16.8 percent from the same period in 2018.

However, changes are in the works. For example, the average rate of a 30-year mortgage in March 2019 was 4.27 percent, which represents a decrease of .60 percent from November 2018, according to reports. In addition, real estate brokers have learned to be more flexible in their negotiations, which are allowing them to close more deals. It’s obvious that when selling a property it’s always good to maximize your profits; it’s just a matter of finding the correct balance between profitability and affordability, an issue that Las Vegas is being forced to address at this point. However, all signs are pointing towards a positive outcome for sellers and buyers alike at this point.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.