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Category Archive : Real Estate

The Expo at World Market Center Las Vegas Construction Currently On Time, On Budget, Developer Says

LAS VEGAS, NV – The construction status of The Expo at World Market Center Las Vegas, large-scale exhibition facility, recently received an update, courtesy of International Market Centers (IMC). According to a report released by the IMC, the project is currently on-schedule and on-budget, having just entered into the next phase of its development.

The Expo is a new addition to IMC’s downtown Las Vegas campus, and is expected to add an additional 315,000 square feet of space to the facility when it opens in July of 2020.

The Expo at World Market Center Las Vegas, upon completion, will feature exhibition space in the amount of 194,785 square feet, spread out among two separate halls. Hall number one will boast 97,684 square feet of space, and hall number two 97,101 square feet; together, the two halls can house a combined total of at least 1,000 booths. The facility will also have a lobby, a space for event registration, a dedicated shuttle bus area, parking garage, and basic dining facilities.

IMC CEO Bob Maricich noted in a statement that the project is currently running according to plan, and is on-course to meet its July 2020 opening date.

“Construction is on schedule and on budget. We’re delighted to cooperate with the city of Las Vegas to bring this new exhibition venue to Las Vegas, he said. ““All external steel work is scheduled to be completed by January 2020. Other than some construction-related shifts to registration locations and transportation options, it will be ‘business as usual’ for winter 2020 marketgoers.”

The Expo at World Market Center Las Vegas is coming in at a cost as high as $100 million, and the general contractor, Penta Building Group, initially held their groundbreaking in July of 2019. Currently, seven of the project’s ten steel sequences have been finished, and as of this month construction has gone vertical.

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.

Sandpiper Apartments, One of Las Vegas’ Largest Multifamily Properties, Sells at $66M

LAS VEGAS, NV – According to recent reports, Sandpiper Apartments, one of the largest multifamily rental properties in Las Vegas, has been sold in an off-market transaction for a whopping $66 million.

The 488-unit community, located at 4650 W. Oakley Boulevard, was sold by previous California-based owners Apple Management to Compass Acquisition Partners, a private real estate investment company. Sandpiper Apartments is comprised of 61 two-story buildings situated on 20.1 acres of property and, according to a release put out by Compass CEO Lynn Owen, ideally located within a busy mix of employment and entertainment outlets.

“Sandpiper Apartments offers a substantial and irreplaceable asset in the heart of Las Vegas,” she said. “The property is convenient to employment centers, major area thoroughfares and surrounded by a mix of shopping, dining and entertainment options. These are all attributes that align with our investment criteria.”

Sandpiper Apartments was originally constructed in 1988, and features a number of amenities for residents, including three pools, a gym, tennis courts, and a club house. Apartments range from one or two bedroom units with an average size of 950 square feet.

A number of upgrades are in the ‘pipeline’ for the Sandpiper, Compass reps noted, including a $7.5 million investment to a number of its apartments, such as enhancing kitchens with modern amenities, granite countertops and stainless steel appliances, as well as installing wood flooring. The gym, pools, and club house are also up for enhancements, as is the general property, including the addition of dog parks, sports facilities, and picnic areas. Environmentally-conscious landscaping options are also being discussed.

Compass CEO Lynn Owen noted that there is currently a very high demand for quality housing options in the Las Vegas region.

“Las Vegas is thriving with multiple new commercial developments and new businesses moving to the area propelling job growth,” she said. “There is strong demand for multifamily housing as developers have avoided the overbuilding of past cycles, another factor that contributed to our interest in 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 Grand Apartment Complex Sells to California Investor for $47.6M

LAS VEGAS, NV – According to recent reports, developer Joseph Daneshgar – founder of California-based 3D Investments – has purchased a luxury condominium complex located in the vicinity of the Las Vegas Strip for a whopping $47.6 million.

The Las Vegas Grand, a 212-unit building located at 818 East Flamingo Road, is among several Las Vegas-based real estate acquisitions made by Daneshgar as of late; in February, he purchased approximately 60 acres of property – the majority of it undeveloped – at Harmon Avenue and Koval Lane for $130 million, in addition to a luxury condo complex adjacent to the Las Vegas Strip, the Boca Raton, for $44 million in 2018.

The Las Vegas Grand is among several Vegas-based acquisitions made by developer Joseph Daneshgar – founder of California-based 3D Investments; in February, he purchased approximately 60 acres of property at Harmon Avenue and Koval Lane for $130 million, in addition to a luxury condo complex adjacent to the Las Vegas Strip.

A high-end property with 96 percent of its units already leased, the Las Vegas Grand features a pool, tennis and basketball courts, and a private parking garage. The complex is located within close proximity to all of the glitz and glamour of Vegas Boulevard, which is obviously an attractive aspect that is sure to keep it packed to capacity at all times.

In recent years, developers and real estate experts have been snapping up apartments and condos in the Las Vegas area due to the high demand for housing from new transplants in the region, which has served to drive up rents while reducing the amount of rental units available on the market.

The Las Vegas Grand was constructed in the early 2000’s by developer Christopher DelGuidice; the project hit trouble with the advent of the 2005 recession, and the property went into foreclosure in 2007. Envisioned as a grand five-building complex but only realized as one building, the Las Vegas Grand rode out the challenges brought about by the recession and finally opened for tenants roughly 10 years ago. The company that Daneshgar purchased it from had acquired the property in 2012.

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.

Bleutech Park Mini-City Project Acquires 210 Acres on Las Vegas Boulevard

LAS VEGAS, NV – According to recent reports, officials representing Bleutech Park, a $7.5 billion mini-city project that has been proposed for Las Vegas, has acquired a 210-acre plot of land at Las Vegas Boulevard and Cactus Avenue that the group originally hoped to break ground upon come December 2019, although that date has been pushed back.

According to recent reports, developers of the $7.5 billion Bleutech Park project have reached a deal to secure a 210-acre piece of land at the south end of the Las Vegas Strip on Cactus Avenue and Las Vegas Boulevard.

As per the original July 2019 release announcing the project, Bleutech Park representatives noted that the project would usher in an unprecedented renaissance of the global digital infrastructure industry into Southern Nevada.

“The net-zero buildings within their own insular mini-city will feature automated multi-functional designs, renewable energies from solar / wind / water / kinetic, autonomous vehicles, artificial intelligence (AI), augmented reality, Internet of Things (IoT), robotics, super-trees, and self-healing concrete structures,” the release says. “Our goal is to provide creative, attractive and functional workforce housing that will meet the needs of the Las Vegas community as a whole, by providing a harmonious ecosystem, thereby improving the health of our community.”

The property was purchased by Bleutech Park representatives for more than $1.5 million per acre from Las Vegas real estate developer Larry Canarelli.

However, some are expressing skepticism regarding the validity of the Bleutech project; for instance, despite the proposed December 2019 groundbreaking date, Clark County has confirmed that no paperwork has been filed with either the county’s planning or zoning departments (as of November 6) – a process which must take place before a project can move forward in any real, physical manner. A Bleutech Park spokesperson has stated that they are working to submit the necessary applications to Clark County in December.

Also, some have expressed doubt that Bleutech Park would be able to deliver on some of the impressive technological marvels that they have boasted of in their original release. That said, the deal for the Las Vegas Boulevard property purchase is expected to close in January 2020 which will push back the original projected December 2019 groundbreaking date.

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 Construction Posts Strongest Quarter Since 2007

LAS VEGAS, NV – According to reports, Las Vegas new home construction and sales have displayed its strongest quarter of activity since 2007, with developers currently on-track this year to equal their 2018 performance.

According to reports, 2,500 net sales of newly-built homes in the Las Vegas region were reported from the start of July throughout the end of September, which represents an increase of 8.5 percent over the same period one year ago. File photo: Pixabay.

2,500 net sales of newly-built homes in the Las Vegas region were reported from the start of July throughout the end of September, which represents an increase of 8.5 percent over the same period one year ago. The previous high-water mark for sales was 2,760 in 2007, which was just prior to the burst of the housing bubble.

Factors that have been figuring into this continuing upward trend have been an influx of affordable homes into the marketplace – something which had been addressing home shortages and/or had been driving prices up until recently – not to mention assistance from lenders, who have lowered interest rates on loans to below four percent, down from five percent or more just one year ago. 

With more people still moving to the Southern Nevada region due to the skyrocketing economy and the influx of new businesses – and with them, jobs – it’s not at all surprising that new homes have been selling like they have. Moreover, reports say, the lowered interest rates, combined with increasing inventory, are helping to create a more stable, sustainable marketplace; until recently, dwindling supply had been driving home prices continuously upward, raising concerns about affordability. 

Sales of existing homes have also been healthy recently, with their prices approaching – but remaining well under – the prices of new homes; currently, the median sales price of an existing home has been about $299,000, as opposed to newly-built homes, which are fetching closer to $390,000 on the open market. Both of those numbers, respectively, are still well under the national average when compared to many other major marketplaces, such as New York or California.

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 Prices Settling Off, Seeing Drop, Could Stimulate Sales, Experts Say

LAS VEGAS, NV – After an extended period of intense real estate growth, Las Vegas home prices have begun to drop after hitting their highest peak in over ten years, according to reports; experts say that this could benefit the market in the long-term, as the decrease could spur increased home sales, which had been slowing recently due to affordability concerns.

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

While experts consider the Las Vegas real estate market to be on solid ground overall, it did experience a drop after a considerable amount of time where prices increased and available inventory dwindled. But after a swell of new homes and apartment buildings were put on the market – thanks to the work of numerous developers – the increased inventory and rising prices have resulted in a small decrease in closings. 

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

The market is on much stronger footing today but has slowed considerably this year, after a heated run in 2018 sparked affordability concerns (some of which caused worry that the local cost of living was spiraling out of control). There’s no way to predict whether we’re in the early stages of a crash, but the cooling, at least in theory, could help jump-start home sales — and there are signs that buyer activity has picked up lately. As a result, the growth rate of Las Vegas dropped from its typical first or second place nationally to eighth among 20 cities ranked by S&P Dow Jones Indices.

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

However, experts are seeing this drop in sales – and a resulting drop in prices, coupled with a late-2018 drop in interest rates – as a good thing; it could be a means to an end in terms of sparking new sales as buyers who may have been holding out due to affordability concerns will be willing to finally take the plunge.

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

That hesitation, on the part of buyers, can be understandable; in August of 2018, Las Vegas house prices had jumped 14 percent from the same period of time one year prior, whereas the year-to-year increase from August 2018 to August 2019 was a more manageable 3.3 percent, reports say.

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 Town Home Construction Reaches Highest Point Since Recession

LAS VEGAS, NV – Town houses have reached their highest level of construction in the Las Vegas area since the burst of the Mid-2000’s housing bubble, and that trend looks to continue into the foreseeable future, according to reports.

Local GLVAR listing for a 2-level Townhome with attached 2-car garage at Summerhill Townhomes near Summerlin. By the end of August 2019, there were 974 town home closings in the Southern Nevada region where many are investing in Las Vegas Townhomes. Photo GLVAR.

By the end of August of 2019, there were 974 town home closings in the Southern Nevada region, which accounts for 14 percent of all home closings so far in 2019. This represents a whopping 16 percent jump over the same period one year prior, when that number of closings came in at 840; that time town homes made up 12 percent of closings. 

Despite that upward trend, town homes have yet to reach their pre-recession marketplace peak of 16 percent. However, their continued growth is encouraging, as they have bounced back from a drastic and record low of 1 percent in 2012. Growth since then has been encouraged by legislation passed in 2015 by Nevada State that served to make the legal processes surrounding repairs and litigation involving town home construction more streamlined.

Town homes are attractive to many buyers due to affordability concerns, as increases in land prices from the recent real estate boom in Las Vegas making single-family home ownership more and more expensive (although still far less so in comparison than in many other regions of the United States). The ability to fit more homes – town houses typically consist of attached homes, often one with a small footprint on multiple floors – within the confines of a smaller plot of land enabling developers to keep prices lower per unit than many comparable single-family homes.

Town houses also represent an attractive stop-gap measure to those currently renting who are looking for an alternative means of home ownership – such as young people or the elderly – that combines affordability and cost stability.

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.

Former Las Vegas Home, Surrounding Land of Famous Entertainer Wayne Newton Sells for Over $10 Million

LAS VEGAS, NV – Wayne Newton, known far and wide as “Mr. Las Vegas” for his many years serving as an entertainment headliner, is making news this week as his former Clark County ranch has sold for a whopping $10.53 million, according to reports.

The 36-acre ranch called Casa de Shenandoah, 6629 S Pecos Rd, Las Vegas, NV 89120, is a single family home built in 1952 and has 21,000+ square feet, 3 beds, 4 full and 3 half baths.

Despite the large dollar amounts involved, however, the sale price – which also includes a separate deal for surrounding commercial property – represents a significant drop from the $19.5 million it was purchased for back in 2010, reports say.

The 36-acre ranch – called Casa de Shenandoah – is located at 6629 South Pecos Road and was part of a double real estate transaction where the ranch was purchased for $5.56 million, and 10.3 acres of surrounding property – which contained retail land that catered to tours of the Newton ranch, including a gift shop – for an additional $4.97 million, Clark County records say.

The Newton estate includes a white mansion, an additional six homes, horse stables, tennis courts, and an equestrian pool. Public tours were previously held on the property from 2015 to 2018.

The sales were made by ICSD LLC, which purchased the ranch in June 2010 from Newton with failed plans of turning it into a tourist attraction. The buyer was Harsch Investment Properties; currently, there are no publicly-disclosed plans as to what Harsch’s plans are for the property.

Wayne Newton, now 77, is a world-famous singer and entertainer and one of the best-known entertainers in Las Vegas, where he is known by the nicknames The Midnight Idol, Mr. Las Vegas and Mr. Entertainment. His most well-known songs include “Daddy, Don’t You Walk So Fast,” “Years,” and “Red Roses for a Blue Lady.” His signature song “Danke Schoen” was famously-used in the soundtrack for the film Ferris Bueller’s Day Off.

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 House Prices Continue to Rise; Phoenix Shows Fastest Growth Overall, However

LAS VEGAS, NV – While the growth of home prices on the real estate market has slowed as of late after a period of massive growth, Las Vegas is still outpacing the vast majority of large cities in the county; that is, except its neighboring city of Phoenix, Arizona, according to reports.

The current growth of the Las Vegas real estate market is seen as more sustainable, according to experts, many of whom were worried that the previous rapid growth the city was experiencing would soon affect the region’s much-touted affordable cost of living. Photo: Pixabay.

In Southern Nevada as of July 2019, median home prices have been recorded as increasing 4.7 percent since the same period in 2018; this runs in direct contrast with the national average of 3.2 percent, reports say.

However, Phoenix has jumped in the rankings, showing a 5.8 percent gain year-over-year for the second month in a row. Previously, Las Vegas had occupied the top of the price growth list for a full year; for the past two months, it’s had to settle for number two on that list, a no less impressive distinction.

Currently, the median price of a single-family home in Las Vegas is $305,000 as of September, which represents a 3.4 percent increase over the same period of time in 2018. Growth is still there, although demand has decreased as developers have addressed the city’s rampant housing shortage brought on by a booming economy and an influx of out-of-state transplants looking for good jobs. The number of homes on the market is slowly increasing, which is helping to stabilize the formerly skyrocketing rate of growth for new home prices in the region.

In contrast, the median sales price of a single-family home in Las Vegas in August of 2018 represented a 13.5 percent increase over the same period in 2017, reports say; a massive jump, indeed. 

The current growth of the Las Vegas real estate market is seen as more sustainable, according to experts, many of whom were worried that the previous rapid growth the city was experiencing would soon affect the region’s much-touted affordable cost of living.

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 Caesars Rio Hotel Sold to New York Based Real Estate Group for $516 Million

LAS VEGAS, NV – According to reports, the Rio All-Suite Hotel and Casino in Las Vegas, Nevada has been sold by Caesars Entertainment to a real estate investment company for $516.3 million.

Multiple sources are saying that Caesars Entertainment has agreed to sell the Rio All-Suite Hotel & Casino to a New York-based real estate group. Photo: Scripps TV Station Group.

The buyer, controlled by the firm Imperial Companies, has agreed to acquire the Rio Casino-Hotel, which is located on the famed Las Vegas Strip. Under the terms of the announced agreement, Caesars will still operate the hotel/casino for at least the next two years, paying the new owners $45 million a year in rent. After two years, Caesars retains a $7 million option to continue managing the property for an additional year; further years of management are also possible after the expiration of the lease as well, according to the agreement.

Caesars CEO Tony Rodio noted in a released statement that the move to sell the Rio would enable the company to concentrate on their many other holdings in the Southern Nevada region and beyond.

“This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties and is expected to result in incremental EBITDA at those properties,” he said.

Caesars Entertainment Chief Executive, Tony Rodio

First opening its doors for business on January 15, 1990, the Rio was the first all-suite resort in the Las Vegas area. It was named after the city of Rio de Janeiro and is influenced by Brazilian culture, and is the host casino for the World Series of Poker.

The hotel towers are covered in blue and red glass. The Rio hotel’s 2,522 suites range in size from 600 to 13,000 square feet and have floor to ceiling windows. There are several private villas on the property for high-rollers. In addition, the complex includes a wine cellar that has more than 50,000 bottles. The Rio Pavilion convention center has a total of 160,000 square feet of space. A Race and Sports Book is also available.

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.

Derek Stevens, Noted Casino Owner, to Build Downtown Las Vegas Warehouse

LAS VEGAS, NV – Derek Stevens – noted owner of several high-profile Las Vegas casinos, including D Las Vegas and Golden Gate and developer of the under-construction Circa Resort & Casino – recently announced his plans to build a warehouse near the downtown area to service his hotels, according to reports.

The warehouse would be built in a vacant lot at the northeast corner of Bonanza Road and Main Street and is slated to be 62,976 square-feet in size. Image via Google Street Views.

The warehouse, whose project plans have been approved by the Las Vegas City Council, would be built in a vacant lot at the northeast corner of Bonanza Road and Main Street and is slated to be 62,976 square-feet in size.

The lot, previously empty for an extended period of time, was the former home of the Nevada Biltmore Hotel in the 1940’s. It has remained in disuse since then, with an attempt to build a $135 million, 296 unit condominium complex there in the mid-2000’s never coming to fruition due to the recession; Stevens later acquired the property through foreclosure.

The warehouse, according to reports, would be used primarily to service Stevens’ currently-in-construction Circa Resort & Casino, a 777 room hotel that is expected to open in December 2020. The warehouse would also service other hotels that Stevens owns in the downtown area. 

Ground is expected to be officially broken on construction by April of 2020. The project’s general contractor has been announced as being Tré Builders, and efforts have been made to open up channels of discourse with neighboring residents of the project in order to get feedback from them.

According to reports, some of local residents are unhappy with the impending warehouse and its planned aesthetics, claiming that it will have a negative impact upon them. 

Others, however, have been supportive of the warehouse project, noting that the vacant lot is currently home to many undomiciled people.
Attempts to placate neighbors of the project include numerous design elements that will reportedly enhance the visual appeal of the warehouse, including cypress trees, wall vines and a mural.

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 Valley Boy Scout Camp May Convert to Luxury Homes

LAS VEGAS, NV – The Boy Scouts of America Las Vegas Area Council’s camp, located in Mount Potosi near the Las Vegas Valley, will soon have 1,150 acres of land converted into luxury homes if a local commercial brokerage’s asking price of $90 million is met by an interested developer, according to reports.

The location has operated as the Spencer W. Kimball Scout Reservation for over 60 years, but a recent decision has lead to their decision to market the property for potential sale. The current asking price of $90 million comes out to just over $78,000 an acre.

Brokerage firm Newmark Knight Frank is put out a press release advertising the sale of the land – known as the Spencer W. Kimball Scout Reservation – is situated at an elevation of 5,800 feet and is currently ripe for development. The release notes that the land could accommodate approximately 1,250 units, ranging from single-family homes located on 3-acre lots as well as attached town houses and condominiums.

The land offers a great chance for an enterprising entrepreneur to take advantage of the current skyrocketing economic climate in the Southern Nevada region with such an investment, according to Newmark Knight Frank executive managing director Curt Allsop.

“The Mount Potosi Canyon Road land offers an extraordinary opportunity for developers, as the potential acquisition of 1,150 acres of contiguous land in one transaction has not existed in Las Vegas for many years,” he said in the firm’s statement. “Located just outside of Las Vegas in a striking natural environment offering unequaled views, the site’s remarkable attributes, combined with the traditional price points of a master-planned community will allow for luxury living without the luxury price tag.”

The Boy Scouts of America Las Vegas Area Council has operated the Spencer W. Kimball Scout Reservation for over 60 years, but a recent decision by the council in regards to their resource and financial management has lead to their decision to engage the services of Newmark Knight Frank to market the property for potential sale. The current asking price of $90 million comes out to just over $78,000 an acre.

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.