Category Archive : Real Estate

LAS VEGAS, NV – Las Vegas is one of the most coveted marketplaces in terms of office space in the United States, as a new report currently ranks the city as number two in the country when it comes to the lowest amount of office vacancy.

The City of Las Vegas is experiencing its lowest office vacancy rates in over 15 years, according to the Avison Young’s Third Quarter Office Market Report, which notes that the city’s office market has bounced back from the COVID-19 pandemic and recovered 73.1 percent of its occupancy numbers.

In the third quarter of 2022, Vegas had an office vacancy rate of just 12.7 percent, with $234 million being invested in the office market, the highest level since just before the pandemic. The average office rental price was approximately $315 per square-foot, a bump up from the previous average of $299 per square-foot in the second quarter of 2022.

Avison Young – which ranked Charleston, South Carolina at the number one office marketplace in the country, with Nashville, Tennessee coming in third – said that the factors that landed Vegas in the number two spot included a lack of inventory in a hot job market, ensuring that business rents should continue to increase if the country does not enter a recession.

“Rent growth should continue, but concerns surrounding a potential recession and rising interest rates could act as potential headwinds,” Avison Young reported. “The Summerlin and Southwest submarkets are on track to garner office sale prices starting in excess of $400 per square foot over the next few years. Companies and employees alike want to live and work in these desirable suburban Vegas communities.”

North, Southwest, and West Las Vegas currently have the highest average office rents in the Southern Nevada region.

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

LAS VEGAS, NV – Las Vegas’ M Resort Spa Casino is currently in the process of adding a second tower to their property that will effectively double its size, with the cost of the new addition totaling in the amount of $206 million.

M Resort Spa Casino is a boutique hotel, spa, and casino in Henderson, which is owned by Gaming and Leisure Properties and operated by Penn Entertainment. The property currently includes a large casino and a 16-story tower with 390 rooms, and is located eight miles south of the Las Vegas Strip, making it the southernmost casino in the Las Vegas Valley.

Once completed – the timeline of which has not yet been announced – the new tower will add an additional 384 rooms, bringing the M Resort’s total to 774 rooms and suites. Along with the new rooms, the project will also create expanded meeting space and current amenities will be updated as well.

M Resort Spa Casino originally opened on March 1, 2009, amid the Great Recession; in 2010, Penn National Gaming – now Penn Entertainment – purchased $860 million in debt that the resort owed, before taking over complete ownership of the property in 2011.

Penn CEO Jay Snowden said in a press release announcing the new tower that “strong demand” prompted the decision to expand the resort, as well as their successful partnership with the Las Vegas Raiders football team, which now rents out the hotel before games.

“At the M Resort, the addition of a second tower will benefit from the strong demand in the Henderson locals market while providing additional capacity for the group business that is drawn to our market–leading resort and amenities, including our highly successful partnership with the Las Vegas Raiders” Snowden said.

The M Resort features 92,000 square feet of gaming space, including 1,900 slot machines, 64 table games, 14 poker tables, and a race and sports book.

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

LAS VEGAS, NV – After dropping for three straight months in a row, prices of houses in Las Vegas held their ground in September, signaling that the market may be re-gaining a foothold and achieving a new measure of stability, experts say.

As it was in August, the median price for a pre-existing one-family home in Southern Nevada was $450,000; that price represents a 10.7 increase from the same period of time in 2021 – when that price was $406,500 – but nonetheless represents a drop from the region’s all-time high of $482,000, which was originally set in May.

But while home prices held steady in Las Vegas in September, the median price for condominiums and townhouses increased over the previous month by approximately two percent, coming in at $270,000; this represents an increase of over 17 percent year-over-year, but still down from May 2022, when that price hit its all-time record of $285,000.

In September, there were over 8,100 single-family homes listed for sale without any offer, which was an increase of over 134 percent when compared to September 2021; the number of condos and townhouses available are up over 194 percent year-over-year as well.

A total of 2,554 existing homes, condos and townhouses were sold in September; those sales numbers, according to Las Vegas Realtors president Brandon Roberts, indicates that Southern Nevada currently possesses a nearly four-month supply of properties for sale.

“It’s interesting to see local home prices level off, at least for now. Home prices and sales had generally been declining since mortgage interest rates started rising,” he said. “The good news for buyers is that it has been at least three years since we’ve had this many homes available for sale.”

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

LAS VEGAS, NV – A lavish mansion located in Summerlin’s Tournament Hills community has just gone on the market for nearly $9 million, featuring many unique amenities, not the least of which being an indoor shooting range.

The $8.975 million, 21,835 square-foot residence is situated upon three-quarters of an acre of land, and boasts a mind-boggling 11 bedrooms, 16 baths, a commercial elevator, and even hidden rooms. Marble and granite flooring abound, and the 27-foot ceiling in the foyer provides astounding acoustics for music-playing; it is the perfect accompaniment to the home’s Savant System, which provides music throughout the entire residence.

The kitchen – which is hotel restaurant quality – proves to be no less impressive, with extensive cabinetry; two dishwashers; a trash compactor; two Dacor ovens; two Scotsman ice makers; and multiple refrigerated, freezing, and warming drawers. The appliances are stainless steel with Viking hood commercial fryer, a Hobart commercial dishwashing station, commercial Besam automated doors, a commercial refrigerator, and a dishwasher.

8920 PLAYERS CLUB DRIVE, LAS VEGAS – $8,975,000.00

The house also has a 46-foot-by-20-foot professional gym with mirrored walls, wood flooring, three televisions, and state-of-the-art equipment. There is also a game room and a sound-proofed home theater with 15 reclining seats, surround sound, and a Rincon Projector. The bathroom in the master bedroom bath features a dry sauna, Jacuzzi tub, dual sinks, dual vanities and dual toilets; in addition, there is a secret passage in the walk-in closet.

However, the main draw of the property has to be the indoor shooting range, which is located in a hidden room with rubber-coated walls to capture lead dust – the range is designed for no-lead emission – and can accommodate up to 50-caliber handgun ammunition. The target’s distance can be adjusted with an electronic system.

It is currently unknown if the home – which has only just recently been listed on the market – has received any offers as of yet.

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

LAS VEGAS, NV – A home recently sold in Las Vegas’ northwest valley for the impressive sum of $4.65 million, but what’s even more impressive about this residence than the price is the fact that it uniquely caters to automotive enthusiasts, including a “super garage” custom-built by the previous owner of the property.

Mike Williams – the founder of Battle Born Steel, Las Vegas-based structural steel company – purchased the home and the property on which it stands in 2021 for $2.1 million. Williams then set out to renovate the one-story residence into the ultimate home for automotive fanatics and then sell it, something he has done three times already to date.

“This is the third home where I have gone in and redone it to my liking, which I think people are liking these days,” Williams said. “We did all the design with no architectural team and it was done by my wife, Athena, and I. But now, it’s time for another project. That’s what we do. We make it about a year or two years on the property and go see something else out there in the market, and that’s what we are venturing to see, now.”

The highlight of the residence is a massive 5,000 square-foot four-bay garage and workshop that can accommodate up to 22 cars; the facility also houses a “man cave” featuring air conditioning and a fully-stocked bar. Situated outside of the garage is a mini motocross track for dirt bikes, another pastime of Williams and his family.

The other side of the home takes the form of a 6,043 square-foot contemporary Tuscan-inspired mansion specifically designed for entertaining guests, offering five bedrooms, six baths, an additional six-car garage, two outdoor movie theaters with sunken wraparound seating, a fireplace and patio, pool and spa, basketball court, lounging areas and an outdoor kitchen.

Having sold the property, Williams said that he has now set out to find yet another home to renovate in line with his vision, for what will be the fourth time in a row.

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

LAS VAGAS, NV – With mortgage rates going over 6 percent for the first time in 14 years – with the last instance of this occurring during the Great Recession of 2008 – prices of many homes on sale in the Las Vegas real estate market have begun to lower in response, experts say.

The situation is causing some degree of confusion among prospective Vegas-area homebuyers, as many are unsure of what to do; should they wait to make a purchase until mortgage interest rates go down, or would they end up doing themselves more harm than good if that gamble fails to pay off?

However, experts are saying that those who are interested in buying a house should act now and lock in an interest rate, since the fact that home prices are dropping should serve to offset the amount that your monthly payment would be going up. For example, if a homebuyer were to wait and interest rates go up another half-percent, they would find themselves with a much higher monthly payment than if they had purchased a home that cost as much as $10,000 to $20,000 more.

Those in the know are also noting that higher mortgage interest rates may actually cause a reduction in the amount of homes available on the market, as there are not only fewer buyers, but also fewer sellers, with more people taking a “wait and see” approach to listing their homes until circumstances improve.

But real estate experts are saying they anticipate the issue to have less of an impact in Southern Nevada than it will have elsewhere in the nation, given the region’s strong job growth over the course of the last year, as well as the resurgence of the hospitality industry following the COVID-19 pandemic. The area’s low taxes and relatively affordable housing when compared to many other parts of the country are also still serving to drive interest in moving to Las Vegas.

Those factors, along with belief by some that mortgage rates may come down sooner rather than later, will ensure that Las Vegas will remain a competitive and attractive housing market for years to come.

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

LAS VEGAS, NV – The housing market in Las Vegas, once completely on-fire and breaking records left and right, has now just experienced yet another month of cooling as prices of homes have continued to drop for the third month in a row.

In August, the median sales price of previously owned single-family homes – which makes up the majority of the market in Southern Nevada – was down 3.2 percent to $450,000, which represents a $15,000 drop from the previous month.

However, all is not grim; despite the drop, home prices are still 11.1 percent higher year-over-year, but the decrease is still raising eyebrows due to the fact that – prior to three months ago – prices consistently increased month-to-month for over two years.

In addition, sales overall in the Las Vegas marketplace have decreased as well amid higher mortgage interest rates, high home prices, and national inflation hitting a 40-year high. 2,002 single-family homes sold in August in Southern Nevada, which was a drop of 3.1 percent from the month before; also, the end of August saw 7,997 houses were on the market without offers, an increase of 9.1 percent from July.

This isn’t a situation that is unique to Las Vegas, as currently homes in the United States are now selling below their asking prices for the first time in 18 months, whereas previously cheap mortgage interest rates during the pandemic had fueled a slew of homes sales and – as a consequence – that demand drove home prices to skyrocket.

But due to a series of rate increases on behalf of the Federal Reserve in an effort to curb inflation, those low-cost mortgages are now becoming a thing of the past; in August, the average rate on a 30-year home loan was 5.22 percent, as opposed to being just 2.84 percent in August 2021.

However, according to Zillow senior economist Nicole Bachaud, despite the drop in home prices and purchases as of late, sales overall are “still up substantially from last year,” and, despite not yet being a buyer’s market, “it’s becoming a better time to buy, with more time to consider options and less chance of being dragged into a bidding war.”

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

LAS VEGAS, NV – In what was perhaps a case of seller’s remorse, legendary professional basketball player, actor, and current sports analyst on TNT’s Inside the NBA Shaquille O’Neal has decided to pull his private 1-acre estate in the southeast Las Vegas valley from the open marketplace, a mere two weeks after he first listed it for sale and just one year after he originally purchased it.

Shaq originally closed on the 5,980 square-foot, two-story, five bedroom residence located east of Sunset Park for $1.95 million in July of 2021; according to Clark County records at the time, the buyer was Lester J. Knispel Trust and Chexy Trust, which has been previously utilized for Las Vegas real estate deals by O’Neal.

The retired champion basketballer had originally listed the blue stucco home for $3 million, but the news that his son Shareef had signed a six-figure deal to play for the NBA G League team Ignite – based out of neighboring Henderson – was most likely Shaq’s reasoning for deciding to keep his Las Vegas estate after all.

In addition, O’Neal has heavy business ties in the Southern Nevada region, including co-ownership of Big Chicken sandwich shop east of the Las Vegas Strip.

The estate features numerous high-end amenities, such as multiple seating areas, a fireplace, a formal dining room adorned with an oil painting of Shaq himself, and a first-floor master bedroom hidden behind a secret door. The entire house is filled with a wide variety of basketball-related memorabilia, including multiple trophies and framed photographs.

The backyard – with a private second-floor balcony overlooking it – boasts a brand-new swimming pool and hot tub, golf putting green, built-in barbecue, and poolside casita that can serve as a small guest house.

While O’Neal spends the majority of his time working in Atlanta, Georgia on TNT’s Inside the NBA, he reportedly does utilize the southeast valley residence as a regular abode when not working.

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

LAS VEGAS, NV – The muscle-bound stars of “Australia’s Thunder from Down Under” – an Australian male revue who perform in Las Vegas and tour internationally – are set to star in a new HGTV/Discovery+ cable television series entitled “Flip the Strip,” where they go to various Vegas-based real estate properties to help renovate and/or build them in some manner.

The Nevada Film Office – part of the Governor Steve Sisolak’s Office of Economic Development – shared the content of the application for the series presented to them on August 4 by the producers of show, which states that “Australia’s Thunder From Down Under” has been a “fan favorite for visitors of Las Vegas for decades, and now they’re taking their talents to the construction site to show what they’re made of!”

Currently, it is unknown what sort of work the cast will be engaging in – or if any of them even have any construction experience at all – during each of the show’s proposed six hour-long episodes. However, during each episode – according to producers – camera crews will “follow the guys as they work to transform properties around the Las Vegas area.”

The show is slated to have a budget of $1.6 million, and as part of their application, its producers have asked the city of Las Vegas for approximately $206,000 in tax incentives. The show will be filmed in Las Vegas from September 2022 to January 2023, although no specific filming locations have been revealed as of yet.

“Flip the Strip” will be another in a series of reality TV shows that have been filmed in Las Vegas, including “Flip or Flop Vegas” and “Flipping Vegas.”

In 2001, “Australia’s Thunder from Down Under” officially moved into the Excalibur Hotel and Casino; in 2006, the 400-seat showroom was officially renamed “The Thunder from Down Under Showroom” in their honor, and currently holds 12 shows per week.

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

LAS VEGAS, NV – Hollywood actor Mark Wahlberg, known for starring in a slew of blockbuster movies such as “Transformers,” “Boogie Nights,” and “Pain and Gain,” is currently snapping up real estate in Las Vegas, having just completed his second pricey and high-profile purchase in two months.

In July, Wahlberg had bought a 2.5 acre plot of residential land for $15.6 million in the Summerlin-based The Summit Club, a stylish, private neighborhood catering to affluent families and individuals. Wahlberg followed up with the purchase of a new 7,327 square-foot, two-story, four-bedroom townhome in the very same community earlier this month.

The Summit Club’s website describes itself as a “555-acre extraordinary sanctuary” that is nestled between Red Rock Canyon National Conservation Area and the Las Vegas Strip, located off Town Center Drive south of Flamingo Road. The website goes on to say “The Summit Club is the only private residential lifestyle club community in Las Vegas. Sit back and enjoy five-star amenities, a championship golf course, a robust outdoor pursuits program and unique terrain-to-table culinary offerings.”

The website also notes a plethora of wellness and recreation programs for residents, as well as snacks-laden golf course “comfort stations,” pickle ball and tennis courts that are adjacent to Wahlberg’s new residence.

According to Clark County property records, Wahlberg purchased the townhouse directly from the developers of The Summit Club; in response to media requests for further information, the developer merely said they do not comment on specific transactions in order to safeguard the “privacy of our owners and members.”

However, while the sale appears to have been private, reports indicate that the townhouse was not marketed via any regular listing sites, and The Summit Club’s map on its website merely shows a rendering of the residence and an indication that it has been “sold,” but no specific information on the property is given.

Previously, reports indicated that Wahlberg previously had also nearly purchased a pre-owned Summit Club residence for over $35 million in July, but then changed his mind and bought the vacant plot of land instead, followed by the new townhome purchase earlier this month. It is currently not known what the plans for the vacant plot of land are.

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

LAS VEGAS, NV – The former home of legendary Las Vegas performers Siegfried & Roy is set to be demolished and replaced with an apartment complex, as voted upon by the City Council last Wednesday.

Las Vegas City Council voted 5-1 to build a 334-unit apartment complex on the 12 acres comprising the former estate – nicknamed “Little Bavaria” – of Siegfried Fischbacher and Roy Horn, located in the northwest Las Vegas Valley of Rancho Drive along Rainbow Boulevard. The estate has been unused since the deaths of the two extravagant performers; Horn, 75, passed away in 2020, followed by Fischbacher the following year at the age of 81.

German-American magicians and entertainers, Fischbacher and Horn gained great fame throughout the 1990’s and early 2000’s for their exciting shows at the Mirage Resort and Casino featuring magical illusions and appearances with white lions and white tigers. The duo retired following Horn’s career-ending injury on his birthday on October 3, 2003, when a white tiger used in their act named Mantacore attacked him.

Las Vegas Mayor Carolyn Goodman was the only member of the City Council to vote against demolishing Fischbacher and Horn’s estate, instead suggesting that it should be turned into a park honoring the duo, who were both known for their love and preservation of nature.

Several members of the public at the meeting supported Goodman’s stance as well, but the opposing five members of the City Council were unmoved, with Councilwoman Michele Fiore pointing out that such an undertaking would likely cost upwards of “$30 million,” making it economically unfeasible.

“Unfortunately, there is no reality of a 12-acre park there that we could make or purchase,” Fiore said. “As much as I want to sprinkle fairy dust, I cannot. It can’t be done.”

Fiore did suggest that the eventual apartment complex located upon their estate be named “Siegfried and Roy Place” in honor of Fischbacher and Horn, and that a garden be erected on the property. However, Calida Group – the developer of the upcoming apartment complex – said that naming the building after the entertainers would deviate from the existing naming conventions for their other Southern Nevada properties, but they were willing to work with the Las Vegas City Council to find another way to pay homage to their legacy.

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

LAS VEGAS, NV – Blackstone Inc., a private equity firm based in New York City, confirmed in an earnings report released last Thursday that their sale of The Cosmopolitan of Las Vegas for $5.65 billion – originally announced in September 2021 – was their “most profitable single asset sale ever” in terms of the company’s real estate dealings.

Blackstone had entered into an agreement with MGM Resorts International in 2021 to sell operations of The Cosmopolitan – located on the Las Vegas Strip – for $1.625 billion. In addition, the hotel and casino’s real estate assets were purchased by the Cherng Family Trust, set up by the owners of the fast-food chain Panda Express, for over $4 billion.

As per the deal, MGM Resorts International will run the daily operations of the venue for the next 30 years, with three options to renew their lease once it expires for an additional 10 years each time. MGM will pay the Cherng Family Trust a yearly rent of $200 million, with a yearly increase of two percent for the first 15 years of their lease.

Due to an exemption allowed under a 2007 state law that spares companies from paying tax when property owners transfer real estate to a subsidiary, the Blackstone deal produced no funds in the form of real estate transfer taxes for the city of Las Vegas. This law is essentially a legal loophole that several high-priced resort sales have taken advantage of in recent years, and is an issue that Nevada Governor Steve Sisolak is urging state legislators to address in their next session.

The Cosmopolitan originally opened its doors for business in 2010, and was later sold by owner Deutsche Bank AG to Blackstone in 2014 for $1.73 billion. The firm then put a whopping $500 million into renovating the resort, which features 3,027 rooms, a 110,000 square-foot casino, 300,000 square-feet of retail and restaurant space, a spa and fitness facility, a 3,200-seat theater, and 150,000 square-feet of meeting and convention space.

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