Category Archive : Real Estate

LAS VEGAS, NV – The long-gestating Fontainebleau resort project – located on the northern part of the famed Las Vegas Strip and originally scheduled to open in 2009 – has finally commenced on construction after it was re-acquired by its original developer following changing hands several times over the years.

Jeffrey Soffer, chairman and CEO of Florida-based Fontainebleau Development, is still surprised that another developer didn’t finish what he began in the 12 years since he put the brakes on the nearly-3,800-room, $2 billion development due to lack of funding, despite it already being 75 percent completed.

“I saw the articles over the years that it should be torn down, crazy stuff like that,” Soffer said in a recent interview. “The building itself was very well-built as a physical structure. It’s in pristine shape.”

However, this week Soffer was involved in the groundbreaking ceremony with numerous local dignitaries and politicians, such as Nevada Governor Steve Sisolak and various Clark County officials. After a prolonged delay, the Fontainebleau is finally on-track to be completed and open for business by the fourth quarter of 2023, with Soffer declaring that he will finally “finish what I started.”

Soffer reacquired the Las Vegas project in February in partnership with Koch Real Estate Investments.

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first envisioned in 2007, and will consist of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants and other amenities. Once completed, the project will provide approximately 6,000 full-time employees, which will greatly add to Las Vegas’ blossoming job market.

Parts of the original design that are being jettisoned include condominium units and a significant reduction of the originally planned 245,000 square feet of retail space. In addition, a 20,000-square-foot attraction on Fontainebleau’s roof – originally slated to open upon completion of the project – will instead debut within the next two years, Soffer said.

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 Russell Apartments, a 241-unit garden-style apartment community in West Las Vegas, has been purchased by a California-based firm that is making its first foray into the Southern Nevada real estate marketplace.

SB Real Estate Partners reportedly paid $67 million for The Russell Apartments, which was 98 percent leased at the time of the sale. SB has announced that they intend to invest an additional $2 million for renovations and upgrades into the property, located at 9620 West Russell Road, with plans to re-brand it as “Portola on Russell.”

Planned renovations to the property include improvements to apartment interiors, common areas, and the facility’s exterior.

The Russell Apartments features one, two, and three-bedroom apartments, in addition to an array of upper-scale amenities, such as a resort-style pool area with a pool-side cabana, barbecue grills, lounge seating areas, a fitness center, dog park, playground, sand volleyball court and a putting green.

SB Real Estate Partners have stated that upon completion of the proposed renovations, the apartment community will be able to compete with higher-end rental complexes in the Las Vegas valley, while offering a lower-than-average price point for rent.

As California residents have been fleeing the state due to ever-increasing taxes and unsustainable living costs, Southern Nevada has seen new additions to its population on a regular basis due to it’s much more reasonable living expenses when compared to its neighboring state to the west.

In addition, the prominence of remote working during the COVID-19 pandemic – especially when it comes to the tech industry – has also been driving up Nevada’s population as well in the past year, and due to these realities, SB Real Estate Partners noted that it was time for them invest in the Las Vegas real estate marketplace.

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 – Vegas, long thought of as one of the most cost-effective and affordable places to live in the United States, will likely hold onto that distinction for quite some time to come. However, at least one aspect of that impressive reputation has been starting to unravel in recent months, with a report indicating that Southern Nevada’s ultra-competitive home prices are now increasing faster than the national average, leading to many being priced out of the market.

The dependence that Las Vegas has on tourism as one of the main driving forces of its economy has always resulted in an ebb-and-low over the years, and the region’s housing market has been just as vulnerable to those variations in activity.

Over the past 20 years, real estate has hit extreme lows and highs, and currently Las Vegas is in the midst of yet another high, thanks mainly to a rapidly-recovering economy, low inventory, and very low borrowing costs that have enabled home buyers to get the very most for their money.

Similar circumstances have taken hold across the country – home prices have increased nationwide overall – but currently there is nowhere it is quite as acute as it currently is in Las Vegas, according to a new report.

The recently-released S&P CoreLogic Case-Shiller index show home values in Nevada increasing at rates far outpacing the national average; prices in Southern Nevada were up 23.8 percent year over year in August, which represents a much bigger overall jump than the national average of 19.8 percent.

In contrast, August 2020 home prices in Nevada had only increased 4.7 percent year over year, whereas the national average was 5.8 percent, the index notes.

Of course, it should be pointed out that home prices in times of economic hardship have also tended to hit Nevada harder than many other parts of the country as well. During the mid-2000’s recession, home prices in Las Vegas had plunged almost 33 percent year over year; nationally, however, the worst drop by home prices was seen in early 2009, which was just shy of 13 percent.

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 – Less than one year after purchasing the property, legendary KISS rock-and-roller Gene Simmons has listed his luxury home overlooking the Las Vegas Strip for $15 million, which is over $4 million than what he originally paid for it back in May of this year.

Simmons had previously purchased the two-story, six-bedroom, 10,871 square-foot residence at 7 Talus Court, in Henderson for $8.2 million, with the 72 year-old rocker – also known on-stage as “The Demon” – also purchasing the adjacent .48-acre parcel of land for $2.6 million, for a total of $10.8 million.

Of course, the fact that Simmons is already selling the property – so closely after having plunked down a significant amount of dough to acquire it to begin with – begs the obvious question of “why?” However, the answer – which Simmons recently gave during an interview with the Wall Street Journal – is actually more mundane than one would have expected.

“They’re not fans of 115-degree weather,” Simmons said of his wife, model Shannon Tweed, and their two adult children. “How many houses do you need anyway?”

County records show the property has six bedrooms, six full baths, two half-baths, a pool, 3,963 square feet on the first floor, 3,882 on the second floor, a finished basement of 3,026 square feet and basement garage of 2,284 square feet. However, the home has remained largely unused since the purchase.

In a separate interview with the NY Post in March, Simmons noted that he was also parting with his long-time Los Angeles home in favor of a “quieter life” in the form of a 12,000 square-foot mansion in Lake Tahoe, isolated from the public on an extensive four acres of land.

“We are moving out of LA for a number of reasons: one of which are the tour buses. After a certain point, we have had enough of that, even though we appreciate the attention,” Simmons said. “I’m done. There are earthquakes, fires and pandemics every year. Even though there is nice sunshine, I’m done.”

Simmons also noted that that California has become “inhabitable” due to its insanely-high tax rates.

Editors Note: Photo shown is Simmons and his wife Shannon Tweed arriving at the 2011 American Music Awards at the Nokia Theatre in downtown Los Angeles. File photo: E Jaguar PS, Shutter Stock, licensed.

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 – Ely at The Curve, a 456-unit apartment complex located in the Spring Valley suburb of Las Vegas, has been purchased by Chicago-based LaSalle Investment Management from previous owners, The Calida Group, for $155.6 million.

Ely at The Curve, which offers easy access to not only the Las Vegas Strip, the greater Las Vegas Valley, and Downtown Las Vegas, but also several office and retail complexes, making it an ideal place to live for those looking for an apartment that is close to both business and entertainment options.

Situated at 6355 South Riley Street, Ely at The Curve was originally constructed in 2010 and offers one and two-bedroom apartments that come in at an average size of 945 square feet. The units offer a variety of attractive amenities for tenants, including walk-in closets, stainless steel dishwashers and high ceilings with crown molding.

In addition, there are two swimming pools, private cabanas, a clubhouse with coffee bar, a fitness center, and an outdoor lounge with fireplace. Ely at The Curve is located in a prime location in the Las Vegas Valley and looks to be an attractive option for professionals who have moved to the city amid the remote-work craze born out of the COVID-19 pandemic.

With the Las Vegas economy rebounding faster-than-anticipated after the end of mandatory business lockdowns, rental units in the heart of the city have proven to be an attractive – and highly-sought after option for those looking for new transplants to Southern Nevada.

Investors have been extremely active in the Las Vegas marketplace recently, with a number of high profile apartment sales having taken place as of late. In April, an unnamed buyer purchased three properties for $182 million from Tower 16 Capital Partners; in July, The Bascom Group also purchased three-properties for $72 million; and in August, TruAmerica Multifamily purchased Vida, a 252-unit building located near the Las Vegas Strip.

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 – Infill housing – the insertion of additional housing units into an already-approved subdivision or neighborhood – has been increasing in the Southern Nevada real estate marketplace, with the newest example being Casa Bella, a housing development currently being built in the Las Vegas Valley.

The new development, with is under development in the middle of the valley near Boulder Highway and U.S. Highway 95 on the east side, will be made up of energy-efficient homes that will range in size from 1,500 square feet to 2,500 square feet, and can feature as many as five bedrooms.

Since it is considered infill housing, the 70-lot project is being constructed on an 8-acre vacant plot of land located in an established community comprised of older homes. As a result, the architectural style may clash with the established neighborhood, although the developer is confident that the modern features – and especially the affordability – of the new homes will mean that buyers will likely not mind this aesthetic issue, or the project’s vicinity to a busy expressway.

As opposed to the median price of an existing home in Las Vegas, which is $406,000 as of September, the homes in Casa Bella start at an extremely attractive $290,000, and will feature amenities such as covered front porches and granite kitchen countertops.

Already, half the homes in the community have been sold, the developer says, which is clearly supporting the recent new – and still rare, but gaining in popularity – trend in Vegas of building small housing developments in areas of the Valley where the land is still relatively cheap, which could go a long way to addressing affordability concerns expressed recently by many buyers in response to rising home prices.

However, the concept of infill housing still faces steep challenges, as the remaining land for development in the Las Vegas Valley is finite and deceasing all the time, causing some to lobby for the release of additional federal lands in Southern Nevada where new homes could be built.

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 – TruAmerica Multifamily, a Los Angeles-based multifamily investment firm that specializes in the acquisition and renovation of large class B apartment properties across the United States, recently announced the acquisition of several rental properties across the country, including a garden-style community in Las Vegas, Nevada.

TruAmerica stated that they have “increased their footprint” in Las Vegas; Tampa, Florida; and Salt Lake City, Utah, with Co-Chief Investment Officer Matthew Ferrari referring to these regions as being “among the most fundamentally sound multifamily markets in the U.S. exhibiting solid wage, population and employment growth.”

“Much of this is due in large part to the migration of corporations and families that follow them to these lower-cost-of-living states,” he said.

The purchases among these three states, TruAmerica announced, come to a total of $209 million, and account for a combined total of approximately 1,000 apartment homes, with Nevada, Florida, and Utah now representing about 25 percent of TruAmerica’s entire real estate portfolio. The company has plans to invest heavily in these properties – especially Nevada, which has experienced skyrocketing growth in its local economy and real estate market as of late – with improvements currently in the works to interiors, exteriors and amenity spaces.

Since its founding in 2013 by real estate investor Robert E. Hart, TruAmerica has acquired and/or manages a portfolio of more than 45,000 apartment units valued at roughly $10 billion, located in California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida, Georgia, North Carolina, Massachusetts, Tennessee and Texas.

TruAmerica largely focuses on investing in and renovating older mid-level or “Class B” garden style and midrise apartment communities. In its first years of existence, TruAmerica focused on investments in major metro areas throughout the western U.S., with Las Vegas counting among the earliest cities that the company has put extensive amounts of money into.

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 – Home prices in Las Vegas set yet another record in September, all while several experts have noted that the skyrocketing real estate prices in the Southern Nevada region are finally showing signs of beginning to stabilize.

The median sales price of previously owned single-family homes, which accounts for the majority of the home sales in Las Vegas, hit a record $406,500 in September, which represents a 0.4 percent increase from August and a whopping 20.5 percent jump from the same period of time last year, reports say.

3,209 houses were purchased in September, which is a virtually identical number from August but a 1.9 percent decrease from September 2020. Inventory of available homes on the market increased slightly last month, but still hovered at levels well below what was available last year.

At the end of September, 3,463 single-family houses were on the market without offers, representing an increase of 6.4 percent from August but a decrease of 27.8 percent from September 2020.

The real estate market in Las Vegas has essentially been supercharged over the past year, with the city bouncing back far quicker than anticipated after the economic impact of the COVID-19 pandemic resulted in lost jobs due to extended lockdowns of businesses.

A fast-recovering economy, low-cost home loans, high demand and low inventory have resulted in rapidly accelerating housing prices – with intense competition often driving buyers to pay more than the asking price – that had some worrying about affordability issues, with the median sales price having increased by over $100,000 since January 2020.

However, experts have also noted that while records are still being set, increases have been gradually slowing going up by smaller and smaller amounts but recognizing that pricing trends seen before the pandemic may soon become the norm, especially as developers work diligently to address demand for affordable housing and rental options.

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 estate of Tony Hsieh has put the late Zappos CEO’s 1970’s-style Las Vegas estate on the market for a whopping $2 million, following the recent news that much of his Las Vegas real estate empire has been listed on the open market by his family, totaling nearly 100 properties throughout the downtown area.

Hsieh had passed away in November at the age of 46 due to injuries suffered in a Connecticut house fire and had no will before his death, reports say.

For two decades, Hsieh – who was worth hundreds of millions of dollars at the time of his death – headed up retail giant Zappos before selling it to Amazon in 2009 for over $1 billion; he later retired as CEO in August 2020. He is also credited for having pledged $350 million to the renovation and revitalization of Downtown Las Vegas.

Scotch 80s, the neighborhood where Hsieh’s former estate is located, was originally developed in the 1950’s and 60’s, and was known for its elaborate luxury homes.

Hsieh first purchased the 14,336 square-foot Scotch 80s residence in 2012 for $1.5 million shortly after his Amazon sale. The estate – originally constructed in 1977 – 1250 Shadow Lane still retains its original charm and design aesthetic, and features seven bedrooms, 15 bathrooms, and is noted for its huge, open-design living spaces and dormitory-style bedrooms. In addition, it also boasts an apartment situated above the garage and several additional bedrooms in a separate carriage house.

Hsieh clearly had no issues entertaining guests in the estate’s large in-ground pool and golf putting green, or wowing them with the home’s many amenities, such as crystal chandeliers, large columns, fleur de lys embellishments, delicate stained-glass windows, and gold leafing.

In addition to his Las Vegas estate, Hsieh also spent a great deal of time living in a 240-foot Airstream trailer he had developed, located in Las Vegas’ downtown, as well as Park City, Utah, luxury home.

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 – It’s not every day that you get a car thrown in at no-cost to sweeten the deal when you purchase a home, but that’s the plan that was announced by developer Livv recently, who intends to construct two new housing communities in the Las Vegas area whose residences will all come with free Tesla electric cars.

The communities, which are slated to be built in Henderson and the southwest valley, are to be comprised of luxury “smart” and “sustainable” homes, and to that end Livv has stated that each buyer will receive a Model 3 Tesla electric car, each with a retail value of $40,000.

Livv – which constructed Las Vegas Raiders head coach Jon Gruden’s Southern Highlands new $4.3 million home – has stated that the Henderson project – dubbed “Neo” – will break ground in the fall of this year, whereas the southwest valley project to be known as “Magnus” will have work commence upon it in 2022.

Neo will be developed upon 60 acres in the vicinity of MacDonald Highlands, southeast of Horizon Ridge Parkway and Stephanie Street. Plans call for the guard-gated community to be comprised of 84 homes when completed; home prices will begin at $2.3 million and go up as high as $4 million.

The one-and-two story homes in Neo will be semi-customized for the buyers, will offer unobstructed views of the Las Vegas Strip and mountains, and will range in size from 3,600 square feet to 5,000 square feet with three-to-four bedrooms. In addition, each house will have an either three-or-five car garage as well.

Seven floor plans will be available for buyers to choose from after they plunk down the required $25,000 deposit, and selectable interior designs will range from “Euro chic, bohemian and ultra modern.”

The plans for Magnus have yet to be finalized, but the community will be located on 27 acres in the southwest valley, and 94 semi-custom homes are anticipated, ranging in price from $1.3 million to $2.8 million.

Livv has a wide array of projects on their plate, currently with 12 housing communities in the works throughout the world.

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 – New York-based private equity firm Blackstone has entered into an agreement with MGM Resorts International to sell operations of The Cosmopolitan, the Las Vegas-based luxury casino and hotel on the Las Vegas Strip, for $1.625 billion. In addition, the hotel and casino’s real estate assets are being purchased by the Cherng Family Trust – which was set up by the owners of the fast-food chain Panda Express – for over $4 billion.

The total sale, valued at $5.65 billion, was announced on Monday; 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.

Two years ago, Blackstone had attempted to sell the Cosmopolitan for a $4 billion asking price, but found no takers. They put the resort back on the market again this month, now seeking at least $5 billion, and this time it didn’t take long for a buyer to snag the iconic establishment.

The Cosmopolitan opened its doors for business in 2010; it was later sold by owner Deutsche Bank AG to Blackstone in 2014 for $1.73 billion, who then put $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.

The transaction is expected to close in early 2022, at which time MGM Resorts International will assume the operations of the resort going forward.

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 mansion of Scott Gragson – a Las Vegas-based real estate broker who is currently serving time in prison in connection with a fatal drunk-driving accident – has been listed on the rental market, for the whopping price of $50,000 per month.

The mansion, located at 5 Promontory Ridge Drive in The Ridges – a wealthy master-planned community in Summerlin – is described as a “desert contemporary masterpiece,” comes in at 10,621 square-feet in size, is fully furnished, and features six bedrooms.

The residence also features a number of posh amenities for its tenant, including clear views of the famed Las Vegas Strip, a private movie room, a guest house, a gym, and a basketball court.

If security is a concern, the mansion also has a a series of two gated entrances with a guard on-duty.

Gragson, 55, had been arrested on May 30, 2019, after he had been involved in a drunk-driving crash in The Ridges that left Melissa Newton, a 36-year-old mother of three, dead. Gragson pleaded guilty in February 2020 to one count of DUI resulting in death and one count of DUI resulting in substantial bodily harm and was sentenced to eight-to-20 years in prison.

In addition to the prison term, Gragson had also reached a settlement deal to pay restitution to Newton’s family in the amount of $21 million; he would pay $12.8 million, and his insurance company would pay the remaining $8.2 million.

Additional settlements were also reached with the surviving passengers of the vehicle – Greg Tassi and Christie Cobbett – although the amounts of those have not been publicly revealed. A third passenger, Christopher Bentley, is set to begin his civil suit against Gragson this November.

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.