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Category Archive : Real Estate

Beazer

Beazer Homes to Hold Grand Opening for New Community in North Las Vegas Dubbed Acacia Ranch

LAS VEGAS, NV – Atlanta-based Beazer Homes, one of the largest homebuilders in the country, recently announced that they will be holding a grand opening on December 5th for their newest community in the city of North Las Vegas, dubbed Acacia Ranch, according to reports.

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

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

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

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

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

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

Shelter Realty 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.

Bubble

Real Estate Experts Say Las Vegas Buyers Are “Frenzied” With Home Prices “Defying Logic” – May Cause Another Bubble

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

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

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

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

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

Shelter Realty 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.

Real Estate

Las Vegas’ Dwindling Home Supply Feeding Rising Real Estate Prices In Region, Reports Say

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

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

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

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

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

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

Shelter Realty 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.

Real Estate Prices

Single-Family Home Prices in Las Vegas Set Record for Fifth Month in a Row, Despite Pandemic

LAS VEGAS, NV – Despite the COVID pandemic continuing to flare up around the country – and the economic woes that follow in the disease’s wake – Las Vegas has nonetheless managed to set records as home prices have managed to hit all-time highs for the fifth consecutive month in a row, according to recent reports.

October 2020 saw the demand for residences in Las Vegas to continue to climb, with the median sales price of previously-owned single-family homes – which make up the majority of the marketplace – reach $340,000, representing a 0.9 percent increase from September, itself a record-making month for the real estate industry. In addition, jumps in home prices last month saw an increase of 10.8 percent from October 2019, showing that despite the economic impact of COVID still being felt, it hasn’t done much to slow down home prices.

Market inventory is still growing smaller as well, with the end of October seeing only 4,501 single-family homes on the market without offers, a decrease of 6.2 percent from the previous month and a decrease of 37.6 percent from October 2019. 3,225 homes were sold in October, representing a decrease of only 1.4 percent from the previous month but a jump of 11.2 percent from the same time period in 2019.

While negatively affected early on in the pandemic, the Las Vegas housing market bounced back far more quickly than anticipated and has been described as being “on fire” in recent months, due in part to much lower interest rates on loans as of late.

Before the pandemic hit, the record median sales price of single-family homes was $316,000 in February, a milestone that had taken 13 years to reach after the mid-2000’s recession; in mid-2006, right before the market crashed, the record median home price was $315,000.

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.

Airbnb

North Las Vegas City Council Votes to Impose Restrictions on Short-Term Rentals

LAS VEGAS, NV – The North Las Vegas city council unanimously voted to impose restrictions upon short-terms rentals of rooms and homes, such as those rented via Airbnb, including a new rule that requires a $900 a year licensing fee for the privilege of doing so; a fee that is currently the highest in the valley, according to reports.

The vote came after a public comment period – held virtually, due to COVID-19 concerns – where the city council listened to residents who were both for and against the idea of short-terms rentals in their neighborhoods. While some expressed strong opposition to the new restrictions and fees, many North Las Vegas residents expressed dissatisfaction with the number of Airbnb rentals that end up being party houses.

In addition to the annual $900 fee, there will also be a 13 percent transient lodging tax imposed on rentals whose occupants stay less than 30 days; if the stay is over 30 days, the 13 percent tax is waived.

There are also numerous other rules that Airbnb renters must adhere to, such as the installation of noise monitoring equipment, at least $500,000 in general liability insurance, and making sure that all neighbors living within 200 feet of the property are notified that the property is a short-term rental.

Original document: http://www.cityofnorthlasvegas.com/BIS-Ord%203041.pdf

Short-term rentals in Las Vegas have taken off in the last year, and especially during the ongoing pandemic, as it allows homebound families and friends to vacation in a fancy home in a tourist destination while maintaining lodging that adheres to social distancing regulations, more so than most hotels can manage.

However, some rentals have caused issues for the surrounding community, as many occupants typically use the residence as loud and disruptive party houses; hence the strict new rules adopted by the North Las Vegas city council.

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, Nevada

Las Vegas Luxury Home Market Sets Records Despite Ongoing COVID-19 Pandemic

LAS VEGAS, NV – According to reports, the Las Vegas luxury home market is being described as “on fire” by experts, with home sales continuing to set records despite the ongoing COVID-19 pandemic. For example, Noel Lee, 71, the CEO of Monster Inc., recently sold his Henderson home – measuring 11,375 square feet with six bedrooms and nine bathrooms – for $7 million, the third-highest price paid for a residence in the Las Vegas valley in 2020 so far. Lee’s two-story home features two master suites, an office, game room, fitness room, wine cellar, theater, an infinity-edge pool, and a five-car garage.

The other two highest 2020 luxury home sales in Las Vegas were a MacDonald Highlands mansion owned by Paragon Gaming co-founder Diana Bennett for a whopping $11.25 million, and a Summerlin mansion located in The Ridges – a master-planned community – for $10.15 million.

In addition, 96 homes with a closing price of $1 million or higher were made in September alone, setting an all-time one month Las Vegas record. Previously, the record for homes at this price point (or higher) was 74 in May of 2019.

Overall, in September, 502 luxury homes and condos were sold in Las Vegas, representing a 16.4 percent increase over the same month in 2019, when 431 luxury homes and condos were sold. In contrast, the number of single-family homes – in all price ranges – in Southern Nevada are down 5.6 percent from 2019.

Industry experts are noting that the sales of existing luxury homes are bolstering the Las Vegas real estate market as a whole, according to reports; there are currently 160 sales pending in September of luxury homes in Las Vegas with an additional seven months of inventory to spare, further showing that the Sothern Nevada luxury sales market is showing no signs of slowing down anytime soon.

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.

Blue Diamond, NV 89004

Las Vegas Blue Diamond Residence Listed on Open Market for $5.35 Million

LAS VEGAS, NV – According to reports, a residence in the small, unassuming town of Blue Diamond – located 23 miles southwest of Las Vegas – has been listed on the open market for $5.35 million. Originally a mining town founded in the 1940’s and now known for attracting outdoor sporting enthusiasts such as rock climbers and hikers due to its proximity to the Spring Mountains that encircle the Red Rock Canyon National Conservation Area, Blue Diamond is known far and wide as a refuge for those who wish to partake in the wonders of nature.

However, despite the local community being on the small side – there are currently only about 130 homes in Blue Diamond – making the luxury residence located at 4 Montana Court raise eyebrows at its price on the open market.

The 3,249-square-foot, modern-style home features floor-to-ceiling windows that offer views of the Spring Mountains and boasts a plethora of high-tech amenities, such as iPad and smartphone-controlled electromagnetic locks, Crestron-controlled lighting, thermostats, sound and window shades.

home design
The 3,249-square-foot home features floor-to-ceiling windows that offer views of the Spring Mountains and boasts a plethora of high-tech amenities, such as iPad and smartphone-controlled electromagnetic locks, Crestron-controlled lighting, thermostats, sound and window shades.

The home’s design incorporates Corten steel and concrete, which is said to show off a green or brown film on the surface – known as patina – produced by oxidation over a long period. The overall design aesthetic of the property is said to be “zen,” and also features ample amounts of wood and glass, which represents an organic “breathing, living element,” according to Anthony Spiegel, a Realtor with the Ivan Sher Group, Berkshire Hathaway HomeServices, Nevada Properties.

“It’s raw, yet refined,” he said. “What is so cool about this house is that it has a raw element, but is so deeply refined and sophisticated in its architectural and interior designs and materials that were chosen for both.”

The home also features a two-car oversized garage, a master suite located in the lower level, an upper level with a kitchen and living areas and two bedrooms. The name of the owner has not been publicly disclosed.

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 Sign

Median Home Price in Las Vegas Sets Yet Another Record Despite Ongoing Pandemic

LAS VEGAS, NV – According to recent reports, the median price of single family homes in Las Vegas has managed to set yet another record in September 2020, despite the continued presence of COVID-19.

Despite the extraordinarily hard hits that the Southern Nevada tourism-driven economy has taken due to roadblocks presented by COVID, home prices in the region continued their upward climb in defiance of the circumstances, reports say.

The median sales price of previously owned single-family homes, which constitutes the bulk of the Vegas market, reached $337,250 in September, representing an increase of 0.7 percent from August, a month in which a previous record was established. In addition, the amount represented a jump of 8.8 percent from September 2019.

The volume of sales was impressive as well, with 3,270 being sold in September, an increase of 12.4 percent from the previous month and 18.9 percent from September 2019. Indeed, despite the potential hazards presented by COVID, people are not being deterred from seeking out and purchasing homes in Las Vegas.

These sales figures were likely helped by the fact that the current inventory of available homes in Las Vegas has increased, giving buyers a wider selection to choose from. The number of homes up for grabs in Vegas in September was increased by 3.4 percent over August for a total of 4,798.

The Las Vegas housing market has been on fire in recent months, with buyers in need of places to live braving potential illness in order to secure lodging during a period of time where record-low interest rates on loans provide an irresistible lure. In addition, local real estate agents have evolved with the times, providing safe alternatives to doing business that include setting up online tours of properties and using video conferencing.

These factors, when combined with Las Vegas’ low cost of living, have enabled the local real estate market to bounce back from the pandemic much faster than experts had predicted.

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

Las Vegas Raiders Owner Purchases $6M Plot of Land in Henderson Nevada Mountains

LAS VEGAS, NV – According to reports, in anticipation of his NFL teams move to their new home in Las Vegas for the 2020 football season onward, Raiders owner Mark Davis has recently purchased a plot of land in the Henderson mountains – a spot upon which he plans to construct a lavish home – for a whopping $6 million.

Previously, Davis had purchased a smaller 1.2-acre lot in 2017 – for $8.5 million – upon which to construct a home in The Summit Club, a luxury golf course community in Summerlin. However, he abandoned those plans in August of this year, selling the original plot of land for $10.5 million and then closing on the Henderson deal, a development that he only just recently revealed to the media.

Why the change of location? Simple, he said – his original location in Summerlin offered him no direct line-of-sight views of the Raiders’ new home – Allegiant Stadium – which was “starting to drive me crazy,” he said. Clearly, this is a man who takes his profession seriously.

To give himself a clear view of the newly-constructed home stadium of his well-known NFL team, Davis bought the 6.3-acre plot of land in the Ascaya, a community that was carved out of the McCullough Range via explosives by a Hong Kong developer and subsequently sat vacant throughout the mid-2000’s recession before getting a new lease on life as a home for wealthy individuals and families.

His new location – the Ascaya community – also keeps him in the vicinity of the Raiders’ Henderson-based practice facility and headquarters; once his condo’s construction is completed upon the new plot of land, Davis will enjoy not only spectacular views of the Las Vegas Strip but also Allegiant Stadium.

“I’m getting the best of both worlds,” Davis said.

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.

2 Olympia Hills Circle

Tuscan-Style Home Featuring “Watch Tower” Put on Las Vegas Marketplace for $4.85 Million

LAS VEGAS, NV – An elaborate Tuscan-style home featuring a unique rooftop observation tower that its owner originally purchased to remind herself of her Mediterranean upbringing has just been listed on the Las Vegas marketplace for $4.85 million, according to recent reports.

Demetria Robertson, the owner of the Southern Highlands Country Club-based residence, noted that her attraction to what she referred to as “traditional Italian craftsmanship” drove her and her family to purchase the villa – located at 2 Olympia Hills Circle (MLS# 2213502) – over two years ago.

The 9,741-square-foot house – situated on nearly an acre, which provides a great deal of privacy – features a sizable interior courtyard which includes a water fountain and fireplace, offering a “traditional Tuscan villa experience” in a park-like setting, according to Robertson.

“You are immediately ushered into the open courtyard, which is fully enclosed in the home. It is square and nearly every aspect of the house is connected to it,” she said. “Our home has lots of windows and light streams in through the courtyard. It really gives the gift of light to the home.”

The house has five bedrooms with outdoor patios and balconies and seven baths, as well as a large pool and spa area adorned with large statues.

The home boasts a number of lush, detailed design aesthetics reminiscent of those you’d encounter in a traditional Italian setting, such as crafted stonework, mosaic tiles, and marble. However, the main draw to its design is centered around the so-called “watch tower,” which is a one-of-a-kind rooftop-based observation tower that allows for breathtaking 360-degree views of the surrounding Las Vegas Valley.

“It is a wonderful way to get away and kind of see the whole Vegas Valley from a higher vantage point,” Robertson said. “If you look out you can see the main Strip, the Southern Highlands development. On the other side, you get all of the golf course and the mountains. It is a wonderful beautiful collage of the sights in our valley.”

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.

realtor

Basketball Legend Shaquille O’Neal Purchases Home in Las Vegas for $765,000

LAS VEGAS, NV – Basketball legend Shaquille “Shaq” O’Neal has purchased a $765,000 Las Vegas home to have a residence near his popular restaurant Big Chicken on the Strip, which he originally opened on the famed Las Vegas Strip two years ago, according to reports.

O’Neal, 48, recently put his current residence – a 31,000-square-foot Florida mansion with an outdoor basketball court and pool – on the market for a whopping $19.5 million, so it would appear that his new Las Vegas residence would represent a downgrade from his current digs.

The new two-story, 5,400 square-foot home – located south of the Strip in a guard-gated community – is quite the high-end residence, and effectively illustrates the more affordable cost of living in Nevada when compared to many other states.

O’Neal’s new home features five bedrooms and four bathrooms, along with a fireplace, granite kitchen, and two-story family and living rooms. The upstairs also boasts lavish amenities, including a master bedroom with a double-sided fireplace separating it from the bathroom. In addition, there is a second-story loft overlooking the main living room.

Living Rooms
O’Neal’s new home features five bedrooms and four bathrooms, along with a fireplace, granite kitchen, and two-story family and living rooms. Photo credit: Realtor.com.

The backyard is equally impressive, with a deck and covered patio, tiki-style cabana, a bridge that connects into a spa and a pool decked out with a fountain and a swim-up bar.

Stacy Conner of Windermere Prestige Properties represented O’Neal. Sherwin Escanuela of Huntington & Ellis held the listing.

Shaquille Shaq O’Neal
Shaquille “Shaq” O’Neal is widely considered one of the greatest players in National Basketball Association (NBA) history, and at 7 foot, 1 inch tall and 325 pounds, was one of the tallest and heaviest players ever. O’Neal played for six teams over his 19-year career. Photo credit: Lev Radin / Shutterstock.com, licensed.

O’Neal is a former professional basketball player and currently works as a sports analyst on the television program Inside the NBA on TNT. He is widely considered one of the greatest players in National Basketball Association (NBA) history, and at 7 foot, 1 inch tall and 325 pounds, was one of the tallest and heaviest players ever. O’Neal played for six teams over his 19-year career.

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.

Alpine Apartments

Las Vegas Apartments with History of Code Violations Facing Possible Stiffer Penalties, City Says

LAS VEGAS, NV – According to recent reports, the city council of Las Vegas is considering beefing up enforcement of penalties imposed upon apartment buildings and hotels that are considered “dangerous” due to repeated code violations.

The proposals, which are expected to be heard today, came to be following outrage over a fire in December at the Alpine Motel Apartments that took the lives of six people and injured an additional 13. The Alpine had a history of coming up short in terms of safety inspections, and had not been inspected for over two years prior to the deadly fire, reports say. The Alpine was inspected after the fire, at which time officials discovered 42 fire code violations.

The new program to be proposed on Wednesday by the city council, if approved, would focus on aging properties – often catering to low-income families – that are considered dangerous due to potential fire hazards and inadequate fire safety equipment, and would strengthen an existing program introduced in 2017.

The scope of the program would be expanded as well. Currently, the safety program only applies to apartment complexes with at least five units; if passed by the city council, the amended program would lower that number to at least four units, which would add coverage to an additional 1,110 apartment buildings.

Fires in apartments have been a serious issue in recent years, with 16 people perishing in blazes since 2015. Part of the reason for the death toll and the push to address it is because current state law does not mandate that older buildings adhere to newer safety protocols as they are adopted for newer construction. As a result, older complexes tend to be at greater risk of fires if those running them elect not to upgrade as new fire safety regulations are signed into law.

An example of an older establishment being a particular danger in terms of fire safety is the Alpine, which did not possess a sprinkler system, having originally been constructed in 1972.

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.