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Category Archive : Real Estate

real estate boom

Real Estate Industry in Southern Nevada Sets New Record; More Than 4,000 Existing Homes Sold in July 2020

LAS VEGAS, NV – According to recent reports, Las Vegas’ ongoing real estate rebound from COVID-19 has hit yet another milestone, with the industry setting an all-new record in the month of July 2020 and cementing it as one of the more notable aspects of the region’s recovering economy, damaged as it has been by the pandemic.

Realtors have revealed that July saw the largest amount of homes sold in Las Vegas since 2017, with over 4,000 pre-existing residences changing hands. That is indeed impressive, especially given how far the market had come since the mid-2000s recession, and how far it had dropped again thanks to COVID.

Local realtors have been quoted as saying that the local housing market is currently “on fire,” citing the non-stop demand coupled with historically low interest rates – some as low as 3 or even 2.5 percent – and a limited supply as the contributing factors to local real estate managing to weather the storm and come back faster than estimated after COVID played havoc with Nevada’s economy. Interest rates are expected to remain low for the remainder of 2020, reports say.

Therefore, individuals and families that have managed to remain employed throughout the pandemic – or who had adequate financial resources already in place – have been taking advantage of the opportunities presented to purchase homes in large numbers.

Also, the median single-family Las Vegas home price in July was $330,000, an increase of approximately 9 percent from the same period last year. Again, this is despite the current pandemic, which is still making its presence felt in Nevada and across the country.

In addition, ongoing forbearance and moratorium decrees that have been enabling people to remain in their homes despite the financial difficulties they have been experiencing have resulted in Las Vegas’ lowest amount of foreclosures and short sales ever, preventing another mid-2000’s-style catastrophe to strike the Southern Nevada housing marketplace. Federal homeowner and renter assistance has also played a part, 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.

New Apartment Complex in Henderson

Developer Announces Plans for New Apartment Complex in Henderson

LAS VEGAS, NV – Plans for a new apartment complex in Henderson were recently announced by a Las Vegas-based developer to be constructed on a 19-acre plot of land at the southeast corner of Galleria Drive and Boulder Highway, according to reports.

Tru Development Company noted that the complex, dubbed The Apex at Galleria (stylized as “theAPEX @galleria”), will be a 336-unit apartment complex with and 3.8 acres of retail development available for sale, ground lease, or build to suit as well.

Tru is teaming up with MultiGreen Properties to bring the project to life, according to Tim Deters, President and CEO of TRU Development.

“TRU Development Company is excited to be partnering with MultiGreen Properties on our first project collaboration in southern Nevada,” he said. “We are honored to have the opportunity to expand the multifamily offerings in the Las Vegas Valley and create a community centered around technology, sustainability, and wellness. We look forward to bringing our vision to fruition and welcoming residents in 2021.”

The apartments at The Apex at Galleria will be available for lease in March of 2021, and heralds what the developer is calling a series of “Apex” branded communities to be built throughout the state of Nevada, according to Randy Norton, Founder and Chairman of the Board at MultiGreen.

“We are excited to be working with TRU in the State of Nevada as we continue to grow and design theAPEX brand,” he said. “Our goal is to build thousands of newly constructed APEX- branded units together, all of which will be attainable, sustainable, and tech-enabled residences.”

Tru most recently is responsible for the construction of the Kaktus Life rental project off Cactus Avenue and Interstate 15, a 4-story complex. It also has plans for a southwest valley apartment building in the works, adjacent to the Meadows mall. Ground on Apex at Galleria is expected to be broken at some point in the fourth quarter of 2020.

Editors note: The photo used in this story, a rendering of the new apartment complex in Henderson, is credited to TRU Development, Nevada Business Magazine, Nevada Business Journal and Press Release Wire.

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.

rebound

Real Estate Industry in Southern Nevada Evolves to Survive and Thrive in the Age of COVID-19

LAS VEGAS, NV – In a recent report, the lengths that Southern Nevada real estate agents have gone to in order to reinvent themselves amid the challenges presented by the ongoing COVID-19 pandemic were laid out, and it paints a picture of an industry that has not only managed to survive adversity, but actually thrive despite it.

The pandemic initially caused issues for the local real estate market due to mandatory stay-at –home orders and business closures to help contain the spread of the coronavirus, which causes the respiratory disease known as COVID-19. While real estate was considered an “essential business” and thus was allowed to continue to operate, it was nonetheless hamstrung by high unemployment levels and the resulting extreme financial uncertainty in the region, not to mention restrictions caused by social distancing guidelines.

However, the real estate industry has bounced back amid the chaos by adapting to conditions; many agents, according to the interview, have moved everything to a “virtual platform,” setting up 3D online tours of properties in their inventory and producing far greater amounts of video content highlighting the homes and rental units on offer.

In addition, Zoom – a popular video conferencing app – was highly utilized to conduct open houses, a move that may have actually changed the way real estate business is conducted going forward, even after the pandemic is eventually a thing of the past. After all, these steps can greatly decrease the amount of time a sale takes, and it allows people who live in other areas to check out a property without having to travel; instead, they can get all the information they need about their potential new home right in the comfort of their current abode.

That said, Las Vegas has seen a bump in the number of real estate buyers from both out of town and out of state throughout the course of the pandemic, particularly from California, mainly due to the affordable lifestyle in Nevada when compared to their home state.

As for what the future could potentially bring – especially now that Nevada is slowly but surely coming out of lockdown – experts believe that the real estate market will continue its impressive rebound, although that enthusiasm is tempered by the fact that is a so-called “second wave” of the pandemic hits in the fall, the economic damage could be just as bad as the first time… if not worse.

However, the current low interest rates in the market have encouraged many U.S. residents to purchase homes, with noted mortgage loan company Freddie Mac noting that current purchase demand activity has actually gone up 20 percent from the same time period in 2019, placing it at its highest level since 2009.

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.

Vegas Street

Home Sales in Las Vegas Continue to Improve in Aftermath of COVID-19 Pandemic

LAS VEGAS, NV – After the housing market in Las Vegas came to a virtual standstill amid the chaos of the COVID-19 pandemic, initial reports indicated that the market was bouncing back at a higher than anticipated pace; more recent reports indicate this is still the case, with sales reaching their highest point yet since the advent of the pandemic.

When COVID-19 first hit the region, Southern Nevada’s housing market practically collapsed due to the economic devastation, with sellers drying up and cancellations of pending sales running rampant. However, the lows, while bad, never quite hit the points that experts first predicted, and efforts on the part of sellers – including virtual walk-throughs and online forms, among other methods of maintaining social distancing – have enabled business to improve over the past month.

June saw a major improvement in the number of sales contracts signed, with 1,230 people signing on the dotted line, which is the highest number reported since February when the pandemic had just started making its presence felt in the United States. In addition, June also saw just 208 sales cancellations, which represents a drop of 43 percent of the cancellations that occurred in May; obviously this is also a good indication of recovery for home builders.

Also, despite the rocky road for builders during the past few months, a saving grace came in the form of home price stability; prices on new homes did not lower significantly, and sellers did not provide many significant incentives in an attempt to attract sellers, citing that demand was still present and that sales would bounce back eventually.

The resale market also has continued to improve recently, with 2,460 homes selling in June for a median price of $325,000, representing a 45 percent jump from the previous month. Clearly, the basic need for home ownership will eventually outweigh concerns over a pandemic as long as proper precautions are taken.

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.

Retail Space

Las Vegas Retail Space Takes Heavy Hit from Pandemic, Real Estate Report Says

LAS VEGAS, NV – According to a recent report, retail in Las Vegas has been especially burdened with hardship amid the ongoing – and currently resurging – coronavirus pandemic. In addition to heavy job losses, approximately 75,000 square feet of retail space has been put back on the open market due to business closures, with an additional 500,000 square feet potentially on the chopping block after several major chains announced closures.

Many of the impending vacancies revolve around the upcoming end of the moratorium issued by Nevada Governor Steve Sisolak, forbidding commercial and residential evictions due to coronavirus-related issues. While the moratorium on residential evictions has been extended until September, its commercial equivalent ended on July 1, allowing landlords to begin charging late fees, initiate lockouts, or start eviction actions for non-payment of rent.

In contrast to the woes suffered by retail, the rental and sales of industrial space – in particular, warehouse and distribution space – actually increased throughout the pandemic, with the second quarter of 2020 seeing over two-million square feet of industrial space change hands. Other types of industrial space that rely more on small businesses, however, suffered losses and are waiting for the economy to recover to see if leases increase once again.

Office space continued to be acquired throughout the pandemic, reports say, although not to an impressive degree, with just 10,000 square feet being leased; however, considering the degree of job losses in the second quarter, any leasing activity is seen as a positive, experts say.

The hospitality industry also suffered losses during state-mandated shutdown orders intended to slow the spread of the pandemic; given that Las Vegas’ economy relies heavily on tourism, it remains to be seen what impact this will have on Vegas’ recovery going forward, assuming the current resurgence of the coronavirus – which occurred when the state began a phased reopening – can be brought back under control.

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.

Cortez

State Senator Cortez Masto Announces Housing Assistance Available for Nevada Residents Affected by Pandemic

LAS VEGAS, NV- The COVID-19 pandemic has touched all Nevadans particularly hard resulting economic hardship in one form or another for the vast majority of residents. With Governor Steve Sisolak’s moratorium against residential evictions due to end in September, many people are scrambling to secure funds to stay in their homes as landlords dealing with unfortunate tenants unable to meet their rent are about to be forced into making a very difficult decision.

In order to provide a measure of relief for many involved in the current financial crisis, State Senator Catherine Cortez Masto recently announced that help is available for Nevada residents in the form of $30 million in CARES Act funding allocated by Governor Sisolak to residential rental assistance and an additional $20 million towards commercial rental assistance.

The CARES Act funding, an addition to several other forms of assistance – both via the government and select not-for-profits – is available to Nevada residents who are experiencing financial insolvency due to the ongoing COVID-19 pandemic, be it a loss of employment or major reduction in income due to a decrease in work.

Among the various programs and organizations that can help Nevada residents make up their rent deficits is the Nevada Housing Division’s CARES Housing Assistance Program, which not only offers funding to people unable to make their rental or mortgage payments, but also to landlords and property owners who are currently not receiving payments from tenants due to COVID-19.

In addition, up to three months of rental assistance can be provided to qualified city residents by the City of Las Vegas Housing Assistance Program, payable directly to the landlord; the city of North Las Vegas is offering both short-term and long-term rental assistance to lower-income households to eligible individuals and families; and various charities in Northern Nevada are offering housing assistance, including Catholic Charities, the Nevada Rural Housing Authority and the Reno Housing Authority.

Finally, the Legal Aid of Southern Nevada is offering an online FAQ that residents can consult to find out how the end of the residential moratorium will affect them, as well as information about further housing assistance that are out there that they may be able to utilize.

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.

New Homes

Southern Nevada Newly-Built Home Sales Rank Among Highest in Country, Reports Say

LAS VEGAS, NV – According to recent reports, the economic distress that the ongoing COVID-19 pandemic has been putting on Las Vegas has not had a corresponding effect upon its real estate industry, as several Southern Nevada communities are ranked within the top 30 nationally in terms of builder’s home sales for 2020.

Summerlin ranked the highest nationally, coming in at number four with 642 homes sold by builders in the first quarter of the year. Meanwhile, 467 homes in Valley Vista, located in North Las Vegas, enabled that region to place sixth in the country; Henderson’s Cadence community ranks 14th, with developers having sold 356 homes; Inspirada, also in Henderson, tied for 25th with 280 homes sold; and Skye Canyon, located in the upper northwest valley, took 27th place with 275 homes sold.

The sales of the areas in question are made up of recently-signed sales contracts and do not include cancellations.

The Las Vegas real estate market – much like every industry in Nevada and nationwide – was hit hard by the arrival of the COVID-19 pandemic, which lead to shutdowns of businesses and government-mandated stay-at-home orders that caused widespread economic chaos and record-breaking unemployment.

Real estate was predicted to take an especially big hit from the pandemic, but agents did their best to buck that trend by adapting to the challenges posed by COVID; with homes still in demand, they evolved their business model to include virtual home walkthroughs and online paperwork to adhere to social distancing and safety guidelines, and as a result the Vegas real estate industry didn’t suffer quite as much damage as was initially predicted.

As COVID cases have diminished and the economy of Las Vegas has started to re-open, home sales have surged faster than expected, with some developers actually outpacing their sales bookings compared to the same point of time last year.

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.

Skyspace

Former MGM Resorts CEO Lists Las Vegas Mansion, Dubbed “Skyspace,” for $10.5 Million

LAS VEGAS, NV – The former chairman and CEO of MGM Resorts International, Jim Murren, has put his Las Vegas mansion – dubbed “Skyspace” – up for sale to the tune of $10.5 million, according to recent reports.

Skyspace is a 13,000 square-foot home situated on 1.5 acres within the Summerlin community and golf club, offering views of the Las Vegas Strip via a series of wall-to-wall windows. It has four bedrooms, a separate one-bedroom guest house, and was constructed a decade ago based on designs by well-known Los Angeles-based firm Marmol Radziner.

The mansion was created with a reverence for art and philosophy; there are several corner spaces that allow for solitary reflection, indoor bamboo and pine trees, and a Zen garden outside the main bedroom laden with multiple pathways that could take upwards of 45 minutes to traverse. The house also contains numerous amenities, including an indoor basketball court, movie theater, wine cellar, pool, spa, and a huge open-concept kitchen.

But the highlight is a large art installation from where the home derives its name- “Skyspace.” A “sensory experience,” it utilizes high-tech equipment to create the illusion of being in space by making use of natural light provided at both sunrise and sunset. The equipment for this experience is not part of the home’s $10.5 million asking price, but is available for purchase separately, reports say.

Mr. Murren, who resigned from MGM in February 2020, has stated that he and his wife are planning on remaining in Las Vegas but simply wanted to downsize to a home more suitable for their needs, as apparently Skyspace afforded them more space than was necessary.

The $10.5 million asking price for Skyspace ranks as one of the priciest ever in Las Vegas; currently, the most expensive is a mansion – also located in Summerlin – that was purchased by famed magician David Copperfield for $17.55 million in 2016.

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.

House Sold

Home Prices in Las Vegas Set June Record Despite Impact of COVID-19 Pandemic

LAS VEGAS, NV – Despite the impact of the ongoing COVID-19 pandemic, house prices and sales totals in Las Vegas continued to break records in June, illustrating that the real estate industry is in the process of a very real comeback as Nevada’s economy slowly continues to reopen.

Las Vegas house prices hit a record high with the median price of a previously-owned single-family home hitting $350,000, representing a jump of 3.2 percent from the previous month and 6.9 percent from the same period of time last year.

In addition, the number of homes sold in June was also robust, with 2,464 changing hands; this represents a whopping 44.7 percent increase from May but still a drop of 15.1 percent from June 2019, showing that the pandemic is still taking a toll on overall sales numbers.

Nonetheless, despite sales activity remaining below 2019 levels, this activity represents a significant recovery for the industry as a whole.

Although, there could be just one fly in the ointment- as Las Vegas has been easing stay-at-home orders originally intended to curb the spread of the COVID-19, there have been reports of increased numbers of residents testing positive for the disease. If this surge is not contained or controlled, it could possibly lead to another round of quarantine orders and mandatory business closures. Hopefully, this will not be the case.

In addition, despite Nevada reopening its businesses and entertainment venues, it will take time to truly access the overall damage done to Las Vegas’ economy and job market, even if it indeed manages to avoid further COVID-related restrictions.

Regardless, it appears that the pandemic’s impact upon the housing market, while very real, was still less severe than experts had been warning. The industry evolving to adapt to the “new normal” helped to negate the impact to some degree, with agents resorting to virtual home tours and online paperwork to minimize contact with clients and maintain their sales.

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.

Construction

Despite Ongoing Pandemic, Las Vegas Construction Companies Report Increase in Sales

LAS VEGAS, NV – According to recent reports, Las Vegas homebuilders are reporting an increase in the number of homes sold, despite having to deal with the ramifications of the ongoing pandemic; this represents a rebound of sorts for an industry that saw quick and widespread shrinkage when COVID-19 first reared its ugly head back in March 2020.

Vegas-based developers reported 289 brand-new home construction contracts for the week ending June 21 – minus cancellations, which would have made that number higher otherwise – a significant jump from the number reported for the week ending April 5, when a mere 38 contracts were signed. The amount of interested parties visiting new subdivisions has been on the rise as well for the past two months.

However, despite the increase in signed contracts, homebuilders are noting that the process of actually constructing those homes will still encounter numerous hurdles and speed bumps in the form of the conronavirus pandemic. Layoffs and furloughs of a percentage of the workforce, along with strict guidelines imposed upon worksites by state and local governments regarding social distancing in order to curb the spread of the disease will certainly slow the average pace of building homes.

Previously, builders were speeding along at over 1,000 construction permits per month acquired for various projects; only 417 were pulled in May, representing a decrease of 50 percent from May 2019.

During the height of the pandemic, Nevada Governor Steve Sisolak issued mandates to keep non-essential businesses closed; as a result, countless thousands were either laid off or furloughed, and as a result of their new-found financial uncertainty, many people cancelled purchase agreements that they had only just signed.

However, with Nevada in the process of slowly reopening their economy, it appears that financial stability is starting to return as well, as evidenced by the increase in new home contracts being signed. Only time will tell if this upward trend continues.

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.

1717 Enclave Court Las Vegas

Las Vegas Mansion of Casino Billionaire Steve Wynn Listed for Sale at $25 Million

LAS VEGAS, NV – According to reports, Steven Wynn, a real estate businessman and art collector known for his involvement in the luxury casino and hotel industry, has listed his mammoth Las Vegas mansion for sale for a whopping $25 million.

Wynn purchased the mansion – located at 1717 Enclave Court in Summerlin near Town Center Drive and Summerlin Parkway – just over two years ago. The estate comes in at 13,500 square feet with six bedrooms and nine bathrooms, situated on a street that is known as “billionaire’s row” for its many mansions and high-priced properties.

Wynn’s mansion, which recent benefitted from a $16 million renovation project, features a plethora of amenities including a game room, wine closet, gilded doors, silk carpeting, a butler’s pantry, and a full wing dedicated to a live-in caretaker. There are also extensive security features, including infrared security cameras monitoring the grounds and a backup power system in case of power failure.

Famed magician David Copperfield owns a neighboring mansion, a 31,000-square-foot estate that he purchased in 2016 for $17.55 million, the highest price ever paid for a Las Vegas mansion at the time; obviously, if Wynn’s mansion sells for its advertised price, that would set a new record.

The sale was announced to the public via a release put out by listing broker Ivan Sher of Berkshire Hathaway Home Services Nevada Properties.

This is one of the finest homes available in the country,” the release says. “The current owner completely reimagined the space, creating a timeless experience with incomparable finishes and museum-quality art protection and display.”

Wynn’s ownership of the mansion is not referred to in the release, but according to public records Wynn purchased the property in March 2018 for $13 million. At the time he had just resigned from his company after being accused of sexual misconduct; Wynn denied all allegations.

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 at dusk

Las Vegas Named by Forbes as Among Housing Markets Closest to Recovering from COVID-19

LAS VEGAS, NV – According to Forbes, the national housing market is managing to bounce back faster than anticipated from the damage caused by the COVID-19 pandemic, and they said that among the cities that are showing the most signs of a positive recovery is Las Vegas, Nevada.

Mortgage applications have been increasing over the course of the last two months, Forbes noted, and both demand and prices for homes are at the same level – or even higher – than they were in January 2020, prior to the COVID-19 outbreak, indicating a “recovery trajectory,” they said. Loan applications for early June 2020 were 13 percent higher than they were during the same period one year ago, and represented a straight eight weeks in a row of growth.

Forbes attributes this rapid recovery to the fact that, unlike some industries during an economic downturn, housing is an “essential good” and thus is to some degree recession-proof. Other factors that have helped the housing industry counter the damage done to the economy by the pandemic are current low mortgage rates and the ways that realtors have adapted to the pandemic with virtual walk-throughs and online paperwork.

Home prices displayed slower growth in recent months, but never actually started to decrease; however, growth has begun to increase more quickly recently – driven both by demand and an overall lack of supply, with new listings down nationwide 21 percent year-over-year – indicating a recovering marketplace.  

According to Forbes’ article, Las Vegas and Denver are leading the pack in terms of housing market recovery, with Boston, San Francisco and San Diego following closely behind. Many of these marketplaces are already seeing strong sales and prices that are on par with – or even higher – than they were before COVID-19 hit. In contrast, Buffalo, Columbus, Providence, Chicago are currently showing the least evidence of housing market recovery.

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.