Category Archive : Real Estate

LAS VEGAS, NV – After holding steady for several months, the prices of homes in Las Vegas finally began to rise in April, even as sales of homes continued to dip amid rising inflation and high rates on home mortgage loans.

According to a new report released by Las Vegas Realtors, in April the median price for an existing single-family home in Southern Nevada was $430,000, which represents a 1.2 percent increase from March, at which time the median price was $425,000.

Despite the price finally rising after several months of meaning flat, that number nonetheless remains well below the same period of time in April 2022, when the median price was $475,000.

When it comes to condominiums and townhomes, April’s medium price was $270,000, which is a 3.8 percent increase over March but still down 1.8 percent year-over-year.

Lee Barrett of Las Vegas Realtors said that Southern Nevada is beginning to experience what many cities across the country are: a recent downturn in the housing market after several years of rising prices and prosperity. However, the uptick in prices in April indicates that the market is on the verge of bouncing back yet again.

“With local home and condo prices rising slightly from the previous month, this may be another indication that we are either at or maybe even past the bottom of this cycle,” Barrett said. “Until April, local home prices hadn’t really changed since December. It had been more than four years since local home prices stayed flat for that long.”

Approximately 2,500 existing homes, townhomes, and condominiums were sold in Las Vegas in April; that number represents a 34.6 percent decrease for homes year-over-year, and a 31.1 percent decrease for condos and townhomes.

There were 3,737 single family homes listed for sale in Southern Nevada without any offers at the end of April, an increase of 53.1 percent from the same period of time one year prior. Meanwhile, there were 964 condos and townhomes without any offers, which is a 90 percent year-over-year increase.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Kerry King, the guitarist for the infamous thrash metal band Slayer, has listed his Las Vegas mansion on the real estate market for $4.3 million. 

The design of King’s home may surprise his many fans, with the lavish estate – complete with a clean, ultramodern, and boxy design aesthetic – running in contrast to the reputation Slayer has garnered since forming back in 1981, with the band known for their dark and blistering music and occult overtones. 

The Slayer co-founder’s onstage appearance also belies his choice in lavish accommodations, with the rocker typically decked out on stage in his signature forearm gauntlet – adorned with rows of large, spikey nails – while belting out his savage guitar licks. 

4195 BADURA AVENUE, LAS VEGAS – $4,299,000.00

King originally purchased the custom-built property brand new for $3,819,000 in 2020; his current asking price is now $4,299,000. The home comes in at a whopping 6,000 square feet and features five bedrooms, seven bathrooms, and a striking contemporary design. 

The residence features a floating staircase, floor to ceiling glass walls, wood floors, and clean lines; each room has glass pocket doors that all allow access to the backyard, which has a large pool. 

Of course, the home of a rock star would not be complete without numerous luxury amenities, including a deck-based sauna, a wine room, pool house, and an outdoor kitchen with a bar. And for buyers seeking cutting-edge technology, the house also includes smart home automation and numerous solar panels. 

The reason why King has placed the estate on the market is currently unknown. 

Slayer disbanded back in November of 2019 after playing their final show in Los Angeles, California; however, King remains active on the music scene, having recently been jamming with a new band that includes former Slayer drummer Paul Bostaph that will begin performing live later in 2023. 

Click here to view full listing details for 4195 Badura Avenue, Las Vegas

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – In a state known for pricey luxury real estate purchases, a Henderson mansion that is currently under contract could eclipse them all if the sale goes through, considering the property’s whopping $75 million asking price.

Located within the MacDonald Highlands – a series of affluent residential neighborhoods in Henderson – a lavish residence slated to be constructed by development firm Terra FirmaIs is under contract for the aforementioned record $75 million, and will be one of the largest luxury homes ever built in the Las Vegas valley, clocking in at an eye-popping 55,000 square feet.

The previous record holder when it comes to luxury sales in Las Vegas was a newly-built 15,000-square-foot home situated on 1.26 acres – also in MacDonald Highlands – that was purchased in 2021 for $25 million.

The deal for the potentially record-breaking home sale is due to close in mid-May, at which time it will officially appear in Clark County records.

The especially interesting part of this transaction lies in the fact that the home has not even been constructed yet; the design has yet to be finalized and is subject to change, but in its current configuration the residence is slated to be 55,000 square feet in size and standing either two or three stories with a total of 13 bedrooms.

The home will be constructed upon four combined lots for a total of 1.1 acres. The groundbreaking on the project is expected to take place in early 2024, and construction of the residence will take approximately two-and-a-half years, according to the developer.

Upon completion, the home will reflect a modern design aesthetic and possess many high-end amenities, such as a gym, a movie theater, a gaming room, sports court and swimming pool.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Nevada lawmakers are working on new legislation that, if passed, would track and ultimately limit the purchasing power of corporate investors within the state’s strained housing market, with the proposal passing with bipartisan support out of a Senate committee last week.

Senate Bill 395 would authorize the Secretary of State’s office to establish a public registry of the corporations and limited liability companies that buy and own residential real estate in Nevada, and would cap said investments by those entities to 1,000 housing units annually.

Before being able to purchase residential property, businesses would be required to register with the Secretary of State’s securities division. Deeds would have to clearly list the corporate owner of the property and note that it is not being utilized as their primary residence.

State Senator Dina Neal (D-North Las Vegas) noted that the proposed law was born out of the necessity of needing to know exactly who major players are in the state’s real estate market, identifying which ones are making it harder for residents to purchase homes, and ultimately limit corporate purchasing power in the real estate market to alleviate that issue.

According to a report, approximately 25 percent of all single-family homes sold in Nevada in 2021 were bought by investors; recently, Nevada’s residential housing market has been a hotbed of investor activity, with only Georgia and Arizona topping it in that regard.

While Neal was drafting SB 395, she utilized the research of Shawn McCoy, director of the Lied Center for Real Estate and an associate professor of economics at the University of Nevada Las Vegas. McCoy noted that his research showed that many working-class families were consistently losing out on purchasing properties to corporate investors.

“I am meeting young people who make $78,000 and they cannot find a home,” said Neal. “They cannot bid (against investors). They don’t have the money. The market is so out of their price range. Who wants to pay $3,000 a month for their first home? Nobody. It’s unsustainable.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Las Vegas’ infamous “Underground House” – a “doomsday bunker” built 26 feet underground in 1978 by Avon cosmetics executive and subterranean living enthusiast Jerry Henderson – is still languishing on the market since it was first listed in 2019 for $18 million. However, the asking price has recently been lowered due to the lack of takers, with the seller now asking just $5.9 million for the one-of-a-kind dwelling. 

The 5,000 square-foot underground house originally cost $10 million to build, and is situated within a 15,000 square-foot steel-reinforced concrete bunker. Despite its intended purpose being to survive a potential nuclear holocaust, the house – which retains its authentic 1970’s design aesthetic to this day – features numerous amenities, including a pool, terraces, a waterfall, a generator, and a 1,000-gallon water tank. 

3970 SPENCER STREET, LAS VEGAS – $5,900,000.00

Included in the deal is also a 2,300 square-foot, two-bedroom house located above-ground that serves as a gateway to entering the underground house. The property’s current owners – The Stasis Foundation, which reportedly advocates for cryogenics, or the practice of freezing humans for scientific purposes – are represented in the sale by Stephan LaForge of Berkshire Hathaway. 

LaForge said that the recent price reduction “reflects the range of offers the property has received since being listed.” However, he noted that it would cost up to eight times its current asking price to build a comparable property. 

Previously, the property sold in 1990 for $1.3 million after Henderson passed away, and again in 2005 for $2 million. The Stasis Foundation purchased it in 2014 for $1,150,000. 

The underground house has two bedrooms and three baths, a vintage 1970’s-style kitchen, a large living room with beamed ceilings, a stone fireplace and a theater. Natural lighting patterns are automatically maintained to simulate the passage of daytime into night, and a faux “backyard” is accessible via sliding glass doors and features artificial grass, trees, a swimming pool, a fountain, BBQ, and small cottage. 

Click here to view full listing details for 3970 Spencer Street, Las Vegas

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – While the housing market in the United States is currently experiencing a slight uptick, the scene in Las Vegas is being described as “flat,” bucking the current trend for the rest of the country. However, according to experts, the situation in Southern Nevada may actually be considered a positive development overall for a number of different reasons.

The national median home price for a single-family home in February, according to reports, was $293,170, which represents a small increase from January’s amount, which was $292,611; February was the first time that the median home price increased month-to-month nationally after dropping from $308,336 in June 2022.

The prices of homes in Las Vegas, however, are bucking the upward trend that the rest of the country is showing, but only to a slight degree. According to Las Vegas Realtors (LVR), median price of a single-family home in March 2023 remained relatively unchanged since December 2022, when that number hit $425,000; this represents the first time since 2018 that prices in the region remained flat for this amount of time.

However, the hardiness of the market in Las Vegas – as illustrated by the fact that prices are currently neither rising nor falling, in contrast to the rest of the country – is a positive development, according to LVR president Lee Barrett.

“Flat is stabilization. Conditions of the market are stabilizing. The consumer is getting used to interest rates,” he said. “The seller is getting used to pricing that is not the same as it was in April of 2022 where they could ask 20, 30, 40, 50-thousand dollars for the property and people were wanting to pay it because of the shortage of inventory.”

Local Las Vegas real estate agents have noted recently that buyers are becoming less and less deterred about the current high interest rates on mortgage loans, noting that while rates are hovering around 7 percent, business has continued to be brisk, especially as a result of the influx of buyers from states such as California, Illinois, and Florida.

But while the Las Vegas real estate market is showing a degree of stability the rest of the nation is lacking, experts are predicting that home prices across the country could decline by as much as 5 percent in the second half of 2023, which could contribute to a recession; only time will tell if this becomes the case.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The former Las Vegas home of famed magician David Copperfield – situated on “Billionaires Row,” known for its many high-priced mansions owned by celebrities and business magnets – was listed in February for $5.25 million and was quickly bought, with reports indicating the hot property will close within the coming days following intense interest from several buyers. 

Billionaires Row – located near the Las Vegas Strip – has seen high-powered individuals such as Mike Tyson, Clark Gable, Carole Lombard, Phil Ruffin, the sultan of Brunei, and Wayne Newton call it home over the years. 

Copperfield’s former residence – an estate located within the gated Marquis Community at 6755 Agave Azul Court, which served as the magician’s secondary residence as part of his four-year contract with MGM – is a lavish 8,228-square-foot four-level custom estate.  

The property sold within just two weeks of being put up for sale, and experts say it is expected to close in early May. The quick turnaround on the listing, according to experts, is due to it being exceedingly rare for any of the homes on Billionaires Row to be put up for sale; on the occasions they do become available, they are often snapped up very quickly. 

Custom built by Las Vegas-based developer Blue Heron and California-based firm Danielian Associates, the estate was considered ahead of its time when it was first constructed, utilizing insulated concrete for the home’s frame, solar thermal power, and an energy-efficient cool-roof system. Compared to conventional building techniques, the home – located on a half-acre plot of land – achieved a 76 percent reduction in energy use. 

In addition, the home features two primary suites, three en suite guest rooms, an executive office and an elevator. The backyard boasts a vanishing-edge swimming pool with a swim-up bar, spa, sunken outdoor kitchen and a detached Zen casita with pocket doors that hide away. 

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – With baseball season in full swing, we have already seen several interesting storylines. However, the one that has generated the most buzz doesn’t have much to do with the game itself. Instead, it has to do with the relocation of the Oakland Athletics to Las Vegas.

In a move that shocked most of the baseball world, the Athletics agreed to a contract with the city to allow them to build a new stadium just west of the Las Vegas Strip. While this is good news for sports fans in the area, it could also have a tremendous impact on the surrounding real estate. 

According to Nicholas Irwin, an Assistant Professor of Economics at UNLV, adding a new professional sports team to the area would cause the land nearby to be worth more. However, Irwin did have the following to say about the advantages and disadvantages of the Athletics coming to town:

“If land prices do go up, it would push some people out of the area. It could lead to more commercial activity in the area as well. You never really know what type of impact it will have on the city as a whole until it comes in and you see the aftereffects.”

While many residents are excited about the news, there is one thing many people are worried about — traffic. The traffic situation in Las Vegas is already stressful for many tourists, and a bad situation could worsen with the addition of the baseball team. 

County Commissioner Jim Gibson stated that his team plans on reviewing all transportation options to ensure the city is prepared for the influx of visitors and fans. 

Shelter Realty Property Management specializes 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.

Joe Mcdermott

Joe Mcdermott is a journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Mcdermott helps keep a keen-eye on what’s happening in the Las Vegas Nevada community on behalf of Shelter Realty Inc.

LAS VEGAS, NV – For many people, visiting Las Vegas is a dream vacation full of opportunities to relax and take in the sights of one of the most glamorous cities in the United States. However, for the residents of the town, especially those classified as seniors, it can be challenging to find an affordable place to live. 

While communities like the Ensemble Senior Apartments offer lower rent options for seniors, the number of available units has been slowly dwindling. To help create more affordable housing options for seniors, state officials signed over five acres of federal land to Clarke County. County representatives have plans to utilize the space to build another community with 195 units. 

The new addition of the apartment complex is part of a larger initiative that kicked off in September 2022 aimed at providing more low-cost housing options to Las Vegas Valley residents. Aptly named “The Welcome Home Initiative,” the program is set to allocate over $120M to similar projects around Clark County. 

Nevada Senator Catherine Cortez Masto had the following to say about the affordable housing project:

“An initiative like this one requires everyone to come together. It starts from the ground up by not only developing and getting the land initially but also requires individuals with the patience to put a project like this together.”

Adding new housing communities like the Ensemble and the complex being built within the coming years are significant steps to fighting homelessness in the community. However, Clark County still estimates a shortage of over 85,000 homes for low-income people.

With the help of city officials and groups around Clark County, the goal of providing low-cost homes for the community’s residents is one that many hope will be reached over the next decade. 

For more information on Ensemble Senior Apartments call (702) 990-2737.

Shelter Realty Property Management specializes 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.

Joe Mcdermott

Joe Mcdermott is a journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Mcdermott helps keep a keen-eye on what’s happening in the Las Vegas Nevada community on behalf of Shelter Realty Inc.

LAS VEGAS, NV – A boarded-up, abandoned motel on the famed Las Vegas Strip that has been home to vagrants, feral cats, and vandalism for a number of years has been purchased by a Native American tribe with plans to demolish the structure and subsequently repurpose the property.

According to property records, the Three Affiliated Tribes of the Fort Berthold Indian Reservation in North Dakota – also known as Mandan, Hidatsa and Arikara Nation – purchased the former White Sands Motel site last week for $10.25 million.

The long-time zombie property is located on a narrow 1.1-acre parcel of land adjacent to the former Route 91 Harvest festival site and represents the latest investment on the part of the MHA Nation, which to date has purchased a total of 23 acres along the southern portion of the Strip for a total combined price of $115 million.

The motel building – originally constructed in the 1950s – is currently in a substantial state of disrepair, having been the target of vandalism and squatting by homeless people and cats for years, and according to MHA Nation Chairman Mark Fox, the plan is to completely raze the property and redevelop it.

“It definitely cannot be salvaged,” Fox said, adding that the MHA Nation will “tear it down and clean it up,” a process that he estimates will cost at least $1 million. There is currently no timeline in place for the site’s demolition.

The MHA Nation is still formulating a strategy or their real estate holdings in Las Vegas; Fox noted that they either might be used to develop a casino-resort, or just flipped to new owners for a profit.

“We’re really going to the drawing board,” Fox said.

The White Sands Motel site has been unsuccessfully put on the open market several times over the years for various asking prices. It was initially offered for $25 million in 2016, then for $18 million in 2021, and finally $12 million in spring 2022, with no takers each time.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A new report indicates that Millennials – individuals born between 1981 and 1996 – have experienced a huge increase in homeownership – as opposed to renting – showing a large spike in 2022 and a 64 percent jump overall within the past five years. Las Vegas in particular is considered one of the epicenters of this phenomena, with the city currently showing the second largest increase in Millennial home ownership nationwide. 

According to a study that examined the top 50 metropolitan areas in the United States, over the past five years Las Vegas has shown a 158 percent increase in the number of Millennials who own homes, which is second to only Richmond, Virginia, which registered a 234 percent increase. 

However, despite the huge boost, the study showed that older generations still account for the lion’s share of homeownership in Las Vegas when compared to Millennials. Overall, Millennials and Generation Xers – individuals in their mid 40s to late 50s – account for approximately 28 percent of all homeowners in Las Vegas, trailing behind Baby Boomers – those in their late 50s to mid 70s – by 12 percentage points. 

Generation Z – ranging from preteens to those in their mid 20s – makes up approximately 5 percent of all homeowners in Las Vegas. 

Reports indicate the explanation for this recent explosion in Millennial home ownership can be attributed to several factors; for example, the median income for this particular generation has increased 44 percent since 2017, the largest jump amongst all generations in that period of time.  

In addition, many Millennials moved back in with parents during the COVID-19 pandemic, allowing them to save money at a much greater rate than when they were renting; many also received financial assistance from family members for down payments on homes, the report says. 

These factors helped to counter the many roadblocks Millennials had experienced which had previously been preventing them from purchasing homes, such as heavy student loan debt and high housing prices. 

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – In contrast to its recent history as a housing market that experiences numerous highs and lows in terms of pricing, a new report by Las Vegas Realtors indicates that Las Vegas’ marketplace has remained relatively stable so far in 2023. 

According to their report, Las Vegas Realtors noted that the median price of existing single-family homes sold in Southern Nevada during March was $425,000, which represents virtually no change from the month before and a decrease of 7.6 percent year-over-year, when that price was $460,000. 

That price is also lower than Southern Nevada’s all-time record price of $482,000, which was set in May 2022. 

In addition, the marketplace for condominiums and townhomes sold in March was relatively stable as well, with the median price coming in at $260,000, a 2 percent increase from February but a 3.7 percent decrease year-over-year, when that amount was $270,000. The all-time record for condos and townhomes was also set in May 2022, when that price was $285,000. 

Las Vegas Realtors President Lee Barrett noted that the growing stability of the local real estate market shows that there is a “strong underlying interest and demand for owning a home here in Southern Nevada.” 

“Southern Nevada was one of the first places to experience this recent shift in the housing market,” he said. “It seems logical to me that we may also be among the first to come out of this recent slowdown. Our median home price hasn’t changed since December. Local home prices had previously been declining by 1 percent or 2 percent per month. This may be a sign that we’re near the bottom of this cycle.” 

Las Vegas Realtors reports that at the end of March, there were 4,196 single family homes listed for sale without any offers, which represents a 109.3 percent increase year-over-year. In addition, there were 1,103 condos and townhomes listed without offers in that same month, which is a 179.9 percent increase from March 2022. 

2,962 existing homes, condos, and townhomes were sold in Southern Nevada in March, which was a 27.8 percent decrease year-over-year for homes and a 35.6 percent decrease for condos and townhomes. There was approximately a two-month supply of inventory of homes on the market by the end of March, which shows an improvement over the same period of time last year, when there was less than a one month supply available. 

Typically, a six-month supply represents a balanced market between buyers and sellers. 

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com