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Las Vegas

Las Vegas Landlords Dial Down Rent Hikes as Rental Market Stabilizes in 2023

LAS VEGAS, NV – After months and months of skyrocketing rent increases that drove very real affordability concerns, the rental market in Las Vegas has finally begun to show signs of stabilizing in a positive manner.

While units are still being leased at a healthy rate in Vegas and landlords are still purchasing buildings and developers are constructing new projects, rent increases have been dialed back and tenants have even begun to negotiate rental rates once again, a tactic that was pretty much nonexistent for the past couple of years, experts say.

Whereas rent hikes of anywhere from $200 to $1,000 were the norm during the pandemic, increases as of late appear to be “on hold.” At the end of 2022, the average monthly rent for a Southern Nevada apartment was $1,422, a decrease of just one percent year-over-year; in contrast, rents in Vegas jumped a whopping 22 percent in 2021.

This echoes the real estate situation throughout the United States, which overall reported three months in a row where rents either held steady or even decreased, indicating that there is some degree of breathing room in the market these days.

In addition, with the national economy currently in rough shape – along with a looming recession – people have been leery about the idea of moving, resulting in more rental units sitting empty for longer periods of time. For example, in early 2022 Las Vegas rental properties would last on the market no more than 14 days; today, that average is closer to 30 to 45 days.

The rental market in Las Vegas exploded during the pandemic as tenants – including an influx of new residents to the city – looked for more space amid widespread work-from-home arrangements. Investors sat up and took notice, purchasing 199 apartment complexes in Southern Nevada in 2021, and twice the number in 2020.

Shelter Realty Property Management specializes 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

Home Prices in Las Vegas Holding Steady in 2023

LAS VEGAS, NV – After months of record-breaking increases, the red-hot housing market in Las Vegas began to slow down in late 2022, and according to newly-released figures, that trend is continuing into 2023, with home prices holding steady so far in the New Year.

In January, the median sales price of previously owned single-family homes in Las Vegas was $425,000, holding at the exact same price they were in December 2022 and representing a 2.3 percent drop overall year-over-year.

In January, 1,325 homes were sold in Vegas, which is a decrease of 13.6 percent from December 2022 and 48.3 percent from January 2022, respectively.

In addition, the inventory of available homes has also swelled in Vegas, with a total of 5,450 houses on the market without offers at the end of January; this is a drop of 12.3 percent from December but an increase of 199.3 percent – yes, you read that correctly – from the end of January 2022.

One of the main reasons for the real estate slowdown in Vegas is one that it shares with the rest of the country: mortgage rates, which have increased as of late due to the Federal Reserve raising interest rates several times last year in order to combat rising inflation.

After a significant period of time during the COVID-19 pandemic where the Las Vegas real estate market was on fire – with ever-increasing prices and low inventory being the norm – experts such as Las Vegas Realtors President Lee Barrett have correctly predicted that the market would stabilize as national inflation and mortgage rates have increased.

With higher borrowing costs buyers have pulled back, but lowering mortgage rates as of late may yet spark home sales once again.

“What a difference a year makes,” Barrett said. “After seeing mortgage rates rise for several months, rates settled down recently. We’re still seeing more homes listed for sale and fewer people buying — especially when you compare what’s happening now to where we were a year ago.”

Shelter Realty Property Management specializes 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.

A couple in Las Vegas built an Italian cobblestone street in the backyard of their mansion.

Las Vegas Mansion Featuring Faux Italian Cobblestone Street on Market for $6.5 Million

LAS VEGAS, NV – If you’re looking for a unique residence in Las Vegas – a city already renowned for its eye-catching, one-of-a-kind homes and businesses – and you have the funds to spare, then you might want to look into a mansion on sale in the gated community known as The Ridges that features a cobblestone Italian street complete with faux storefronts, making even a “staycation” feel like you’re strolling the streets of Europe.

The owners of the six-bedroom mansion, Lara and David Stone, spared no expense to create a stunning replica of an Italian street in the backyard of their home, located on a 0.6-acre plot of land and currently on the market for a whopping $6.5 million.

Built by the Stones in 2011, the 9,771 square-foot home has a lightwell in its basement that is located under the backyard, and in an effort to spruce it up in an unusual way, the couple took a suggestion from Lara’s mother to build a European street scene around it. With the Stones having visited Italy multiple times, it seemed only natural to use it as inspiration, they said.

 Luxury & design unite in this immaculate custom estate designed by architect Richard Luke.

The result is an ultra-realistic replica of an Italian street – “Via Di Pietra” which translates to “Stone Street” – complete with cobblestone floors, fake storefronts with windows and doors, and quaint little cafe tables. The storefronts, while fake, nonetheless contain rooms behind them, such as a wine cellar and a home theater.

15 BRIGHT HOLLOW COURT, LAS VEGAS – $6,500,000.00

Other amenities in the house include a pool, an outdoor fire pit, and a basketball court.

But despite the beautiful touches they have added to their residence over the years, the Stones have decided to sell it and move on.

“Our larger hope was to produce a ‘feeling’ of being in Italy,” David Stone said. “This home was truly a pleasure to build and enjoy. It will remain a special part of our past.”

See full listing details for 15 Bright Hollow Court, Las Vegas

Shelter Realty Property Management specializes 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.

6438 WILD BLUE COURT, LAS VEGAS

Former “Jersey Shore” MTV Reality Show Star Lists Las Vegas House for $1.5 Million

LAS VEGAS, NV – A former star of the MTV reality television series “Jersey Shore” has listed her luxury Las Vegas home on the open marketplace for $1.5 million.

Jennifer Harley – a social media and reality TV star who made a name for herself by dating fellow “Jersey Shore” star Ronnie Ortiz before subsequently starring in the spinoff series “Jersey Shore Family Vacation” – is currently attempting to sell her residence in Summerlin, which she originally acquired in 2018 for approximately $726,000 from builder Woodside Homes.

The home – originally listed on January 6 – is a two-story, four-bedroom residence spanning 2,955 square-feet in size, and is situated near Hualapai Way and Sunset Road. It offers numerous high-end amenities, including marble flooring, custom cabinets, and a backyard with a sunken fire pit with a glass window looking into the property’s sizable in-ground pool.

In addition to being a media personality, Harley is also a licensed agent with Realty One Group, and is responsible for listing the residence herself.

6438 WILD BLUE COURT, LAS VEGAS – $1,495,000.00

Harley had dated Ronnie Ortiz while he was one of the principal cast members of “Jersey Shore.” Ortiz would later file a lawsuit against Harley in fall 2021 in Clark County District Court after Harley had neglected to go along with a plan to sell the home and divide the proceeds.

Eventually the couple split up, and Harley placed the Summerlin home on the market after moving into a separate rental property that was under her ownership.

The house had previously been put up for sale in September 2019 for almost $870,000, but was later removed from the market – after not having been sold despite a price reduction – after the COVID-19 pandemic had essentially frozen the Las Vegas real estate market at the time.

Clik here to see full listing details for 6438 Wild Blue Court in Summerlin

Shelter Realty Property Management specializes 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.

Report Indicates that Moving to Las Vegas En Masse

Report Indicates Hawaiians Moving to Las Vegas En Masse for More Affordable Lifestyles

LAS VEGAS, NV – Following long-standing reports that the residents of several neighboring states – in particular California – are moving to Las Vegas for its cheaper cost of living, a new development is seeing a large influx of Hawaiian residents now making their way to Sin City as well for more affordable lifestyles as well.

Currently, Hawaiians – who refer to Las Vegas as the “ninth island” – are moving to Southern Nevada to escape the skyrocketing prices of housing on their home state, and when looking at the numbers, it’s easy to see why.

In late 2022, the median price of an average single-family home in Las Vegas was approximately $430,000; in contrast, that price in Hawaii is – for the same type of dwelling – is a staggering $800,000 or higher, a price that is driving out local residents of the island paradise in record numbers.

Scott Suzuki of Ohana Realty – a realtor originally hailing from Hawaii, but now residing and working in Southern Nevada – says that the Las Vegas valley is proving to be the ideal location for his former neighbors to resettle after saying “aloha” to the high prices of their home state.

“The home prices in Hawaii right now…the condos are about $500K and homes could be around $1.1 million,” said Suzuki.

While the median household income for the average Hawaii resident is nearly $90,000, that sum is not matching the rising costs associated with living on the island; meanwhile, the $65,000 that the average Las Vegas resident takes home – while less than Hawaii – is nonetheless far more in line with the local cost of living.

New Las Vegas transplant, Trevis Nishioka, said that he moved from Hawaii recently and hasn’t regretted it due to not being able to afford a residence back home.

“I like Vegas. Vegas is pretty dope. There’s no other place. Vegas is one of a kind,” he said. “We moved here because my wife and i had a family. We wanted our own place. We were living with my auntie and her parents.”

Shelter Realty Property Management specializes 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.

10000 SUMMIT CANYON DRIVE, LAS VEGAS

Summerlin Home Located on Bellacre Community Golf Course Sells for Nearly $4 Million

LAS VEGAS, NV – A Summerlin home on a golf course located within the master-planned community of Bellacre – featuring a lavish custom kitchen that boasts a $50,000 French oven – recently sold on the open market for nearly $4 million.

The home in question – which was purchased for $3.8 million – is located on a one-acre double lot on Bellacre’s TPC golf course and is a custom-built residence originally constructed in 2002. The sizable home comes in at 9,954 square-feet and features six bedrooms, five full bathrooms, and a garage that can accommodate up to four automobiles.

According to the listing agent, the previous owner had conducted extensive renovations to the residence, sinking nearly $1 million into a series of upgrades that included multiple aspects of its structure; however, the main transformation centered around the kitchen.

That kitchen was recreated nearly from the ground up to have everything that a master chef could ever possibly want or need to create a plethora of culinary delights. These include a custom-made $50,000 La Cornue stove range with gas burners and electric burners, a large French top, a power burner, and a gas lava-rock grill. In addition, there are two vaulted ovens with copper finishes, one gas and one electric.

There are also two islands in the kitchen with refrigerator drawers and double dishwashers, a double-size Sub-Zero range, a $6,000 Miele coffee maker, and a 1,000-bottle wine cellar with a multi-floor dumbwaiter.

The home also has various options for entertaining guests, including two bars, big-screen televisions, and a built-in entertainment and media center. There is also an underground racquetball court, gym, dry sauna, cold plunge pool and laundry room.

The main bedroom on the second floor has a fireplace, entertainment center, walk-in closets, a sitting room, and a balcony overlooking the backyard, offering views of the TPC golf course and surrounding mountain ranges, making this residence certainly a one-of-a-kind buy… even in Las Vegas.

Shelter Realty Property Management specializes 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.

MSG Sphere

MSG Entertainment Considering Sale of Tao Restaurant Chain to Fund Las Vegas Sphere  Development

LAS VEGAS, NV – Madison Square Garden Entertainment (MSGE) is currently mulling over the possibility of selling their high-end Tao restaurant and nightclub chain in order to help fund the construction of their ongoing MSG Sphere entertainment venue in Las Vegas, as construction costs have continued spiraling ever-higher as the long-gestating project finally nears completion.

MSGE has reportedly engaged the services of multinational investment bank and financial services company Goldman Sachs to assist with the potential sale of Tao Group, which would include 17 restaurants, nightclubs, day clubs and pool lounges in Las Vegas. Among the local venues that would be part of the proposed sale would include Tao Nightclub and Tao Asian Bistro at The Venetian, Hakkasan at MGM Grand, and Beauty & Essex at The Cosmopolitan of Las Vegas.

In addition, Tao also operates venues in London, Singapore, Dubai, and New York City.

The potential Tao Group sale comes amid the skyrocketing budget of the MSG Sphere project, which has currently swelled to $2.17 billion, surpassing Allegiant Stadium as the Las Vegas’ priciest entertainment venue ever.

When completed, the 17,500-seat MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

The exterior of the sphere will feature 36 miles of variable intensity LED lighting – known as an exosphere – enabling the structure to allow outside spectators to peer through a transparent façade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The venue will cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there as well, according to Madison Square Garden Co.

The MSG Sphere was initially scheduled to open in 2021, although it was later delayed due to the COVID-19 pandemic; it is now slated to open in the second half of 2023.

Shelter Realty Property Management specializes 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.

View of the Drew Las Vegas hotel construction plot

Fontainebleau Developer Acquires $2.2 Billion Loan to Complete Long-Stalled Resort Project

LAS VEGAS, NV – The developer of the Fontainebleau Hotel and Casino announced this week that they have acquired a $2.2 billion construction loan to finally complete the project following a protracted – and extremely bumpy – development history. 

The long-gestating Fontainebleau project – located on the northern part of the famed Las Vegas Strip and originally scheduled to open in 2009 – finally resumed construction in November 2021 after it was re-acquired by its original developer after changing hands several times over the years. 

Jeffrey Soffer, chairman and CEO of Florida-based Fontainebleau Development, set out to finish what he began 12 years ago after he put the brakes on the resort due to lack of funding, despite it already being 75 percent completed at the time. 

Fontainebleau Development had originally begun building the resort in 2007, but it was indefinitely halted two years later by the recession, forcing the project into bankruptcy. In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017. Witkoff originally envisioned a 2022 completion date; however, that was derailed by the COVID-19 pandemic. 

From there, the Fontainebleau sat unfinished for years until Fontainebleau Development re-acquired the project and resumed construction in 2021; currently, the resort is now expected to be finished in late 2023, following Soffer’s securement this week of $2.2 billion in new funding. 

When the resort is completed, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC. 

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first announced 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, retail, health and wellness spaces, and other amenities. The resort is expected to provide approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ economy. 

Shelter Realty Property Management specializes 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.

Lake Las Vegas estate hits market for $2,4M

Luxury Home in Waterfront Lake Las Vegas Community Up for Sale for $2,425,000

LAS VEGAS, NV – A luxury home located in The Peaks, a gated subdivision of Henderson’s exclusive Lake Las Vegas community, has hit the open real estate market for the eye-opening sum of $2,425,000, and boasts a number of nigh-end amenities that should ensure that it’s for-sale status in indeed a short one.

The main selling points of the sizable residence, located at 41 Vista Outlook Street, are that it offers unobstructed views of both the Las Vegas Strip and Lake Las Vegas, according to the realtor handling the sale, Ashley Toussaint.

“Not only does the size of the lot set it apart from others, but it is also one of the only homes within the community offering the desert equivalent to an ocean view,” she said. “When it comes to looking for a property that has it all, this is it. From its convenient proximity to the lake and unobstructed view of the Strip on every level of the home, to the all-encompassing micro-local lifestyle it provides.”

The property features a combined total of 9,000 square-feet of indoor and outdoor living space, with the home itself comprised of 3,606 square-feet with five en suite bedrooms, six bathrooms, a four-car garage, front and back terraces, a resort-style backyard, and an outdoor kitchen.

41 VISTA OUTLOOK STREET, HENDERSON – $2,425,000.00

The home also recently underwent a series of cutting-edge “smart home” upgrades, including automation technology that allows the owner to control numerous functions directly from their smartphone.

However, the residence also comes with several perks to sweeten the deal, including a brand-new electric ICON golf cart to allow the home’s owner to ride around the community to partake in its many amenities – such as restaurants, entertainment venues, golf courses and parks – as well as $10,000 in credit for the Lake Las Vegas Sports Club, which offers a fitness facility, social events, personal trainers, and indoor and outdoor sports.

Shelter Realty Property Management specializes 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.

Amid Real Estate Cooldown, Las Vegas Seller Gets Attention by Listing Home for Just $1

LAS VEGAS, NV – As the real estate marketplace continues to experience a cooldown amid record national inflation, spiking interest rates on mortgages, and skyrocketing home prices, one crafty Las Vegas seller is getting attention for the bold move of listing their house with a starting price of just $1 in an effort to draw more offers. 

In a real estate climate that are seeing more and more homes sitting on the market for extended periods of time when compared to the mid-pandemic housing boom where they were selling hand-over-fist amid fierce competition, sellers are trying to figure out new ways of drawing prospective buyers to their listings. 

And if you’re browsing ads for a new home and notice a residence in the vicinity of St. Rose Parkway and I-15 with an initial asking price of $1, real estate agent Lana Boley wants to assure you that is not a typo. Instead, it’s part of a strategy intended to help move the house quickly for clients who are in a rush to sell in a slow market. 

“It is not a mistake. You basically have to talk to the listing agent and see what’s the highest you could do for that home,” she said. “Sometimes people just need to move to another state, or they have a different situation, and they don’t want to wait for an offer. So if they would like to sell it fast, they could list it for $1, or really, really low, so they could receive several offers and choose the best one.” 

The creative move comes as sellers in Vegas are dropping the prices of their homes after sales have dropped in recent months; according to reports, 2.4 percent of homes for sale in Southern Nevada have actually been “delisted” by their agents in order to wait for the market to recover. 

79 LOCKHEED AVENUE, LAS VEGAS – Accepting Offers

However, Boley noted that this is a sign that what was recently a very strong seller’s market is transitioning into a buyer’s market… albeit slowly. 

“There are a lot of opportunities, especially for the first-time homebuyers,” she said. 

Shelter Realty Property Management specializes 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.

Tony Hsieh

Sale of Late Zappos CEO Tony Hsieh’s Las Vegas Apartment Deemed Fraudulent by Judge

LAS VEGAS, NV – The sale of the former apartment complex of late entrepreneur and Zappos CEO Tony Hsieh has been deemed fraudulent by a Las Vegas judge since his estate never approved of the transaction, leaving the buyer in a state of limbo in regards to the rights to their purchase.

Much of the Las Vegas real estate empire amassed by Hsieh has been listed on the open market by his family, totaling nearly 100 properties throughout the downtown Las Vegas area. Hsieh had passed away in November 2021 at the age of 46 due to injuries suffered in a Connecticut house fire, and had no will before his death, reports say.

The apartment complex in question, known as Cassia – which Hsieh purchased in 2012 – is located at 319 South Ninth Street, and was purportedly sold in March for $1.2 million by an individual named Santiago Espinosa, who claimed to be a managing member of Hsieh’s limited liability company that owned the property.

However, attorneys representing Hsieh’s estate were not informed of the sale until May, at which point they stated they had never heard of anyone named “Santiago Espinosa.” District Judge Gloria Sturman subsequently ruled that the sale of Cassia was “clearly fraudulent” and ordered that the deed be immediately returned to Hsieh’s estate.

While the whereabouts of the individual claiming to be Santiago Espinosa are currently known to authorities, the same cannot be said regarding the person who notarized the fraudulent sale, reports say. A source close to the situation alleges that the attempted sale of Cassia was part of a large-scale attempt to rip off real estate buyers across the Las Vegas valley.

The apartment complex had been sold to Galaxy Home Buyers LLC – managed by realtor Sarah Sorrells – and that the reversal of the sale by the judge resulted in the firm taking a $1.2 million loss that they have no choice but to accept.

Shelter Realty Property Management specializes 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.

1 BOULDERBACK DRIVE, HENDERSON

Las Vegas Luxury Home Purchased and Extensively Renovated on Market for Over $5 Million

LAS VEGAS, NV – A “fix and flip” luxury residence located on Boulderback Drive in Las Vegas that was purchased and extensively renovated has now been listed on the open market for a whopping $5.895 million.

Shelly Kramarczuk, principal and owner of SK Design, first noted the home earlier in 2022, and after purchasing the single-story, four-bedroom, 4,832 square-foot property, oversaw a complete transformation of its interior.

Many of the changes in the home made extensive use of Neolith, a type of sintered stone made from three types of natural materials: Glass, Porcelain, and Quartz. The stone puts together the best features of these raw materials, creating a stone that is highly durable, waterproof, scratch resistant, and resistant to UV rays.

1 BOULDERBACK DRIVE, HENDERSON – $5,895,000.00

An entire wall in the home’s great room is completely made up of Neolith, Kramarczuk noted, and influenced her decision to make it a common design motif throughout.

“It transformed the entire feeling of the home. I am in love with the Neolith product line. It’s so rich in its look and appeal,” she said. “I immediately saw it in my mind when I first entered the home. I had a vision of re-slabbing it to transform the feeling of the home, so that is where I started.”

The great room Neolith wall features a 98-inch television with an integrated sound system and a 100-inch Dimplex fireplace – with the components are built into an AV media wall box behind the television – all of which have been incorporated seamlessly into the structure.

Kramarczuk added a number of other elegant design aspects into the home over the course of its 5-month renovation process, including a $70,000 custom Bocci chandelier hanging over the formal dining table, floor-to-ceiling glass throughout much of the residence, dual contrasting waterfall islands with quartz countertops in the kitchen, and much more, creating what Kramarczuk referred to as a “timeless, organic-modern aesthetic.”

“Boulderback is a special property,” she said. “The floor plan is functional, with four bedrooms and flex rooms that can be customized to the buyer’s interests and needs.”

Shelter Realty Property Management specializes 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.