Category Archive : Real Estate

LAS VEGAS, NV – According to a recently-released report from the Nevada State Apartment Association (NVSAA), the demand in the apartment market in Las Vegas has continued to remain strong and has even shown signs of growth, despite the impact of the COVID-19 pandemic on the Southern Nevada economy over the course of the past year.

The NVSAA report notes that apartment rents have continued to rise while vacancy rates have continued to shrink over the past 12 months. Rent has grown by 9.3 percent in the first quarter of 2021 when compared to the same period of time one year prior. Currently, the average rent of an apartment in Southern Nevada is sitting at $1,198 per month, which represents an increase from $1,138 from the fourth quarter of 2020 and $1,096 from one year ago.

However, despite the rising rents in Las Vegas, the NVSAA report is still quick to point out that they are still lower than the national average, which is currently $1,414 per month, a 2.9 percent increase from one year earlier.

As for vacancy rates, the average vacancy during the first quarter of 2021 is 5.4 percent, which represents a decrease from 5.9 percent from the fourth quarter of 2020 and 6.9 percent from one year ago.

Over the years from 2015 to 2019, Southern Nevada apartment rents increased at a regular rate until the pandemic hit last March; at that point, rents dropped significantly but – just as quickly – rebounded and have now gone beyond their pre-pandemic peak.

Another reason for the high demand is a lack of new inventory on the market; during the peak of the pandemic, new apartment development was slowed, but has since regained speed; according to the NVSAA, as of the first quarter of 2021, 3,826 Las Vegas apartment units are currently under construction.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Yet another real estate record was set in Las Vegas recently when the French countryside-style estate of former casino executive Barry Shier sold for a whopping $11.3 million, the highest price yet paid for a home in 2021.

That impressive record seems destined to be short-lived, surprisingly enough; in the Henderson hillside community of Ascaya, a 12,100-square-foot home is reportedly under contract for $15.9 million. But for now, the Shier sale is the king of the mountain in 2021.

The Shier property is located on Enclave Court in Country Club Hills in Summerlin, which is a seven-home exclusive neighborhood known as “Billionaires Row.” It was purchased by John Lagerling, the CEO of Mercari, an e-commerce website that is considered a competitor to sites such as eBay.

After closing on the property on Monday, Lagerling’s Realtor, Greg Clemens of Coldwell Banker Premier, reported that South Point casino owner Michael Gaughan made an offer to his client to acquire the property he had just purchased for $15 million, which would have netted him a $4 million profit. However, Lagerling turned the offer down, Clemens said.

Clemens noted that the Shier home fetched such a high price due to the fact that property in Las Vegas is in high demand, despite the impact of the ongoing COVID-19 pandemic.

“This is a home that has probably been on the market for about five years,” he said. “It sold now because our market is so strong. There’s no inventory. I have three to four people I am working with right now who are looking for homes over $10 million, and I can’t find them anything. It’s a sign of supply and demand. The supply is low, and demand is through the roof.”

The all-time record home sale in Las Vegas, however, remains the 2016 purchase of a 31,000 square-foot home located in Enclave Court to magician David Copperfield for $17.55 million.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The elaborate, castle-styled mansion owned by magician Lance Burton, located in Henderson, Nevada, has been listed on the market for a whopping $4.49 million, according to reports. The move comes after Burton moved from Las Vegas – he hasn’t performed there since 2018 – to a farm based in Kentucky in late 2020, which has been in his family for nearly 100 years. He had previously been a regular performer at the former Monte Carlo hotel-casino on the Strip, but ended his run there in 2010 and has been doing shows both nationally and around the world since then.

The mansion, located in southeast Henderson off College Drive, west of U.S. Highway 95 in the Black Mountains, was originally built by Burton in 2006 and was designed to resemble a medieval-style castle. Taking up 14,376 square feet and situated on 10 acres of land, it boasts three stories and six bedrooms and features a observation tower with 360-degree views with a three-car garage. The address is 1280 Scooter St, Henderson, NV 89002.

Burton noted that the castle-like exterior – including cutouts at the top where defending archers could shoot through in medieval times – is merely a façade; the interior is just a comfortable modern home with all the amenities one would expect of a high-end residence, including guest bedrooms, a gym, a two-story library, and a home theater with eight reclining seats. The home also features a large living room, complete with a bar and four televisions.

With Burton being a magician, there are also some more whimsical aspects to the mansion as well; it has secret doors built into the walls that, when closed, are undetectable to the average person; in fact, the second story of his library is only accessible via such a secret door.

The only major amenity that the home lacks is a pool, since Burton said that he didn’t use the one in his last residence; however, the master bedroom does have a grotto area and spa. The spa is indoors but has the pocket with doors that open to the outside; and privacy is not an issue, ether – the mansion sits atop a mountain and entry requires passing through a series of three gates.

All in all, a unique and impressive piece of real estate.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Due to the low housing inventory throughout Southern Nevada – coupled with high demand – more and more people seeking residences are turning to North Las Vegas, causing prices to shoot up to a degree that is causing real estate experts to do a preverbal double-take, according to reports.

While upscale communities such as Henderson and Summerlin have been the hotspots for home buying in recent years, North Las Vegas is considered a major up-and-coming territory, with many expecting the region to become a dominant force in the real estate market for the next ten years, at least.

New homes are selling as fast as they’re being built, reports say, and waiting lists are becoming the norm for many developments. New home sales in North Las Vegas have tripled in the last two years; for example, Valley Vista had 1,073 closings in 2020, and Tule Springs had 543 closings, which represents a huge flurry of sales in a relatively short amount of time.

In addition to the availability of inventory at the moment, another attractive feature of North Las Vegas that is bringing in buyers is its relative affordability when compared to other parts of Vegas; currently, the average home in North Las Vegas is selling for $340,000, compared to the southwest where similar homes are going for as high as $497,000.

Experts say that the city of North Las Vegas has been doing an excellent job of making the region attractive to builders. In addition, the region has a surplus of land to build upon when compared to other areas in Las Vegas currently, making it an ideal place for buyers to find a home in their price range, especially those who are working from home due to the pandemic and are looking for an affordable residence to call their own.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – A Las Vegas-based husband and wife are suing the producers of the well-known reality television show “Property Brothers,” alleging that the renovations to their home carried out by the siblings’ crew were sub-par, according to reports.

In 2018, Mindy and Paul King participated in an audition to appear on the reality show, hosted by twin brothers Drew and Jonathan Scott; the renovations they sought for their homes were originally budgeted at $110,000, but that amount increased to over $168,000 upon buying a home located in the Las Vegas Valley, situated near Elkhorn Road and Tenaya Way, according to the lawsuit.

It should be noted that only the producers of the show are named as defendants in the lawsuit, and not the Scott brothers.

A complaint filed by attorney Ryan Ellis, who is representing the Kings, alleges that the couple were lied to and that misrepresentations were made to them “solely for Defendants’ financial gain,” and that the renovations carried out “was plagued with issues” that left the couple with numerous code violations, improperly installed doors, warped cabinets, and poor grout work, according to the lawsuit.

However, Cineflix – the production company behind “Property Brothers” – filed a motion to dismiss, saying that they acknowledged the issues and offered to make the needed repairs, but that the Kings refused to allow the contractor to carry them out. The motion to dismiss the suit noted that Nevada law allows a building contractor a “reasonable opportunity” to make good upon their work.

When the episode of “Property Brothers” in question aired, the Kings appeared to be happy with the work that was done to their home, but they maintain that they were fooled by the show’s production company as to the quality – or alleged lack thereof – of the work.

A judge is scheduled to make a decision on Cineflix’s motion to dismiss at a hearing at the end of March.

Feature Photo: Drew Scott (left) and Jonathan Scott (right) attend the Paper Towns premier at AMC Loews Lincoln Square on July 21, 2015 in New York City. Editorial credit: Debby Wong / Shutterstock.com, licensed.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to reports, more and more people are growing frustrated with the state of the home buyer’s marketplace in the Las Vegas Valley, as what little inventory there is often disappears as soon as it hits the market and often goes for far more than its initial asking price.

It’s the age-old dilemma- shortages combined with fierce competition always drive up prices in any industry, but this holds especially true when it comes to home sales, and especially when it’s in Las Vegas.

Many homes are being snapped up as soon as they get listed for sale, and many buyers are paying in cash; realtors are saying home inventory in the valley is the lowest it’s been in 20 years due to how incredibly hot the market is at the moment. At this point, the COVID-19 pandemic – which has brought many industries to their knees – has been little more than a speed bump when it comes to real estate.

Indeed, experts predict that the Las Vegas real estate market will continue to perform strongly throughout the end of 2021, and many developers are working non-stop to build housing on every available square-inch of land in the region in order to get in on the action. But until supply satisfies demand, many are noting that overbidding on properties will remain the norm, making it very challenging for people to get their foot in the door of a home… literally.

Even those who are able to purchase a house in Las Vegas have the battle scars to show for it. One report indicates that a recent home-buyer had been on the hunt for the past three months, but every time they found something they liked, it was already under contract.

Eventually, bidding wars broke out, but while top-dollar was usually paid for any home, a distinct advantage was given to those paying in cash, even if they slightly underbid… for obvious reasons.

Eventually, the home buyer referenced above managed to find a house after warring over five properties in a row. His advice? Act quickly on any property that catches your eye, and expect to pay at least 10-15 percent more than it’s listed for. Such is the reality of the modern-day Las Vegas real estate scene.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to recent reports, a new Las Vegas-based reality television show will be coming soon that focuses on the city’s expensive luxury housing marketplace. “Selling Summerlin” is set to illustrate “the aggressive and luxurious real estate market in Sin City,” according to a recent announcement by the well-known cable channel VH1, also home of the real estate reality show ”Love & Listings.”

The show is not affiliated in any way with the Las Vegas community known as Summerlin, but instead will showcase all manner of luxury housing and rentals throughout the Southern Nevada region. It is set to star two Las Vegas-based realtors, Michele Sullivan with Berkshire Hathaway HomeServices Nevada Properties and Alese Morrow with Synergy Sotheby International Realty, as the two work together – and against each other – while showcasing some of the priciest and ritziest properties around.

Executive producer of “Selling Summerlin,” Tai Savet of Ouse Media Group, said that he felt Las Vegas was the perfect city to host a reality show focusing on luxury real estate. The show will not be scripted, he said, but instead will serve as a legitimate showpiece for female luxury realtors in the high-stakes city of Las Vegas.

“There’s going to be a lot more drama than they think, and none of it is going to be scripted,” Savet said. “You will see some authentic good old rush to the finish line, and everybody will do what it takes to get there.”

The show will not only feature the ins-and-outs of how real estate transactions are carried out, beginning to end, but also the private lives of the show’s stars as well. The show has been shooting throughout the COVID-19 pandemic and has been strictly adhering to health and social distancing standards, with smaller crews on-site and stars and crew both wearing masks.

The premiere date of “Selling Summerlin,” along with what markets it will be airing in, has yet to be announced.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to the National Association of Realtors, Las Vegas now ranks in the top ten of commercial real estate markets in the United States, and considering the fierce competition out there, this achievement is by all means no small feat.

The list – which was made public on Wednesday, March 10 – represents the first time that the National Association of Realtors (NAR) has released a commercial real estate forecast. Other cities on the top ten list include Phoenix, Seattle, Nashville and Salt Lake City.

NAR Chief Economist Lawrence Yun noted that commercial real estate in particular has had a hard time in the past year thanks to the ongoing COVID-19 pandemic, but expects 2021 to represent a big comeback as vaccine rollouts continue and the economy improves.

“A recovering economy and the near certain job growth will steadily lead to the absorption of commercial properties,” he said. “The apartment rentals market could once again experience very low vacancy rates by year’s end.”

NAR’s top ten list was put together based on 25 factors, taking into account multiple aspects of a region’s economic, demographic, housing and commercial market conditions in a variety of sectors, including multifamily, office, industrial, retail and hotel property. A number of indicators were examined, including but not limited to GDP growth, unemployment rate, median household income, consumer spending, number of business openings, population growth, homeownership rate, rental vacancy rate, building permits and apartment rent.

Affordability was a major factor in determining the top ten of commercial real estate markets in the United States, Yun noted, as cheaper areas to live in often do better than expensive markets in terms of drawing in new residents and businesses.

“The top commercial real estate markets that are expected to outperform the rest of the nation are generally affordable and able to draw new residents with a greater flexibility to work from home,” he said. “These growing markets also offer much lower office and retail rents and are, therefore, able to attract new and expanding businesses.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to recent reports, VICI Properties, a real estate investment trust specializing in casino properties based in New York City, has agreed to purchase several Las Vegas Strip hotels and casinos from seller Las Vegas Sands for the whopping price of $4 billion, which many experts see as a huge vote of confidence in the economy of the tourism-dependent city to bounce back quickly after the COVID-19 pandemic.

The deal, paid in cash, includes the real estate for the Venetian Resort Las Vegas, the Sands Expo and Convention Center, and the land underneath the MSG Sphere, which is expected to open in 2023. Once the deal is completed, this will put VICI in possession of the largest hotel complex in the country – over 7,000 rooms – in addition to its largest convention and trade center – 2.3 million square feet – as well.

Apollo Global Management is slated to acquire the operating business and lease the property from VICI for $250 million per year, reports say.

In all, VICI Properties will be the owners of 99 acres of Las Vegas property, with call rights on another 28 neighboring acres. Currently, the company owns 28 casinos and four golf courses in America.

Many experts are calling VICI’s decision to make such a large purchase a “bold move,” especially right after one of the worst years that Las Vegas has ever experienced due to the economic impact of the ongoing COVID-19 pandemic, which costs thousands their jobs and caused many businesses, casinos, and hotels to close. Clearly, experts say, VICI is confident that Vegas will bounce back quickly and that tourism – the lifeblood of Las Vegas – will return to its previous successful 2019 level sooner rather than later, similar to how the famous “roaring twenties” were born out of the pandemic of 1918.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to recent reports, the Las Vegas real estate market will continue to gain momentum throughout the upcoming year, but its hottest aspect will remain its luxury home sales, which are expected to flourish throughout 2021.

With traditional social activity curtailed by precautionary measures put into place by the ongoing COVID-19 pandemic, more and more people are looking to deal with the concept of the “new normal” by renting and purchasing homes that give them more space to spread out than a traditional abode offers.

Reports indicate that the purchase of large-scale, luxury homes in many regions in the United States, but especially in Las Vegas, reached a fever pitch during 2020, and that trend seems poised to continue – and possibility elevate further – during 2021 as COVID continues to be the driving force until vaccine rollout efforts result in eventual herd immunity.

Reports indicate that, in 2020, 313 luxury homes valued at $1 million or more closed, which represents a 26.7 percent increase from 2019, when 247 were sold. In addition, sales of homes that were valued less, but still considered in the “pricey” range – up to $750,000 or so – jumped by 11.7 percent in 2020.

Meanwhile last year, sales of homes costing $1 million or more saw a jump of 38 percent in 2020 over 2019, and the available marketplace for homes of that caliber continues to shrink as inventory becomes less available due to demand.

The Las Vegas regions continuing the most luxury sales in Las Vegas during 2020 – and likely to continue into 2021 – are the Southern Highlands, The Ridges in Summerlin, MacDonald Highlands and Seven Hills in Henderson, reports say.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to reports, the constant restrictions being put on public space by the ongoing COVOD-19 pandemic have resulted in homebuyers desiring more and more personal space in their real estate purchases to counteract this unusual trend in the marketplace.

For example, California resident Aaron Franklin eventually decided to leave his diminutive one-bedroom residence in Marina del Rey for a much more spacious and affordable home in Las Vegas that included many amenities that his Californian home did not, such as a tennis court and swimming pool. The deciding factor? Affordability concerns born out of the COVID-19 pandemic and a desire for more elbow room, he said.

“I was working out of a living room,” Franklin said of his stay in Marina del Rey, noting that now that he is in Vegas he has “a dedicated room for doing all my meetings and videos, and my wife has her own room.”

Remote working has remained a major factor in requirements among buyers throughout the COVID-19 pandemic, especially when children are concerned; after all, having additional space is especially attractive when you have one – or more – little ones running around and threatening to intrude on a random video conference call with your boss. And when taking online school into the equation, having more room to spread out takes on an even greater urgency, most regional transplants say.

“Since COVID’s happened, I don’t need to be there anymore,” Franklin said of his decision to relocate from California to Las Vegas. “I was paying essentially $3,000 a month in rent for a one-bedroom apartment there, and I just bought a house here (Las Vegas) that’s about $300 less a month.”

Franklin said the 3,000-square-foot home he purchased with his partner has four bedrooms, and is a “massive upgrade in space” and allows them to finally host guests and have a dedicated work space that they didn’t when they were Californian residents.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS,, NV – With the competitive landscape of the current housing market, many homes are facing bidding wars and selling for well over asking price. In fact, in 2021 there will be a record number of new homes built – the most since before the housing crash of 2008. If you can’t find a home you like, you should consider building a new home. Builders will often customize the home to your preferences, so you can add that home office or luxury bathroom. The process of building a new home can be complicated and overwhelming. That’s why Redfin asked industry experts (new home builders and real estate agents) to share the most common misconceptions around building a new home and the truth behind them.

1. Assuming Your Designer Knows Exactly What You Want

The level of communication between the homeowner and designer can impact the final results of the project. Therefore make sure that you communicate well and ask questions anytime that you have concerns. Also, be ready to reply to the designer’s queries. – Gosia Thurfjell, 9th Floor Design 

2. You Won’t Need A Home Inspector

When building a new construction home, it’s a wise idea to hire a home inspector to conduct several inspections throughout the various phases of construction.  Buyers always hire home inspectors for resales, but when it comes to a new home, buyers feel that since it’s new, no inspections are needed.  I’ve seen homes in which the plumbing for a sink in an island wasn’t accounted for in the foundation, braces in the trusses of the attic were missing, recessed lighting was off-center, etc., and hiring a home inspector to monitor the construction is a smart investment. – Lauren Stark, Elite Realty

3. Custom Equals Expensive

Custom can mean a well-thought-out space that makes sense for any particular family to live in. We build custom $350k projects, and custom $2M projects. – Journey’s End Homes

4. Building Is Extremely Difficult And Time-Consuming 

Building a new construction home is not as hard or time-consuming as you think. have fun and be practical, but don’t be afraid to ask questions. Pinterest is great but doesn’t always meet building code and might not always be the most reliable. – Kensington Custom Builders

5. Construction Will Progress Flawlessly And Without Hiccups

The most damaging misconceptions new home buyers often have is that construction will progress flawlessly and without headache during the build and that they will move into a picture-perfect home upon completion. In the real world of new home construction, there are usually delays and unforeseen issues during active construction, and then service items or minor touch-ups and repairs that need to be addressed after the home is completed. Keeping a positive attitude and rolling with the punches is key to a fun and satisfying experience when building a new home. – Joel Comino, Next Modular 

6. Using Price Per Square Foot To Compare Custom Builders

Sometimes the lowest price doesn’t include the things you would expect like garbage disposals and garage door openers. Once the items you would expect are added in the price per square foot balloons. Having a detailed specifications sheet from your custom builder is key to ensuring you have the items you want to be included in your home without lots of expensive change orders throughout the building process. – Old World Custom Homes 

7. A New Construction Home Is Overwhelmingly Complicated

With the right team, design, communication, and building can be a nearly seamless process. – Heartwood Builders 

8. Thinking You Won’t Need Representation

New homebuyers think that they don’t need representation because the agent in the sales office will handle everything. The agent in the sales office represents the builder and will work in the seller‘s best interest. If they have their own representation, their agent can advise them on issues that they don’t even realize are there. Their agent can also negotiate on their behalf when most buyers don’t even realize they can negotiate with a new home builder on the sales price, options, incentives, and terms. – Tony Sena, Shelter Realty

9. Underestimating The Skill Required To Design And Build Modern Homes

Many clients today seek our architectural expertise to design modern homes with a minimal, yet sophisticated material palette. Often these clients underestimate the skill required to design and build these types of designs, not realizing that achieving crisp lines and clean joints requires essentially zero tolerance between dissimilar materials.  The truth is that executing modern design requires a tremendous amount of thinking and coordination between the architect and contractor to deliver this level of exquisite, modern residential detail.  Modern design undoubtedly affirms the saying “less is more.” – Brian Grieb, GriD Architects

10. Building A New Construction Home Is A One-person Show

A good project is the result of a good team, from the design team (architects and engineers) to the construction team (GC and each sub) and finally the owner/client who needs to make sessions in a timely manner and avoid changes. – Tagliaferri Architects, Inc 

11. You’ll Save Money Not Using A Real Estate Agent

One of the most common misconceptions homebuyers have when buying a new construction home is that they think they will save money on the home by not using a Real Estate Agent. It’s quite the opposite, in fact. The commission percentage is a predetermined amount worked out by the builder and the sales representatives so the number does not change one way or the other. You’re more likely to work out a better deal with a Real Estate agent working on your behalf because they know how the process works and what to ask for.  You’ll also have added protection throughout the entire home building and buying process with the resources a Real Estate Agent can provide. -Ryan Fitzgerald – Uphomes 

12. That A Custom Build Will Be Less Expensive And Happen Quickly

When it comes to building a custom home, there have been a lot of changes in the Puget Sound with coverage and zoning and there is less and less land to build on that is close to areas homebuyers want to be. There’s also the fact that raw materials and labor have seen double-digit increases over the last few years which helps add to the rising costs of homebuilding. But a custom-home has a lot of rewards. It has your signature touch and hopefully has design elements that make it special to you.  But it is a journey, and I’ve yet to meet anyone who hasn’t had to compromise somewhere. – Joe Patterson, Realogics Sotheby’s International Realty 

Lexi Klinkenberg of Redfin contributed to this story which was originally published on The Redfin Blog.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.