Category Archive : Real Estate

LAS VEGAS, NV – As the months go by and the economy continues to improve emerging – ever-so-slowly – away from the COVID-19 pandemic, records continue to be broken on a regular basis in Las Vegas’ housing market. But according to experts, while home prices are the highest they’ve ever been in Southern Nevada, there’s at least one way that home values are still underneath their pre-recession levels.

According to local media reports, signs that the Vegas housing market is on fire can be plainly seen in the numbers, with buyers for homes in Spring Valley and Summerlin last week paying a whopping $22,000 and $75,000 over their respective asking prices. And if you don’t think that’s a sign of intense competition, let’s not forget about the Henderson home that recently sold for approximately $160,000 more than its owner had paid for it just a few short years ago.  

But while real estate records are falling by the wayside with increasing regularity as of late in Las Vegas, one way experts note values remain in question is that they are still shy of the levels achieved prior to the burst of the housing bubble in the mid-2000’s, and that’s due to inflation.

In July 2021, the median sales price of previously owned single-family homes in Vegas was an all-time high of $405,000, representing a 22.7 percent jump from the same period of time in 2020. But the previous peak of median house prices in the region was in the middle of 2006, when they reached $315,000… which, in 2021 dollars, would come to $423,834.

Experts say that factor alone illustrates a great many things about Las Vegas real estate, such as the extreme bloat of the pre-recession marketplace and how circumstances today – despite prices rising again to the point of creating affordability concerns – are far more stable overall, leading to less risk of another hosing bubble pop and subsequent financial disaster.

Many analysts predict that the current boom in Vegas will eventually level off as developers continue to construct new homes and rental properties to satisfy demand, although exactly when that will happen is anyone’s guess.

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 Las Vegas housing market continues to astound, as a unique, all-time record was set last month; the price of previously owned single-family homes shot past the $400,000 mark, a boon for sellers but a sign that has some buyers worrying that they may be priced out of the market if this trend continues.

In July, the median sales price of pre-owned, single-family houses in Las Vegas – making up the vast majority of the real estate marketplace – hit $405,000, which represents a 2.5 percent increase from the last record high achieved in June, and a 22.7 percent jump from July 2020, reports say.

3,352 houses were sold in July, which was a drop of 5.4 percent from the month before, but a small increase of 0.8 percent from July 2020. And while the amount of available homes on the market increased from June to July, the overall inventory remained low, leading to a continuing increase in prices.

Reports indicate that 3.007 houses were available for sale on the open market at the end of July, representing a 22.5 percent increase from the previous month but a 37.4 percent decrease year-to-year.

The housing market in Las Vegas has been a hotbed of activity in recent months, with demand essentially outstripping inventory and leading to skyrocketing prices, fueled by low interest rates on home loans that have allowed buyers to indulge themselves at times. Competition has been fierce as a result, with interested parties – many coming from neighboring states – dog-piling on attractive home prospects and routinely paying over the asking price in order to get the upper hand on other potential buyers.

As a result of this activity, home builders and sellers alike have regularly been increasing their prices in order to take advantage of the intense demand, often putting interested buyers on waiting lists and sometimes even accepting bids for properties, experts say.

However, this highly-competitive marketplace is unfortunately serving to price some first-time buyers out of the running for home purchases, forcing them to make do with rentals homes or lower-priced condos.

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 – It seems that that real estate in Las Vegas is getting so in-demand that even the shell of a burnt-out house will sell in near record-setting time. A scorched and gutted one-story home, located off Cheyenne Avenue east of Interstate 15,  features numerous boarded-up windows and no roof, back door, or many walls to speak of, but that didn’t stop a buyer from swooping right on in and picking it up as if it was a brand-new luxury condo.

After the (former) residence was listed on the open market on July 22, six buyers almost immediately submitted offers for it, and while four of them attempted to low-ball the owner – who listed the property as an “investment opportunity” – two agreed to his asking price of $90,000 for the burnt-out wreck of a house. Currently, the owner is under contract to sell to one of the investors.

Thanks to low interest rate home loans, investors have been snapping up homes in the Southern Nevada region for months, with 3,000 having been sold in the second quarter of 2021; this represents a whopping increase of 280 percent from the second quarter of 2020, when sales dropped during the midst of the COVID-19 pandemic.

The owner of the burnt-out house, which was constructed in 1963, had originally acquired the property last September several months after it had burnt down due to a fire. Originally, the man planned on using the remains of the home – which are still in usable condition, and building a new home upon them. However, the owner said he found himself with too many other projects at the time, coupled with the fact that contractors are in high demand right now.

Finding himself on a waiting list for rebuilding the home that could have taken months, he instead decided to take his chances on listing it in hopes that individuals who specialize in rebuilding homes would be interested in picking it up, which is exactly what happened.

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 – As the COVID-19 pandemic continues to wind down as vaccination rates increase, the Las Vegas housing market has been skyrocketing, with inventory continuing to shrink as prices correspondingly continue to climb higher and higher. It’s a matter of supply and demand, and currently the demand is outpacing the supply.

It’s a situation that’s starting to prove to be problematic – median home prices in Las Vegas have increased more than 20 percent from 2020 – and many first-time and entry-level homebuyers are finding themselves being priced out of the market.

However, real estate experts are predicting that the end of the federal eviction moratorium – which occurred on July 31 – and the resulting repercussions could result in a stabilizing effect upon housing supply and prices.

The end of the moratorium – which was keeping people behind on their rent in their homes during the height of the pandemic – means that potentially scores of tenants may be facing eviction proceedings for failure to pay rent. As a result, experts say, numerous homes will eventually be making their way into the Southern Nevada marketplace.

However, it will take some time – at least 30 to 90 days, if not more – for the effect of these new homes joining the Las Vegas inventory to be truly felt, as evictions can take some time to play out. In addition, a new law passed by the Nevada legislature will put evictions on-hold if tenants have applied for federal rental assistance money, and the process of awaiting the approval or denial of those funds can take months.

A big shift could be seen by the end of 2021, experts say, as many evictions will have been completed by that time, coinciding with the time of year when FHA loan limits are increased. Currently, FHA loans are limited to $378,000, and the median price for a single-family home in Las Vegas is $420,000; by the end of the year, however, that could all change in the buyer’s favor, opening the doors for a more stable, affordable Las Vegas housing market.

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 – Amid a white-hot real estate marketplace, one of the fastest-growing areas of the Las Vegas rental business is turning out to be newly built single-family houses, and a local developer is jumping into it with both feet.

With plans for two projects already drawn up for a total of approximately 450 homes, The Calida Group is planning on constructing these rentals in the Cadence community, located in Henderson. Just over 400 of the homes are slated to be free-standing, while the remaining ones will be attached to townhouses, according to city records.

Calida has plans to break ground on the projects in Cadence – a 2,200-acre community off Lake Mead Parkway east of Boulder Highway – in the third quarter of 2022, and the planned homes will represent the company’s first-ever foray into newly-built, single-family rental tracts in the Southern Nevada region, with more to come in the future, co-founder Eric Cohen noted.

“We are planning many more,” he said.

With the recovery of Las Vegas’ economy and housing market after the mid-2000’s recession, the local rental marketplace exploded, and investors snapped up as many low-cost single-family houses as they could to turn into rental units. The market stalled temporarily during the COVID-19 pandemic, but as vaccination rates steadily grow the economy has continued to bounce back, making the demand for rentals in Vegas stronger than ever.

To satiate rental demand, developers such as Calida have been erecting as many apartments as they can; however, newly built single-family homes have been growing in popularity, and several companies have been jumping on the bandwagon as of late; Cohen noted that they are “one of the biggest requests we received” from his renters.

The demand for rental homes has – along with the rest of Las Vegas’ rental market – driven up rent prices across the board; according to reports, the average rent of a Vegas-based house jumped 17 percent from May 2020 to May 2021, and only continues to grow as more people flock to Nevada for an overall cheaper lifestyle.

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 – Shaquille O’Neal, legendary professional basketball player, actor, and current sports analyst on TNT’s Inside the NBA has purchased a private 1-acre estate in the southeast valley for nearly $2 million, right after previously having sold the Southern Highlands residence he had bought prior to the COVID-19 pandemic.

O’Neal, regarded as one of the greatest basketball players and centers of all time, has business dealings in Las Vegas, so owning a home in the region makes perfect sense. However, confusion surrounded the sale after the listing agent, Zar Zanganeh, initially issued a Facebook post on July 9 congratulating O’Neal and his realtor on the acquisition, only to turn around and later delete the post.

Upon being contacted by local Southern Nevada media, Zanganeh reportedly said that she was unable to disclose the buyer of the property, only saying that it was a long-time client and friend; however, neither she nor O’Neal’s personal realtor would deny that the basketball great was the buyer when asked.

The home, a 5,980 square-foot, two-story, five bedroom residence located east of Sunset Park, closed on July 9 for $1.95 million, and according to Clark County records, the buyer was Lester J. Knispel Trust and Chexy Trust, which has been previously utilized for Las Vegas real estate deals by O’Neal.

Meanwhile, O’Neal’s Turnberry Place condo – which was also listed under the trust’s name – was sold in February 2020 for $677,000, after previously being purchased for $670,000 in January 2019, records say.

While O’Neal spends the majority of his time working in Atlanta, Georgia on TNT’s Inside the NBA, the listing agent did note that her client intends to live in the southeast valley residence, confirming that it was not purchased for a relative or as a rental.

Other real estate deals that can be attributed O’Neal include a two-story, 5,440-square-foot Southern Highlands home that he bought in September $765,000, featuring a swim-up bar; Clark County property records listed the Shaquille O’Neal Revocable Trust as the owner, and the home was later sold on June 28 for $1 million.

O’Neal’s other dealings in Las Vegas include co-ownership of Big Chicken sandwich shop east of the Strip.

Photo: Shaquille “Shaq” O’Neal at the ‘Killer Bees’ New York Special Screening at Landmark 57 Theater on November 12, 2018 in New York City. File: Ron Adar, Shutterstock.com, licensed.

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 – Thrive, a new townhouse complex in Summerlin, has exemplified the massive demand for housing options in Southern Nevada in a very eye-opening way- by completely selling out of all its units before the project has even broken ground.

Developer Edward Homes notes that Thrive isn’t actually slated to begin construction until August 1, which is situated along Charleston Boulevard, less than a mile west of Red Rock Resort. The project is anticipated to be finished by the first quarter of 2023, owner Brock Metzka says, but that still hasn’t stopped people from putting their hard-earned money down well in advance of move-in day.

“It was really fast,” Metzka said, noting that prior to the recent real estate boom in Las Vegas, he’s never completely sold out a planned development before it was even built.

The development was originally slated to be completed in phases, with the initial phase consisting of model homes to show off to prospective buyers. However, given the fact that all of the townhome units sold out in less than 90 days, such an approach was no longer necessary; instead, full-up construction of the entire community is now planned to commence in August.

Thrive, which will consist of 43 homes, sits on 2.6 acres of land in the Las Vegas Valley, sold out so quickly due to the massive demand for housing options in Southern Nevada these days, coupled with cheap loan options and a huge influx of out-of-state buyers who are flocking to the region for its blossoming economy, vibrant job market, and low cost of living when compared to many other parts of the country.

Located at the southwest corner of Charleston Boulevard and Plaza Centre Drive near the 215 Beltway, Thrive’s townhouses range in price from $440,000 to $550,000, with the higher-end residences coming in at three-stories. Many of the buyers hail from nearby California, according to Metzka, and most of them are paying cash.

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 recent sale of a vacant plot of land in The Summit Club – a private community nestled between Red Rock National Conservation and the Las Vegas Strip – has raised eyebrows and broken records, as a wealthy buyer from California paid a whopping $36 million for four separate parcels upon which they reportedly plan to construct a lavish estate.

The purchase overshadows even the impressive $25 million sale of a new home in MacDonald Highlands in Henderson this past June by billionaire Loan Depot founder Anthony Hsieh.

The Summit Club purchase, which closed June 15, was traced back to a buyer listed as Sunlight LLC, whose address is registered in both Nevada and California as that of a tax firm in Palo Alto. The individual buyer, if there was one, was not listed by name.

Of the four parcels of Summit Club land sold to the buyer, three of them were purchased from the Discovery Land Company, A company that originally developed the 555-acre Summit Club, as well as the Howard Hughes Corporation, the developer of Summerlin. The three parcels combined features a total of 3.7 acres of land worth $32.25 million, Clark County property records state.

The fourth and final parcel of land purchased in the deal was sold by KAHO 21 LLC, as per Clark County property records, and came in at 0.77 acres and cost $3.75 million.

The Summit Club would not comment on the record-breaking purchase to local Las Vegas media, but a real estate expert noted that it’s practically unheard of for a buyer – most likely a billionaire – to pay such an incredible amount of money for parcels of land that they intended to build a home upon.

The sale caps off an impressive June for the Las Vegas luxury real estate market; according to experts, the highest amount paid in the last 30 years for home and land was $17.5 million, but last month alone Vegas has now seen sales of $25 million for a home and $36 million for land. What will the future bring?

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 house selling boom that’s taken the nation – and particularly Las Vegas – in its iron grip since the COVID-19 pandemic has begun easing off has finally begun to show some early signs of stabilizing and cooling down, despite the fact that many new homes introduced to the market are still being snatched up at an incredibly quick pace, reports say.

In Southern Nevada, sales of homes have started to drop ever so slightly over the course of the past few months and the number of available homes on the market has started to build; however, this doesn’t mean that the Las Vegas real estate scene has hit a plateau at all, since the houses that are being sold are still being gobbled up lightning fast.

Reports indicate that approximately 87 percent of previously owned single-family homes that were sold in the month of May had only been listed on the open market for 30 days or less; this represents a significant increase from the sales figures from January, when that number was at 64 percent.

Las Vegas’ real estate market has continued to grow over the past few months, as shown by fast sales and quickly escalating prices, spurred on by low mortgage rates that allow buyers to get more for their money. Regardless, the competition has been fierce, to the point that simply offering the initial asking price on a home is no longer a viable option; typically, the successful buys as of late have paid more.

However, experts are having trouble predicting where Las Vegas’ housing market will ultimately end up as the pandemic slowly comes to an end and the city’s tourism industry finally begins to heat up once again.

Despite the market showing signs of becoming more stable after skyrocketing for months, it nonetheless is still breaking records; the median sale price of a single-family home in May broke the all-time record at $385,000, and the overall inventory of available houses – despite increasing recently – is still low, with the end of May seeing only 2,031 homes for sale without offers.

So while there are a slightly smaller amount of people buying homes at the moment, those that are doing so are still grabbing them at a frantic rate.

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 real estate marketplace such as Las Vegas that is regularly setting records as of late, it takes a whopper of a deal to stand out; one such deal has just taken place, and it has broken the all-time record for the highest-priced home sale in Southern Nevada history, according to reports.

The sale of Vegas Modern 001 – a three-story, 15,000 square-foot home in Henderson’s MacDonald Highlands community – has earned its place in the record books, reportedly going for a staggering $25 million. The brand-new home, built by luxury developer Blue Heron of Southern Nevada, was purchased by LoanDepot Founder and Chairman Anthony Hsieh.

The property was originally listed for $28 million, which was also noted at the time for being the most expensive home listing in Las Vegas history.

Intended to be an ultra-sleek, high-tech showcase with a plethora of eye-opening amenities, Vegas Modern 001 features a great room with retractable walls, an office casita, seven fire features, water on three sides and views of both the Las Vegas Strip and the Red Rock Mountains, 200 solar panels, and a “smart home” system that allows users full control over the security system, sound system, and energy management.

The home has seven bedrooms – including a primary suite with a private patio and a separate suite accessed by a glass bridge – as well as nine bathrooms and a garage with room for up to 11 cars.

The home’s chef’s kitchen is also impressive, with Wolf and Sub-Zero touchscreen appliances, a full catering kitchen, and a glass wine cellar.

Prior to the sale of Vegas Modern 001, the highest record for a home sale in Las Vegas was when illusionist David Copperfield bought a 31,000- square-foot house in Summerlin in 2016 for $17.55 million.

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 – According to reports, prices of homes in Las Vegas are continuing to soar based on continuing demand, while the supply of homes to placate the need for housing options is still falling far behind, proving the truism of the age-old adage of “supply and demand.”

The current median price of existing single-family homes in the Southern Nevada region during the month of May 2021 was reportedly $385,000; this represents an increase over the same period of time in 2020, which was $315,000.

Meanwhile, the May 2021 median price of local condominiums and townhomes came in at $205,000, which is an increase of 10.8 percent from one year prior, at which time those residences were fetching just $185,000, reports say.

While this degree of growth is a boon for the Southern Nevada real estate scene, experts are saying that continued escalation in housing costs may have the detrimental effect of pricing some first-time and entry-level buyers out of the market.

In terms of housing trends in the near-future, experts are saying that since it seems unlikely that prices will be going down in the near-future – indeed, they are expected to continue on their upward trajectory – rentals will also take an increased role in the marketplace until prices begin to stabilize.

Indeed, a six-month supply of homes in any given housing market is considered “balanced,” but May sales figures suggest that Las Vegas merely has a supply of existing homes that is considered one-month or less; however, it must be said that it has been some time since the region has possessed a legit six-month housing supply.

Reports indicate that a total of 4,100 existing local homes, condos and town homes sold during May 2021 while currently this year, local home sales are on pace to exceed last year’s total, reports say.

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 – Legendary tennis champions – and husband and wife since 2001 – Andre Agassi and Steffi Graf have recently put one of their several Las Vegas homes up on the market for $2.4 million, according to reports.

The athletic couple’s primary residence is a 9,000-square-foot mansion in the upscale community of Summerlin; in addition, they also own a number of other homes in the vicinity for members of their family, and one that Agassi – who grew up in Vegas – has owned for a number of decades, is also up for sale.

The home Agassi is selling may hold some special appeal to fans of his, or just fans of tennis in general; the two-story, 4,600 square-foot residence features a private tennis court that Agassi has previously used to train when he was a professional player. In addition, it also has four bedrooms and 4.5 bathrooms and sits on a third-acre lot that boasts a backyard lawn, swimming pool, and spa.

4944 SPANISH HEIGHTS DRIVE, LAS VEGAS – $2,390,000.00

Originally constructed in 1993, the Mediterranean-style home has numerous amenities, including a glass, two-sided fireplace that divides the living room from the dining room, a beverage bar a second-floor balcony that overlooks the pool and tennis court, with views of distant mountains.

Now retired from tennis and pursuing other business and charitable ventures, Agassi, 51, is a former world No. 1 tennis player; in singles, he is an eight-time Grand Slam champion and a 1996 Olympic gold medalist, as well as a runner-up in seven other Grand Slam tournaments.

He is the founder of the Andre Agassi Charitable Foundation, which has raised over $60 million for at-risk children in Southern Nevada. In 2001, the Foundation opened the Andre Agassi College Preparatory Academy in Las Vegas, a K-12 public charter school for at-risk children.

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. File photo: Everett Collection, Shutterstock.com, licensed.

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