Category Archive : Real Estate

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

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

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

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

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

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

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of 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 – Despite the impact of the ongoing COVID-19 pandemic, house prices and sales totals in Las Vegas continued to break records in June, illustrating that the real estate industry is in the process of a very real comeback as Nevada’s economy slowly continues to reopen.

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

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

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

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

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

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

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of 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, Las Vegas homebuilders are reporting an increase in the number of homes sold, despite having to deal with the ramifications of the ongoing pandemic; this represents a rebound of sorts for an industry that saw quick and widespread shrinkage when COVID-19 first reared its ugly head back in March 2020.

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

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

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

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

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

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of 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, Steven Wynn, a real estate businessman and art collector known for his involvement in the luxury casino and hotel industry, has listed his mammoth Las Vegas mansion for sale for a whopping $25 million.

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

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

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

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

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

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

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of 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 Forbes, the national housing market is managing to bounce back faster than anticipated from the damage caused by the COVID-19 pandemic, and they said that among the cities that are showing the most signs of a positive recovery is Las Vegas, Nevada.

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

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

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

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

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of 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 Vegas luxury housing market stands to be impacted by the ongoing coronavirus pandemic… but just not in the way that you might initially expect. According to reports, the new work-at-home trend – born at first out of necessity due to governmental “stay at home” orders to help curb the spread of the virus – has morphed over time into an entirely new outlook on work environments in general.

With many companies realizing that members of their workforce could be just as productive while working from a home office, the idea of remote employment has given rise to the idea of simply living wherever you like in the country, as opposed to be tethered to the specific region your company is headquartered in. Known as “COVID buyers,” these people are seeking out their ideal homes in whatever part of the country they want to live in. This development was initially discussed in a report released this June by John Burns Real Estate Consulting, which stated:

“The shift to staying home has given many people the opportunity to work from wherever they want,” they said. “State-of-the-art technology will make an even bigger difference now, as people are looking to relocate out of expensive areas. Salt Lake City, Las Vegas, Boise, Portland and Phoenix are all experiencing surges in California buyers, some of whom have been greenlighted to work from home permanently.”

As mentioned in the report, when given a choice of anywhere in the country to live and work, Las Vegas is turning out to be one of the more popular areas to do so. And the choice among many newcomers to the region is clearly to go big- in May, 53 homes with a value of $1 million or higher closed, the second-highest total for any month in 2020 thus far. This trend is happening at the right time as well, given the fact that Las Vegas is in the midst of reopening its economy after being on lock-down since March due to the pandemic. Home sales in Vegas are already showing signs of recovery and prices have not only been maintained, but have actually managed to rise slightly, showing that the market has retained its value.

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, despite Las Vegas house sales dropping significantly in the month of May due to the ongoing coronavirus pandemic, prices actually increased and the number of sales contracts signed showed some growth.

Sales of single-family homes in May were down 13.6 percent from April 2020 and down a whopping 48.1 percent from May 2019, with only 1,703 dwellings changing hands. However, the median sales price of homes sold in May was $315,000, which represents an increase of 1.6 percent from April and a 5 percent increase from May 2019.

The number of homes on the market also rose slightly – up 3,231, a 28.4 percent increase over April – but still down 29.7 percent from the available inventory of May 2019.

Previously, the Las Vegas real estate market was a hotbed of activity, with 2020 starting out strong before the advent of the conronavirus. When the pandemic hit the United States, Nevada Governor Steve Sisolak made the decision to shut down non-essential businesses and issued stay-at-home orders to curb the spread of the virus; the tourism-dependent economy of Las Vegas suffered great damage as a result, with a record-breaking 33.5 percent unemployment rate reported in April.

Even the housing industry – while suffering less than many other businesses – still saw sales drop, due in-part to the great number of local workers laid off or furloughed and therefore afraid to make the large financial commitment that purchasing a house requires.

However, with the Las Vegas economy currently in the process of re-opening as the pandemic appears to be abating in the Southern Nevada region, homes have retained their value and the housing market is showing signs of recovery, with experts predicting that Vegas may bounce back faster than expected.

The current numbers for May, while still below last year’s figures, nonetheless give credence to that positive prediction.

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 effect of the coronavirus pandemic has been cumulative in regards to its impact upon the Las Vegas real estate scene. While home sales were immediately affected when the pandemic approached its zenith in March, they nonetheless persisted by way of demand and the continued efforts of real estate agents who embraced industry safety-related changes including virtual walkthroughs and online paperwork.

However, after the pandemic has all but ground the American economy to a halt, its long-term effects upon the real estate market have begun to set in. In a report released for May 2020 by Las Vegas Realtors, sales are currently at half of the levels that were achieved during the same time period last year. In May 2019, Las Vegas saw 4,045 homes sold; in May 2020, that number has dwindled down to 2,075, including condominiums and townhomes.

In addition, month-to-month sales have decreased as well, with May 2020 seeing 300 fewer homes sold than in April and down nearly 1,400 since March, reports say.

The problem is that, due to the prolonged shutdown of non-essential businesses in Southern Nevada – leaving many laid off or furloughed from their jobs – families and individuals who were contemplating purchasing homes have been holding off due to the economic uncertainty in their lives.

However, with Las Vegas beginning the early stages of reopening its economy, there is a potentially bright future in store in regards to real estate that experts are predicting a timely rebound for housing market. The amount of money being put into escrow in order to begin the home-buying process has increased by 64 percent in May when compared to April, indicating that buyers are setting themselves up for home purchases now that shelter-in-place restrictions are in the process of being lifted.

Once the local economy is fully operational again, those experts are predicting it won’t take long for the Las Vegas real estate scene to start firing on all cylinders again.One indication that sellers are confident that things will eventually get back to normal are home prices, which have remained relatively unchanged during the pandemic, maintaining their recent record highs amid a four-month supply. The median home price in May is $315,000, which is only down slightly from the all-time high of $319,000 set in March.

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 housing market in Southern Nevada has managed to avoid total collapse amid the financial strain brought upon the region – and, indeed, the entire country – by the conronavirus pandemic. And with Las Vegas beginning the initial stages of reopening its economy, real estate experts are attempting to access the damage, both short-term and long, and how business will continue to be conducted going forward.

The early days of the pandemic did have an impact upon home sales in Las Vegas, which were in the midst of a high point following its recovery from the mid-2000’s recession. Homes were still selling, apartments were still being rented, and properties were the subject of intense bidding. However, as rampant unemployment continues to spread – it’s currently at a record 28.2 percent – and it’s vital tourism industry put on-hold, it’s being questioned how long the real estate market can continue to resist the effects of the pandemic, even with Vegas eyeing a full reopening soon.

While still considered a seller’s market, the continued unemployment – combined with lenders increasing qualifications for loans – have some experts predicting that Vegas could become a buyer’s market in the near-future if things don’t improve soon.

Nonetheless, other experts are predicting a timely rebound for the Las Vegas housing market, noting that the market had hit a peak just before the pandemic hit, with the median price for a single-family home reaching $319,000 while in the midst of an overall housing shortage. Even now, sellers are reporting home sales that have multiple offers on them, particularly in Henderson, where demand for housing is such that even the pandemic is not taking all of the wind out of the marketplace.

While inventory may go up slightly, these experts say, the strong demand for homes will remain and will likely create a win-win scenario for both sellers and buyers. For example, a six-month supply of available homes in any given region’s market is considered balanced; in April 2020, Las Vegas only has a three-month supply, so there is indeed some wiggle room.

And given how hot the local economy was prior to the pandemic, it is likely that Southern Nevada will bounce back faster than many other regions in the country once things finally get back to normal.

The photo used, in this article, an aerial view of Las Vegas strip casino resort towers in Southern Nevada, is for editorial use only. It is credited to TrekAndShoot and licensed through Shutterstock.com.

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 coronavirus pandemic taking its toll upon the Las Vegas economy, there remains some light at the end of the tunnel as the Strip is set to reopen this Thursday. While that is good news for most, some renters who have been laid off or furloughed are still awaiting financial relief in the form of unemployment benefits and they are growing increasingly desperate despite the rental market itself managing to weather the storm, according to reports.

Leading up to the pandemic, which has brought the national economy to a near-standstill, the Las Vegas real estate market was skyrocketing after nearly a decade of dormancy due to the mid-2000’s recession. Construction was rampant, housing was scarce, and rents were rising. When the pandemic hit, real estate was one of the few industries allowed to continue to conduct business, albeit with numerous alterations to increase safety. And while the market certainly took a dive, it did not collapse, and experts are expecting a potentially speedy return to business as usual once restrictions are lifted.

Nevada Governor Steve Sisolak had mandated that all non-essential businesses close in March to help curb the spread of the coronavirus; he also introduced a temporary freeze on eviction and foreclosure proceedings amid rising unemployment statistics, with the number of those without jobs in the state hitting 28.2 percent.

However, that isn’t making things any easier by renters struggling to meet their monthly payments; according to Nevada HAND, a Southern Nevada organization that operates approximately 4,200 apartment units, there has been a significant increase in the number of individuals requesting help in paying their rent. Overall, however, Nevada HAND noted that the number of tenants that have not made their rental payments is not unusually high, possibly due to furloughed or laid off employees receiving severance or other assistance from their employers.

Shelter Realty, which manages over 500 single family homes, townhomes and condos has had 94.2% of their Las Vegas tenants pay their rent in full for both April and March. In addition, property management company TruAmerica Multifamily, which owns and runs over 5,500 apartments in Las Vegas, also said that a great many of their tenants – 86.4 percent – are still paying the rent on-time, despite some Southern Nevada residents facing delays in obtaining their unemployment benefits. Reports indicate that low-wage workers, including those who work minimum-wage jobs or who might not have adequate savings, are suffering worse than others that were more financially sound at the time that the pandemic hit.

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 – Experts are currently weighing in on the Las Vegas real estate scene and the changes that are being forced upon it – both in the here-and-now as well as long-term – due to the ongoing coronavirus pandemic.

The housing market in Las Vegas has been bruised and battered by the pandemic as lawmakers have instituted a series of mandates to keep the population and non-essential businesses under lock-down in an effort to halt the spread of the disease, which has claimed over 100,000 lives in the United States so far (102k+ as of today). And while these efforts have proved to be helpful, the short-term impact upon the economy – with many businesses closed, tourism halted, and unemployment skyrocketing – has been brutal.

One of the most affected industries in the Southern Nevada region has been the previously-booming real estate market. Sales have dropped as families lose jobs and worry about their ability to purchase a home and lenders tighten mortgage requirements, but there are also potential long-term impacts that many experts note could change real estate for years to come.

For example, some experts are noting that the pandemic could reverse the current trend of living in densely-packed, city-based downtown areas – where residents are currently cooped-up in tiny apartments during the quarantine and social distancing difficult to maintain when venturing out – with a switch in preferences to the suburbs, which have more options for getting out and experiencing nature safely.

Also, a trend toward renting may be in the cards, as the financial hardships many people are currently enduring – combined with a weakened economy – may be taking the concept of home ownership out of the cards for the time being simply due to affordability concerns.

Another side-effect of the pandemic is that people are spending more time in their homes, with many also working from home; in doing so, many people are realizing that they actually may want a larger home to accommodate the extra time they are likely to be spending there for what could potentially be, the next year as we deal with the fallout of the coronavirus, including a potential flare-up and resurgence come this fall and winter.

For those with more financial cushioning, experts are predicting that more well-off Americans may actually choose to invest in a second home. During the pandemic, many people with second homes fled their primary residences to more comfortable and secluded abodes that they owned in places like the Hamptons or Poconos. With that example before their eyes, it’s possible that more people might set up a situation like that in case the coronavirus rears its ugly head once again soon.

And finally, the very nature of property sales will likely be changed going forward by the coronavirus. Real estate agents, in an effort to adapt to the crisis while still doing business, began offering “virtual” home tours, video walk-throughs, and a plethora of other services. In addition, the typical mountains of paperwork involved when it comes to closing a deal are in the process of being overhauled and streamlined where possible.

As you can see, the coronavirus pandemic – despite the fact that it’s current run appears to be nearly brought under control – will nonetheless have lasting effects upon the real estate industry, both in Las Vegas and nationwide.

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 infamous “Underground House” of Las Vegas, a “doomsday bunker” built in 1978 by Avon cosmetics executive and subterranean living enthusiast Jerry Henderson, made headlines last year when it was put on the market. The one-of-a-kind dwelling, located 26 feet under the soil of Southern Nevada, is still on the market for a whopping $18 million, according to recent reports.

Originally costing $10 million to construct, the 5,000-square-foot underground house – situated within a 15,000-square-foot steel-reinforced concrete bunker – is an elegant construct that features numerous amenities, including a pool, terraces, and a waterfall. The look and feel of the home itself remains to this day distinctly influenced by the design aesthetic of the era it was made in- the 1970’s. There is also a generator and a 1,000-gallon water tank.

Everything isn’t all below the ground, however; included in the $18 million asking price is a 2,300 square-foot, two-bedroom house located above-ground that serves as a gateway to entering the underground house. Also included are all of the property’s existing furnishings and one year of caretaking.

The house’s current owners – who have remained un-named, instead selling the property via Stephan LaForge of Berkshire Hathaway – note that the novelty of the house’s unique design, combined with the difficulty of replicating it elsewhere, make the $18 million price tag completely justifiable.

“The coronavirus might draw out the eccentric billionaire buyer who wants to hide out the situation in a bunker in Las Vegas,” LaForge said. “Just to dig the hole today would cost $1.5 million.”

Previously, the property sold in 1990 for $1.3 million after Henderson passed away, and again in 2005 for $2 million. The current owners whom are unknown bought it in 2014 for $1,150,000, and have had it on the market for over 500 days. 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, swimming pool, a fountain, BBQ, and a small cottage.

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.