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Category Archive : Real Estate

It’s 2020 And Experts Are Looking Forward to Strong Las Vegas Housing Market for Foreseeable Future

LAS VEGAS, NV – The Greater Las Vegas Association of Realtors (GLVAR) are saying that the Las Vegas housing market, already massively on the mend after the mid-2000’s recession, is expected to perform strongly for the next few years at least; this runs in contrast with a recent Realtor.com report that indicated the possibility of the market softening in the region in the next few years.

According to experts, Las Vegas is one of ten cities in the United States that is anticipated to show continued strength over the next three-to-five years, especially in terms of population growth and job creation.

Earlier in December, Realtor.com stated that home prices in numerous U.S. markets, including Las Vegas, could start to come down in 2020. But according to a statement by incoming 2020 GLVAR President Tom Blanchard, the Realtor.com report simply doesn’t fit with the activity that he’s been seeing in Las Vegas in recent years.

“It confirms my thoughts regarding the Realtor.com forecast that was being circulated a week or so ago,” he said. “The Realtor.com forecast didn’t make sense to me. The Las Vegas market shows all signs to continue steady sustainable growth through 2020.”

Zillow, a national real estate website, concurs with Blanchard; Cheryl Young, an economist, noted that she expects stability and possibly even growth in Las Vegas in 2020, and the country as a whole.

“Price growth will be slow, but positive,” she said. “This past year was a year of transition for the Las Vegas metro. An infusion of supply helped to temper the hot home value growth in recent years.”

According to GLVAR, the median price for a home in Las Vegas in November 2019 was $307,000, which represents an increase of 4 percent from the same period in 2018; local home prices hit their lowest in 2012 during the recession at $112,000.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

$1.4 Trillion Federal Funding Bill Just Signed Includes Several Provisions Beneficial to Realtors

LAS VEGAS, NV – This week, President Trump signed a $738 billion Federal spending bill for the 2020 Fiscal Year into law that averts a government shutdown and provides funding for numerous essential services as well as instituting several new aspects, such as granting federal employees paid parental leave and authorizing the official creation of a new branch of the military- Space Force.

However, there were several other, less publicized aspects of the spending bill that will prove very beneficial to realtors across the country; three in particular, in fact, that National Association of Realtors (NAR) President Vince Malta said installed “Confidence and stability” into America’s housing market and economy.

First up is a nine-month extension of the National Flood Insurance Program (NFIP). The program enables property owners in participating communities to purchase government- administered insurance protection against losses from flooding, and this extension ensures that policies will continue to be issued and renewed through September 30, 2020, during which time NAR hopes Congress will be using it as a stepping stone towards a 5-year re-authorization of NFIP with significant reforms included to ensure that the programs remain both affordable and sustainable. 

Next is the Terrorism Risk Insurance Program (TRIP), which received a seven-year re-authorization. This bill was originally signed into law by President George W. Bush in 2002 in response to the September 11 attacks, creating a federal “backstop” for insurance claims related to acts of terrorism. Without the protections this bill affords, numerous aspects of the real estate industry would face hazards in terms of financing, especially when it comes to commercial developments. NAR has been a strong and vocal supporter of the re-authorization of TRIP.

And finally, three tax provisions directly impacting the real estate industry – that originally had all expired at the close of 2017 – were granted temporary extensions through the end of 2020; these extensions are all retroactive to the beginning of 2018. First, forgiven mortgage debt is excluded from gross income; this means that property owners who sell their primary residence for a price that falls short of the debts secured by liens against the property will not have to pay taxes on the forgiven amount. Next, premiums for mortgage insurance can continue to be deducted. And third, “green” improvements to commercial structures for the sake of making them more energy-efficient also remain tax-deductible.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

Recent Sporting Team Exodus to Las Vegas Having Impact on Housing Market

LAS VEGAS, NV – According to recent reports, the recent influx of high-profile professional sporting teams to Las Vegas – including the Raiders NFL team in 2020 – has created a unique atmosphere in the region for real estate salespeople; the idea of wealthy athletes looking to transplant themselves into their new home town, and looking to do it in (expensive) style, can make for good career ideas.

Realtors have been looking forward to the very real possibility of high-paid members of numerous sporting teams seeking to purchase multi-million-dollar homes in the Las Vegas area, even going so far as attending recent seminars giving insight on dealing with athletes and their unique – and at times, difficult – housing needs.

While some athletes are looking to spend millions of dollars on a fancy home, others – who may not have many years left on their contracts or are not as high-paid as others – are looking for something a bit easier to do away with once their time in Southern Nevada is up.

Nonetheless, the recent exodus of high-profile sports teams to Vegas has the potential to make Realtors serious money; reports indicate that with the Raiders taking up permanent residence in Vegas come their 2020 season, demand from players – already used to jet-setting lifestyles – for luxury homes and condos in proximity to the famed Las Vegas Strip will be high. Even the lowest-paid NFL player makes the league minimum of $500,000, so there will likely be money to burn on the part of the Raiders players once they arrive.

In addition, with the ongoing construction of the team’s corporate headquarters and practice facility in Henderson, the entire Raiders management and support staff will be making the move to Vegas as well, opening up even more high-cost housing needs that Realtors will need to satisfy. Raiders quarterback Derek Carr, coach Jon Gruden, and president Marc Badain, have all already purchased homes near the team’s Henderson practice facility, and more are sure to come in the months ahead.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

The Expo at World Market Center Las Vegas Construction Currently On Time, On Budget, Developer Says

LAS VEGAS, NV – The construction status of The Expo at World Market Center Las Vegas, large-scale exhibition facility, recently received an update, courtesy of International Market Centers (IMC). According to a report released by the IMC, the project is currently on-schedule and on-budget, having just entered into the next phase of its development.

The Expo is a new addition to IMC’s downtown Las Vegas campus, and is expected to add an additional 315,000 square feet of space to the facility when it opens in July of 2020.

The Expo at World Market Center Las Vegas, upon completion, will feature exhibition space in the amount of 194,785 square feet, spread out among two separate halls. Hall number one will boast 97,684 square feet of space, and hall number two 97,101 square feet; together, the two halls can house a combined total of at least 1,000 booths. The facility will also have a lobby, a space for event registration, a dedicated shuttle bus area, parking garage, and basic dining facilities.

IMC CEO Bob Maricich noted in a statement that the project is currently running according to plan, and is on-course to meet its July 2020 opening date.

“Construction is on schedule and on budget. We’re delighted to cooperate with the city of Las Vegas to bring this new exhibition venue to Las Vegas, he said. ““All external steel work is scheduled to be completed by January 2020. Other than some construction-related shifts to registration locations and transportation options, it will be ‘business as usual’ for winter 2020 marketgoers.”

The Expo at World Market Center Las Vegas is coming in at a cost as high as $100 million, and the general contractor, Penta Building Group, initially held their groundbreaking in July of 2019. Currently, seven of the project’s ten steel sequences have been finished, and as of this month construction has gone vertical.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

Sandpiper Apartments, One of Las Vegas’ Largest Multifamily Properties, Sells at $66M

LAS VEGAS, NV – According to recent reports, Sandpiper Apartments, one of the largest multifamily rental properties in Las Vegas, has been sold in an off-market transaction for a whopping $66 million.

The 488-unit community, located at 4650 W. Oakley Boulevard, was sold by previous California-based owners Apple Management to Compass Acquisition Partners, a private real estate investment company. Sandpiper Apartments is comprised of 61 two-story buildings situated on 20.1 acres of property and, according to a release put out by Compass CEO Lynn Owen, ideally located within a busy mix of employment and entertainment outlets.

“Sandpiper Apartments offers a substantial and irreplaceable asset in the heart of Las Vegas,” she said. “The property is convenient to employment centers, major area thoroughfares and surrounded by a mix of shopping, dining and entertainment options. These are all attributes that align with our investment criteria.”

Sandpiper Apartments was originally constructed in 1988, and features a number of amenities for residents, including three pools, a gym, tennis courts, and a club house. Apartments range from one or two bedroom units with an average size of 950 square feet.

A number of upgrades are in the ‘pipeline’ for the Sandpiper, Compass reps noted, including a $7.5 million investment to a number of its apartments, such as enhancing kitchens with modern amenities, granite countertops and stainless steel appliances, as well as installing wood flooring. The gym, pools, and club house are also up for enhancements, as is the general property, including the addition of dog parks, sports facilities, and picnic areas. Environmentally-conscious landscaping options are also being discussed.

Compass CEO Lynn Owen noted that there is currently a very high demand for quality housing options in the Las Vegas region.

“Las Vegas is thriving with multiple new commercial developments and new businesses moving to the area propelling job growth,” she said. “There is strong demand for multifamily housing as developers have avoided the overbuilding of past cycles, another factor that contributed to our interest in the market.”

Shelter Realty is a Real Estate and Property Management Company specializing 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 Grand Apartment Complex Sells to California Investor for $47.6M

LAS VEGAS, NV – According to recent reports, developer Joseph Daneshgar – founder of California-based 3D Investments – has purchased a luxury condominium complex located in the vicinity of the Las Vegas Strip for a whopping $47.6 million.

The Las Vegas Grand, a 212-unit building located at 818 East Flamingo Road, is among several Las Vegas-based real estate acquisitions made by Daneshgar as of late; in February, he purchased approximately 60 acres of property – the majority of it undeveloped – at Harmon Avenue and Koval Lane for $130 million, in addition to a luxury condo complex adjacent to the Las Vegas Strip, the Boca Raton, for $44 million in 2018.

The Las Vegas Grand is among several Vegas-based acquisitions made by developer Joseph Daneshgar – founder of California-based 3D Investments; in February, he purchased approximately 60 acres of property at Harmon Avenue and Koval Lane for $130 million, in addition to a luxury condo complex adjacent to the Las Vegas Strip.

A high-end property with 96 percent of its units already leased, the Las Vegas Grand features a pool, tennis and basketball courts, and a private parking garage. The complex is located within close proximity to all of the glitz and glamour of Vegas Boulevard, which is obviously an attractive aspect that is sure to keep it packed to capacity at all times.

In recent years, developers and real estate experts have been snapping up apartments and condos in the Las Vegas area due to the high demand for housing from new transplants in the region, which has served to drive up rents while reducing the amount of rental units available on the market.

The Las Vegas Grand was constructed in the early 2000’s by developer Christopher DelGuidice; the project hit trouble with the advent of the 2005 recession, and the property went into foreclosure in 2007. Envisioned as a grand five-building complex but only realized as one building, the Las Vegas Grand rode out the challenges brought about by the recession and finally opened for tenants roughly 10 years ago. The company that Daneshgar purchased it from had acquired the property in 2012.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

Bleutech Park Mini-City Project Acquires 210 Acres on Las Vegas Boulevard

LAS VEGAS, NV – According to recent reports, officials representing Bleutech Park, a $7.5 billion mini-city project that has been proposed for Las Vegas, has acquired a 210-acre plot of land at Las Vegas Boulevard and Cactus Avenue that the group originally hoped to break ground upon come December 2019, although that date has been pushed back.

According to recent reports, developers of the $7.5 billion Bleutech Park project have reached a deal to secure a 210-acre piece of land at the south end of the Las Vegas Strip on Cactus Avenue and Las Vegas Boulevard.

As per the original July 2019 release announcing the project, Bleutech Park representatives noted that the project would usher in an unprecedented renaissance of the global digital infrastructure industry into Southern Nevada.

“The net-zero buildings within their own insular mini-city will feature automated multi-functional designs, renewable energies from solar / wind / water / kinetic, autonomous vehicles, artificial intelligence (AI), augmented reality, Internet of Things (IoT), robotics, super-trees, and self-healing concrete structures,” the release says. “Our goal is to provide creative, attractive and functional workforce housing that will meet the needs of the Las Vegas community as a whole, by providing a harmonious ecosystem, thereby improving the health of our community.”

The property was purchased by Bleutech Park representatives for more than $1.5 million per acre from Las Vegas real estate developer Larry Canarelli.

However, some are expressing skepticism regarding the validity of the Bleutech project; for instance, despite the proposed December 2019 groundbreaking date, Clark County has confirmed that no paperwork has been filed with either the county’s planning or zoning departments (as of November 6) – a process which must take place before a project can move forward in any real, physical manner. A Bleutech Park spokesperson has stated that they are working to submit the necessary applications to Clark County in December.

Also, some have expressed doubt that Bleutech Park would be able to deliver on some of the impressive technological marvels that they have boasted of in their original release. That said, the deal for the Las Vegas Boulevard property purchase is expected to close in January 2020 which will push back the original projected December 2019 groundbreaking date.

Shelter Realty is a Real Estate and Property Management Company specializing 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 Construction Posts Strongest Quarter Since 2007

LAS VEGAS, NV – According to reports, Las Vegas new home construction and sales have displayed its strongest quarter of activity since 2007, with developers currently on-track this year to equal their 2018 performance.

According to reports, 2,500 net sales of newly-built homes in the Las Vegas region were reported from the start of July throughout the end of September, which represents an increase of 8.5 percent over the same period one year ago. File photo: Pixabay.

2,500 net sales of newly-built homes in the Las Vegas region were reported from the start of July throughout the end of September, which represents an increase of 8.5 percent over the same period one year ago. The previous high-water mark for sales was 2,760 in 2007, which was just prior to the burst of the housing bubble.

Factors that have been figuring into this continuing upward trend have been an influx of affordable homes into the marketplace – something which had been addressing home shortages and/or had been driving prices up until recently – not to mention assistance from lenders, who have lowered interest rates on loans to below four percent, down from five percent or more just one year ago. 

With more people still moving to the Southern Nevada region due to the skyrocketing economy and the influx of new businesses – and with them, jobs – it’s not at all surprising that new homes have been selling like they have. Moreover, reports say, the lowered interest rates, combined with increasing inventory, are helping to create a more stable, sustainable marketplace; until recently, dwindling supply had been driving home prices continuously upward, raising concerns about affordability. 

Sales of existing homes have also been healthy recently, with their prices approaching – but remaining well under – the prices of new homes; currently, the median sales price of an existing home has been about $299,000, as opposed to newly-built homes, which are fetching closer to $390,000 on the open market. Both of those numbers, respectively, are still well under the national average when compared to many other major marketplaces, such as New York or California.

Shelter Realty is a Real Estate and Property Management Company specializing 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 Settling Off, Seeing Drop, Could Stimulate Sales, Experts Say

LAS VEGAS, NV – After an extended period of intense real estate growth, Las Vegas home prices have begun to drop after hitting their highest peak in over ten years, according to reports; experts say that this could benefit the market in the long-term, as the decrease could spur increased home sales, which had been slowing recently due to affordability concerns.

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

While experts consider the Las Vegas real estate market to be on solid ground overall, it did experience a drop after a considerable amount of time where prices increased and available inventory dwindled. But after a swell of new homes and apartment buildings were put on the market – thanks to the work of numerous developers – the increased inventory and rising prices have resulted in a small decrease in closings. 

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

The market is on much stronger footing today but has slowed considerably this year, after a heated run in 2018 sparked affordability concerns (some of which caused worry that the local cost of living was spiraling out of control). There’s no way to predict whether we’re in the early stages of a crash, but the cooling, at least in theory, could help jump-start home sales — and there are signs that buyer activity has picked up lately. As a result, the growth rate of Las Vegas dropped from its typical first or second place nationally to eighth among 20 cities ranked by S&P Dow Jones Indices.

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

However, experts are seeing this drop in sales – and a resulting drop in prices, coupled with a late-2018 drop in interest rates – as a good thing; it could be a means to an end in terms of sparking new sales as buyers who may have been holding out due to affordability concerns will be willing to finally take the plunge.

GLVAR 2019 September Housing Report, Greater Las Vegas Association of REALTORS®

That hesitation, on the part of buyers, can be understandable; in August of 2018, Las Vegas house prices had jumped 14 percent from the same period of time one year prior, whereas the year-to-year increase from August 2018 to August 2019 was a more manageable 3.3 percent, reports say.

Shelter Realty is a Real Estate and Property Management Company specializing 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 Town Home Construction Reaches Highest Point Since Recession

LAS VEGAS, NV – Town houses have reached their highest level of construction in the Las Vegas area since the burst of the Mid-2000’s housing bubble, and that trend looks to continue into the foreseeable future, according to reports.

Local GLVAR listing for a 2-level Townhome with attached 2-car garage at Summerhill Townhomes near Summerlin. By the end of August 2019, there were 974 town home closings in the Southern Nevada region where many are investing in Las Vegas Townhomes. Photo GLVAR.

By the end of August of 2019, there were 974 town home closings in the Southern Nevada region, which accounts for 14 percent of all home closings so far in 2019. This represents a whopping 16 percent jump over the same period one year prior, when that number of closings came in at 840; that time town homes made up 12 percent of closings. 

Despite that upward trend, town homes have yet to reach their pre-recession marketplace peak of 16 percent. However, their continued growth is encouraging, as they have bounced back from a drastic and record low of 1 percent in 2012. Growth since then has been encouraged by legislation passed in 2015 by Nevada State that served to make the legal processes surrounding repairs and litigation involving town home construction more streamlined.

Town homes are attractive to many buyers due to affordability concerns, as increases in land prices from the recent real estate boom in Las Vegas making single-family home ownership more and more expensive (although still far less so in comparison than in many other regions of the United States). The ability to fit more homes – town houses typically consist of attached homes, often one with a small footprint on multiple floors – within the confines of a smaller plot of land enabling developers to keep prices lower per unit than many comparable single-family homes.

Town houses also represent an attractive stop-gap measure to those currently renting who are looking for an alternative means of home ownership – such as young people or the elderly – that combines affordability and cost stability.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

Former Las Vegas Home, Surrounding Land of Famous Entertainer Wayne Newton Sells for Over $10 Million

LAS VEGAS, NV – Wayne Newton, known far and wide as “Mr. Las Vegas” for his many years serving as an entertainment headliner, is making news this week as his former Clark County ranch has sold for a whopping $10.53 million, according to reports.

The 36-acre ranch called Casa de Shenandoah, 6629 S Pecos Rd, Las Vegas, NV 89120, is a single family home built in 1952 and has 21,000+ square feet, 3 beds, 4 full and 3 half baths.

Despite the large dollar amounts involved, however, the sale price – which also includes a separate deal for surrounding commercial property – represents a significant drop from the $19.5 million it was purchased for back in 2010, reports say.

The 36-acre ranch – called Casa de Shenandoah – is located at 6629 South Pecos Road and was part of a double real estate transaction where the ranch was purchased for $5.56 million, and 10.3 acres of surrounding property – which contained retail land that catered to tours of the Newton ranch, including a gift shop – for an additional $4.97 million, Clark County records say.

The Newton estate includes a white mansion, an additional six homes, horse stables, tennis courts, and an equestrian pool. Public tours were previously held on the property from 2015 to 2018.

The sales were made by ICSD LLC, which purchased the ranch in June 2010 from Newton with failed plans of turning it into a tourist attraction. The buyer was Harsch Investment Properties; currently, there are no publicly-disclosed plans as to what Harsch’s plans are for the property.

Wayne Newton, now 77, is a world-famous singer and entertainer and one of the best-known entertainers in Las Vegas, where he is known by the nicknames The Midnight Idol, Mr. Las Vegas and Mr. Entertainment. His most well-known songs include “Daddy, Don’t You Walk So Fast,” “Years,” and “Red Roses for a Blue Lady.” His signature song “Danke Schoen” was famously-used in the soundtrack for the film Ferris Bueller’s Day Off.

Shelter Realty is a Real Estate and Property Management Company specializing 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 House Prices Continue to Rise; Phoenix Shows Fastest Growth Overall, However

LAS VEGAS, NV – While the growth of home prices on the real estate market has slowed as of late after a period of massive growth, Las Vegas is still outpacing the vast majority of large cities in the county; that is, except its neighboring city of Phoenix, Arizona, according to reports.

The current growth of the Las Vegas real estate market is seen as more sustainable, according to experts, many of whom were worried that the previous rapid growth the city was experiencing would soon affect the region’s much-touted affordable cost of living. Photo: Pixabay.

In Southern Nevada as of July 2019, median home prices have been recorded as increasing 4.7 percent since the same period in 2018; this runs in direct contrast with the national average of 3.2 percent, reports say.

However, Phoenix has jumped in the rankings, showing a 5.8 percent gain year-over-year for the second month in a row. Previously, Las Vegas had occupied the top of the price growth list for a full year; for the past two months, it’s had to settle for number two on that list, a no less impressive distinction.

Currently, the median price of a single-family home in Las Vegas is $305,000 as of September, which represents a 3.4 percent increase over the same period of time in 2018. Growth is still there, although demand has decreased as developers have addressed the city’s rampant housing shortage brought on by a booming economy and an influx of out-of-state transplants looking for good jobs. The number of homes on the market is slowly increasing, which is helping to stabilize the formerly skyrocketing rate of growth for new home prices in the region.

In contrast, the median sales price of a single-family home in Las Vegas in August of 2018 represented a 13.5 percent increase over the same period in 2017, reports say; a massive jump, indeed. 

The current growth of the Las Vegas real estate market is seen as more sustainable, according to experts, many of whom were worried that the previous rapid growth the city was experiencing would soon affect the region’s much-touted affordable cost of living.

Shelter Realty is a Real Estate and Property Management Company specializing 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.