Category Archive : Real Estate

LAS VEGAS, NV – According to recent reports, the Las Vegas Strip-based property that the Tropicana Hotel and Casino currently occupies has been purchased by Gaming & Leisure Properties Inc., formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 44 casino properties, and operates two of them.

As a result of the ongoing coronavirus pandemic sweeping the nation, Penn has been facing money problems brought on by resort closures; currently, they have 41 properties that are closed due to governmental stay-at-home mandates and business shutdown orders, which is causing serious financial issues for the company. Currently, Penn has approximately $730 million of cash and equivalents, according to reports.

In order to preserve their liquidity, Penn sold the land occupied by the Tropicana to Gaming & Leisure Properties Inc. for $337.5 million in rent credits, finalizing the sale on April 23. The rent credits will be applied to existing leases beginning in May.

Going forward, Penn will continue to run the day-to-day operations of the Tropicana for the next two years, or until the resort and land are sold. If Penn sells within the first year, they will receive 75 percent of the net proceeds above $307.5 million; if the sale occurred during the second year, they will receive 50 percent of the net proceeds above the same amount, $307.5 million.

Going forward during the pandemic, Penn will be reducing their daily operating costs, lowering compensation to its executives and board of directors, and has furloughed its 26,000 nationwide employees. Penn shares began a sharp decline at the end of February falling from $38.28 to today’s $17.87, as of press time, 3:45 PM.

“We believe that these collective steps will allow us to successfully weather the state-mandated closures related to the COVID-19 crisis,” said Penn CEO Jay Snowden.

The Tropicana Las Vegas is a franchise of Hilton’s DoubleTree chain. It offers 1,467 rooms, a 50,000 square foot gaming floor, and 72,000 square feet of convention and exhibit space.

Editors note: The particular photo of the Tropicana Las Vegas featured in this article requires editorial credit to Kobby Dagan, 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 – According to recent reports, the ongoing coronavirus pandemic – the virus responsible for causing the dreaded COVID-19 respiratory disease that has claimed over 40,000 lives so far in the U.S. alone – has played havoc with the Las Vegas housing market, only just recovered from the mid-2000’s recession.

Las Vegas has been hit worse by the pandemic than much of the country, due to the city’s primary reliance on tourism. The stay-at-home order instituted by Governor Steve Sisolak – with similar orders issued by state governments nationwide – has closed all non-essential businesses, leaving many people stuck at home and without paychecks coming in. In March, 208,869 unemployment insurance claims were filed in Nevada, a whopping 2,125 percent jump from the same period one year prior.

This, of course, is drastically affecting the economy, but regardless of that, people in Las Vegas are still building and buying homes…but sales are decreasing fast while the state of emergency is in effect.

The number of home sales in Vegas for the month of April so far has dropped sharply when compared to March, with a large percentage of the drop contributed to the cessation of local house-flipping in the face of the pandemic. In addition, while construction – which is considered an essential service, and thus allowed to continue – is still underway, a number of projects have nonetheless been cancelled or postponed until the pandemic has subsided.

And while purchasing homes is considered essential, several measures have been passed by state government that makes that essential service more difficult to carry out. Real Estate open houses have been banned temporarily to prevent the spread of coronavirus, as have evictions and foreclosures as a way of protecting renters and homeowners who may be out of work, putting stress on existing landlords and property owners.

There are still many variables that will figure into just how badly Las Vegas’ housing market will be affected by the coronavirus, including how long the stay-at-home order lasts and when businesses will be allowed to open their doors once again.

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 number of mortgage delinquencies in Nevada had reached its lowest point in years. Unfortunately, then the coronavirus came along and set things back once again, according to recent reports.

In January 2020, Las Vegas homeowners had reached a milestone, with records indicating that the sheer number of them behind on their mortgages was at a recent record low; only an estimated 1.3 percent were at least 90 days past due at that time, and had remained essentially “flat” since July 2019. This rate is the lowest the region has seen since January 2007.

However, with the ongoing coronavirus pandemic sweeping across the nation, that record was quickly finding itself undone as 2020 continued. With state governors issuing stay-at-home orders and only businesses deemed “essential” allowed to remain open, many people began finding themselves furloughed or laid off, and no longer able to make home mortgage payments.

The number of unemployment claims made in Nevada in 2020 through April 4 numbered at 271,530; this is over double the previous two years put together, reports say.

This, coupled with a degree by Governor Steve Sisolak not allowing landlords to begin eviction proceedings due to non-payment of rent or mortgage while a coronavirus-fueled state of emergency is in effect – except in the case of individuals who are a threat to others or the property itself – will likely see the number residents behind on their payments quickly balloon. And the longer the pandemic lasts, the greater that number will become.

In addition, numerous mortgage relief programs are now available that will likely contribute to the growing number of people behind on their home loans; for example, many lenders have instituted policies where, as the state of emergency continues, borrowers can defer payments for up to 90 days. Also, late fees and/or penalties due to nonpayment have been outlawed by state government; however, all back rent and/or mortgage is expected to be paid to the lender or landlord once the state of emergency has been officially lifted.

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 – With the disturbance that the ongoing coronavirus pandemic is causing in the real estate industry word-wide, house-flippers in Las Vegas – as well as across the nation – have taken a temporary pause while riding out the effects of the devastating outbreak upon the economy, according to recent reports.

Among the organizations putting the brakes on buying homes to quickly renovate and put back on the market to make a profit is the Zillow Group, which is ceasing such activities in Vegas as well as 23 other markets where it engages in flipping, through its “Zillow Offers program.”

The main driving factor behind Zillow’s decision, reports say, is compliance with ordinances passed by many local municipalities dictating that businesses deemed as “nonessential” temporarily close to reduce the spread of coronavirus. But while refraining from acquiring new properties, Zillow will still be selling homes already in their inventory.

In addition, numerous other flippers, both present in Vegas or with a web presence – including Opendoor of San Francisco – is reporting a pause from buying homes in the Southern Nevada region as well while quarantine measures are in effect.

According to experts, the Las Vegas real estate scene stands to be hurt more than average due to the effects of the pandemic for a number of reasons, not the least of which being its massive tourism industry; due to travel restriction measures and temporary business and retail closures – and no certain timetable yet for their re-opening – tourism in Vegas is completely off the table for the time being. This, unfortunately, is causing economic havoc in a city that was previously skyrocketing back to the top after recovering from the mid-2000s recession.

Real estate sales are expected to take a large dip while the coronavirus scare persists, but experts are also predicting a fast turnaround of Las Vegas’ fortunes once again when the pandemic eventually levels off. It’s simply a matter of riding out the storm until it subsides.

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 – Owing to the rapid spread of the coronavirus pandemic across the United States – and globally – the International Council of Shopping Centers (ICSC) announced last week that they would be suspending the annual REcon convention – the largest Real Estate-based event in the nation – that was due to be held in Las Vegas in late May.
In addition, ICSC announced that they would be suspending all other organization events planned through June 30.

Recon normally attracts tens of thousands of attendees to Las Vegas ever year; the 2019 event boasted over 36,000 attendees, according to ICSC. However, ICSC representatives were quick to point out that this was a “postponement” and not an outright cancellation of the event; a memo issued by ICSC noted that they are already in the process of evaluating alternate venues and dates for the 2020 Recon, giving hope to the fact that it will still take place later in the year.

Recon, the largest real estate show in the country, offers a variety of programming and events for attendees, ranging from retail deal making, networking, information, seminars, and more. In addition, guests will often partake in extracurricular events as well as the night life that Vegas offers during the off-hours, feeding into and benefiting the local economy.

A number of conferences and industry events have been postponed or outright cancelled, both in Las Vegas and across the country, as measures have been taken to slow and contain the spread of the coronavirus pandemic. Unfortunately, while such measures will likely contain the outbreak and prevent long-term economic damage, the fact is that there will absolutely be – at the very least – very real and significant effects in the here and now to the industries – such as hotels, caterers, entertainment, and more – that depend on these events for their very livelihoods.

Currently, the number of events in Las Vegas that have been cancelled due to coronavirus are approximately 30.

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 recent reports, the skyrocketing economy that Las Vegas has been enjoying since miraculously recovering from the mid-2000’s recession has hit a bit of a stumbling block in the form of the infamous coronavirus outbreak. Tourism had increased, multi-million dollar construction projects and development deals were constantly springing up, unemployment was dropping, and the real estate industry was enjoying a huge surge not seen since before the burst of the housing bubble. But in the wake of the coronavirus, business are shutting their doors – both in Vegas and nationwide – and the economy of Southern Nevada is starting to feel the pinch.

Casions and resorts are starting to see decreased demand as tourism drops amid airline flight restrictions and overall travel fears, and employment cuts are expected to take place in a variety of industries. This holds especially true in the hospitality industry, the very lifeblood of Las Vegas. MGM Resorts International is expected to begin layoffs starting next week, and according to reports it could amount to as many as 150 employees. MGM is one of the largest employers in Nevada.

In a city where tourism is king and people come in droves to be entertained in crowded casinos and event venues, the coronavirus is not an ideal situation, although it will take some time to ascertain the full extent of its impact on the local economy. It’s possible that the measures being taken now to limit exposure via social activity will prevent long-term economic damage and minimize the job, revenue and development project losses.

The degree to which tourism is important to the economic well-being of Las Vegas cannot be overstated, and the coronavirus is sure to have a trickle-down effect to almost every industry in the city. According to reports, tourists poured $35 billion in Southern Nevada in 2017, through which over 234,000 tourism jobs were supported. Currently, construction jobs are not being majorly affected, although some contractors have reported delayed shipment of materials needed for their projects when coming from China and Italy, areas of the globe where the coronavirus has hit the hardest.

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 recent reports, home prices in Las Vegas, already in a constant state of increase, have finally managed to surpass pre-recession housing bubble-era prices after over 13 years of recovery, when not adjusted for inflation.

The median sales price of a single-family home set a record last month when it hit an all-time peak of $316,000, $1,000 more than the previous all-time record established in 2006, before the burst of the housing bubble lead to a deep recession that almost decimated the housing market in Southern Nevada for over a decade.

That amount, however, still manages to lag behind pre-recession peak prices when inflation is taken into account, reports say, which shows how pricey property had gotten in the region before the economy went south. When adjusted for inflation in 2020 dollars, the 2006 peak price would translate to approximately $400,500, which represents an additional $84,500 above today’s market.

Median home prices in Las Vegas have increased 6.7 percent from the same period one year earlier. In addition, February 2020 was an especially busy month for sales, with 2,471 houses sold, with represents an increase of 25.7 percent from February 2019. This represents good news for the market, as sales had previously leveled off in the region due to concerns regarding affordability began affecting the market overall.

Despite the fact that home prices still lag behind their pre-recession peak when inflation is taken into account, this new financial milestone is important given the fact that the recovery of the Las Vegas real estate market in particular lagged behind much of the rest of the United States after it began to recover from the recession.

Essentially, the real estate market in Las Vegas has finally come “full circle” and, given its continued positive momentum, it may only be a matter of time before more records are set.

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 the experts, if you’re in a rush to sell your home for top-dollar, there are a number of tried-and-true methods to approaching that transaction in order to ensure you get the most for your investment in the least amount of time. After all, the longer that a home is one the market, the lower its asking price tends to dip, so expediency is key, and this is how it’s done.

Asking Price

First of all, you want to make sure that your asking price right off the bat is the right one; if that’s the case, you will often find yourself with several offers within the first few days the house is on the market, as real estate agents often check each and every day and quickly go for the good deals. Knowing what does and doesn’t sell in your neighborhood is important to achieve this.

Home Inspection

Getting a home inspection before putting the property on the market is a good idea as well, just to avoid running into a situation where issues are discovered while showing the home, which can delay your sale or lower your price.

Prime Times

Also, waiting until a time of year where the overall inventory of available homes on the market is lower than normal is a good idea, if you can spare the time; late summer and late fall are usually the best times to list in this regard, as new listings tend to stand out at those times of years, despite not being known as “prime” listing times.

Curb Appeal

Establishing good “curb appeal” is a nice idea as well, as first impressions are important. Make sure your landscaping is up-to-date, that your property is clean and uncluttered, and that your home needs no major aesthetic repairs. Also, a fresh coat of paint and perhaps even a new front door – if it’s needed – never hurts when it comes to wowing a potential buyer.

Buyer Perception

As for the interior, a simple paint-job works best, with white being a great choice due to the fact that it will make your home appear clean, bright, and will give off the illusion of it being larger. To that end, also make sure that your rooms are not cluttered with unneeded items; this especially holds true to personal items such as family photographs, which will not only make the rooms look smaller but will also make it harder for a buyer to envision the home as “theirs.”

Advertising Methods

And as for advertising, traditional methods are still very effective and reliable, but don’t forget about the power of social media – particularly Facebook ads – as well. Also, set up regular open houses, and make sure your home is clean and well-lit when you’re showing it.

These are just a few tips to help sell your home quickly and for the maximum price. Feel free to speak with one of our agents if you are considering selling and ask for a free market analysis.

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 recent reports, the Las Vegas Raiders’ practice facility – which is still currently under construction – was sold by team officials last week for the hefty sum of $191 million. But where will the Raiders practice then, you might ask? Why at that very same facility, since right after the sale Raiders officials leased the facility right back, a growing and popular trend in Las Vegas real estate known as a “leaseback.”

A form of flipping – buying a property, building upon it or renovating existing structures, and then selling it for a profit – the leaseback takes the concept to the next level by having property owners sell a building, only to rent it right back for whatever use they may need it for. The practice has generated billions of dollars in revenue in Vegas in recent months, and apparently the Raiders are the latest entity to get in on the action… and they’re not even officially residents of the city yet.

The Raiders sold their Henderson-based headquarters and practice center – which is still being built – to Mesirow Financial of Chicago in February 21, and then immediately entered into a lease agreement with Mesirow for 29 years, with the option of extending that lease for a total of 70 years, divided up into seven separate ten-year options, according to Clark County records.

The rent the Raiders will be paying to Mesirow is not currently known.

Leasebacks are common occurrences in many industries in Las Vegas, including fitness centers, fast-foot restaurants, and casino hotels; the advantages are many, including a large influx of cash up-front to the seller and the opportunity to establish a lock in long-term lease. For the buyer, the advantage is that they have an instant renter for their property, as opposed to acquiring it and then having it sit vacant – and not generating a dime in revenue – while they search for a tenant. However, leasebacks have their potential pitfalls as well, especially if the seller has financial issues or closes their doors for business; but regardless, leasebacks are growing in popularity in Vegas, as the benefits often far outweigh any potential issues that might come down the line.

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, the former Lucky Dragon has been given a new lease on life, as new ownership has re-branded and re-opened the facility with plans to give the hotel and casino a huge make-over.

The newly christened Ahern Hotel – named after owner and developer Don Ahern – will eschew the Lucky Dragon’s previous Chinese-themed design aesthetic – most of the decorations, including statues and a dragon chandelier, have been removed from the premises and are currently in storage awaiting sale – in favor of a more conventional look and feel, although the building still features its previous red exterior, but with all-new signs reflecting the name change.

Originally opening in 2008 with 203 rooms and a 27,500 square-foot casino – considered small compared to their local competitors – the former Lucky Dragon was inspired by Asian concepts in an effort to appeal to Asian customers, who were expected to be the resort’s primary customer base.

However, the establishment experienced low customer turnout over the years that it was open and as a result, the Lucky Dragon permanently closed for business on October 2, 2018. It was eventually sold for $36 million in April 2019 to Don Ahern, and reopened as the Ahern Hotel and Convention Center in late 2019.

Currently, the casino is not being re-opened; instead, Ahern noted that he intends to transform the casino into conference and convention space, with work expected to begin in March 2020; currently, the new facility is slated to have a separate name, although that moniker has not yet been publicly revealed.

Ahern estimated that he will be spending less than $10 million on the changes to the former casino space – including new eateries such as an Italian and a sushi restaurant – and hopes the entire resort would be ready in time for a grand opening on July 4, 2020.

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 – Short term rentals were recently approved for operation in Henderson, Nevada, with the Community Development manager laying out a series of rules and legal guidelines that participating residences must abide by in order to operate on these services.

Short term rentals have been steadily gaining in popularity over the years as a cheap and convenient way for landlords to accommodate guests with short-term lodging and tourism-related activities by essentially renting out their home to relative strangers. Much like ride-sharing services such as Uber and Lyft and the drivers they employ, AirBNB, VRBO, Booking.com, do not own any real estate listings, nor do they host events; instead, the services acts as a broker, receiving commissions from each booking.

Initially approved by the City of Henderson in mid-July of 2019; previously, short-term rentals where only allowed in commercial-tourist zoning areas, such as Lake Las Vegas. However, Henderson officials changed their stance on the issue after the City of Las Vegas made regulations governing short-term rentals far stricter. Seeing a potential money-making opportunity for Henderson – it’s estimated that the city could make as much as $370,000 annually with the introduction of Airbnb into the community – officials approved the move, albeit with a series of regulations of their own attached.

According to the City of Henderson, Short term rentals are allowed to operate in residential areas within the limits of Henderson as long as they adhere to the following set of rules:

1. The local Homeowners Association (HOA) approves, and the homeowner proves compliance with HOA rules.
2. The owner of the property must take a class at the College of Southern Nevada (Cost: $250. Duration: 2 days in-class or 2 weeks online).
3. Pay the City of Henderson an annual fee of $820.
4. Pay a 13 percent monthly lodging tax.
5. Install noise monitoring systems both inside and outside the home (via a company like Noise Aware).
6. Notify all neighbors within 200 feet of the property (via certified mail) that the home is going to be an Airbnb.

Rentals can range from a complete home, a single bedroom, or even just crashing on someone’s house in a pull-out sofa bed. The allure of allowing short term rentals within Henderson is obvious when it comes to a cash-flow standpoint; the services have been generating significant revenue in other regions of Nevada for some time now. For example, in 2019 Nevada Airbnb hosts ‘as a whole’ earned $53.5 million from Memorial Day weekend through Labor Day, according to figures released by the company. In addition, Clark County Airbnb guest usage generated $36 million in a period spanning from May 25 to Sept. 2 that same year.

Another reason for Henderson’s approval of is a potential remedy for the ongoing issue of the unauthorized renting of homes in the area; in addition, officials have announced that they will be working with an outside company that will monitor rental websites – utilizing advanced compliance software – for local homeowners who are violating rental ordnances; those who do may face fines of $500 a day that the property is rented. Instances of holding a party or wedding, or operating with a suspended license, will also incur a $500 a day fine.

Clearly, Short term rentals are growing in popularity and government officials of Henderson – faced with the dollar amounts other areas of Nevada have seen an influx of recently in conjunction with the short-term lodging service – found it was in the city’s best interests to get in on the action themselves.

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 recent reports, 2020 in Las Vegas is expected to be the year of the condominium, as the affordable housing alternative – often replete with numerous amenities that stand-alone house owners aren’t privy to – are showing a distinct increase in popularity.

The reasons condos are attracting so much attention from buyers recently are numerous; many people prefer the security that living in such a community often affords its residents, whereas others also enjoy the different amenities – such as fitness facilities, gaming clubhouses, and swimming pools – that are typically available to residents.

And the fact that condos are, on average, cheaper than full-on home ownership in a real estate marketplace with steadily climbing prices is an attractive feature as well, allowing owners to be able to swing the cost of living in an affluent community that they might otherwise not be able to afford.

Some condos run from the $200,000s to $300,000 range for one- and two-bedroom condominium flats and three-bedroom loft-style town homes, ranging from 1,058 square feet to 2,500 square feet. In contrast, the median price in Las Vegas for a single-family home in December 2019 was just under $313,000, and those homes do not come with the additional benefits provided by living in a condo community, including the aforementioned security, amenities, and other extras, such as landscaping, underground parking, and more. Many condo communities are also situated near major shopping and entertainment complexes, or sometimes even feature their own exclusive shopping facilities for residents to use.

With the prices of the Las Vegas housing market still climbing since the end of the recession (although prices are starting to slow and stabilize as available inventory increases), more and more people it seems are turning to condominiums for their housing needs, and as a result more developers are constructing additional condo units in order to satisfy that need.

Indeed, while the Las Vegas housing market as a whole remains one of the most prosperous in the nation, 2002 is expected to see condos come to greater prominence than they have in many years.

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