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Category Archive : Real Estate

House-Buying in Las Vegas

You Would Need to Earn Nearly $114K to Afford Average Home in Las Vegas, Report Says

LAS VEGAS, NV – According to a new study from Clever Real Estate based on data obtained from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, the Las Vegas Valley now ranks as the 27th most affordable major metropolitan area in the United States when home prices and annual income are directly compared.

Based on this study, how much would the average Southern Nevada household need to be pulling in each year to afford a home?

Currently, the median price of an existing single-family home in the valley is $449,000, whereas the median annual household income is $75,065. So, as per the data contained in Clever Real Estate’s report, a household would need to be earning an annual income of $113,839 to afford the purchase of an average home with a down payment of 20 percent.

However, if you’re planning on buying a house in the valley with no money down, that yearly income requirement obviously needs to be higher; in this instance, it would have to go up to at least $138,826.

Henderson Re/Max Advantage associate Robert Little noted that the housing market in the valley, while improving for buyers, is still driving some low-earners out of the equation for the time being.

Affordability remains a real concern in the Las Vegas housing market, especially with today’s higher mortgage rate,” he said. “That said, we’ve seen a softening in prices this year, and the market has shifted slightly in favor of buyers, which offers some relief.”

Little said that despite greater and greater amounts of inventory opening up in Las Vegas, home prices are still lingering at nearly record-high levels. But despite that, he explained, there are signs that things are indeed changing.

Depending on how a home is priced relative to the competition, it’s not unusual for buyers to negotiate a price reduction, have closing costs covered by the seller, or use concessions to buy down their mortgage rate,” he said. “Builders are also stepping up with aggressive incentives—often covering all closing costs or offering significant rate buy-downs to attract buyers.”

Shelter Realty Property Management specializes 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.

uncommons

UnCommons Mixed-Use Development Up for Sale, Valued at $575 Million

LAS VEGAS, NV –  It has been announced that UnCommons – a huge mixed-used facility in southwestern Las Vegas – is currently on the market, with it’s estimated sale value at over half a billion dollars.

The UnCommons sale is being represented by investment sales broker Kevin Shannon with Newmark, with the property’s estimated value being set at a whopping $575 million.

Construction broke ground on UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – in 2020 and was completed in April 2025, with Matter Real Estate Group being the developer of the 40-acre campus.

UnCommons is essentially a mini-city within a city, consisting of 500,000 square feet of offices, as well as restaurants, health and fitness studios, relaxation options, and over 830 residential units, in addition to The Assembly, an experimental project consisting of a 5,000-square-foot conference and event pavilion that can host a variety of event types, including talks, community events, and weddings.

The apartment complex situated within UnCommons – which is dubbed Vestra – is made up of 830 units spread out amongst 3 towers; in addition, office tenants consist of notable companies such as Draft Kings, CBRE Group Inc, Deloitte and Newmark.

On the storefront side, food and beverage locations include Urth Caffe, Teaspoon, and Amari, and retail businesses are made up of varied businesses such as Blue Bottle, Salt & Straw, Urth Caffe, and Sunlife Organics.

The concept behind the $800 million project – which originally broke ground in 2020 – is that it is a space where the various employees working for the businesses located there have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right there at their fingertips.

Matter Real Estate Group partner Jim Stuart said that the UnCommons project is already a rousing success, with 93 percent of the office space leased, along with 90 percent of the retail and restaurant space and 60 percent of Vestra.

Shelter Realty Property Management specializes 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.

Real Estate Scharfsinn

Some Investors Using Crypto to Purchase Real Estate: Experts Talk Pros and Cons

LAS VEGAS, NV – Cryptocurrency – a digital currency designed to work through a computer network that is not reliant on any central authority to uphold or maintain it – has become an increasingly popular form of investment in recent years.

The most prevalent form of crypto is Bitcoin, which as of May 8 was once again trading at a price point of over $100,000. And a growing number of individuals are using it – as well as other forms of digital currency – to engage in real-world investments such as real estate.

The first-ever physical purchase using crypto was made in 2010, when a programmer named Laszlo Hanyecz bought two pizza pies for 10,000 Bitcoins. And since then, crypto’s presence in the real world has only grown.

On a recent episode of Yahoo Finance’s Opening Bid podcast, investor Grant Cardone noted that he’s been purchasing real estate with Bitcoin, with his most recent endeavor being a deal made for a piece of property valued at $88 million that he acquired for $72 million in currency and $15 million in Bitcoin. The money he generates from the property, he uses to buy more Bitcoin.

In several years, even if the property merely retains its $88 million value instead of going up, his profits will increase overall due to his purchasing of Bitcoin at today’s current rates, provided its worth continues to go up.

But while Cardone has found success in investing in real estate utilizing digital assets, experts are pointing out both the pros and cons of such financial maneuvering. Ian Kane, CEO and Founder at Firepan, said that the instability of the crypto market could result in short-term losses, but those looking at long-term investments could benefit.

Long-term holders sitting on significant gains may want to convert a portion of Bitcoin to real estate as a way to diversify,” Kane said. “They get peace of mind and don’t run the risk of seeing 6- or 7-figure portfolio swings. Plus, real estate offers passive income opportunities and can be a hedge against crypto’s volatility. However, if Bitcoin’s price pumps shortly after the purchase, you may have buyer’s remorse.”

Something that might be safer than using crypto to buy the property itself, Kane noted, would be using it to finance a loan.

The loan is secured by the real-estate + BTC, and you can make your monthly mortgage payments as a percentage of your BTC, denominated in USD,” he said. “This is the best of both worlds!”

However, Louis Adler, Co-Founder, Principal and Real Estate Broker at REAL New York, was less positive reggarding crypto-backed real estate investments.

While it’s an interesting concept, I don’t believe buying real estate with Bitcoin is practical in most cases – at least not yet,” he said. “Real estate is still a fundamentally traditional asset class, and the volatility of crypto creates too many unknowns for both buyers and sellers.”

Shelter Realty Property Management specializes 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.

Kyle Canyon

Las Vegas Property Owned by Late Entertainers Siegfried and Roy to be Used for 100-Unit Housing Project

LAS VEGAS, NV – A Southern Nevada property previously in-part owned by the late Siegfried Fischbacher and Roy Horn – the late, famed German-American entertainers who performed an animal-based magic show together in Las Vegas for years as Siegfried and Roy – will be used for an upcoming 100-unit housing project by developer Tri Pointe Homes.

The project site is comprised of 28 acres in the upper northwest Las Vegas Valley’s Kyle Canyon area, along Kyle Canyon Road approximately one mile west of U.S. Highway 95.

Tri Pointe Homes’ plans for the housing development were originally approved in March by the Las Vegas City Council, and in April investment firm Kennedy Lewis Investment Management finalized their purchase of the site for a reported sum of $19 million, according to Clark County records. They then granted Tri Pointe an option to purchase the property needed for their Kyle Canyon Road project, which they accepted.

The land for the project is a patchwork of plots acquired from multiple sellers; among them was Siegfried and Roy, who had sold off 6.7 acres prior to their passings – Siegfried died in 2021 at the age of 81, and Horn died in 2020 at 75 – that would eventually become part of the Tri Pointe site.

The duo had been famous for years for their extravagant magic and white tiger act on the Las Vegas Strip.

The project will create a new subdivision along Kyle Canyon Road – which provides local residents the means to Mount Charleston and back – and represents suburban development creeping ever-outwards from the city of Las Vegas in an attempt to address the region’s growing housing crisis.

Tri Pointe already has a sizable presence in the area. They are currently selling homes in their neighboring Kyle Pointe community for prices starting at $500,000; according to its website, the community boasts “eye-catching architecture, flexible modern interiors, and the promise of outdoor adventure.”

Shelter Realty Property Management specializes 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.

Zillow Editorial credit: Jarretera / Shutterstock.com

Zillow: Real Estate Inventory in Las Vegas Valley Increases Over 44 Percent Year-Over-Year

LAS VEGAS, NV – According to a new report by Zillow, the amount of residential real estate inventory available in the Las Vegas Valley has jumped dramatically since last year, but despite the availability the buyers just aren’t there at the moment due to a number of factors.

There has been an increase of 44.5 percent year-over-year in March in the number of homes on the market in Las Vegas; this is a situation that is occurring throughout the country, although the valley is becoming one of the most prolific in that regard.

In contrast, the number of homes on the market in March in the United States overall has gone up 19 percent when compared to the same period of time last year, currently making Las Vegas 25 percent higher than the national average, according to Zillow senior economist Kara Ng.

What’s happening nationally is playing out similarly but more prominently in Las Vegas. Sellers are listing their homes at far greater rates than last year, but buyers are not absorbing those homes at the same rate,” she said. “This has left more homes lingering on the market. However, while Las Vegas inventory is up almost 45 percent over the year, it’s still about 20 percent lower than pre-pandemic norms.

Ng noted that in addition to the inventory in Vegas rising, prices are also continuing to go up; again, this is true in many major metros in the country, although it is becoming quite pronounced in Southern Nevada.

Home values in Las Vegas have risen significantly. Affordability is a hurdle, especially for first-time buyers who are relying on savings alone, and turbulence in the stock market could push down payments out of reach,” Ng said. “These headwinds may be capping the pool of financially ready buyers. Sellers, on the other hand, are typically more financially stable and have the benefit of home equity to put toward their next purchase. Together these forces are leading to the accumulation and normalization of inventory.”

Shelter Realty Property Management specializes 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.

Smith Center for the Performing Arts

Ground Broken This Week on Six-Acre Mixed Use Development in Las Vegas’ Downtown Area

LAS VEGAS, NV – Ground was broken on Tuesday of this week on Origin at Symphony Park and Cello Tower Residences, a huge mixed-use development in downtown Las Vegas that officials say should serve to address many underserved needs in the city once it is complete.

Spanning six acres within the 61-acre Symphony Park development across from city hall – which also calls Smith Center and the Cleveland Clinic Lou Ruvo Center for Brain Health home – Origin at Symphony Park and Cello Tower will be comprised of retail businesses, corporate office space, and a luxury residential high-rise condominium tower, the first of its kind constructed in Las Vegas in over 15 years.

The goal of this development – as per builder Red Ridge Development – is to create a full-fledged community within walking distance of the Smith Center for the Performing Arts and Fremont Street Experience.

Retail tenants are already lining up for Origin at Symphony Park, despite construction only having just begun; among them are what is being touted as a national grocery store chain – the name of which will be announced in the near future – which is something that Vegas’ downtown area has been sorely lacking for some time.

Meanwhile, the 32-story Cello Tower – designed by architecture firm Perkins Eastman – will be comprised of eight penthouse suites beginning at $4.5 million, along with an additional 240 one-and-two-bedroom residences that will start at $700,000 and up.

The complex will feature numerous high-end finishes and appliances for its residents in addition to a great many amenities, including an elevated outdoor environment on the 25th floor featuring beautiful landscaping, gorgeous views, and a fountain; an exhibition kitchen and private dining room; pods for barbecues; a hyper-oxygenated resort-style pool; a TV media wall; a pet spa and park; and an entire 7,000-square-foot floor dedicated to wellness, including a full gym and spa facilities.

Shelter Realty Property Management specializes 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.

Lake Las Vegas

Home Sales Begin for La Cova, a New Luxury Neighborhood in Lake Las Vegas

LAS VEGAS, NV – Sales for homes in La Cova, a new guard-gated, master-planned luxury community located in SouthShore Lake Las Vegas, officially commenced this week according to the project’s developer, Tri Pointe Homes Las Vegas.

Tri Pointe Division President Klif Andrews said that La Cova is a waterfront resort-style community whose homes will boast a luxurious European design aesthetic, right in the heart of Nevada.

La Cova introduces a new pinnacle for resort-style living in Las Vegas,” he said. “La Cova is an alluring opportunity for luxury buyers who want every day to feel like a getaway.”

The community’s unique look and feel was in-part designed by Woodley Architectural Group, with La Cova being comprised of 42 residences spread out amongst three enclaves on adjacent peninsulas. 38 homes are located along the shore of Lake Las Vegas, and the remaining four near the community’s edge, adjacent to the SouthShore Country Club golf course.

La Cova is going to be unlike any other place,” Andrews said. “The way we connect homes to the water, it’s like having your own private luxury resort. It gives buyers a rare opportunity to purchase something incredibly unique for our market.”

The homes on-offer in La Cova will offer six different styles to buyers and range in size from 2,800 square-feet to over 4,200 square-feet, with prices ranging between $2 million and $4 million. Designs blend modern-style Tuscan and Mediterranean influences and feature large windows for maximum visibility and backyards with lush, resort-style courtyards.

In addition, there are numerous high-end amenities available for these homes, such as detached casitas, workout rooms, executive offices, club rooms and upper-level balconies. Also, boating, paddle boarding, and many other sport and recreation options are available via the development’s waterfront location.

Shelter Realty Property Management specializes 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

Developer Holds Groundbreaking for “Midtown Plaza” Mixed-Use Complex in Las Vegas Arts District

LAS VEGAS, NV – Z Life Company, an eco-friendly residential developer that touts themselves as pioneers in sustainable, luxury real estate “focused on innovated structural design and contemporary experience,” broke ground on a new project in Las Vegas’ Arts District this past Friday.

“Midtown Plaza” will be a mixed-use facility comprised of six towers offering condominiums, hotel rooms, apartments, and retail options, located near the intersection of Coolidge Avenue and First Street.

According to Z Life Company Chief Operating Officer Anna Olin, her company has invested a significant sum into the city of Las Vegas, including $300 million for the Midtown Plaza project alone.

Olin noted that while the relatively quiet part of the Arts District located south of Charleston Boulevard has seen a surge in development and an influx of new businesses and foot traffic in recent years – restaurants, coffee shops, and numerous retail stores – the area of the district north of Charleston has not seen the same level of resurgence, having remained “unused for a number of years.”

Z Life Company’s decision to build Midtown north of Charleston reflects the company’s desire to help it rise to the same level of prominence as the rest of the Arts District, Olin said.

Midtown is slated to have 87 residential units – comprised of studio, one-bedroom, two-bedroom and penthouse options – with prices starting at a base level of $299,000, and accompanied by numerous high-end amenities such as energy-efficient appliances, all-electric interiors and access to a shared series of Tesla electric vehicles (EVs).

Midtown will be located at 921 South Main Street, and will be managed by Berkshire Hathaway HomeServices Nevada Properties, with retail sales represented by the Martinez Group.

“Midtown is unlike anything Las Vegas has seen before,” Matthew Martinez of the Martinez Group said. “We’re bringing together everything that makes downtown living exciting – walkable spaces, local businesses and modern design – all while keeping it accessible.”

Shelter Realty Property Management specializes 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.

Home Mortgage Interest Rates

Increasing Number of Home Sellers Making Concessions in Current Housing Market

LAS VEGAS, NV – While housing in the United States may not be a buyer’s market, the overall burdensome economy – combined with sky-high home prices and mortgage interest rates still hovering at just over seven percent – have resulted in a growing number of sellers finding themselves forced into giving concessions to buyers in order to get bites on their listings.

According to a new report by Redfin, the current number of sellers that are offering some sort of concession to potential property buyers is 44 percent, which represents a whopping year-over-year increase of 39 percent. This signifies that the leverage sellers held on buyers in recent years is obviously starting to decrease, as market conditions are encouraging many who are looking to buy a home to wait things out in hopes that things improve.

One example of concessions being offered by sellers, as per the Redfin report, include a homeowner who had been attempting to sell a residence that required several costly repairs, including a new roof and a new boiler; the grand total for these repairs would have run any buyer an estimated $100,000 extra on top of the cost of the home itself.

However, this seller experienced multiple potential buyers in a row refusing move forward with the deal when faced with the extensive repairs, forcing the seller to carry them out himself before anyone would proceed.

During the height of the COVID-19 pandemic, when interest rates were much lower, this situation would almost certainly not been the case, but current high interest rates and ballooning inflation are causing buyers to become far pickier regarding how and when they spend their money, said Las Vegas Realtors President George Kypreos.

Most of the buyers are asking for something and they’re getting it,” he said, with Redfin noting that other concessions can include credit towards repairs or credit towards buying down their interest rate. The number of negotiations is going up, and while it’s not considered a buyer’s market yet, the scales are certainly tipping more in that direction than they have in several years.

Shelter Realty Property Management specializes 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.

Summit Club Drive

Luxury Penthouse Condo in Summerlin’s Summit Club Listed for Record-Breaking $25 Million

LAS VEGAS, NV – A swanky penthouse condominium situated within the clubhouse in Summerlin’s luxury guard-gated residential community The Summit Club has been listed on the market for a whopping $25 million, which – if it sells for that impressive price – would overshadow the previous record-holder of such a property by almost $9 million.

The current record-holder for the highest price ever paid for a condo in Southern Nevada is $16.25 million, which was originally set in 2021 at The Martin luxury high-rise tower, located in Paradise.

The Summit Club condo in question comes in at 4,929 square feet and boasts five bedrooms, five baths, and floor-to-ceiling windows – with a wrap-around balcony outside that wraps around three sides of the penthouse – offering breathtaking views of the surrounding area, including the Las Vegas Strip, a golf course, and mountains.

11660 Summit Club Drive 204, Las Vegas – $25,000,000.00

In addition to the views, the balcony also features a spa, a small pool, a hot tub, and an outdoor shower. Of course, as a resident the buyer would also have access to the resort amenities of The Summit Club itself, including a grocery store, a bar, lounge spaces, a pool, a fitness center, a spa, and a restaurant.

The listing agent, Ivan Sher of IS Luxury, said that the condo is at the very height of luxury and should appeal for those who are looking for – and who have the affluence to possess – the finer things in life.

The views are epic. This outdoor living space is what captures it for me. You have your pool and hot tub out here. It is really resort-style living. You can go down to your restaurant. There’s nothing like it. It’s the best of the best of the best,” he said. “It’s for a couple. It’s for somebody who wants their family to have access to the best, and they don’t want the upkeep of a home and yard.”

Shelter Realty Property Management specializes 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.

Affordable Housing Shortage in Nevada

Home Prices in Las Vegas Remain at All-Time Record High Three Months in a Row

LAS VEGAS, NV – In March 2025, prices of homes in Las Vegas remained at their all-time record high for the third straight month in a row, according to a new report released by Southern Nevada real estate industry group.

Las Vegas Realtors (LVR), using data from the Multiple Listing Service, confirmed that the median sale price for a single-family home in the Las Vegas Valley in March was $485,000, the highest that amount has ever been; that record-setting price has held steady for the third month running after it was initially set in January and remained firmly in-place in February.

George Kypreos, LVR President, said that the median price maintaining its current level without change represents a positive development for those looking to buy a home in Southern Nevada, as it denotes a rising degree of stability in the local real estate marketplace.

It’s interesting to see that the median price of existing homes hasn’t changed since the start of 2025,” Kypreos said. “This is another indication of stability and how homes prices have been increasing more gradually. At the same time, home buyers are benefiting from more homes available for sale and a recent drop in mortgage rates.”

There were 5,416 homes listed for sale in Las Vegas at the end of March without any offers, which represents a whopping increase of 63 percent year-over-year; in that same month, there were 2,712 residential sales – comprised of homes, condominiums, and townhomes – which was a jump of 2.9 percent from the same period of time in 2024 for houses, but a drop of 3.4 percent for condos and townhomes.

Local home sales have been rebounding from a slow year in 2023,” LVR said in a statement regarding the rapidly fluctuating Las Vegas market. “LVR reported a total of 31,305 existing local homes, condos and townhomes sold during 2024. That was up from 29,069 such sales in 2023 – the slowest year for existing local home sales since 2008. LVR tracked 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.”

Shelter Realty Property Management specializes 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.

Steven Horseford

New York Hedge Fund Owns Nearly 3,200 Homes in Clark County, According to Property Records

LAS VEGAS, NV – A large hedge fund based out of New York is the single-largest owner of homes in Clark County at nearly 3,200 units, according to the county’s property records.

Pretium Partners, a hedge fund that manages over $55 billion in assets, is the owner of Progress Residential, a home rental property management company that – as of the end of February, 2025 – owns 3,190 homes in the county, as per officially-confirmed data.

But that number could, in fact, potentially be higher, as typically real estate investors make it difficult to track their dealings by buying properties under the guise of various limited liability companies (LLCs), often with different-yet-similar names. For example, according to Clark County records, at least five of LLCs that have purchased property contain the word “Progress” in their name.

When contacted by local media about the true scope of their stake in Clark County, representatives for Pretium refrained from giving an exact number of the homes it owns, but claimed that it is fewer than 4,500.

U.S. Rep. Steven Horsford (D-NEV) said that corporate and Wall Street-backed investors have snatched up thousands of homes in both Southern Nevada and throughout the nation – mainly targeting starter homes and low-income communities – thereby reducing overall affordable stock and making the dream of homeownership harder for average people to obtain.

Studies indicate that, by the end of 2023, approximately 15 percent of Clark County’s housing stock – and nearly 25 percent in North Las Vegas – was owned by investors.

These predatory practices led by these Wall Street-backed hedge funds are acquiring more properties, pricing out Nevadans and their ability to own their own home,” Horsford said.

Shelter Realty Property Management specializes 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.