LAS VEGAS, NV – According to a new report by Zillow, Las Vegas residents need to be earning nearly $70,000 a year to be able to afford rent in the valley, an amount that is currently higher than the median household income. The current rental asking price comes in at $1,745, a 1.9 percent year-over-year increase and a whopping 34 percent jump since the beginning of the COVID-19 pandemic.

As of 2022, the U.S. Census Bureau estimates that the median annual income for a household in the Las Vegas Valley was $66,356; experts note that dollar amount has not risen by any significant degree in subsequent years due to decreased national wage growth.

In early 2021, the average household needed to be bringing in $52,000 a year to afford rent, meaning that the Las Vegas Valley has experienced the 15th largest increase of all major metro areas in the country.

Rent is typically considered “affordable” if it is takes up less than 30 percent of your monthly income. Rental rates in the Las Vegas Valley actually dropped slightly at the beginning of 2024.

Senior public relations specialist with Zillow, Mark Stayton, notes that the Las Vegas Valley is currently in an unusual situation where the number of units to rent and rental rates are both increasing.

The vacancy rate, which is seasonally adjusted, in Vegas is 9 percent, and has risen by 2.5 percentage points over the course of the pandemic,” he said. “that’s the 12th largest hike among the 50 largest U.S. metros by population.”

However, Skylar Oslen, the chief economist at Zillow and author of the company’s January rental report, predicts that rental rates should start going down across the country in 2024 due to the record levels of apartment construction that is currently underway.

Softer rent growth is ultimately good news for today’s renters who have faced significant financial strain from both general and rent inflation throughout the pandemic,” she said. “With wage growth now slower, but still persistent, rent affordability, the share of a typical household’s income that would go to market rate asking rent, stabilized over the past year at 29 percent. That’s down a percentage point from the record high set in June 2022.”

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.

LAS VEGAS, NV – As per a new report released by Zillow, in the Las Vegas Valley rents showed a distinct decline to kick off 2024, with experts saying now is a good time to be looking for an affordable new apartment in the city.

As per Zillow’s January rental market report, 16 major metropolitan areas in the United States saw a decrease in the average rental asking price at the beginning of the year; among those 16 was Las Vegas, where the average January rent was $1,745, which represents a 0.3 percent decrease from December 2023.

Senior Zillow economist Orphe Divounguy noted that there are several factors in Las Vegas that are contributing to lower rents – such as a cooling job market – resulting in landlords lowering their rates and offering additional perks in order to entice new tenants to sign on the dotted line.

It’s not a bad time to find a new apartment in Las Vegas. Rents are relatively soft right now, annual growth is just $33, and a slight monthly decline is the sixth largest among major metros,” he said. “Concessions offered by landlords, such as free rent or parking, are on the upswing too, and are now offered for nearly 40 percent of Zillow’s local rental listings. But the surge in rents in 2021 and 2022 means they’re now $400 more expensive than before the pandemic.”

Despite Zillow’s report noting the rental decrease in the aforementioned 16 major metropolitan areas in the country, the overall average rent in the United States is nonetheless 29 percent higher than it was prior to the COVID-19 pandemic, with average increases over the last four years of 7 percent annually. In contrast, prior before the pandemic took hold of the nation, the average yearly rental increase rate was 5.5 percent.

Aside from Las Vegas’ 0.3 percent decrease from December, the highest drops in rent in the country were in Austin, Texas (0.5 percent), San Diego (0.4 percent), Buffalo, New York, (0.4 percent) and Riverside, California (0.3 percent).

In addition, experts note that there is less of an incentive for renters to buy homes these days, due to the fact that house prices are increasing at a much faster rate than rent; given the current stability in the rental market, many are saying that is much more feasible to remain a tenant for the time being as opposed to a homeowner.

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.

LAS VEGAS, NV – With the last bits of COVID-19-era inflation hopefully evaporating next year, Las Vegas real estate experts are expecting current record-high home mortgage interest rates to drop slightly in 2024, slowly transforming Southern Nevada into a “buyers’ market” after several years of the reverse being the case.

However, those same experts are shooting down hopes that interest rates will eventually return to the extremely affordable levels they were at during the start of the pandemic, saying that no matter how much they do go down, elevated rates are expected to be the new norm going forward.

After the Federal Reserve raised interest rates numerous times in order to combat the 40-year high inflation gripping the nation, all eyes are on the agency after their announcement they intend to finally cut interest rates three times in 2024.

Las Vegas Realtors President Lee Barrett said he expects the overnight federal funds rate to indeed decrease next year, but does not anticipate they will eventually get back December 2022’s 4.1 percent; the current average rate for a 30-year fixed-rate mortgage is 7.2 percent.

This is going to be the new norm, higher interest rates and higher mortgage rates,” Barrett said. “They may drop, for the election a little bit, but I think 6.5 or 7 percent is where they are going to range next year.”

That being said, many real estate experts are predicting that 2024 will potentially see the Las Vegas Valley have its worst year for sales since 2008, with some saying it is a genuine mystery where the industry will head next year. However, with inflation improving and mortgage rates expected to come down a bit – leading to many who were holding out on listing their homes due to higher mortgage costs to finally do so – experts anticipate that the industry will shift towards a buyer’s market.

But that is not a certainty, experts say, as Las Vegas has a low inventory of properties currently available, and despite dropping sales figures, home sellers have for the most part been steadfastly refusing to cut their asking prices. Indeed, prices are only expected to drop 1 percent in the second and third quarters of 2024, creating what is known as a “locking” phenomenon in the Southern Nevada market.

Indeed, where the Las Vegas real estate market will go in 2024 is anybody’s guess at this point; the only thing that appears to be sure is that nothing is for sure.

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.

LAS VEGAS, NV – Multiple parcels of land in the Las Vegas Valley, totaling 589 acres, have been sold by the U.S. Bureau of Land Management (BLM) – an agency within the United States Department of the Interior responsible for administering federal lands – for the impressive sum of $93 million. 

BLM had previously announced that they would be auctioning off some of their land in the Las Vegas Valley this past July, with the federal agency being allowed to do so thanks to the Southern Nevada Public Land Management Act of 1998. 

While the majority of the parcels sold were relatively small in size, one parcel was particularly large – coming in at 505 acres and located east of Red Rock Canyon and West of Interstate 215 – and was purchased by Las Vegas real estate developer Lawrence Canarelli for $55 million. 

While Canarelli has not publicly stated what he intends to use the land for, experts note that due to its large size and how other properties in the area have been utilized in recent years, it will most likely be utilized for housing projects. 

The U.S. Department of the Interior Bureau of Land Management issued a press release announcing that the property sold was acquired by its new respective owners by way of a “competitive” online auction process. 

The sale of this public land within a congressionally-designated disposal boundary will generate funding to enhance recreation opportunities, promote species and habitat conservation and reduce the threat of wildfire in locations across the state,” the release said. 

BLM noted that 85 percent of the proceeds from the sale will be utilized mainly for projects to benefit the public, such as developing parks and trails as well as federal land capital improvements, purchasing land encountering environmental issues, landscape restoration projects, and the reduction of hazardous fuels. In addition, 5 percent will go towards the Nevada General Education Fund and the remaining 10 percent will go to the Southern Nevada Water Authority. 

An additional 225-acre parcel of land that was originally slated to be included in this auction will be put up for sale at a later date, according to the BLM, which currently owns 48 million acres in Nevada, or approximately 67 percent of the state.

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.

LAS VEGAS, NV – Realtors in Las Vegas are beginning to show serious concern over a growing trend that eerily reflects market conditions prior to the mid-2000s recession; back then, it was Wall Street packaging risky subprime mortgages into mortgage-backed securities.  

Fast-forward to today, and Las Vegas Realtor Noah Herrera says that Wall Street is back at it again in a slightly different fashion, purchasing as many homes in the valley as they can, renting them out in what some allege is a “predatory” fashion, and packaging them as rental-backed securities. 

Wall Street is destroying Main Street…again,” Herrera said. “And it’s kind of hard to stomach because at the end of the day, this is capitalism.” 

Herrera Isn’t the only one expressing these concerns; reports indicate that many real estate agents based in the Las Vegas Valley are chiming in on multi billion dollar Wall Street hedge funds and investors snapping up homes left and right, pushing everyday homebuyers out of the market with what many are referring to as “aggressive buying and rental tactics.” 

In Clark County alone, 80,000 single-family homes are owned by investors and hedge funds, which represents approximately 14 percent of the 563,000 homes within its borders. In addition, almost 10 percent of all home purchases within Clark County since 1988 had been made by Wall Street, reports say, and about 13 percent of all single-family home sales in the county since 2012 were made by investors. 

Wall Street home purchases in the Las Vegas Valley hit their highest level in 2021, making up approximately 18 percent of all sales; home purchases by investors swelled even higher in other parts of Southern Nevada, reaching as high as 20 percent in some regions. 

According to Shawn McCoy, director of UNLV’s Lied Center for Real Estate, many of these homes being snapped up over the decades by Wall Street never again hit the market. 

Since 1988, 77 percent of homes that were purchased by investors were never sold again, suggesting that roughly three quarters of homes that are purchased by investors are held as long-term rentals,” McCoy said. 

Las Vegas Realtor Steve Hawks said this situation has the effect of pricing out local buyers and results in a large portion of local Las Vegas housing inventory being owned not by residents, but by out-of-state investors. 

Wall Street hedge funds have completely destroyed the traditional real estate cycle and industry as we know it,” he said. “For example, entry-level buyers no longer have access to affordable entry-level homes. People wanting to downsize no longer see it worthwhile to downsize due to the lack of entry-level homes under $500,000.” 

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.

LAS VEGAS, NV – During the mid-2000s recession, numerous families lost their homes to the dreaded malady of foreclosure. And while the housing market has obviously improved significantly since those days, experts are noting that the number of foreclosures nationwide is starting on an upward trajectory once again, with Las Vegas being considered as currently having the highest number of them. 

However, it’s not time to panic just yet, as the current level of foreclosures aren’t even close to approaching those seen during the recession; however, a new report from Attom Data does provide some sobering insight into the current state of the real estate industry, with both Las Vegas and Nevada as a whole placing prominently in it. 

According to Attom Data’s real estate market data analysis, approximately one in every 2,200 homes in Nevada is currently in a state of foreclosure, which is currently the highest rate out of any other state in the country. 

Las Vegas itself ranks 4th in the country among metropolitan areas with over 200,000 residents, with about one in 1,800 homes in foreclosure; the city also ranks first among metropolitan areas with over one million inhabitants. 

However, real estate experts are not sounding the alarm yet, because this is a situation that was anticipated for numerous reasons, the main being that pandemic-era mortgage moratoriums are no longer in effect after a sustained period of time when they were in force following COVID-19 related job losses.  

Current issues caused by the economy and inflation are also contributing to families having difficulty meeting their monthly home payments. 

However, experts note that there is indeed a light at the end of the tunnel, as the Federal Reserve appears to be almost done with the rate hikes they’ve been imposing in order to curb inflation and avoid a potential recession. With that being the case, it is most likely that mortgage rates will start to decrease back to more affordable levels, which should prove to be a large boon to the housing market.  

In the meantime, if you are having difficulty making your housing payments, foreclosure may not be your first option; it is recommended that you look into any programs that your local government or municipality may offer to assist you. 

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.

LAS VEGAS, NV – With the housing market – both in Las Vegas and nationwide – breeding affordability concerns and pricing many out of the market altogether, buyers have been turning to more affordable options such as townhomes and condominiums. Southern Nevada developers, in turn, have sat up and taken notice, with more of them focusing on building these dwellings in order to produce denser developments and larger returns on their respective investments.

In May 2023, 29.1% of new home sales consisted primarily of townhomes and other such attached products, and this newfound attention from buyers on these housing options are not showing any sign of slowing its current momentum.

Skyrocketing interest rates on home mortgage loans have been the primary factor driving this increased interest in townhomes and condos, as single-family houses are currently outside of many people’s price range. Density in the form of two-story condominium projects are now starting to become a greater emphasis for many developers in the Las Vegas area.

In the first half of 2023, closings for new homes were down 12% year-over-year, with 4,106 single family homes closed on during that span of time. In contrast, 1,237 attached homes were closed on during that same time period, which represents a 6% increase from the first six months of 2022.

Of the new homes sold during the first six months of 2023, 23% of them were attached, including 29.1% in May and 25 percent in June. According to Touchstone Living’s Tom McCormick – one of the main townhome developers in the region – the number of townhomes and condominiums being sold in Las Vegas are on their way to reaching an all-time record high if these trends continue.

I’ve been here since the 1990s, and we’ve never seen it this high.” he said. “It’s about affordability and lifestyle. Land is so expensive and driving housing unaffordability, but with town homes, you can put more homes on the same amount of land. That makes the land cost per home lower and leads to a lower sales price.”

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.

LAS VEGAS, NV – An incredibly unique new home has hit the Las Vegas real estate market whose eye-catching pirate theme should nonetheless catch the attention of the desert city’s landlocked landlubbers, boasting an affordable price that ensures it will most likely not remain up for grabs for any great length of time. 

The home, located at 501 Sam Jonas Drive near Alta and Buffalo drives and currently listed for $349,999, features 4 bedrooms and three bathrooms spread out over 6,969 square feet. From the outside it’s a fairly normal, run-of-the-mill looking residence; however, once you walk through the front door, you’ll find yourself transported to a nautical paradise that Blackbeard the Pirate himself would be proud to call home. 

The living room has a coffee table with a built-in ceiling-high mast with a sale attached to it; rustic wood accents are everywhere you look; there is a pirate ship-styled DJ booth complete with a cardboard cutout of Johnny Depp’s Captain Jack Sparrow character from Disney’s “Pirates of the Caribbean” movies; there’s a decorative wooden plank bridge; atmospheric mood lighting; and numerous helms, skulls, plants, and 3-dimensional painted murals abound. 

Have you been tirelessly scouring the seven seas in search of a legendary treasure? Well, look no further, for your quest ends here,” the listing says. “Prepare to set sail on an extraordinary journey as every inch of this home is intricately customized to fit the captivating pirate theme.” 

Despite the steadfast reverence to the old days of high sea piracy, the home is not lacking in modern amenities as well, including a recently updated roof and air conditioning unit. 

If your creative soul is seeking a truly unique and unparalleled abode, set your course for a true treasure that awaits your claim,” the listing says. 

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.

LAS VEGAS, NV – According to a new report released by national property broker Redfin, Las Vegas, Nevada is currently among the top three destinations for family relocations in 2023 so far. 

The report notes that currently, a record number of metro-based homebuyers – 25.4 percent, to be exact – across the country are looking to pull up their roots and move to a different metro area, representing an increase year-over-year from 23 percent in 2022 and less than 20 percent prior to the COVID-19 pandemic. 

The main driving force behind the increase in migration for American families is the fact that mortgage rates are currently at record highs, driving up prices of housing and greatly increasing the need for many to move to more affordable areas where they can get more bang for their buck. 

The order of the top three areas where families are relocating to, according to Redfin, are Phoenix, Arizona; Las Vegas, Nevada; and Miami, Florida. These three cities have grown greatly in popularity because the average home is significantly less expensive than in major coastal metropolises such as New York or San Francisco, where the cost of housing has made life almost impossible for many middle-class families. 

However, despite Phoenix, Las Vegas, and Miami topping the list of the most attractive places for families to relocate to in 2023, Redfin notes that the overall number of homebuyers looking to relocate to new metro areas has actually decreased year-over-year by 7 percent – the biggest decrease on record so far – due to the fact that current skyrocketing mortgage rates have put off many Americans from actually purchasing new homes these days. 

However, the report notes that if people are willing to relocate, then they’re willing to move as far as it takes in order to score a bargain; in contrast, the number of homebuyers looking to relocate within their own home city or town has decreased also by a record-breaking level, in this case a whopping 18 percent.

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.

LAS VEGAS, NV – After a deadly fire three years ago that resulted in 6 dead, 13 injured, and dozens of families without a home, the former Alpine Motel Apartments has finally been rebuilt and rechristened as DLUX Lofts, with the new property owner pouring $3 million into the facility’s rehabilitation.

DLUX Lofts isn’t merely a recreation of the original three-story, 42-unit apartment complex that was all-but destroyed during an early-morning fire on December 21, 2019; it represents a significant overhaul, not only in terms of making it safe to occupy once again, but also due to a cutting-edge tech upgrade as well.

The building features a full redevelopment of the original structure, including a new sprinkler system throughout the entire complex – in both the hallways and in each apartment – as well as new utilities, new windows, a new roof, and new flooring.

All of the apartments – which range in size from 300 to 400 square-feet – have been given a luxury makeover, boasting amenities such as stainless steel appliances, quartz countertops, built-in bluetooth speakers, fingerprint and bluetooth-enabled door locks, a smartphone-compatible video-intercom access system, and high-speed WiFi internet access.

Despite all of the shiny new features, the units at DLUX Lofts are surprisingly affordable, with rents expected to be in the neighborhood of $1,150 to $1,350, a price that includes all utilities – such as water, electricity, and internet – as well.

The apartment complex rising from the ashes comes after what was described as the deadliest building fire in the history of Las Vegas, which saw tenants jumping from the windows of their second-and-third story apartments in a desperate bid to escape the flames.

Surviving residents stated that the building – which previously had no sprinkler system at all – had a history of failed fire inspections, and at the time of the blaze had not had any inspections at all for two years. Afterwards, investigators found over 40 fire code violations, in addition to asbestos contained throughout the structure.

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.

LAS VEGAS, NV – As the real estate marketplace continues to experience a cooldown amid record national inflation, spiking interest rates on mortgages, and skyrocketing home prices, one crafty Las Vegas seller is getting attention for the bold move of listing their house with a starting price of just $1 in an effort to draw more offers. 

In a real estate climate that are seeing more and more homes sitting on the market for extended periods of time when compared to the mid-pandemic housing boom where they were selling hand-over-fist amid fierce competition, sellers are trying to figure out new ways of drawing prospective buyers to their listings. 

And if you’re browsing ads for a new home and notice a residence in the vicinity of St. Rose Parkway and I-15 with an initial asking price of $1, real estate agent Lana Boley wants to assure you that is not a typo. Instead, it’s part of a strategy intended to help move the house quickly for clients who are in a rush to sell in a slow market. 

“It is not a mistake. You basically have to talk to the listing agent and see what’s the highest you could do for that home,” she said. “Sometimes people just need to move to another state, or they have a different situation, and they don’t want to wait for an offer. So if they would like to sell it fast, they could list it for $1, or really, really low, so they could receive several offers and choose the best one.” 

The creative move comes as sellers in Vegas are dropping the prices of their homes after sales have dropped in recent months; according to reports, 2.4 percent of homes for sale in Southern Nevada have actually been “delisted” by their agents in order to wait for the market to recover. 

79 LOCKHEED AVENUE, LAS VEGAS – Accepting Offers

However, Boley noted that this is a sign that what was recently a very strong seller’s market is transitioning into a buyer’s market… albeit slowly. 

“There are a lot of opportunities, especially for the first-time homebuyers,” she said. 

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.

LAS VEGAS, NV – During the depths of the COVID-19 pandemic the housing market unexpectedly started to boom, propelled by record-low interest rates on home mortgages and buyers enticed by acquiring homes with cheap money. But as demand continued to increase, home prices began to swell, with buyers taking solace in the fact that interest rates nonetheless remained very affordable.

Unfortunately, this is no longer the case, as an attempt to lower out-of-control inflation and prevent a potential recession, the Federal Reserve has begun increasing their interest rates. This, sadly, has correspondingly caused a significant jump in the cost of home loans as well, and combined with record home prices – the median price of a single-family home in Vegas in May 2022 was $482,000 – has caused the market to slow as some buyers are now finding themselves priced out.

With demand decreasing due to financial concerns, sellers – who have been consistently raising their asking prices for months, breaking records each and every time – have finally begun showing signs of relenting, and as a result Vegas-area listings are now slowly starting to appear with newly-applied discounts.

Reports show that sellers of a southwest Las Vegas Valley home for sale recently shaved $25,000 off their asking price; last Thursday, a Henderson home saw a $31,000 decrease; and a northwest valley area home has had a total of $110,000 in price cuts since it was first listed.

In fact, in May 2022, 13.7 percent of active listings in Las Vegas had a price cut, as opposed to the 11.5 percent average across the United States, reports say; while listings overall continue to climb in price, May represented the third month in a row where active listings showed price cuts, with Zillow economist Nicole Bachaud saying that the overall marketplace may be showing distinct signs of much-needed stabilization.

“Sellers are finally being challenged to price their homes competitively, after a period in which buyers seemed willing to meet almost any asking price, and in many cases bid over list price to beat out other interested buyers,” she said. “It’s absolutely true that there is an affordability crisis in the housing market, but low mortgage rates had kept monthly payments in check even while prices rose at a record pace.”

Housing markets – especially in Las Vegas – can often turn on a dime, but the current developments may be indicating that sellers may not be able to overprice anymore, opening up the potential for renewed affordability; time will tell if this ends up being true or not.

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.