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.

LAS VEGAS, NV – The former Royal Links golf course is finally on its way to providing numerous affordable homes for Southern Nevada residents, having recently held its officially groundbreaking ceremony to signify that impending start of construction efforts for the eastern Las Vegas Valley-based housing tract.

Touchstone Living founder Tom McCormick, who purchased the shuttered Royal Links golf course in December 2021 for $33.7 million, said that the new housing community his company will be building – now dubbed Independence – is currently due to commence on the third quarter of 2022, initially starting with model homes to entice buyers before moving on to the proper homes they will be offering.

Already, the grass from the original golf course has been removed, with the landscape now covered with various pieces of construction equipment in anticipation of the start of work, which is expected to produce up to 1,600 homes, in addition to numerous residential amenities, such as parks, pools, and playgrounds.

Independence – located along Vegas Valley Drive east of Nellis Boulevard – is hoping to attract first-time buyers and will offer homes in the $200,000 price range; McCormick has noted there are no other projects producing new homes in Southern Nevada in such a buyer-friendly price range.

To drive home that point, those attending the groundbreaking on Monday were wearing blue-and-white Independence shirts with the slogan “why rent?” on them, touting the affordability that the new community will be offering to local residents.

In Southern Nevada, home development is predominantly carried out in suburban areas such as the southwest valley, Summerlin and Henderson; in comparison, the east valley is relatively ignored by developers, allowing the 162-acre Independence a degree of distinction among its peers.

The affordable prices that Independence will be offering for housing will run in direct contrast with the average median home price in Las Vegas, which recently hit $483,000 in March.

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 – For a great while, condominiums failed to figure into the Las Vegas real estate marketplace to the same degree as stand-alone homes did; however, that began to drastically change right before COVID-19 hit, but while the pandemic caused a brief hiccup in the ascension of condos as a viable real estate marketplace asset, the market nonetheless recovered and rose to a status of prominence that is currently showing no signs of slowing down.

Today, condos in Las Vegas are viewed as an excellent and affordable alternative to the ever-increasing expense of stand-alone homes, especially among Millennials who are approaching typical home-buying age. In fact, in December 2021, condo sales in Southern Nevada totaled over $221 million, representing a 38.5 percent increase over December 2020, with the median sales price year-over-year jumping by 30.1 percent.

Condos have become a popular means to achieve home occupancy in Las Vegas in the face of the demand for housing options that, thus far, local Southern Nevada home developers have not been able to adequately address. This comes in the face of increased migration to Vegas by residents from neighboring states – especially California – that are in search of more affordable lifestyle options or investment properties when compared to their previous homes.

The two main groups that are driving condo sales in Las Vegas as of late are – first of all – millennials, many of whom are approaching the age where they are where they are considering becoming first-time homeowners. This is being driven in-part by this tech-savvy generation’s embracement of the concept of digital home buying, which can often be done on their cell phones for an easy shopping experience.

Secondly, approximately 25 percent of Las Vegas condo buyers since 2019 have been residents from California, some of whom were making the move to Nevada permanent and were able to purchase residences with cash due to the sale of their original home; many others have been second-home buyers who have retained their California residences.

Experts see 2022 continuing this trend, especially if the state of California passes its much-talked-about “wealth tax,” in addition to other ongoing cost of living increases that residents consider excessive and, in many cases, unsustainable.

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 – Questions of affordability have once again reared their ugly head in terms of Las Vegas’ rental marketplace, as year-end reports indicate that pent prices have jumped considerably over the course of 2021 when compared to the year beforehand.

Reports say that Nevada overall has now been thrust into the nation’s top five states in terms of rent increases over the past year, and when the two-year average is figured in, Nevada is actually propelled into the top four.

According to analysts, in Nevada the average price of rent has jumped 25 percent since the beginning of 2021, and 34 percent since 2019.

The report also indicates that the city of Las Vegas itself has seen a large jump in rental prices in 2021, with costs increasing by 27 percent since the beginning of the year; the average rent in Vegas currently, the report says, is $1,243.

Developers in Southern Nevada have been ramping up construction of new apartment complexes and rental homes over the past year in order to address the rising rent prices the region has been experiencing since the recovery of the local economy and the arrival of more jobs and out-of-state residents.

The development of more living options are, according to many real estate professionals, the key to solving the skyrocketing prices that are currently weighing on Las Vegas’ rental marketplace, which are leading many to question the region’s long-standing reputation for affordability when compared to neighboring states such as California.

Of all U.S. states, Arizona experienced the greatest increases in rental prices since 2019, with a 38 percent jump. In direct contrast, North Dakota was at the very bottom of rental prices over the past two years, with the state actually reporting an 8 percent decrease since 2019.

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 – A report released recently by Las Vegas Realtors (LVR) indicates that the cost of condominiums and townhomes in Southern Nevada have broken an all-time record, showing a whopping increase of 26 percent year-over-year.

According to the report, as of October 2021 the median price of Las Vegas condos and townhomes was approximately $236,000, which represents a 26.5 percent increase over October 2020, when that number was at $186,500.

LVR President Aldo Martinez noted that, as home prices continue to climb in Las Vegas – the median price of existing single-family homes sold in Southern Nevada during October 2021 was $410,000 – people looking for affordable lodging alternatives have been turning to condos and townhomes, which despite their own prices increases still remain cost-efficient overall.

“Our home prices are still increasing, but they’re going up more gradually. Even though we’re slowing down a bit, home prices are still rising,” Martinez said. “Buyers looking for more affordable options have been turning to condominiums and townhomes, as witnessed by the median condo price of $236,000. As we’ve been saying for some time, the rate of appreciation we’ve seen this year is great for homeowners, and the low interest rates have been great for home buyers.”

The LVR report noted that the total value of all real estate transactions conducted in Southern Nevada during October 2021 was over $1.5 billion for homes and $204 million for condos, high-rise condos and townhomes. This represents an overall increase of 13.5 percent year-over-year increase for homes of 13.5 percent, and a very impressive increase of 37 percent for condos and townhomes.

Overall, however, supply of both homes and condos remains tight, and given the overall demand – while currently beginning to show signs of cooling slightly – are nonetheless expected to continue an upward trajectory.

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 – “Sync Apartment Homes,” a new apartment complex that is slated to be constructed near the Aliante Hotel in North Las Vegas, broke ground this week, with a completion date estimated to be in the fourth quarter of 2022.

Development firms American Nevada Co. and Warmington Properties have teamed up to build Sync Apartment Homes; the two companies held the groundbreaking ceremony for the new apartment complex – located off Aliante Parkway and the 215 Beltway in North Las Vegas – on Tuesday, November 9 which, upon completion, will be comprised of 203 units with a number of high-scale amenities that are sure to attract scores of tenants.

Sync Apartment Homes is to be comprised, according to reports, of several two and three-story buildings built upon a 9.4-acre project site, and will feature attached garages and a resort-style pool area for tenants to utilize. The apartment units are to range in size from 815 to 1,338 square feet and are to offer competitive rental price points.

Sync Apartment Homes is one of three brand new multifamily apartment communities that Warmington Properties will complete in the Las Vegas area in 2023, bringing their total in North Las Vegas to twelve.

Apartment complexes such as this are, according to many real estate professionals, the key to solving the skyrocketing rental prices that Las Vegas is currently experiencing that are leading many to question the region’s long-standing reputation for affordability.

According to their website, Warmington Properties – via a group of residential building companies – has constructed approximately 40,000 homes in core markets throughout the West Coast of the U.S. They offer “professionally managed, lifestyle-centric communities” in many sought-after locations in Southern California, Las Vegas, Nevada, and Salt Lake City, Utah.

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 – When it comes to apartments in Las Vegas, they’ve never been more in-demand than they currently are now. And when it comes to what people are paying for those in-demand apartments, it seems that is yet another aspect of life in the Southern Nevada region that’s hit an all-time high.

Reports indicate that the prices of one-bedroom and two-bedroom apartments in Las Vegas have seen a 30 percent jump when compared to the same period of time just one year ago, representing a significant increase in a relatively short amount of time.

The average rent of a one-bedroom apartment in Las Vegas is approximately $1,800 per month, and the average rent of a two-bedroom apartment will set someone back about $2,000 per month; these prices represent a new all-time high for the city.

The reason for skyrocketing rent is simple – demand, which has been fierce as the COVID-19 pandemic ends and the economy continues to recover. Competition has been strong for rental units in Vegas, and landlords and property managers recognize that; as a result, prices have been creeping ever-skyward, because it’s a given that someone will be willing to pay.

Rent prices in Vegas are currently at the point where it is beginning to fuel serious worry about the city’s continued affordability, an aspect of life in the city that has proved until now to be most attractive for people from neighboring states such as California, where taxes can make life unsustainable for some residents.

However, developers have been working on multiple apartment projects in Las Vegas that, upon completion, will hopefully feed into the ongoing demand and, as a result, help to stabilize rent prices.

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.