LAS VEGAS, NV – According to recent reports, a Las Vegas developer is attempting to woo wealthy potential tenants to his new apartment complex by making sure it features numerous amenities catering to a particular crowd; this runs in contrast with how the majority of Nevada developers are handling new projects due to the difficulties posed by the ongoing COVID-19 pandemic.

With unemployment still an issue, many people are in need of affordable living space but are facing significant financial hurdles. But while many are racing to construct low-cost housing options aimed at the masses, long-time developer Bob Schulman, 83, is instead going in the opposite direction and aiming his apartments at affluent individuals.

Schulman’s 220-unit South Beach complex, which he sold for $62 million in 2018, boasted a slew of fancy options for tenants, including indoor and outdoor gyms, steam and sauna rooms, poolside cabanas, sand volleyball, a basketball court and a soccer field. Now the developer has opened a new apartment complex that once again caters to high-end clientele, taking a risk due to the fact that COVID-19 has had a definite negative impact upon the rental scene in Southern Nevada.

The 304-unit Tuscan Highlands is Schulman’s new establishment, located in the south end of the Las Vegas valley, and includes numerous luxury amenities aimed at a well-to-do younger set, including an esports lounge, sport court, restaurant, wine garden, rock climbing tower, gym and spa, soundproof studio, and even special tenant lockers for grocery delivery that are temperature-controlled. It also includes a fitness director on-staff and charges tenants a $125 monthly “resort fee” to assist with the costs of extras.

The developer originally broke ground on the complex in early 2019, before the local economy was ravaged by the pandemic; however, despite initial fears over how COVID-19 would affect rentals, Schulman reports that multiple apartments at Tuscan Highlands – where rent ranges from $1,275 to $3,800 per month – have been leased, with 78 of the 304 units currently occupied and climbing.

Clearly, despite the economic uncertainty out there these days, there are still people that can afford the finer things in life.

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 reports, Nevada officials have announced that a large amount of federal funding made available to those impacted by the COVID-19 pandemic is still available via the state’s CARES Housing Assistance Program, which launched last Monday.

Since the program began on July 20, it has received 3,085 applications from residents whose finances have been negatively impacted by the pandemic and are seeking assistance with remaining in their homes. Most of the people applying for rent assistance are asking for up to two or three months of back-rent to be paid to cover missed rent payments during the eviction moratorium.

The COVID-19 pandemic has caused widespread financial hardship in Nevada, with record unemployment numbers dominating the economy amid mandatory business closures and stay-at-home orders issued to halt the spread of the dangerous virus. And while cases of COVID had dropped to levels that saw these mandates being lifted, the long-term financial issues – coupled with a resurgence of positive cases – has left many facing the very real prospect of homelessness.

The rental assistance program is being run by the Nevada Housing Division and in coordination with Clark County Social Services, the Reno Housing Authority, and the Nevada Rural Housing Authority. In addition, a network consisting of 14 community not-for-profits is administering the program in Clark County.

Nevada Governor Steve Sisolak recently announced the rental assistance program, available to Nevada residents who are experiencing financial insolvency due to the ongoing COVID-19 pandemic, in the form of $30 million in federal CARES Act funding allocated to residential rental assistance, and an additional $20 million towards commercial rental assistance.

In order to apply for the rental assistance program, Nevada residents can visit housing.nv.gov. Successful applicants should begin seeing payments sent directly to their landlords over the course of the next two weeks, reports say. Funds will be dispersed on a first-come, first-served basis.

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 recent reports, the close of 2019 saw the housing market in Las Vegas mirror the opening in very much the same way – with a slew of home sales at levels approaching pre-recession era peak levels, giving the market some serious momentum leading into the new decade after a year where sales had slowed slightly after continuous years of growth.

2,609 single-family homes with a median price of $312,990 were sold in December, representing a price increase of two percent over the month before and six percent from the same period one year prior, according to reports; in addition, the number of homes sold were up over November by 8.4 percent and up over December 2018 by 21.8 percent.

The increase in the number of homes sold in December resulted in a decrease in the overall housing inventory for the Las Vegas region; at the close of 2019, 5,538 single-family homes were on the market without offers, a drop of over 15 percent from the previous month and a drop of over 16 percent from the same period in 2018.

Overall, Las Vegas closed out 2019 with a burst of sales after experiencing a slight slow-down throughout much of the year, fueled in-part over growing home prices and a lack of inventory, especially in affordable price ranges. However, after a strong finish for the year – and indeed, the decade – experts are predicting that 2020 will see this growth continue to increase, especially considering the fact that overall prices are still below the national average, coupled with a lower cost of living as well.

As a whole, 41,269 sold in Las Vegas during 2019, which was a four percent decrease from 2018. However, the sudden spike in purchases in December – typically one of the industry’s slowest months – is a good indicator for what’s to come in 2020, experts say.

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

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

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

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

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

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

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

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

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

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

Shelter Realty 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 – Cherry Developments, owned by developer Sam Cherry, announced this week that a new apartment complex – dubbed ‘shareDOWNTOWN’ – will soon be constructed in downtown Las Vegas, located at Casino Center Drive and Colorado, according to reports.

The idea of shareDOWNTOWN – small, affordable apartments conveniently located within a busy employment area – is to give workers a local place to live within easy walking distance of their jobs, according to Cherry.

“This area has a diverse group of restaurants and bars, and this will be the first larger project — the largest project in the area,” he said in a statement. “It will be a place where people who work in the bar, work in the restaurants, the hair salon, the galleries can actually live. They can walk to work. It will help move the needle significantly in the neighborhood.”

The apartment complex, which will be three-four stories in height, will feature over 60-one bedroom units aimed at people who work at the many bars, clubs, restaurants and retail establishments that are in the area. The apartments are slated to be small, just 480 square-feet in size, with a projected rent ranging from $1,100 to $1,300 per month, reports note.

Cherry Developments noted that shareDOWNTOWN is slated to be the first in a series of apartment complexes located in the Las Vegas downtown region that target the people who work locally in an attempt to provide quality housing and promote job growth.

Overall plans for the shareDOWNTOWN project, including the approximate start date for construction and proposed amenities, are due to be revealed soon; once started, the development is expected to be finished by in May of 2020.

Developer Sam Cherry was previously known for construction of high-rise complexes prior to the mid-2000’s burst of the housing bubble in Las Vegas;  shareDOWNTOWN represents the first development project he has worked on since that period.

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

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

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

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

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

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

Shelter Realty 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 – After a record amount of time for rampant appreciation in value, Las Vegas home prices have begun to stabilize is as of late, with overall growth slowing in response to current market conditions. The same cannot be said, however, for the rates of Las Vegas rental properties, as prices continue to increase in response to overall demand, according to reports.

Las Vegas home resale prices have decelerated by 11 percent when compared to the same time one year ago; currently, the median sales price for a single-family home is approximately $300,000, and has held at this level for several months now. As a result of this, home appraisals are being affected due to the fact that home prices are no longer skyrocketing as they were late last year; some homes are coming in valued less than their owners currently would like, according to reports.

However, while home prices have apparently hit a plateau for the time being, the rates for rental properties, in contrast, continue to rise in the Las Vegas area. A recent report released last week noted that Las Vegas has one of the fastest-rising levels of rent prices in the United States. The average monthly rent for homes in Las Vegas was approximately $1,465 in the first quarter of 2019, which represents a near 6.8 percent increase from the same period in 2018. In addition, the average monthly rent for a one-bedroom apartment was $1,025, which represents an increase of over 7 percent from the same time last year.

While home buyers are beginning to find the stabilizing prices in Las Vegas to be a boon – prices have been rising steadily in the market since it recovered from the national recession in 2012 – those looking to rent are reportedly having a more difficult time finding affordable places to live. Likewise, rental units are in such demand that they are often snapped up as quickly as they are shown by realtors, presenting a problem even for those who are fully able to afford the current asking price.

More than likely, rental prices will eventually stabilize as well, especially in light of news that developers have been increasing work on constructing new apartment complexes in Las Vegas. As always, demand sets the price, and as more units go on the market, rental prices should stabilize.

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 – You may have seen it on any number of television home improvement shows- the current hot trend of “tiny homes” that is sweeping the nation. Typically consisting of a house that is anywhere from 300-600 square feet large – or even smaller.

The allure of owning a tiny home in today’s often expensive housing market is that it encourages people to do without many of the perceived luxuries of living in a larger dwelling. This includes a reliance on possessions in favor of a more stripped-down, simpler existence where only your bare necessities are provided for. Some people do this out of sheer financial necessity, while others simply desire a simpler way of life. But either way, one region of the country where this trend of tiny homes is growing the most in recent months is in Las Vegas, Nevada, an area in the middle of a large economic and real estate boom that is seen housing prices – while still quite affordable compared to some other areas of the country – experiencing a record-setting rise in the past few years.

The tiny house movement is an architectural and social movement that advocates living simply in small homes. As of 2019 there is no set definition as to what exactly constitutes a tiny house; however, a residential structure under 600 to 300 square feet is generally considered a tiny home, and some people have even managed to live in dwellings 160 feet and smaller. In contrast, the current average size of a new single-family home is approximately 2,662 square feet.

With the national recession hitting in the mid-2000’s, the tiny house movement attracted more attention as it offered affordable, ecologically friendly housing options. Overall, however, it currently represents a very small part of real estate transactions nationwide, with only 1 percent of home buyers acquiring houses of 1,000 square feet or less. Tiny houses typically cost about $20,000 to $50,000 to construct, and have received a large amount of media coverage in recent years, including several television shows dedicated to their construction and the offbeat lifestyles of those occupying them.

According to reports, the demand for tiny homes in Las Vegas is growing in connection with the increase of young professionals moving into the area to take advantage of the rapidly expanding job market. In fact, according to some real estate professionals, there is a waiting list for these diminutive units that are currently under construction. Typically, the increase in interest for these smaller homes range from people over 50 years of age to millennial ages, with the ladder experiencing 63 percent in growth as far as being purchasers of tiny homes of the last few years.

Some of the more popular locations in Las Vegas for communities consisting of tiny homes are Ferguson’s Downtown, the Veteran’s Village in Downtown Las Vegas, as well as several mobile home parks located in Henderson.

Another reason cited by people for wanting a tiny home is the freedom to pick up, move, an experience living in different areas of the country; to that end, some tiny houses are constructed on wheels so they can be transported from one location to another. While some people have reported that downsizing and living with less in a smaller space can be difficult, many people say that the experience has not only improved them for the better, and helped save a lot of money in the process.

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 – The soaring real estate market in Las Vegas has been the very epitome of a comeback success story, given the near-decade of stagnation it was previously forced to endure in the mid-2000s when the recession hit our country.

But that success was the equivalent of a double-edged sword. While the real estate market – and subsequently, it’s prices – continue to soar month after month, those growing prices can eventually run in direct contrast with the fact that the region is touted as being one of the more affordable places to live in the country, especially when compared to neighboring states such as California. As a result, recently, sales have begun to slow and inventory has begun to gradually stockpile. The median price of a single-family home on the market has cracked $300,000 for the first time in years; this represents an affordability problem that real estate brokers are now starting to address. Subsequently, the upcoming spring sale season looks to be one that will be exceedingly kind to buyers once again.

According to reports, mortgage rates have been falling and sellers are cutting prices, which experts believe will result in an upswing in purchases in the coming months. With businesses flocking to Las Vegas amid its current economic boom, a record number of new families have been transplanting themselves to the area in order to take advantage. With a great many people arriving within a relatively short amount of time, sellers originally did their best to take advantage by driving prices up; prices which most people were willing to pay, but only to a point. It seems that point has been reached, and in order to ensure continued growth, brokers are realizing that they need to scale their ambitions back in order to help Las Vegas retain its reputation for affordability and quality of life.

Up until this point, Las Vegas had led the nation in real estate price growth on a month-to-month and year-to-year basis, according to reports. But the writing is on the wall- according to a recent report, 2621 single family homes were purchased in the region in March 2019, representing a 33.3 percent increase from February 2019, but a decrease of 16.8 percent from the same period in 2018.

However, changes are in the works. For example, the average rate of a 30-year mortgage in March 2019 was 4.27 percent, which represents a decrease of .60 percent from November 2018, according to reports. In addition, real estate brokers have learned to be more flexible in their negotiations, which are allowing them to close more deals. It’s obvious that when selling a property it’s always good to maximize your profits; it’s just a matter of finding the correct balance between profitability and affordability, an issue that Las Vegas is being forced to address at this point. However, all signs are pointing towards a positive outcome for sellers and buyers alike at this point.

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 – Looking back at 2018, Las Vegas can boast of a great many things – a booming economy, a healthy job market, booming real estate, an influx of new residents and businesses – but one item that stands out just as impressively is the fact that employment in the local construction industry blew up at roughly twice the rate when compared to the rest of the United States.

With a plethora of ongoing high-profile building projects – including the Las Vegas Raiders NFL stadium, a new baseball stadium, numerous single-family homes, apartment buildings, and condos, retail buildings, warehouses and more –  nearly 68,000 people were employed by the Las Vegas construction industry last year, representing a jump of nearly 9 percent from the same period in 2017, as per reports. In contrast, construction jobs only grew on an average of 4 percent elsewhere in the country.

With demand for quality – and affordable – housing spiking in Las Vegas within the last few years, the only thing standing between prospective homeowners and their desire to move into new dwellings has been a shortage of workers, and in an attempt to offset the difficulty in attracting laborers, construction companies have been offering extra incentives in order to draw them in, including higher salaries and benefits. 

Slowly, but surely, the approach has been working, and output from the region’s contractors has been steadily increasing to meet demand; however, according to reports, the workforce is still under-populated and companies are still looking for qualified workers.

The housing job market in Las Vegas currently, while very impressive by national standards, still pales in comparison to how it was in the “good old days.” Previously, before the housing market crash of the mid-2000’s, construction companies in Las Vegas employed approximately 112,000 workers; following the burst of the housing bubble, however, the market could only sustain fewer than 35,000 workers. Needless to say, the modern market is clearly in the rise once again.

Real Estate professionals in Las Vegas in 2018 reported record numbers of sales, with the marker hitting highs not seen in the Southern Nevada Region in over a decade. Scarcity has resulted in elevated pricing, but as more workers are brought in by home-builders in the area, a greater output of dwellings will result in prices stabilizing and, eventually, dropping to more affordable levels, although it is worth noting that Vegas’ cost of living, even now, is lower than much of the country, especially when compared to neighboring states such as California.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos or rental info? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – As always, the real estate market in the United States can be a highly competitive one, but when looking back at the year 2018 in review, one territory stands out clearly above all the rest as the hottest market in the county: Las Vegas, Nevada.

Based on home price growth alone, Vegas reigns supreme as the biggest housing market of the past year, and part of that status can be directly attributed to its relatively low cost of living not only when compared to much of the country – Vegas remains one of the cheaper metropolitan areas in the country to live – but especially when directly compared to its immediate neighbor: California. California boasts some of the highest home prices and cost of living in the nation, and it’s that crucial fact about its housing market that makes Southern Nevada that much more attractive not only to tourists, but to people and families looking for a new place to live that is affordable.

However, it’s not just the affordability factor that made Vegas’ real estate market so hot in 2018; a number of other factors functioning in tandem helped with that. Major job creation, coupled with diversification in multiple industries in the region, is another contributing reason. After the recovery from the housing market crash of the mid-2000’s, Vegas saw a variety of companies and businesses settle down within its borders; companies and businesses that need qualified workers, and because of that the city quickly saw an influx of new transplants from across the country, effectively kick-starting the local real estate market that has been otherwise sitting dormant for nearly a decade. With that demand, housing prices started to quickly climb in the region, although nonetheless remaining at levels comparatively lower than the much of the rest of the country.

For example, let’s compare median single-family home prices in Las Vegas to California. In the third quarter of 2018, a home in Vegas came in at approximately $294,600; when compared to the same home type in Los Angeles – $628,900 – and San Diego – $650,000 – and Orange County-Anaheim – a whopping $830,000 – it’s easy to see why Las Vegas suddenly becomes a very attractive alternative, even with its own real estate market currently on the rise.

Vegas also overtook Seattle, Washington as the king of the fastest-growing home prices, with 13 percent jump in September 2018 over the same month one year before. Vegas’ real estate market had previously peaked back in 2006 before the burst of the housing bubble, and while prices locally have recovered and grown significantly since then, they are still 20 percent below 2006 levels. If ever there was a time to buy in a rapidly-growing marketplace, now is clearly the time and Las Vegas is clearly the place.

Thinking about relocating to Las Vegas? Need some ideas on what areas fit your family best? New home recommendations? Las Vegas apartments, condos even nightlife and entertainment? Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.