LAS VEGAS, NV – With both high housing costs and home mortgage rates driving affordability concerns upon the part of prospective home buyers, Las Vegas-based builders are hoping that the recent rate cut implemented by the Federal Reserve will make the act of purchasing a home in Southern Nevada more economically feasible going into 2025.

In a report released earlier in October, Las Vegas Realtors (LVR) stated that the cost of townhomes and condominiums had reached $299,500 in September, an all-time record high for the region. In addition, exiting single-family homes also approached record highs as well, reaching $479,900 in last month, just shy of the all-time record set in May 2022 of $482,000.

However, when it comes to the price of brand-new homes in the Las Vegas Valley, Home Builders Research reported that that number in September was $550,000 – yet another all-time record – which represents a year-over-year jump of 8 percent. New Townhomes also peaked in price in September at $393,990.

However, as time goes by and the Federal Reserve releases further cuts to interest rates, builders in Las Vegas anticipate not only the cost of constructing homes to correspondingly go down, but – most importantly – builders’ preferred lenders have the ability to offer buyers lower interest rates; those rates will only go down further as more rate cuts are implemented. This is opposed to sellers of existing homes, who would not have the luxury of lowered rates on par with those of new homes.

This, according to Charlie Dougherty, Wells Fargo Senior Economist, is why the new home market in Vegas is currently outperforming the existing home market; due to the lower rates, buyers are simply able to get more while comparatively paying less.

Builders are able to offer pricing incentives that bridge the affordability gap for buyers,” Dougherty said. “Builders have been able to offer a mortgage rate buy-down that helps attract buyers very concerned about affordability issues. Interest rates are certainly a big part of why existing home sales have been sluggish.”

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 still generally far more affordable than most other areas of the country, the cost of living in Las Vegas has come under scrutiny recently amid surges in both house prices and rent, but a new survey released by real estate company Redfin indicates that a recent increase in the number of housing units available on the market has led to a corresponding decrease in the amount of money that tenants are paying their landlords each month.

While not all renters are experiencing a drop in what they pay, many reportedly are; when Las Vegas Valley resident Erin Bernot was queried in a local media report, she noted that while her monthly payment had recently risen by nearly 20 percent – prompting her to move to a more affordable place – some friends of hers had experienced a significant drop.

I have been pretty much priced out. If I wanted to do another year lease, they wanted to raise it over 19 percent,” Bernot said, then relating the good deal her friend was offered in contrast to her own.

When he renewed his lease over on Flamingo (Road) here, they dropped his rent like $150,” she said.

Real Estate Advisor Ana Jaramillo, when asked for her assessment of the current situation in Southern Nevada, said that the entire region is an intricately intertwined financial ecosystem, with all aspects of it feeding into and influencing one another.

Ultimately, however, she said that increases in available housing supply have resulted in a recent downward trend in terms of rental prices.

The rental market affects the housing market as a whole. It’s all kind of intertwined,” Jaramillo said. “We have a lot of houses on the market right now to rent. So therefore, the prices of those rental properties have gone down.”

The median rent price for homes and apartments in the Las Vegas Valley in September was $1,475, which represents a 1.5 percent drop from August, according to a recently-published a study by Redfin; nationally, that drop was just 0.5 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 – The Clark County Board of County Commissioners this week approved two grants totaling $21.9 million from the Clark County Community Housing Fund (CHF) to be disbursed to a developer as part of its “Welcome Home” program, which helps to provide badly-needed affordable housing projects to the Las Vegas Valley.

The grants were awarded to Ovation Development Corporation and its nonprofit partner, Coordinated Living of Southern Nevada (CLSN), who will be tasked with building two facilities that will total nearly 600 affordable apartments.

Construction is anticipated to begin on the first development at the tail end of 2025, and will take the form of a 194-unit affordable senior community located near Burner Avenue and South Las Vegas Boulevard. The second development, slated to break ground in the first half of 2026, will be located in West Henderson on a plot provided by the Bureau of Land Management, and will offer 390 units for low-income working families.

To date, the “Welcome Home” program has awarded a total of $66 million in grants, spread out amongst nine applicants, in order to fund the construction of affordable housing units throughout Clark County. In all, this will result in a grand total of 1,273 units once all work is completed.

Alan Molasky, Chairman and Founder of Ovation Development Corporation, noted that he steadfastly believes everyone is entitled to a place to hang their hat at the end of the day, and is proud that Clark County has shown confidence in his company to help address the affordable housing crisis in the Las Vegas Valley.

Every Ovation project begins with our commitment to the steadfast belief that everyone, regardless of income, deserves a quality home that helps to strengthen individuals, families and community,” Molasky said. “We are grateful for the trust put in us by Clark County, and we do not take this responsibility lightly. This trust is a testament to the incredible work of the entire Ovation/CLSN team and the positive impact we continue to make in our community in our mission to help address Southern Nevada’s critical shortage of affordable housing.”

View a complete list of Welcome Home Community Housing Fund projects.

For more information on the Welcome Home program visit: https://www.clarkcountynv.gov/residents/community_housing_fund/index.php

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 study from online real estate search portal Point2, Nevada has experienced a decrease in the number of housing permits being applied for by developers for the second year in a row.

In 2023, Nevada issued 18,473 new housing permits, made up of single-family homes and apartment units; according to the report, which noted that it acquired its data from the U.S. Census Bureau, this represents an 8 percent decrease year-over-year.

However, once you pick apart the data, some interesting notes surface. While the overall number of housing permits issued last year decreased, the number of single-family home permits increased, whereas permits for apartment complexes and other associated projects took a whopping 32 percent dive.

According to the report, the decrease in apartment project permits in 2023 indicates less emphasis being placed on the multifamily housing market by Nevada developers, which could have the effect of “limiting options for residents seeking affordable housing.”

When specifically looking at development activity in the Las Vegas Valley, the Point2 report stated that 13,073 new permits were issued in 2023, a number that remains approximately on par with the year before. But once again, the particulars in the Valley mirrored those of the state as a whole, with permits for single-family homes increasing but those for apartment projects dropping by 23 percent.

The Point2 study said that this is “suggesting a shift in the region’s housing stock, with implications for the variety of housing in the area.”

While there had been an increase in multifamily units entering the market in the Valley recently – which has served to help stabilize rents – the Point2 report indicates that fewer apartment projects are currently in development than in recent years, with the surge in building brought about by the pandemic now finally slowing down.

Earlier in March, Nevada Governor Joe Lombardo sent a request to President Joe Biden to allow the Bureau of Land Management to release more of the land that it owns in Nevada for housing; currently, the agency 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 – Workforce housing property Intrigue Apartments Las Vegas – formerly known as Andiamo Apartments – was recently sold by Wilshire Unlimited to a private family trust in a deal that was worth $33.5 million. 

Part of the sale price was comprised of a $17.5 million Fannie Mae loan that carries a seven-year term with four years of interest-only payments and a 30-year amortization schedule. 

Intrigue Apartments Las Vegas – located at 4600 Vegas Drive, in the vicinity of Highway 95 and five miles from downtown Las Vegas and two miles from North Las Vegas Airport – is made up of 193 units spread out over eight two-story buildings and was originally constructed in 1986. There are both one and two-bedroom floorplans available, with square footage ranging from 700 to 900 feet. There are numerous amenities for tenants including a fitness center, a clubhouse, a swimming pool, laundry facilities, and 300 parking spaces. 

As a workforce housing property, Intrigue Apartments is intended to be affordable to households earning between 60 and 120 percent of area median income (AMI), targeting middle-income workers which includes professions such as police officers, firefighters, teachers, health care workers, retail clerks, and the like. Many cities across the country are investing in workforce housing properties, as it is increasingly difficult these days for middle-income workers to buy or rent housing in the areas in which they work. 

Despite that fact, a recent Yardi Matrix report indicates that multifamily investment has decreased in Las Vegas over the past year. In the first half of 2023, the total sum of transactions amounted to $283 million, compared to the first half of 2022 when that amount was a whopping $2.2 billion. In addition, the average price per unit in the city of Las Vegas dropped by 25.7percent year-over-year this past June, amounting to $184,407. 

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 – Following long-standing reports that the residents of several neighboring states – in particular California – are moving to Las Vegas for its cheaper cost of living, a new development is seeing a large influx of Hawaiian residents now making their way to Sin City as well for more affordable lifestyles as well.

Currently, Hawaiians – who refer to Las Vegas as the “ninth island” – are moving to Southern Nevada to escape the skyrocketing prices of housing on their home state, and when looking at the numbers, it’s easy to see why.

In late 2022, the median price of an average single-family home in Las Vegas was approximately $430,000; in contrast, that price in Hawaii is – for the same type of dwelling – is a staggering $800,000 or higher, a price that is driving out local residents of the island paradise in record numbers.

Scott Suzuki of Ohana Realty – a realtor originally hailing from Hawaii, but now residing and working in Southern Nevada – says that the Las Vegas valley is proving to be the ideal location for his former neighbors to resettle after saying “aloha” to the high prices of their home state.

“The home prices in Hawaii right now…the condos are about $500K and homes could be around $1.1 million,” said Suzuki.

While the median household income for the average Hawaii resident is nearly $90,000, that sum is not matching the rising costs associated with living on the island; meanwhile, the $65,000 that the average Las Vegas resident takes home – while less than Hawaii – is nonetheless far more in line with the local cost of living.

New Las Vegas transplant, Trevis Nishioka, said that he moved from Hawaii recently and hasn’t regretted it due to not being able to afford a residence back home.

“I like Vegas. Vegas is pretty dope. There’s no other place. Vegas is one of a kind,” he said. “We moved here because my wife and i had a family. We wanted our own place. We were living with my auntie and her parents.”

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 – In an attempt to address the ongoing need for affordable housing options for Las Vegas’ senior population, two developers based out of Denver, Colorado are finalizing plans to develop a new senior-living facility in Southern Nevada, with the groundbreaking planned for the very near future.

MorningStar Senior Living and Confluent Senior are planning on developing a new project located near the intersection of Alta Drive and Hualapai Way – dubbed MorningStar at The Canyons – which will be comprised of a new 196,000 square-foot building with 168 apartment units spread out over four stories.

The units will be broken up into 95 independent-living units, with an additional 49 assisted-living units and 24 memory-care units reserved for seniors that require additional assistance in their day-to-day lives, reports say.

Assisted Living units feature around-the-clock support from on-site Care Managers with the activities of daily living, according to the developer’s website; memory care units are for seniors that are experiencing memory loss and other cognitive functions.

The project will be constructed upon a site approximately 3.7 acres in size that the developers purchased in February for over $7.4 million, with the groundbreaking ceremony slated to take place in the summer of 2022.

According to the developer’s website, the grand opening for the facility is expected to be held in the second quarter of 2024.

MorningStar at The Canyons will offer numerous attractive amenities for its senior tenants, including an outdoor bar, pool and hot tub, in addition to a movie theater, a gym, indoor and outdoor dining venues, and a clubroom terrace with views of the famed Las Vegas Strip.

This project marks the first collaboration between MorningStar Senior Living and Confluent Senior on a development project in the state of Nevada, reports 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 – A new report indicates the ever-climbing rents in Las Vegas have reached a point where tenants have to devote a significant portion of their respective incomes to housing costs, increasing affordability concerns for a region that has otherwise always been known for its low cost of living when compared to other parts of the country.

The Realtor.com report states that the median rent in Las Vegas has reached $1,600 per month; this represents approximately 39 percent of the average monthly income in Southern Nevada, a number which is raising eyebrows, especially when compared to the median rent elsewhere in the nation comprising 30 percent of the average income.

These new numbers have catapulted Las Vegas into being the seventh least-affordable large city in the United States on a rent-to-income basis, according to the report.

The ever-increasing rents in Vegas, fueled by intense demand for housing options that have only been exasperated by the tail-end of the COVID-19 pandemic, is forcing some financially-challenged residents to resort to renting rooms in houses – some paying as much as $500 per month – or adding roommates in order to make ends meet.

The report indicates that, year-over-year from 2021, rents in Las Vegas have increased approximately 25 percent, which is a jump that is causing many people still recovering from jobs losses sustained during the pandemic to be frugal with their renting habits.

However, even resorting to renting a room to get by isn’t easy, the report says, as there can be safety and comfort concerns associated with such a move, in addition to a lack of space and/or the ability to keep pets, depending on the rules established by the person renting the space.

Luckily, experts say that the ever-increasing rents and home prices in Las Vegas are not sustainable, and expectations are that the market will eventually stabilize to more manageable levels.

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 – Infill housing – the insertion of additional housing units into an already-approved subdivision or neighborhood – has been increasing in the Southern Nevada real estate marketplace, with the newest example being Casa Bella, a housing development currently being built in the Las Vegas Valley.

The new development, with is under development in the middle of the valley near Boulder Highway and U.S. Highway 95 on the east side, will be made up of energy-efficient homes that will range in size from 1,500 square feet to 2,500 square feet, and can feature as many as five bedrooms.

Since it is considered infill housing, the 70-lot project is being constructed on an 8-acre vacant plot of land located in an established community comprised of older homes. As a result, the architectural style may clash with the established neighborhood, although the developer is confident that the modern features – and especially the affordability – of the new homes will mean that buyers will likely not mind this aesthetic issue, or the project’s vicinity to a busy expressway.

As opposed to the median price of an existing home in Las Vegas, which is $406,000 as of September, the homes in Casa Bella start at an extremely attractive $290,000, and will feature amenities such as covered front porches and granite kitchen countertops.

Already, half the homes in the community have been sold, the developer says, which is clearly supporting the recent new – and still rare, but gaining in popularity – trend in Vegas of building small housing developments in areas of the Valley where the land is still relatively cheap, which could go a long way to addressing affordability concerns expressed recently by many buyers in response to rising home prices.

However, the concept of infill housing still faces steep challenges, as the remaining land for development in the Las Vegas Valley is finite and deceasing all the time, causing some to lobby for the release of additional federal lands in Southern Nevada where new homes could be built.

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 COVID-19 pandemic continues to wind down as vaccination rates increase, the Las Vegas housing market has been skyrocketing, with inventory continuing to shrink as prices correspondingly continue to climb higher and higher. It’s a matter of supply and demand, and currently the demand is outpacing the supply.

It’s a situation that’s starting to prove to be problematic – median home prices in Las Vegas have increased more than 20 percent from 2020 – and many first-time and entry-level homebuyers are finding themselves being priced out of the market.

However, real estate experts are predicting that the end of the federal eviction moratorium – which occurred on July 31 – and the resulting repercussions could result in a stabilizing effect upon housing supply and prices.

The end of the moratorium – which was keeping people behind on their rent in their homes during the height of the pandemic – means that potentially scores of tenants may be facing eviction proceedings for failure to pay rent. As a result, experts say, numerous homes will eventually be making their way into the Southern Nevada marketplace.

However, it will take some time – at least 30 to 90 days, if not more – for the effect of these new homes joining the Las Vegas inventory to be truly felt, as evictions can take some time to play out. In addition, a new law passed by the Nevada legislature will put evictions on-hold if tenants have applied for federal rental assistance money, and the process of awaiting the approval or denial of those funds can take months.

A big shift could be seen by the end of 2021, experts say, as many evictions will have been completed by that time, coinciding with the time of year when FHA loan limits are increased. Currently, FHA loans are limited to $378,000, and the median price for a single-family home in Las Vegas is $420,000; by the end of the year, however, that could all change in the buyer’s favor, opening the doors for a more stable, affordable Las Vegas housing market.

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 – Due to the low housing inventory throughout Southern Nevada – coupled with high demand – more and more people seeking residences are turning to North Las Vegas, causing prices to shoot up to a degree that is causing real estate experts to do a preverbal double-take, according to reports.

While upscale communities such as Henderson and Summerlin have been the hotspots for home buying in recent years, North Las Vegas is considered a major up-and-coming territory, with many expecting the region to become a dominant force in the real estate market for the next ten years, at least.

New homes are selling as fast as they’re being built, reports say, and waiting lists are becoming the norm for many developments. New home sales in North Las Vegas have tripled in the last two years; for example, Valley Vista had 1,073 closings in 2020, and Tule Springs had 543 closings, which represents a huge flurry of sales in a relatively short amount of time.

In addition to the availability of inventory at the moment, another attractive feature of North Las Vegas that is bringing in buyers is its relative affordability when compared to other parts of Vegas; currently, the average home in North Las Vegas is selling for $340,000, compared to the southwest where similar homes are going for as high as $497,000.

Experts say that the city of North Las Vegas has been doing an excellent job of making the region attractive to builders. In addition, the region has a surplus of land to build upon when compared to other areas in Las Vegas currently, making it an ideal place for buyers to find a home in their price range, especially those who are working from home due to the pandemic and are looking for an affordable residence to call their own.

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, many experts expected Las Vegas to endure irreparable harm to its real estate industry with the advent of the COVID-19 pandemic in March, what with lockdown orders hamstringing tourism – the lifeblood of the city – and rampant unemployment becoming commonplace as a result.

However, despite the blows endured by the economy to this day due to the pandemic, the Las Vegas real estate market not only recovered far more quickly than experts anticipated, but is currently in the midst of a hot streak that is now expected to continue well into 2021 and beyond; all while many other industries in Vegas are still experiencing financial trials and tribulations as COVID continues to cause issues.

What separates Las Vegas Real Estate from other businesses in this regard? Experts say that “cheap money” is a leading cause, with mortgage rates currently experiencing record lows that are expected to continue into the New Year; this translates into affordable monthly mortgage payments that help to keep housing demand at a high level.

Another factor feeding into Las Vegas’ current real estate success is the mass exodus of residents from highly-taxed neighboring states – mainly, California – into Southern Nevada who are seeking to take advantage of the comparatively cheaper cost of living.

This demand has also caused home prices to escalate at a level not seen since before the mid-2000’s recession, although that price growth could slow in 2021 depending on the number of listings on the market; the more that are listed, the slower prices will rise.

However, real estate is a tricky business, and even a market that is doing as well as the one in Southern Nevada is not immune to issues; currently, it also has a higher-than-average amount of late mortgage payments when compared to the country as a whole, reports say.

But, if the circumstances that have caused Las Vegas’ real estate to thrive despite the pandemic persist, experts say that 2021 will likely continue to set records, especially with a new COVID vaccine on the way.

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.