LAS VEGAS, NV – Since the Centers for Disease Control and Prevention (CDC) issued their initial eviction moratorium in September of 2020, landlords have been unfortunately caught in a tug-of-war between the federal government and their tenants that reside in their rental properties, all due to the COVID-19 pandemic, a national malady that seems to refuse to go away.

Many landlords are understanding of the financial issues that their tenants may have encountered as a result of the pandemic, but at this point the CDC’s eviction moratorium has been ongoing in one form or another for nearly a year. The latest ban on evicting tenants for failure to pay rent for reasons related to COVID-19 is slated to expire on October 3, but who’s to say it won’t be extended yet again?

In the meantime, a recent article has laid bare what landlords are going through in Las Vegas – many of them small mom-and-pop operations who rely on rent money for their livelihoods or retirement – and the feelings that they are expressing can be summed up in one word- “enough.”

In the article – a commentary by Susy Vasquez, executive director of the Nevada State Apartment Association – it is pointed out that the burden of the economic issues being faced by so many in this country today are unfairly – and solely – being placed on the backs of landlords.

“No other industry has been asked to give away its goods and services for free during this global pandemic,” she said. “No other industry has had a cap placed on its ability to charge a fair market price for its products or services. And no other industry facing this situation provides one of the basic human necessities: housing.”

“Rental housing providers in Nevada and nationwide have been forced by our federal government to house everyone for free, if needed, only to learn months later that not all renters would qualify for government-provided rent assistance,” she continued.

Vasquez points out that landlords had been previously assured that eviction bans would not be extended again… only to discover that was not true, as evidenced by the CDC’s new moratorium, issued on August 3. The author also notes that it is highly likely that the CDC’s current eviction ban is illegal and is already being challenged in the courts, but the trust between landlords and the federal government is already tarnished.

Vasquez states that the CDC eviction ban was more about buying time to distribute federal rental assistance funds than anything else – a process that has been slow to roll out at the state level – and points out that the longer this process goes on, the worse it will be for all parties involved.

“The CDC’s eviction order leaves renters facing insurmountable debt and jeopardizes the ability of rental housing providers to provide safe, sustainable and affordable housing,” she said. “The distribution of critical rental assistance has been painfully slow. Renters and rental housing providers desperately need these funds to catch up on their bills.”

If landlords are forced to shoulder this burden much longer, Vasquez says, many will soon be in the same situation that many of their tenants face… or worse.

“The bottom line is that eviction is always our last resort. The housing industry is in the business of housing people and trying to find another tenant means additional lost rent and more hassle for housing providers,” she said. “Enough is enough. Rent assistance needs to be made a top priority and be distributed to those in need at a much faster pace, making landlords and tenants whole.”

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, a vintage apartment complex located in the Convention Center District of Las Vegas has been sold to the Camino Verde Group, a Southern Nevada-based real estate investment, development and asset management company, with this being the fourth such purchase they’ve made in this area recently.

Kevin Romney, co-founder and managing director of Camino Verde Group, noted that Sherwood Palms – an aging property located at the north end of the Las Vegas Strip – would be an excellent source of housing for the local area workforce once much-needed restoration has taken place.

“Sherwood Palms was a great opportunity to restore this vintage Las Vegas property and provide quality workforce housing for workers on the north end of the Las Vegas Strip,” he said. “With the opening of the Convention Center Expansion, Resorts World and Circa, the need for affordable and workforce housing grows. Sherwood Palms fills an important need for that.”

Sherwood Palms was originally constructed on 1963, and consists of 24 two-and-three bedroom apartments – with floor plans of up to 1,000 square feet – spread out over two stories, with the property featuring an enclosed outdoor courtyard, a community laundry facility, high-speed internet access, and air-conditioning and heating units.

The Camino Verde Group has extensive renovation plans for Sherwood Palms, according to Romney, including new appliances, countertops floor coverings, and more.

“Many of the properties Camino Verde Group acquires are in dire need of rehabilitation and nearly uninhabitable,” he said. “We repair holes in the walls, broken windows and security issues to make them both safe and aesthetically pleasing to tenants. We are committed to providing affordable housing that our hard-working industry workers will appreciate.”

Once the renovations are completed, Sherwood Palms – which stands in the middle of public transportation routes – is anticipated to be a significant lodging draw for those working at numerous local high-profile employers, including the Convention Center, Resorts World, The Westgate, the Strat tower, Fremont Street Experience and the Fashion Show Mall.

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 bill that would have increased protections for renters in Nevada has apparently failed to clear the State Assembly and is essentially considered “dead,” according to reports.

Senate Bill 218 would have required a three-day grace period before landlords or property managers could have charged a tenant fees for a late rent payment, in addition to putting limits on “hidden” rental fees and setting limits on when landlords could collect rental application fees.

The bill cleared the State Senate on April in a vote along party lines, but then languished in the Assembly’s Commerce and Labor committee, where it was eventually confirmed by Democratic Assemblywoman Sandra Jauregui , the Chairwoman of the committee, that it would not receive a hearing.

Lawmakers had previously passed a series of tenant protections in 2019 that capped rental late fees at 5 percent and extended timeframes for evictions, resulting in backlash from property owners in Las Vegas; when similar opposition appeared surrounding SB 218, attempts were made to tone down some of its provisions, but landlords argued that the new laws would cause “havoc and chaos” and that the bill was “an overreach.”

SB 218 is the latest of several pieces of legislation that have failed to pass that would have afforded more protections to renters, especially when it comes to affordable housing options. There are some rumors that lawmakers believe too many housing bills are being introduced this session, a situation that is only being more complicated by the ongoing housing crisis brought about by the COVID-19 pandemic.

However, Assembly Bill 308, sponsored by Assembly Speaker Jason Frierson, also attempts to introduce similar tenant protections – including grace periods on late rent – but is considered much more moderate than SB 218 was; the new bill has been approved both by Nevada Realtors and the Nevada Apartment Association.

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 upcoming high-speed railway system between Las Vegas and Southern California that has been long-gestating has finally seen some forward momentum, as developer Brightline has released some new details on the project, including branding, an estimate on the construction, and how long it may take to complete.

Work on the project, now dubbed “Brightline West,” is expected to start this year, with a completion date set for early 2024, according to reports. Brightline has stated, however, that the schedule is subject to change.

The finished rail line would result in a 34-mile stretch of track in Nevada, running along Interstate 15, ending at a station located on the south end of the Las Vegas Strip. This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A.

Construction will be broken into six segments, three in California and three in Nevada. The project, according to Brightline West’s official website, will create more than 40,000 construction jobs and more than 1,000 permanent jobs, with an economic income of $9 billion. In addition, it will generate $1 billion in tax revenue.

Part of the delays associated with the project is the upcoming sale of $3.2 billion in bonds on the part of Brightline to cover the first phase of the $8 billion cost. The bonds are required to have been sold by December 1; if this date is not met, funds allotted by California for the project will be taken back and instead placed back into the state’s affordable housing fund. Potential delays to the project if Brightline does not meet the December 1 date are currently not known.

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 – Despite the ongoing difficulties posed by the COVID-19 pandemic, Las Vegas home prices set yet another record this August, reaching new heights for local real estate regardless of the hardships other industries have experienced during the same time period.

Reports indicate that the median sales price of single-family homes in the Southern Nevada region was $335,000 by the end of last month, which represents an increase of 1.5 percent from the previous high-water mark set in July, and a year-over-year jump of 9.8 percent from August 2019.

Despite the new high for home prices in Las Vegas, sales activity overall has taken a small dip; this past August; 2,910 homes were purchased by buyers, which is a decrease of 12.5 percent from the prior month and a 8.1 percent drop from August of last year, reports say.

However, the inventory of available homes in Las Vegas has remained tight in August, with 4,639 residences listed without offers, representing a drop of 3.5 percent from the previous month and a whopping 40.3 percent decrease from August 2019.

The ongoing COVID-19 pandemic has caused a great deal of economic stress in Southern Nevada, with the tourism-dependent economy taking a substantial hit as stay-at-home orders helps to contribute to a record-breaking unemployment surge.

However, the need for affordable housing options managed to sustain itself, and that – coupled with evolution within the real estate industry and record-low rates on housing loans – enabled home sales to recuperate more quickly than anticipated, in addition to allowing homes in the region  to retain their value as opposed to depreciating.

As Nevada continues to slowly reopen its economy and unemployment continues to drop, it remains to be seen if the pandemic will have any far-reaching consequences upon the Las Vegas housing market, especially with the possibility if a COVID resurgence as the upcoming fall and winter months make its presence felt.

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 Las Vegas is feeling a variety of short-term negative impacts from the ongoing coronavirus pandemic currently hitting our nation, a prominent high-rise developer is noting that there could be long-term benefits, as eventually new business and residents seeking to economize could be driven to Southern Nevada from neighboring states. Strict stay-at-home orders and the closure of businesses deemed non-essential have brought the Las Vegas economy to a near-standstill and subsequently slowed the previously skyrocketing local real estate industry. However, Uri Vaknin, a partner at KRE Capital LLC, noted that while some high-profile deals have indeed gone awry amid the financial uncertainty brought about by the coronavirus outbreak, there nonetheless have been a few glimmers of hope as well that could lead to better things.

For instance, from March through early April, a number of expensive condo sales went under contract in downtown Las Vegas; Vaknin said that this is due to a number of residents and investors in neighboring states such as California – where the high cost of living is making the stay-at-home orders financially unfeasible – taking the plunge and finally moving to Southern Nevada, which has been lauded for it’s much more affordable lifestyle.

“Californians have historically made up a large percentage of our buyers for all the obvious reasons, including traffic congestion, quality of life, high taxes, pollution and unaffordable housing — all things for which the Golden State is known,” Vaknin said. “While COVID-19 is everywhere and can’t be escaped, a few of our buyers have mentioned their concern over being in lock-down in homes that are relatively unaffordable long-term and in areas with high taxes and other quality-of-life issues.”

This trend could continue as more economic refugees seek to flee the expense involved with living in California, as the overall financial impact of the coronavirus pandemic is likely to be felt nationwide for years to come. The fact that local economies will be impacted for such a potentially long period of time will likely encourage those who live in neighboring states to finally move in an attempt to live a more affordable lifestyle in nearby Las Vegas.

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, 2020 in Las Vegas is expected to be the year of the condominium, as the affordable housing alternative – often replete with numerous amenities that stand-alone house owners aren’t privy to – are showing a distinct increase in popularity.

The reasons condos are attracting so much attention from buyers recently are numerous; many people prefer the security that living in such a community often affords its residents, whereas others also enjoy the different amenities – such as fitness facilities, gaming clubhouses, and swimming pools – that are typically available to residents.

And the fact that condos are, on average, cheaper than full-on home ownership in a real estate marketplace with steadily climbing prices is an attractive feature as well, allowing owners to be able to swing the cost of living in an affluent community that they might otherwise not be able to afford.

Some condos run from the $200,000s to $300,000 range for one- and two-bedroom condominium flats and three-bedroom loft-style town homes, ranging from 1,058 square feet to 2,500 square feet. In contrast, the median price in Las Vegas for a single-family home in December 2019 was just under $313,000, and those homes do not come with the additional benefits provided by living in a condo community, including the aforementioned security, amenities, and other extras, such as landscaping, underground parking, and more. Many condo communities are also situated near major shopping and entertainment complexes, or sometimes even feature their own exclusive shopping facilities for residents to use.

With the prices of the Las Vegas housing market still climbing since the end of the recession (although prices are starting to slow and stabilize as available inventory increases), more and more people it seems are turning to condominiums for their housing needs, and as a result more developers are constructing additional condo units in order to satisfy that need.

Indeed, while the Las Vegas housing market as a whole remains one of the most prosperous in the nation, 2002 is expected to see condos come to greater prominence than they have in many years.

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 – Despite fierce push-back and lobbying efforts on the part of local realtors, Nevada lawmakers – via a last-minute amendment made to Senate Bill 151 (SB151) – added what they referred to as “tenant protections” to the proposed bill that would make some significant changes to the state’s currently Landlord/Tenant Laws. That bill was officially made into the law of the land when it passed both houses and landed on the desk of Governor Steve Sisolak, who then signed on the dotted line.

As per the newly ratified SB151, the changes to the Landlord/Tenant Laws will take effect on July 1st, 2019; however, what are the changes that landlords and their tenants can expect to see, and why are Nevada residential realtors so up in arms over them?

First, some are taking exception to SB151 because certain provisions that had been previously a part of SB256 – a bill that was previously considered dead and buried – were basically revived and incorporated into SB151 on the very last day of the legislative session. The deeply-unpopular provisions in question – touted as “tenant protections” – centered on specific aspects of the eviction process, including a late-fee cap on overdue rent and a window of time afforded to evicted tenants to re-enter their former rental property to retrieve belongings.

The most significant aspect of SB151 when it comes to landlords is the inclusion of a 5 percent cap on late fees when it comes to overdue monthly rent; that is, a landlord can no longer charge over 5 percent of the periodic fee the renter normally pays when they are delinquent; previous penalties that many landlords employed, such as cumulative daily late fees, are no longer allowed.

Another provision of SB151 is that evicted tenants are now given up to 5 days to re-enter a vacated home or apartment in order to retrieve what the bill refers to as “essential personal effects,” such as medication, before they are permanently locked out. A tenant may also file a motion with the court regarding how the landlord has chosen to handle the tenant’s property – including storage costs or removal procedures – after the 5-day period has passed. If the court finds in the tenant’s favor, they may be granted additional time and access to their former dwelling, as well as damages up to $2,500 if the judge rules that the landlord handled the property in question in an improper manner.

Other changes include an increase of the approved “pay or quit” eviction notice time period from 5 days to 7 judicial days; if a tenant manages to pay within the 7 judicial day time frame, the landlord is now obligated to accept it, even if the amount paid does not include any additional late fees or other charges that may have been applied to the overall amount owed. And finally, landlords and property managers can no longer serve an eviction notice themselves- now, only a sheriff, constable, or licensed process server may do so.

Many property mangers and realtors protested the changes represented by SB151 argue that these changes – which allegedly tip the perceived scales between tenants and landlords too far in the tenants’ favor – will discourage Nevada Landlords from renting out their homes and condos at a time when affordable housing is already scarce, in addition to leading to higher rents and more frequent lawsuits.

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 – While the prices of new home sales in Las Vegas have showed some signs of slowing in recent months – clearly indicating that the red-hot real estate market is approaching the maximum buyers are willing to pay – those prices are still growing at rates that are twice the average elsewhere in the United States, according to reports.

In March 2019, the national average growth in home prices, year-over-year, was 3.7 percent, which contrasts sharply with the prices in Las Vegas, which are up 8.2 percent from the same period last year. S&P Dow Jones Indices released their S&P CoreLogic Case-Shiller index recently, which indicated that Southern Nevada continued to feature the fastest-rising prices in the 20 markets that the report covers, and has remained at the top of the list for the past 10 months.

In contrast, growth overall throughout the rest of the nation has slowed recently, reports indicate. Bucking that trend, Las Vegas’ August 2019 home prices represented a whopping jump of nearly 14 percent from the same period in 2018.

After Las Vegas recovered from the mid-2000’s burst of the housing bubble and subsequent economic recession, demand rose sharply for affordable housing as money and businesses began flocking to Southern Nevada due to the relatively low cost of living when compared to many other regions in the United States. However, the market – due to demand – saw house prices and mortgage rates steadily rise as sellers looked to take advantage of the desperate scramble for their wares. 

Experts have been predicting that eventually these sellers would hit a wall when prices began to get too high, and it appears that we are rapidly approaching that point now. Sales are reported beginning to drop and the once emaciated amount of houses available on the market has begun to slowly grow once again.

Las Vegas, according to experts, is still considered a fantastic seller’s market; the median sales price of a single-family home in April was $300,000, which represents an increase of 3.8 percent from 2018. However, in order to ensure that the market remains strong, sellers should consider having more realistic outlooks for pricing models to ensure stability for the real estate market in the long-term, especially in light of recently increased inventory due to the output of developers looking to get sorely-needed affordable homes and apartment complexes built and on the 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 – While Southern Nevada as a whole has been experiencing a swell in the number of areas with increased construction in response to the overwhelming demand for affordable housing, reports indicate that the fastest rising region overall is in Eastern Las Vegas Valley.

This news comes to the surprise of many, as you would expect this activity to come out of a larger and more well-known area in the Valley, but the need for new homes – spurred on by a rapidly-growing economy and business/job/real estate market – is being felt all throughout Las Vegas. Ultimately, people are taking property where they can get it, and due to the fact that East Las Vegas is a lesser-known area, home costs are subsequently lesser; an attractive prospect for many facing skyrocketing home prices currently dominating the Vegas real estate scene as buyers are finding themselves paying a premium for whatever they can get their hands on.

East Las Vegas reported the sales of 515 new homes in 2018, which represents a whopping increase of near 90 percent from the prior year. This, according to experts, is the fastest level of growth anywhere in the Las Vegas Valley by a wide margin. While this number is relatively small when compared to other areas of the valley – 2018 saw 3,741 homes closed upon in southwest Vegas – it nonetheless is a vastly higher number, percentage-wise, and the affordability of East Las Vegas will likely result in that impressive output increasing in 2019.

When you look at the numbers, it’s easy to see why buyers are attracted to the homes in the eastern valley- the median sales price of a newly-built single-family home there is currently in the mid-$200,000’s, as opposed to elsewhere in the valley where that number typically reaches as high as $380,000 or more, reports say.

One of the reasons for East Las Vegas’ new reputation is the fact that conditions in some areas were reportedly run-down; developers have been scooping up dilapidated properties recently, razing them, and constructing new homes at price points that are causing a stir among those having difficulty finding a residence in Las Vegas’ otherwise skyrocketing real estate 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 – With the recession over and done with and the real estate market on the mend in a major way, living expenses overall in Las Vegas – particularly rents – have been experiencing a steady climb over the course of the last few years as the improved economy is luring businesses and jobs into the region. Henderson is an especially poignant example of this phenomenon, having been currently ranked by ApartmentList.Com as the city with the fastest-growing rental prices in the United States.

Henderson is the second-largest city in Nevada, and according to reports, it has been experiencing growth in the cost of rental properties that outpaces any comparable city in the country over the course of the past year. The current 2019 monthly rent of an average two-bedroom apartment in Henderson comes in at $1,340, which represents a jump if 3.7 percent over the same period one year ago; the national average rental price, however, only increased 0.9 percent. This cements Henderson as a growing location in terms of demand, but it remains to be seen that, if rent continues to climb at its current rate, if the cost of living will eventually outstrip that demand.

A close contender in terms of rising rents is Las Vegas itself, which currently ranks fifth in the country; a two-bedroom apartment in Vegas will typically set you back $1,160 per month in 2019, which is an increase of 3.1 percent over the same period in 2018. Again, it remains to be seen if these increases will eventually become prohibitive to renters who are looking to get the most for their money in terms of living expenses.

Henderson and Las Vegas are standouts in the sense that, in much of the rest of the United States, rental costs – while also increasing overall – have nonetheless risen at a comparatively much slower rate throughout 2018.
Las Vegas’ rental scene has seriously ramped up in recent years, with the area seeing a large increase in development, especially in suburban areas. In addition, investors have been making numerous purchases of apartment buildings, rental complexes, and reduced vacancies – brought on by a large influx if new residents looking for jobs have produced a climate where rents have been rising to the point that some tenants are finding difficult to keep pace with. Work, however, is being undertaken by numerous developers in order to construct new and affordable housing options in order to bring more stability to Southern Nevada’s housing and rental 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 – The Las Vegas real estate market is in high gear and showing no signs of slowing down; however, while the sales of property, both private and for business purposes remains at a level not seen in the region in over a decade and focus on the type of property is in a constant state of flux. While sales of single-family homes remain in the lead by far, recently an uptick has been seen in condominium and townhouse sales, proving that when it comes to homes of any type in Las Vegas, if you build it, they will come.

In June of 2018, Clark County saw yet another increase in home purchases to the tune of 944 home sales, representing an increase of nearly 12 percent over June of 2017; for the year to date, that comes to 5,156 home sales in total, a jump of 19.4 percent from year-to-year. According to reports, however, experts noted that a larger-than-usual number of those sales were comprised of condos and townhouses, illustrating a larger than usual jump when compared to recent figures.

Condo and townhouse sales represented a total of 11 percent of the new home sales during June of 2018, a total of 3 percent over the same period in 2017; June’s home sales median price came to $379,648, an increase of 11.9 percent year-to-year.

Sales numbers are expected to increase going forward, and construction of these types of dwellings are expected to increase in response; communities in particular that are expected to see additional options in terms of condos and townhouses are those set in Henderson, including Tuscany and Cadence, as well as Valley Vista in North Las Vegas.

Competition for affordable housing in Las Vegas has reached a fever pitch over the course of the last year, with the booming economy and job market attracting numerous businesses and newly-transplanted residents, all set on taking advantage of Southern Nevada’s low cost of living. However, the demand for housing for new arrivals to the region has seen home prices swell, especially as demand continues to outstrip supply by a wide margin.

Builders have struggled to keep up, and the latest numbers suggest they are finally beginning to get a foothold; the number of building permits issued in June of 2018 was 946 – bringing this years total up to 6,106 – a dip of 8.6 percent from the same period last year, but a year-to-year jump of 30 percent. With those numbers, experts predict that Las Vegas is on-pace to see over 12,000 building permits issued by the end of 2018.

Considering relocating to Vegas? Give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.