Las Vegas Real Estate News

LAS VEGAS, NV – Prices of luxury high-rise condominiums in Las Vegas have set a new record during the first quarter of 2024, both in terms of the average sales price as well as the price per square foot.

According to data supplied by research group Applied Analysis, between the months of January and March of this year there were 162 closings in Las Vegas’ 21 high-rise condo towers, which is the same exact number of closings recorded in the first quarter of 2023 as well.

However, the difference is that the average condo sales price jumped significantly year-over-year; in Q1 2023, the average price was $641,181, whereas in Q1 2024 that amount was $828,902, which represents a whopping 29 percent increase.

In addition, the price per square foot in Q1 2023 was $527, but fast-forward to Q1 2024 and that amount was 16 percent higher at $613 per square foot.

And when compared to Q1 2022’s numbers, average condo prices are now 43 percent higher and the price per square foot is 29 percent higher in 2024.

The highest-priced Las Vegas condo sale in Q1 was a 43rd floor penthouse at the Waldorf Astoria which went for $9.5 million, an all-time record for the building; the previous record-holder at the Waldorf was an $8 million penthouse sold in 2022, which was the highest amount paid for any condo in Las Vegas that year.

The new record-holding Waldorf Astoria condo sale boasts three bedrooms and four baths, spread out over 3,922 square feet of living space. As can be expected given its $9.5 million price tag, the space features numerous high-end amenities and many exceptional and costly finishes, including quartz countertops and heated limestone flooring in the bathrooms and a kitchen with Miele appliances, a Gaggenau wine fridge, and a backsplash designed by noted artist Alex Turco.

Shelter Realty is a Real Estate and Property Management Company specializing 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 by industry group Las Vegas Realtors, home sales in the Las Vegas Valley increased during the month of April, while the prices of condominiums and townhomes hit a new all-time record high.

In April, the median price for an existing single-family home in Las Vegas was $469,000, an increase from March when that amount was $465,000 and a significant jump of 9.1 percent year-over-year.

However, the big news comes from the condo and townhome sector of the real estate market in Southern Nevada, which saw the median price hitting $290,000; this represents both a 7.4 percent increase from April 2023 and a new all-time record high, besting the previous record set in August 2022 of $287,000.

In April 2024, existing homes, condos, and townhomes in Vegas sold for a combined amount of 2,960, representing more than a 19 percent increase for homes in over a 16 percent increase for condos and townhomes.

In April, the Las Vegas Valley’s sales pace represented less than a two-month supply of housing; a healthy housing market is one in which approximately six months of housing units for ownership are on the market, experts say.

According to Las Vegas Realtors President Merri Perry, despite mortgage interest rates showing signs of rising once again recently, home prices in the Valley have nonetheless remained resilient and sales are now steadily rising.

Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” Perry said. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”

At the end of April, there were 3,476 single-family homes and 1,248 condos and townhomes listed on the Las Vegas real estate market without any offers.

Shelter Realty is a Real Estate and Property Management Company specializing 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 International Council of Shopping Centers (ICSC) has announced that the largest commercial real estate gathering in the world – ICSC LAS VEGAS – will be taking place once again in Las Vegas, Nevada, with the annual event being held this year at the Las Vegas Convention Center from May 19 through 21.

According to ICSC President and CEO Tom McGee, ICSC LAS VEGAS is the organization’s premier event that brings together the dealmakers and industry experts who are driving innovation and evolution in commercial real estate.

ICSC LAS VEGAS, the world’s largest gathering of commercial real estate professionals, once again convenes those in all sectors of the industry for valuable dealmaking and networking opportunities,” McGee said. “The audience at this year’s event reflects the evolution of our industry, as traditionally retail-focused operators continue to expand into multi-use, including office, residential, industrial, and more. Participants at ICSC’s action-packed three-day event will be able to build relationships with one another at one of the event’s many receptions, learn from industry leaders at informative content sessions, and connect with an array of product and service providers, alongside tenants, developers, property managers, and more in the exhibit hall.”

With attendance expected to be higher than normal this year, ICSC will be hosting the event in an expanded space in the convention center. There will be numerous 30-minute long “power sessions” offered on a variety of topics, in addition to Professional Development Workshops where participants will gain valuable perspectives from industry experts on career advancement and relevant industry topics.

ICSC LAS VEGAS will also offer attendees the unique insights of this year’s keynote speaker – seven-time National Coach of the Year Nick Saban – whose speech will cover how to overcome professional and personal adversity.

The exhibit hall will feature both new and returning exhibitors, and the annual ICSC Global Awards Ceremony will bestow ICSC’s prestigious MAXI Awards – which honor innovative events, programs, and technology in the Marketplaces Industry – as well as the Visual Victories Awards, which recognize achievements in visual merchandising in retail and marketing campaigns.

For more information and to register to attend, please visit http://www.ICSC.com.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – Former boxing champion Oscar De La Hoya certainly doesn’t like to let the grass grow underneath his feet, it seems, as just two months after holding a media event to publicly unveil the newly-constructed lavish mansion in Henderson’s affluent MacDonald Highlands community that he and his wife would be moving into, he is unexpectedly now attempting to flip the residence instead for a tidy sum.

Nicknamed “The Golden Boy of boxing,” De La Hoya, 51, had originally purchased the mansion in May 2022 – while it was still under construction by Las Vegas-based luxury builder Blue Heron Homes – in an all-cash transaction for $14.6 million, coming in as the priciest Las Vegas home purchase that month.

However, the legend of the squared circle has just now listed it on the open market for $20 million, which – if it sells for that amount – would represent a $5 million profit on his initial expenditure. It is currently unknown why he has decided to suddenly part ways with the property.

The residence, 720 Dragon Peak Drive, is located on a 1-acre plot of land and features 10,460 square-feet of living space, with five bedrooms, seven bathrooms, and an eight-car garage.

720 DRAGON PEAK DRIVE, HENDERSON – $20,000,000.00

De La Hoya reportedly spared no expense when it came to decorating the abode, building a trophy room celebrating of his boxing career in addition to a $500,000 man cave. The mansion boasts views of the city, mountain, and the famed Las Vegas Strip.

It also boasts numerous high-end amenities, including a golf simulator, game space, media room, home gym, hair salon, temperature-controlled wine room, and wet bar. In addition, the primary bedroom offers a spa-inspired bath and a private garden with outdoor shower.

The backyard features multiple pools – including one for doing laps – and outdoor dining spaces with TVs.

Over the course of his career, De La Hoya won 11 world titles in six different weight classes and a gold medal at the 1992 Olympics.

See full listing details for 720 Dragon Peak Drive, Henderson

Shelter Realty is a Real Estate and Property Management Company specializing 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 prices of homes in North Las Vegas have doubled over the course of the past seven years according to a new study; a rate of growth that is one of the highest not only in the Las Vegas Valley, but the entire United States.

As per a new study released by Point2, the price of the average house in the city of North Las Vegas is currently $410,000. Not far behind in terms of home prices doubling within the span of time examined in the report is the city of Las Vegas itself, which took just a bit longer – seven years and one month, to be exact – to see home prices hit the point where they were 50 percent higher, with that number now being $430,000.

Point2 notes that, as far as price growth in the nation goes, North Las Vegas now ranks at number 10 and Las Vegas number 11; the two Southern Nevada cities occupy space on the report with other cities that have seen home values grow at similar rates, including Charlotte, North Carolina; Chandler, Arizona; and Cincinnati, Ohio.

Another Nevada city closely coming up behind North Las Vegas and Las Vegas is Henderson, which took eight years for home prices within its borders to double to $485,000. Other cities in Nevada have also shown exceptional growth in home values, although not to the degree of those already mentioned in this article. For example, it has taken Reno nine years to see prices double, with the average value there recently hitting $504,000.

As per a report by Redfin, home prices nationally continue to increase while new home listings continue to fall. The end of March saw the biggest decline in new home listings since January 2022, where they fell 6 percent from the previous month. Meanwhile, the median sale price of the average home in the United States as of April 21 was a record high of $383,725, a jump of 5.2 percent year-over-year.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – If the plans of a group of real estate developers in Las Vegas come to fruition, the city’s tallest-ever hotel/resort will be built on the former 27-acre site of the Wet ‘n Wild waterpark, previously the potential location of a failed entertainment complex project spearheaded by businessman and former basketball player Jackie Robinson called the All Net Resort & Arena.

The principals of Las Vegas-based real estate development company LVXP – CEO James Frasure Jr., Chief of Staff Christine Richards and Chief Construction Officer Nick Tomasino – stated that the multibillion-dollar ultraluxury resort will boast 2,500 rooms and will have an attached, cutting-edge sports arena geared specifically for NBA basketball games.

When speaking to the local media, Frasure noted that where the All Net Resort & Arena failed, LVXP’s resort project – which he said would be the city’s “first seven-star property” – would succeed due to a careful combination of the best developers in the business.

We are the antithesis of the previous project,” he said. “We are pulling together the best talent in the valley, such as Nick and some other people that we have worked with and the plan is to make this a success quickly and impactful for the whole valley.”

When completed, the currently-unnamed resort would feature rooms with numerous high-tech bells and whistles already in use by resorts overseas, as well as a casino, convention facilities, a retail plaza and food outlets. In addition, the attached arena is slated to have between 18,500 to 20,000 seats for events ranging from entertainment to sports. There are plans for a subterranean parking facility as well.

The project would create thousands of jobs for Las Vegas residents, Frasure said, and would employ sustainable development and green initiatives led by “world-class” construction partners and unionized labor. He also noted that the resort would serve as a large boon to the local economy.

Clark County Commission Chairman Tick Segerblom threw his support behind the LVXP project in a press release announcing it to the public.

This is a well-conceived project that has the potential to transform a valuable undeveloped land parcel into a highly productive destination that contributes meaningful long-term value to the community and visitors alike,” he said.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – Amid lowering mortgage interest rates, new home sales in Las Vegas have begun to increase yet again, with February showing the most home closings in the region since 2007. As a result of the recent surge in purchases, home builders in Southern Nevada have ramped up their efforts to keep up with the renewed demand, purchasing land and pulling an increased number of permits.

Andrew Smith, President of Las Vegas-based Home Builders Research, reported this week that in February there were 1,110 new home closings, which represents a whopping 42 percent increase year-over-year. That is the most new homes sold in February in Las Vegas since 2007, when that number reached a very impressive 1,427.

The sales numbers for all types of homes for the first two months of 2024, both new and pre-existing, also show a positive upward trajectory. So far this year there have been a total of 1,888 sold, which is an increase of 31 percent year-over-year.

Smith noted that the increase in sales in Las Vegas can be attributed to lowering mortgage rates over the past month after previously peaking at 7.79 percent in October 2023; in January, 30-year fixed mortgage rates were at approximately 6.6 percent, and currently sit at 6.87 percent this week.

Builders have responded to the spike in sales in earnest, taking out 1,023 permits in February, an increase of 42 percent from February 2023. The total for the first two months of this year combined is 2,196 permits, a year-over-year increase of 79 percent.

Among buyers acquiring financing for their home purchases in February, Smith noted that the average loan amount was $419,421, with the largest loan being $1.3 million by Digital Federal Credit Union for a home in the Arches community in Summerlin.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – Construction on Brightline West – the long-gestating, $12 billion high-speed railway system linking Las Vegas and Southern Los Angeles – finally commenced on Monday after years of delays.

Brightline began the process of laying the 218 miles of track that the rail system requires, which will feature all-electric trains that, once up and running, will shuttle passengers between a terminal that will be built just south of the Las Vegas Strip and another new facility in Rancho Cucamonga in just two hours. Normally, the trip takes well over three hours by automobile.

Experts say that the railway will be used by approximately 11 million one-way passengers per year – or about 30,000 per day – and fares will be far cheaper than traveling by air. The trains themselves will have numerous amenities for passengers, including restrooms, Wi-Fi access, food and beverage sales, and the ability to check in luggage.

Brightline notes that the Brightline West rail system will be the first of additional railways they intend to build in the future to link other cities that are too close for flying but too far for driving to make either option practical, which is the case with Las Vegas and Southern California.

Brightline also noted that the railway could be responsible for removing “millions” of cars from the I-15, which would go a long way towards reducing pollution.

With the groundbreaking originally announced to take place back in 2020, the Brightline West project will take the form of a 34-mile stretch of track in Nevada running along Interstate 15, with a station stop in the Victorville area. The system will be fed by several other lines from various locations in California, resulting in a total of 218 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which will effectively link Las Vegas with L.A.

The project is scheduled to be complete by the summer of 2028.

Shelter Realty is a Real Estate and Property Management Company specializing 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 Atrium Hotel, which has found itself mired in the long and slow process of being redeveloped after originally closing its doors over a decade ago, is reportedly now in its “final stages” of preparation before the building can finally be demolished and construction of a new apartment complex can begin.

Following its purchase in 2007 by investors in a deal that was worth $50.5 million at the time, the 202-room Atrium – located at 4255 Paradise Road, near the Virgin Hotel – went into foreclosure in 2008 due to the recession; later, the Siegel Group acquired the property in 2012 after it had already completely shut down operations for a mere $4.2 million, and announced plans in 2019 to develop it into an apartment building.

Work on the project was hoped to be completed quickly; however, after years with no progress having been made, the Siegel Group announced this week that they are in the “final stages” of acquiring the permits from Clark County needed to demolish the Atrium Hotel. In addition, the Siegel Group is also waiting for the county to complete improvement work on the roads in the area before work can commence.

A spokesperson for Clark County noted that the county is going to reconstruct an existing channel tunnel in the vicinity of the Atrium; in addition, the county also plans on widening a section of Paradise Road in the area near the site. There were no specific timelines given for the work to be completed, but the Clark County spokesperson noted they are expected to be started within “the next few years.”

Once the demolition is complete, the plans are to construct a 480-unit flexible-stay apartment complex, according to Siegel Group CEO Stephen Siegel, who said that the firm anticipates taking the next steps to making the project a reality by the end of 2024 so that that work can “start as soon as we can.”

Shelter Realty is a Real Estate and Property Management Company specializing 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 – Las Vegas Realtors (LVR) released a new report this week showing that home prices within the Valley are continuing their trend of increasing in 2024.

According to the report, LVR notes that in March the median price of existing single-family homes sold through its Multiple Listing Service in Southern Nevada was $465,000, which represents a 9.4 percent increase year-over-year, when that amount was $425,000. This, however, still falls below the all-time record set in May 2022, when the median price of homes in Las Vegas hit $482,000.

When it comes to condominiums and townhomes sold in Las Vegas during the month of March, the median price was $282,500, which was a jump of 8.7 percent over March 2023’s amount of $260,000; last month’s prices are starting to approach the Valley’s all-time record originally set in August 2022, which was $287,000.

LVR President Merri Perry noted in the organization’s report that following the slowdown that it experienced in 2023 – owed in large part to low inventory and high mortgage rates – the Las Vegas housing market is showing renewed signs of momentum and a return to form in 2024.

Although prices have been rising recently, they’re still below the all-time high we hit in 2022,” she said. “One of our biggest issues continues to be our housing supply. As we’ve been saying for a long time, it would help our local housing market if we had more homes to sell.”

There were 3,323 single-family homes listed for sale without any offers at the end of March, according to the LVR report, which represents a whopping 20.8 percent drop year over year; on the condo and townhome front, that number came in at 1,179, an increase of 6.9 percent from March 2023.

And to wrap things up, there were 2,672 existing homes, condos, and townhomes sold in Las Vegas during the month of March, a decrease of 11.8 percent for homes and 1.8 percent for condos and townhomes, respectively, from one year ago. The Southern Nevada market currently has less than a two-month housing supply, which is about on par with how the market was last year

Shelter Realty is a Real Estate and Property Management Company specializing 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 study that was released this week, mortgage payments in the Las Vegas Valley have increased over the past two years by nearly 50 percent, showing that despite its reputation for affordability, Southern Nevada is still nonetheless feeling some of the current economic woes experienced by the rest of the nation.

The study, released by Construction Coverage, noted that in the United States the average mortgage rate has jumped from 3.8 percent to 6.8 percent since 2022, and that the median price for a single-family home increased from $316,778 to $347,716 during the same span of time.

Meanwhile, in the Las Vegas metro area, median single-family home prices have increased over the past two years from $393,802 To $413,485. In 2022, the average home buyer in the Las Vegas Valley had a monthly mortgage payment of approximately $1,461; due to higher prices and mortgage rates, that same home as of March 2024 would now have a monthly payment of $2,151, representing a jump of 47.2 percent.

According to the study, mortgage rates are currently at their highest since October 2023, with the last time they peaked to that degree being back in 2002.

The inflated mortgage rates are having a ripple effect upon the rental industry as well, as per a new report by Redfin, which says that tenants are also finding themselves having to pay more to put a roof over their head.

The average 30-year-fixed mortgage rate is 6.82 percent, below the 23-year high of almost 8 percent hit in October, but still more than double the all-time low of 2.65 percent hit during the pandemic,” the report said. “Many people are delaying home purchasing plans because monthly payments for homebuyers are near their record high. That’s bolstering rental demand, and as a result, rent prices.”

Shelter Realty is a Real Estate and Property Management Company specializing 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 – Tom Telesco, General Manager of the Las Vegas Raiders NFL team, has officially made the move to his team’s new home by purchasing a nearly $5 million house in an affluent neighborhood in Summerlin.

Telesco paid $4.95 million in March for a 5,041 square-foot, single-story home on a 0.35-acre plot in The Ridges – an exclusive master-planned community – with the sale ranking as one of the priciest in a month chock full of expensive luxury sales in Southern Nevada.

According to the Multiple Listing Service, there were 152 sales of $1 million or higher in March, and four sales at $10 million or higher, with the top slot going to an estate in The Summit Club in Summerlin that was purchased for a whopping $19.7 million.

Telesco’s The Ridges home has four bedrooms, four baths and a three-car garage, and boasts 12-foot ceilings in the bedroom and 19-foot ceilings in the great room. The residence has an open-floor plan and a fully-equipped modern kitchen complete with Viking appliances, a built-in coffee maker, dual dishwashers and a walk-in pantry.

The home also comes with numerous high-end amenities, such as a climate-controlled 250 bottle wine cellar, 20-foot pocket doors, a fireplace feature wall, and a primary suite with a spa-like bath with a steam shower, a large soaking tub, and an oversized closet with island.

The residence’s opulence extends to the backyard as well, with an artificial turf lawn, a 1,100-square-foot covered patio with built-in barbecue area, a pool with waterfalls, a fire feature and a zero-edge spa with upper seating area.

Formerly playing out of Oakland, California, NFL team owners in 2017 voted nearly unanimously to approve the Raiders’ application to relocate to Las Vegas, with the team officially moving there in January 2020.

Shelter Realty is a Real Estate and Property Management Company specializing 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.