Las Vegas Real Estate News

LAS VEGAS, NV – A Southern Nevada property previously in-part owned by the late Siegfried Fischbacher and Roy Horn – the late, famed German-American entertainers who performed an animal-based magic show together in Las Vegas for years as Siegfried and Roy – will be used for an upcoming 100-unit housing project by developer Tri Pointe Homes.

The project site is comprised of 28 acres in the upper northwest Las Vegas Valley’s Kyle Canyon area, along Kyle Canyon Road approximately one mile west of U.S. Highway 95.

Tri Pointe Homes’ plans for the housing development were originally approved in March by the Las Vegas City Council, and in April investment firm Kennedy Lewis Investment Management finalized their purchase of the site for a reported sum of $19 million, according to Clark County records. They then granted Tri Pointe an option to purchase the property needed for their Kyle Canyon Road project, which they accepted.

The land for the project is a patchwork of plots acquired from multiple sellers; among them was Siegfried and Roy, who had sold off 6.7 acres prior to their passings – Siegfried died in 2021 at the age of 81, and Horn died in 2020 at 75 – that would eventually become part of the Tri Pointe site.

The duo had been famous for years for their extravagant magic and white tiger act on the Las Vegas Strip.

The project will create a new subdivision along Kyle Canyon Road – which provides local residents the means to Mount Charleston and back – and represents suburban development creeping ever-outwards from the city of Las Vegas in an attempt to address the region’s growing housing crisis.

Tri Pointe already has a sizable presence in the area. They are currently selling homes in their neighboring Kyle Pointe community for prices starting at $500,000; according to its website, the community boasts “eye-catching architecture, flexible modern interiors, and the promise of outdoor adventure.”

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 a three month-long all-time record high streak, Southern Nevada home prices in April finally showed signs of lowering, according to a new report by Las Vegas Realtors (LVR).

The median price for a pre-existing single-family home in Las Vegas in April was $480,000, which represents a drop of $5,000 from the record-high of $485,000 that was achieved in January and maintained during the two following months, as per LVR data pulled from the Multiple Listing Service.

April’s median home price is nonetheless still 2.3 percent higher than it was during the same period of time last year, when that amount was $469,000.

As for the median price of condominiums and townhouses in April, that amount was $302,700. This represents a decrease from the previous month and is lower than the all-time record of $315,000 originally set in October 2024, but is still 4.4 percent higher than April 2024’s price of $290,000.

LVR President George Kypreos noted that the decrease in home, condo and townhome prices shows that that real estate in Las Vegas is continuing to find a sense of equilibrium and balance, which is good news for both buyers and sellers.

Since the beginning of the year, the median home price has only varied by 1 percent. That’s pretty rare,” Kypreos said. “This month’s LVR statistics are another indication that the local housing market is becoming more balanced, with stable home prices and more homes on the market for buyers to consider.”

At the end of April, there were about 6,213 single-family homes for sale on the market without any offers, which is 78.7 percent higher year-over-year. In addition, there were 2,390 condos and townhomes without offers at April’s end, a 91.5 percent increase from the same period of time last year.

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to a new report by Zillow, the amount of residential real estate inventory available in the Las Vegas Valley has jumped dramatically since last year, but despite the availability the buyers just aren’t there at the moment due to a number of factors.

There has been an increase of 44.5 percent year-over-year in March in the number of homes on the market in Las Vegas; this is a situation that is occurring throughout the country, although the valley is becoming one of the most prolific in that regard.

In contrast, the number of homes on the market in March in the United States overall has gone up 19 percent when compared to the same period of time last year, currently making Las Vegas 25 percent higher than the national average, according to Zillow senior economist Kara Ng.

What’s happening nationally is playing out similarly but more prominently in Las Vegas. Sellers are listing their homes at far greater rates than last year, but buyers are not absorbing those homes at the same rate,” she said. “This has left more homes lingering on the market. However, while Las Vegas inventory is up almost 45 percent over the year, it’s still about 20 percent lower than pre-pandemic norms.

Ng noted that in addition to the inventory in Vegas rising, prices are also continuing to go up; again, this is true in many major metros in the country, although it is becoming quite pronounced in Southern Nevada.

Home values in Las Vegas have risen significantly. Affordability is a hurdle, especially for first-time buyers who are relying on savings alone, and turbulence in the stock market could push down payments out of reach,” Ng said. “These headwinds may be capping the pool of financially ready buyers. Sellers, on the other hand, are typically more financially stable and have the benefit of home equity to put toward their next purchase. Together these forces are leading to the accumulation and normalization of inventory.”

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 – Ground was broken on Tuesday of this week on Origin at Symphony Park and Cello Tower Residences, a huge mixed-use development in downtown Las Vegas that officials say should serve to address many underserved needs in the city once it is complete.

Spanning six acres within the 61-acre Symphony Park development across from city hall – which also calls Smith Center and the Cleveland Clinic Lou Ruvo Center for Brain Health home – Origin at Symphony Park and Cello Tower will be comprised of retail businesses, corporate office space, and a luxury residential high-rise condominium tower, the first of its kind constructed in Las Vegas in over 15 years.

The goal of this development – as per builder Red Ridge Development – is to create a full-fledged community within walking distance of the Smith Center for the Performing Arts and Fremont Street Experience.

Retail tenants are already lining up for Origin at Symphony Park, despite construction only having just begun; among them are what is being touted as a national grocery store chain – the name of which will be announced in the near future – which is something that Vegas’ downtown area has been sorely lacking for some time.

Meanwhile, the 32-story Cello Tower – designed by architecture firm Perkins Eastman – will be comprised of eight penthouse suites beginning at $4.5 million, along with an additional 240 one-and-two-bedroom residences that will start at $700,000 and up.

The complex will feature numerous high-end finishes and appliances for its residents in addition to a great many amenities, including an elevated outdoor environment on the 25th floor featuring beautiful landscaping, gorgeous views, and a fountain; an exhibition kitchen and private dining room; pods for barbecues; a hyper-oxygenated resort-style pool; a TV media wall; a pet spa and park; and an entire 7,000-square-foot floor dedicated to wellness, including a full gym and spa facilities.

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 – Sales for homes in La Cova, a new guard-gated, master-planned luxury community located in SouthShore Lake Las Vegas, officially commenced this week according to the project’s developer, Tri Pointe Homes Las Vegas.

Tri Pointe Division President Klif Andrews said that La Cova is a waterfront resort-style community whose homes will boast a luxurious European design aesthetic, right in the heart of Nevada.

La Cova introduces a new pinnacle for resort-style living in Las Vegas,” he said. “La Cova is an alluring opportunity for luxury buyers who want every day to feel like a getaway.”

The community’s unique look and feel was in-part designed by Woodley Architectural Group, with La Cova being comprised of 42 residences spread out amongst three enclaves on adjacent peninsulas. 38 homes are located along the shore of Lake Las Vegas, and the remaining four near the community’s edge, adjacent to the SouthShore Country Club golf course.

La Cova is going to be unlike any other place,” Andrews said. “The way we connect homes to the water, it’s like having your own private luxury resort. It gives buyers a rare opportunity to purchase something incredibly unique for our market.”

The homes on-offer in La Cova will offer six different styles to buyers and range in size from 2,800 square-feet to over 4,200 square-feet, with prices ranging between $2 million and $4 million. Designs blend modern-style Tuscan and Mediterranean influences and feature large windows for maximum visibility and backyards with lush, resort-style courtyards.

In addition, there are numerous high-end amenities available for these homes, such as detached casitas, workout rooms, executive offices, club rooms and upper-level balconies. Also, boating, paddle boarding, and many other sport and recreation options are available via the development’s waterfront location.

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 – Z Life Company, an eco-friendly residential developer that touts themselves as pioneers in sustainable, luxury real estate “focused on innovated structural design and contemporary experience,” broke ground on a new project in Las Vegas’ Arts District this past Friday.

“Midtown Plaza” will be a mixed-use facility comprised of six towers offering condominiums, hotel rooms, apartments, and retail options, located near the intersection of Coolidge Avenue and First Street.

According to Z Life Company Chief Operating Officer Anna Olin, her company has invested a significant sum into the city of Las Vegas, including $300 million for the Midtown Plaza project alone.

Olin noted that while the relatively quiet part of the Arts District located south of Charleston Boulevard has seen a surge in development and an influx of new businesses and foot traffic in recent years – restaurants, coffee shops, and numerous retail stores – the area of the district north of Charleston has not seen the same level of resurgence, having remained “unused for a number of years.”

Z Life Company’s decision to build Midtown north of Charleston reflects the company’s desire to help it rise to the same level of prominence as the rest of the Arts District, Olin said.

Midtown is slated to have 87 residential units – comprised of studio, one-bedroom, two-bedroom and penthouse options – with prices starting at a base level of $299,000, and accompanied by numerous high-end amenities such as energy-efficient appliances, all-electric interiors and access to a shared series of Tesla electric vehicles (EVs).

Midtown will be located at 921 South Main Street, and will be managed by Berkshire Hathaway HomeServices Nevada Properties, with retail sales represented by the Martinez Group.

“Midtown is unlike anything Las Vegas has seen before,” Matthew Martinez of the Martinez Group said. “We’re bringing together everything that makes downtown living exciting – walkable spaces, local businesses and modern design – all while keeping it accessible.”

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – For all the dismal negatives of the COVID-19 pandemic, there was at least one positive: it set the residential real estate market throughout the United States on fire as people took advantage of low interest rates and the ability to work remotely to finally buy the houses of their dreams.

And that momentum is still being felt to this very day, albeit on a slightly diminished level due to rising inflation, a call by some companies to return to the office following the end of the pandemic, and interest rates on home mortgages currently hovering around seven percent.

But despite all of that, prices on homes in most regions of the country are still climbing due to the age-old laws of supply and demand, and Southern Nevada is no exception.

A new report by Stacker – utilizing data pulled from Zillow – reveals the 10 cities the Las Vegas-Henderson-Paradise Metro area where home prices are growing the fastest, with current values being contrasted with how much they have risen both year-over-year and from January 2018, which represents a five-year span of time.

#1. Moapa

• Current typical home value: $395,744
• Year-over-year increase: +$34,014 (up 9.4 percent)
• Five Year Increase: +$117,277 (up 42.1 percent)

#2. Logandale

• Current typical home value: $502,061
• Year-over-year increase: +$29,507 (up 6.2 percent)
• Five Year Increase: +$162,298 (up 47.8 percent)

#3. Boulder City

• Current typical home value: $466,398
• Year-over-year increase: +$21,980 (up 4.9 percent)
• Five Year Increase: +$139,551 (up 47.8 percent)

#4. Henderson

• Current typical home value: $493,510
• Year-over-year increase: +$21,228 (up 4.5 percent)
• Five Year Increase: +$151,154 (up 44.2 percent)

#5. Jean

• Current typical home value: $279,687
• Year-over-year increase: +$19,393 (up 7.5 percent)
• Five Year Increase: +$74,819 (up 36.5 percent)

#6. Las Vegas

• Current typical home value: $431,505
• Year-over-year increase: +$18,665 (up 4.5 percent)
• Five Year Increase: +$140,027 (up 48.0 percent)

#7. Bunkerville

• Current typical home value: $372,305
• Year-over-year increase: +$17,883 (up 5.0 percent)
• Five Year Increase: +$116,560 (up 45.6 percent)

#8. Searchlight, NV

• Current typical home value: $244,317
• Year-over-year increase: +$16,172 (up 7.1 percent)
• Five Year Increase: +$96,572 (data not available)

#9. Overton, NV

• Current typical home value: $337,958
• Year-over-year increase: +$15,830 (up 4.9 percent)
• Five Year Increase: +$96,572 (up 4.9 percent)

#10. North Las Vegas

• Current typical home value: $411,389
• Year-over-year increase: +$15,050 (up 3.8 percent)
• Five Year Increase: +$132,089 (up 47.3 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 – While housing in the United States may not be a buyer’s market, the overall burdensome economy – combined with sky-high home prices and mortgage interest rates still hovering at just over seven percent – have resulted in a growing number of sellers finding themselves forced into giving concessions to buyers in order to get bites on their listings.

According to a new report by Redfin, the current number of sellers that are offering some sort of concession to potential property buyers is 44 percent, which represents a whopping year-over-year increase of 39 percent. This signifies that the leverage sellers held on buyers in recent years is obviously starting to decrease, as market conditions are encouraging many who are looking to buy a home to wait things out in hopes that things improve.

One example of concessions being offered by sellers, as per the Redfin report, include a homeowner who had been attempting to sell a residence that required several costly repairs, including a new roof and a new boiler; the grand total for these repairs would have run any buyer an estimated $100,000 extra on top of the cost of the home itself.

However, this seller experienced multiple potential buyers in a row refusing move forward with the deal when faced with the extensive repairs, forcing the seller to carry them out himself before anyone would proceed.

During the height of the COVID-19 pandemic, when interest rates were much lower, this situation would almost certainly not been the case, but current high interest rates and ballooning inflation are causing buyers to become far pickier regarding how and when they spend their money, said Las Vegas Realtors President George Kypreos.

Most of the buyers are asking for something and they’re getting it,” he said, with Redfin noting that other concessions can include credit towards repairs or credit towards buying down their interest rate. The number of negotiations is going up, and while it’s not considered a buyer’s market yet, the scales are certainly tipping more in that direction than they have in several 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, NV – The developers of UnCommons – a huge, 40-acre mixed-used facility in southwestern Las Vegas – announced that construction efforts have officially been completed, although some of the remaining empty land on the property may be used for future projects.

UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – is essentially a mini-city within a city, consisting of 500,000 square feet of offices, as well as restaurants, health and fitness studios, relaxation options, and over 830 residential units, in addition to The Assembly, an experimental project consisting of a 5,000-square-foot conference and event pavilion.

The Assembly is being touted as a one-of-a-kind addition to the mixed-use development that can host a variety of event types, including talks, community events, and weddings; the space can even be utilized as hub for the facility’s office tenants when needed.

The apartment complex situated within UnCommons – which is dubbed Vestra – is made up of 830 units spread out amongst three towers; in addition, office tenants consist of notable companies such as Draft Kings, CBRE Group Inc, Deloitte and Newmark.

On the storefront side, food and beverage locations include Urth Caffe, Teaspoon, and Amari, and retail businesses are made up of varied businesses such as a luxury candle maker and a hair salon.

The concept behind the $800 million project – which originally broke ground in 2020 – is that it is a space where the various employees working for the businesses located there have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right there at their fingertips.

Matter Real Estate Group partner Jim Stuart said that the UnCommons project is already a rousing success, with 93 percent of the office space leased, along with 90 percent of the retail and restaurant space and 60 percent of Vestra.

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 swanky penthouse condominium situated within the clubhouse in Summerlin’s luxury guard-gated residential community The Summit Club has been listed on the market for a whopping $25 million, which – if it sells for that impressive price – would overshadow the previous record-holder of such a property by almost $9 million.

The current record-holder for the highest price ever paid for a condo in Southern Nevada is $16.25 million, which was originally set in 2021 at The Martin luxury high-rise tower, located in Paradise.

The Summit Club condo in question comes in at 4,929 square feet and boasts five bedrooms, five baths, and floor-to-ceiling windows – with a wrap-around balcony outside that wraps around three sides of the penthouse – offering breathtaking views of the surrounding area, including the Las Vegas Strip, a golf course, and mountains.

11660 Summit Club Drive 204, Las Vegas – $25,000,000.00

In addition to the views, the balcony also features a spa, a small pool, a hot tub, and an outdoor shower. Of course, as a resident the buyer would also have access to the resort amenities of The Summit Club itself, including a grocery store, a bar, lounge spaces, a pool, a fitness center, a spa, and a restaurant.

The listing agent, Ivan Sher of IS Luxury, said that the condo is at the very height of luxury and should appeal for those who are looking for – and who have the affluence to possess – the finer things in life.

The views are epic. This outdoor living space is what captures it for me. You have your pool and hot tub out here. It is really resort-style living. You can go down to your restaurant. There’s nothing like it. It’s the best of the best of the best,” he said. “It’s for a couple. It’s for somebody who wants their family to have access to the best, and they don’t want the upkeep of a home and yard.”

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 – With the number of homes being snatched up by Wall Street-backed hedge funds for use as rentals creating a very real housing crisis in Southern Nevada, state lawmakers are attempting to pass legislation aimed at curbing the volume of properties these investors can purchase.

Studies indicate that, by the end of 2023, approximately 15 percent of Clark County’s housing stock – and nearly 25 percent in North Las Vegas – was owned by corporate investors whose vast resources allow them to easily submit insurmountable bids on properties, pricing out middle-class buyers in the process, according to State Senator Dina Neal (D).

There are actual families who do want the American Dream,” she said at a Senate Judiciary Committee meeting last week. “They want to take their pharmacy job, they want to take their teaching job, and they want to translate that money into a mortgage. They want to own a home, and they’re not actually able to do that in this current market.”

To help address this issue, Neal has proposed Senate Bill (SB) 391, which – if passed and signed into law – would establish a corporate landlord home ownership registry to increase transparency, as well as limit the number of single-family homes that corporate investors can acquire. The bill passed the Judiciary Committee last week.

Neal had previously floated a similar bill in 2023 – that was vetoed by Republican Governor Joe Lombardo – that would have limited corporations to purchasing 1,000 housing units a year; SB391 is far more stringent, however, and would set that limit to merely 100 units per year.

Neal was inspired to lower that number based on a 2023 transaction where Starwood Property Trust sold 264 homes that it owned in the Las Vegas Valley to Invitation Homes in a single-day deal worth $98 million.

“I was like, I really need to drop this number because it’s amazing that someone in one day could buy 265 homes and not bat an eye,” she said.

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Recently, ground was broken on PuraVida Senior Living, a new senior housing community in North Las Vegas that is being brought to live via a joint venture between Foresight Housing Partners and nonprofit partner HopeLink of Southern Nevada.

Situated next to Lake Mead West Apartments PuraVida Senior Living will be located upon 3.89 acres of land and will consist of 74 single-story units spread out across 14 buildings. North Las Vegas is in dire need of more supportive housing options for their elderly population to be able to age in place and live independently, and PuraVida will help in addressing that shortcoming.

PuraVida is being paid for by numerous sources, such as HOME MEANS Nevada – American Rescue Plan Act (ARPA) funds, Southern Nevada Region Housing Authority project-based vouchers, HOME Grants, and contributions from the project’s developers.

In addition to housing, the PuraVida will also offer a slew of amenities for their residents, such as a community center with a full kitchen, a dog park, unit gardens, open green space and outdoor pickleball courts. Also, the community is specifically located near public transportation routes in an effort to help senior residents get around easily, as well as major retail and shopping options such as Wal-Mart. There are also numerous local employers in the area in case any residents are looking for work.

On-site supportive services will be readily available, including full-time case managers, weekend and holiday staffing, resident engagement programming, and access to health care services as well as other services.

Hassan Chaudhry, President of Foresight Housing Partners, said that no stone was left unturned when it comes to providing for the needs of PuraVida’s residents.

PuraVida Senior Living will provide much-needed, supportive housing to seniors in North Las Vegas,” he said. “This project is designed to not only provide accessible and safe housing, but to create a vibrant community for our senior residents with the support and amenities they deserve.”

Development of PuraVida Senior Living is scheduled to be finished by fall 2026.