A local developer has launched a new apartment project in downtown Las Vegas after he built and leased one up in the Arts District.
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Southern California real estate firms Lyon Living and LandSpire Group recently started construction on a 294-unit rental complex at The Gramercy in the southwest valley.
Some 15 years ago, a builder’s plan to construct high-rises in southwest Las Vegas failed, leaving a giant hole. Now another developer is moving forward with a plan for a big apartment complex there.
Housing markets are always prone to ups and downs, especially in Las Vegas, and no boom lasts forever.
After going up in flames early last year, the home was listed for sale July 22, and six different investors made offers.
Resale totals have fallen the past two months, and available inventory has climbed for three straight months as house prices keep setting all-time highs.
Real estate pros point out that there are key differences between today’s hot streak and the doomed housing market frenzy of a decade-and-a-half ago.