The Las Vegas housing market looks dramatically different than it did just several months ago.
Business Columns
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.
Blackstone Group, a large firm with heavy investments on Las Vegas Boulevard, is looking to snap up the Australian casino operator Crown Resorts.
Overall, the valley’s single-family rental market has “held up rather well” during the pandemic, said Tom Blanchard, last year’s president of trade association Las Vegas Realtors.
Like practically everywhere else in the Las Vegas Valley, the south Strip has a long track record of developers pitching massive projects and never following through.
Construction has been picking up all over Las Vegas, with investors building subdivisions, retail centers, warehouses, apartment complexes and more.
Housing tracker Attom Data Solutions put out a report this week showing the number of vacant properties around the country and what share of cities’ homes are empty. Las Vegas’ housing market has come a long way since the economy crashed last decade, but if Attom’s numbers are any indication, squatting opportunities have grown in the past year.
It’s a place of abandoned projects, where flashy casinos hemorrhage money, where supersized dreams go to die. All this and more – on the north Strip!