After the pandemic turned Las Vegas Boulevard into a ghost town for a while, the fallout from the outbreak has, for the most part, not been kind to the roadway’s real estate market.
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Apollo Global Management is making a multibillion-dollar wager on America’s casino capital and hoping it’s rolling the dice on the way out of a national crisis, not on the way in.
Southern Nevada homebuilders made more than 11,000 net sales last year, the most since 2007, according to figures from Las Vegas housing tracker Andrew Smith, president of Home Builders Research.
Southern Nevada homebuilders signed nearly 1,230 sales contracts in June, the most since February.
Don’t expect a big burst of real estate action anytime soon.
A bankruptcy court auction is scheduled to be held May 19 for a 38.5-acre spread along Las Vegas Boulevard across from Mandalay Bay. Bids were due Thursday.
People are still buying homes, and builders are still building, but the pipeline of sales is shrinking fast amid the turmoil.
Gov. Steve Sisolak last week cited one reason in particular why he let construction keep going in Nevada: jobs.
The economy is in crisis again because of the coronavirus pandemic — but foreclosures are on pause, stopping what could have been an avalanche of repos.
With Las Vegas largely at a standstill over fears of the new coronavirus, the real estate market is bound to take a hit. But for now, construction is still chugging along.