The question used to be all too common in real estate circles: What’s going on with Resorts World? Today it’s a different story. The site is alive with multiple cranes in the air and a hotel that keeps growing taller.
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The off-Strip Lucky Dragon, which opened less than two years ago, has fully shut down and is scheduled to come up for sale at a foreclosure auction Oct. 30. The property is now surrounded by chain-link fencing.
Zillow executives may say they’re not in the house-flipping business, but based on its first batch of deals in Las Vegas, that’s exactly what the company is doing: buying and then quickly selling homes.
Las Vegas is one of the most popular places in America to flip houses, even though investors can earn a lot more money elsewhere. And slowly, it seems, they’re catching on to that.
Las Vegas, as we know, was the foreclosure capital of America during the recession. Job losses soared as borrowers throughout the valley fell behind on their mortgage and lost their home to lenders.