Southern Nevada’s market remains in something of a logjam, and industry experts predict a muted year ahead for housing nationwide.
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An industry group cited high mortgage rates, elevated construction costs and “flagging consumer demand due to deteriorating affordability conditions.”
The former Alpine Motel Apartments complex is rebuilt, boasting a menu of tech features, and “100 percent safe” according to asset manager Robin Willett.
The recent decline in rates “has been large,” but homebuyer sentiment “remains low with no major positive reaction in purchase demand.”
A formerly quiet, sprawling tract of land near the Strip is becoming a Formula One racetrack and the owner of a rental property next door is looking to sell for a hefty sum.
Las Vegas house prices dropped to their lowest level of the year last month as higher mortgage rates throws cold water on the market.
The locals-focused casino chain sold 21 acres in the southwest Las Vegas Valley for nearly $24 million to an apartment developer.
Dan Ventrelle, the former interim president of the Raiders, is asking $2.38 million for his home overlooking the Arroyo Golf Club at Red Rock course.
Developers of the mixed-use Las Vegas complex expect the first residential units to debut in March.
Locally and nationally, homebuyers have been largely pumping the brakes for months, following last year’s cheap-money-fueled buying binge.