Home prices are still logging huge year-over-year gains, making it all the more expensive to buy a place as people also face higher costs for gas and other daily goods.
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The luxury house in The Summit Club, a wealthy enclave in Summerlin, features a “secluded private apartment.”
The new landlord’s portfolio featured 120 properties across 27 states by the end of last year.
Buyers are pulling back in Southern Nevada and other metro areas amid sharply higher borrowing costs.
Tilman Fertitta owns the Golden Nugget, but his latest purchase gives the business mogul a foothold in the heart of America’s casino capital.
The 1970s-era building was developed by the late Irwin Molasky, was one of Las Vegas’ most influential developers outside the Strip.
America’s casino capital “used to be an affordable alternative to California,” but rising prices and a hot market have made it “less attractive” for new buyers, report says.
Las Vegas rental rates are climbing faster than the national average, and Nevada faces a steep shortage of affordable units.
Lily Funds founder Tom McManus sold 2 acres to a buyer who “requested to remain anonymous.”
Some Amazon buildings in North Las Vegas all sold a year or so after they were built, and prices have skyrocketed.