Despite the improved economy, land sales on the Strip have been sluggish for years, and values are nowhere near what sellers fetched before the economy crashed.
Eli Segall’s Real Estate Insider column appears Saturdays in the Business section.
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The peak boom-era median sales price of previously owned single-family homes was $315,000. Adjusting for inflation, the market has much more than a $15,000 gap from the previous high. In today’s dollars, the peak resale price was around $390,000.
Edwin Fujinaga, after being accused of running a massive Ponzi scheme, was at his golf course mansion in Las Vegas one day. He was handing over the keys, and stated something peculiar on his way out.
A month after he resigned from his casino company, billionaire Steve Wynn bought a suburban mansion for $13 million — the most expensive home sale of 2018 in Las Vegas.
Investors are always buying, selling, building — and, if things go south, facing lawsuits and other problems. With the year almost done, here is my list of Las Vegas’ top 10 real estate deals of 2018.
The Cheyenne Commons strip mall looks like any other around Las Vegas, and same goes for the apartment complex next door, The Grove.
Around 7,000 single-family homes were on the market without offers at the end of November, up a jaw-dropping 54 percent from a year earlier and the highest level in two years, according to Greater Las Vegas Association of Realtors data, which the trade group pulls from its resale-heavy listing service.
What do you do with a failing mall like Primm’s? Someone could buy it and try to fill it with retailers, gut it for another use entirely or, in true Vegas style, implode it to build something else. For now, the mall will likely keep limping along.
The holidays are normally a time to slow down. But in recent years, real estate investors have squeezed in big, last-minute transactions in Las Vegas before the calendar flips to Jan. 1.
In the past few years, several developers received approvals for apartment towers but haven’t built them.
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.
With a string of casinos along the Colorado River some 100 miles southeast of Las Vegas, Laughlin is popular with retirees who drive in and offers low-priced rooms, buffets and plenty of sunshine and open desert.
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.
Construction is gaining speed in Las Vegas, but if you want to see a glaring difference between today’s market and that of the mid-2000s bubble, just look at developer Jorge Pérez.