It’s a place of abandoned projects, where flashy casinos hemorrhage money, where supersized dreams go to die. All this and more – on the north Strip!
Australian billionaire James Packer has invested a fortune in casinos, including in Las Vegas. But when it comes to building a resort in the heart of America’s gambling mecca, Packer’s plans keep fizzling out.
Las Vegas’ housing market is a far cry from the boom days of a decade ago, but at least one thing is approaching those levels again: new-home prices.
Las Vegas’ housing market got beat up so badly during the recession that not along ago it seemed almost everyone with a mortgage was underwater.
Landlords are writing hefty checks for rental properties, paying prices that sellers probably only dreamed of a few years ago. Overall in Southern Nevada, investors paid an average of $110,111 per unit for apartment complexes this year by the third quarter, up 53 percent from 2015, according to brokerage firm Colliers International.
With a burst of billion-dollar deals this year, the Strip’s real estate market has heated up again. But investors didn’t buy megaresorts, the bedrock of the local economy. They bought malls.