It’s been set on fire and ripped apart by vandals. Its owners have been ordered to fix it or tear it down. There has even been a rumor of ghosts. And now, thanks to the Raiders, it’s looking like prime real estate.
Eli Segall’s Real Estate Insider column appears Saturdays in the Business section.
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Before anyone rented its apartments, or the office tenants moved in, or the eateries opened their doors, the Gramercy was known as ManhattanWest, and it was a scary place.
Amid the ongoing recovery from the bloodbath of the Great Recession, waves of retailers have been locking their doors in Las Vegas and elsewhere — and the pace of closures is only increasing.
And at first glance, anyone who’d driven past the abandoned, beat-up office complex on Durango Drive at Hacienda Avenue the past few years might lump this with the rest, figuring it was just another rundown project that flopped with the economy. But this mess had nothing to do with the recession.
Spanning 26 acres of beachfront property, the latest project by a subsidiary of MGM Resorts won’t have slot machines or poker tables, but will boast 1,000 rooms, a “dazzling” theater and a snorkeling area. It will also be in Dubai — a Middle Eastern city the company knows all too well.
The stadium for the Raiders, which would be backed by $750 million in taxpayer funds, isn’t the first project to get pitched for the Russell Road and Dean Martin Drive site.
Mortgage lenders may not be as slaphappy as they used to be, giving money to basically anyone who wanted a house. But in the past few years, with the economy mending and the housing market pulling itself out of the dumps, they’ve opened the vaults wider and wider.
There were about 47,000 sales of previously owned homes in the Las Vegas Valley last year. But which properties were the most and least expensive?
With new construction sites popping up around Las Vegas, the market for the dirt underneath them is ramping up as well.
The Blackstone Group bought homes in bulk to turn into rentals after the market crashed, forming a company, Invitation Homes, for the venture. Invitation now owns almost 50,000 homes, including more than 900 in the Las Vegas area.
Las Vegas’ housing market had a busy year in 2016. It was still weaker than many other cities in some regards, but business picked up, and problems that linger from the recession kept easing.
Josh Kearney has the plans, the site lined up and, he says, the money. And after upping his vision for an extreme sports park in Las Vegas, he wants to start building.
It wasn’t long ago – less than a decade – that Las Vegas’ housing market was a mass grave of foreclosures. Southern Nevada still gets more repo activity than most areas of the country. But overall, its foreclosure woes aren’t nearly as severe as they used to be.
Las Vegas’ never-boring real estate market didn’t disappoint in 2016. There were plenty of deals, and some were more unusual than others. Here’s my list of the top 10 of 2016.
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!