Las Vegas house prices drop for first time in over two years as sales keep falling.
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Nevada HAND receives 2,000 calls a day from people seeking affordable housing and only has a “handful” of vacancies in its 4,700-unit portfolio, the president and CEO said.
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.
The luxury house in The Summit Club, a wealthy enclave in Summerlin, features a “secluded private apartment.”
Buyers are pulling back in Southern Nevada and other metro areas amid sharply higher borrowing costs.
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.
The buyer, British businessman Simon Dolan, made headlines for challenging the U.K. government in court over the country’s pandemic lockdowns.
Home sales have tumbled lately as the cost to buy a place grows.
With the grass torn out and heavy construction equipment on-site, Las Vegas’ former Royal Links golf course is on its way to becoming a sprawling housing tract.
The Summerlin estate has been on and off the market over the past few years and was priced at $24.5 million last fall.
The next portion of the southwest Las Vegas Valley complex includes two more office buildings, another parking structure, and a conference center called The Assembly.
The Interim Finance Committee voted to allocate the first half of a $500 million investment in affordable housing that Gov. Steve Sisolak announced in February.
The new landlord is looking to develop more space at Tivoli and draw more tenants to the bubble-era real estate project.
“We keep expecting prices to slow down at some point, but it’s not happening yet,” LVR President Brandon Roberts said in a news release.
We found five examples of houses for sale at or near the median sale price of single-family homes in Southern Nevada.