Just over 27 percent of pending sales in the Las Vegas area fell through in June, the highest cancellation rate in the nation, according to Redfin.
Real Estate Insider
Eli Segall’s Real Estate Insider column appears Saturdays in the Business section.
esegall@reviewjournal.com … @eli_segall on Twitter. 702-383-0342
Chinatown Plaza, built in the 1990s, became a hub of Asian cuisine and culture in Southern Nevada.
There’s no way to predict where the market will head in the coming months, but for now, it’s cooling off.
According to Las Vegas city records last year, the one-story project will span more than 21,000 square feet and sit on a 5-acre plot of land.
Southern Nevada’s housing market is no stranger to volatility — and lately, it seems the industry is on anything but even ground.
Locally and nationally, the number of price cuts rose for the third consecutive month in May.
A recent deal at almost $6 million per-acre didn’t even come close to a sale up the street.
Some Amazon buildings in North Las Vegas all sold a year or so after they were built, and prices have skyrocketed.
Housing markets are prone to ups, downs and other shifts, especially in Las Vegas, and there’s no telling how long the current trends will last.
The property owners are seeking $7 million an acre, or $182 million total, for the spread near Mandalay Bay.
Over the past year or so, Las Vegas has seen a rising tally of sales and construction plans involving vacant land, retail properties and hotels on or near its famed casino corridor.
Las Vegas home prices are skyrocketing, but as borrowing costs climb, buyer activity is down.
Las Vegas Boulevard’s decades-old motor lodges, holdovers from the casino mecca’s early years, are small, no-frills affairs. One is up for sale at a hefty price.
Las Vegas real estate investor Steve Siegel is perhaps best known for his portfolio of low-priced apartment complexes bearing his name, but now he is the Strip’s newest landowner.
Major projects do get built in America’s gambling capital, and there are always people willing to spend time and money outside the casino floors.