Las Vegas house prices dropped to their lowest level of the year last month as higher mortgage rates throws cold water on the market.
Housing
The locals-focused casino chain sold 21 acres in the southwest Las Vegas Valley for nearly $24 million to an apartment developer.
Dan Ventrelle, the former interim president of the Raiders, is asking $2.38 million for his home overlooking the Arroyo Golf Club at Red Rock course.
Developers of the mixed-use Las Vegas complex expect the first residential units to debut in March.
Locally and nationally, homebuyers have been largely pumping the brakes for months, following last year’s cheap-money-fueled buying binge.
Many people can’t qualify for a mortgage, as they can’t afford the higher payments brought on by rising interest rates.
McCourt Partners announced that it partnered with Las Vegas-based Tru Development Co. on a 244-unit apartment complex.
Greystar’s Southern Nevada projects are near retail and other amenities and both are near hospitals.
Redfin CEO Glenn Kelman said the home-flipping sector it entered “is a staggering amount of money and risk for a now-uncertain benefit.”
Redfin Corp., a brokerage with operations in Southern Nevada, is laying off 862 people and closing its home-flipping business.
Southern Nevada house prices resumed their downward slide last month, as buyers locally and nationally pull back amid higher borrowing costs.
Rates continue to hover around 7 percent, as the “dynamics of a once-hot housing market have faded considerably,” an economist said.
After his trade from the Golden Knights, Max Pacioretty is trying to sell his Las Vegas mansion for nearly $12 million — almost double what he paid for it last year.
Lennar Corp. recently held a ceremonial groundbreaking for a 25-unit townhouse complex called Aqua.
Teravalis, a 37,000-acre master-planned community near Phoenix, is to include 100,000 homes and 55 million square feet of commercial development.
