With Las Vegas largely at a standstill over fears of the new coronavirus, the real estate market is bound to take a hit. But for now, construction is still chugging along.
Eli Segall’s Real Estate Insider column appears Saturdays in the Business section.
email@example.com … @eli_segall on Twitter. 702-383-0342
With fears of the coronavirus upending daily life in Las Vegas and across the U.S., the homebuilding market, like other industries, faces a scary stretch ahead.
Las Vegas’ economy was humming along — and then the coronavirus hit.
Investors paid a median of about $383,840 per acre last year for Southern Nevada land, up more than double from the depths of the Great Recession, according to figures from John Stater, Las Vegas research manager at brokerage Colliers International.
The football team hasn’t finished building the complex in Henderson, let alone played a game in Las Vegas, and it’s already flipping real estate here.
Jay Snowden, president and CEO of Tropicana owner Penn National Gaming, told analysts that there has been plenty of “unsolicited interest” in the 35-acre hotel-casino.
Station owns around 380 acres in the valley outside its resorts. The locals-focused casino operator didn’t say which plots would get listed.
With builders putting up apartments, hotels, warehouses, a football stadium and more, Las Vegas is in the midst of another construction boom.
Southern Nevada’s apartment market heated up over the past several years with a flood of new projects and lucrative investor purchases.
Blackstone’s latest deal means it will be the landlord for MGM Resorts’ top three money-makers on the Strip.
It’s anyone’s guess what will happen with Las Vegas’ housing market in 2020.
Land parcels for two Las Vegas projects that fell victim to the Great Recession now are expected to be developed.
The long-empty store has been resurrected, but other big-boxes in Las Vegas still are collecting dust.
So-called distressed sales — purchases at foreclosure auctions and sales of foreclosed or underwater homes — account for just 3.3 percent of resales in the valley this year.