Housing
WASHINGTON — Home prices are hitting new depths in Las Vegas and most major U.S. cities and are expected to fall further over the next six months.
WASHINGTON — Home prices in a majority of major U.S. cities tracked by a private trade group, including Las Vegas, have fallen to their lowest levels since the housing bubble burst, and analysts expect further declines this year.
Tyler Jones is spitting into a strong headwind by starting construction on new luxury homes in the Seven Hills community, where prices will range from $750,000 to more than $3 million.
Las Vegas officials approved a plan Wednesday that directs federal dollars toward addressing the housing foreclosure mess, but expressed disappointment that the $10.4 million would help only 56 houses in a narrowly targeted neighborhood.
CityCenter condominium sales, once anticipated to be a $2.7 billion venture, brought in $490 million in 2010, according to MGM Resorts International’s year-end financial release. The 67-acre Strip development has three high-rise residential developments: Mandarin Oriental, Vdara and Veer Towers.
Foreclosure sales in Las Vegas rose to 388 in January, a 35.7 percent increase from December, while 1,517 went back to the bank, up 43.2 percent, the foreclosure tracking website Discovery Bay reported Tuesday. Notices of default increased 7.2 percent in January to 3,923, down 17.1 percent from the same month a year ago.
Homebuilders are preparing for only modest growth in new-home sales, and land investors appear bullish on the Las Vegas real estate market. Investors and developers drove land sales volume to more than $230 million in 2010, a 167 percent increase over 2009, said Bill Lenhart of Sunbelt Development and Realty Partners. The most active sellers were banks and private lenders who sold off land in foreclosure. Investors accounted for 65 percent of all land purchases in 2010.
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