With the city’s housing market stumbling in 2008, you might expect local home builders to back off on extras such as ecofriendly construction methods and materials.
Housing
The upper echelon of income earners, once regarded as somewhat immune to general economic woes, is starting to feel the pain of living in a city with the nation’s highest foreclosure rate, local luxury home brokers said.
Blame it on a working-class inability to grasp very large numbers, but even today, a “million-dollar house” sounds like it would be a pretty impressive place to live.
Sales of existing homes in the West climbed higher in August from a year ago, bucking a national trend as buyers snatched up sharply discounted foreclosed properties in Nevada, California and Arizona, according to two reports Wednesday.
The Las Vegas housing market is “moving along” and eating through excess inventory of foreclosures, which now account for about 80 percent of resales, a local housing analyst said Monday.
As a poker dealer at The Orleans, John Hill talks to players almost every day who have come to Las Vegas from faraway states and foreign countries.
Troy Kearns struggled when he moved to Las Vegas two years ago and started his new job as a real estate agent. He was accustomed to a six-figure salary selling radio advertising in Seattle.
Creditors have forced the 63-unit Onyx condominium project on Duke Ellington Way into involuntary Chapter 11 bankruptcy.
Foreclosure filings in August, with Nevada leading the nation, increased 27 percent compared to the same month a year ago, a significantly slower pace than in previous months, according to data released Thursday.
The nation’s continuing credit crunch makes it tougher these days to qualify for home loans in Nevada, but the federal government’s Sunday seizure of the country’s two biggest mortgage companies could eventually mean better access to home loans here, experts said.
Penta Building Group is constructing a 25-story, 500-room tower at the Golden Nugget, the latest expansion of the downtown Las Vegas hotel-casino owned by Landry’s Restaurants.
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