Rates continue to hover around 7 percent, as the “dynamics of a once-hot housing market have faded considerably,” an economist said.
Eli Segall
Reporter: Real estate
Email: esegall@reviewjournal.com
Phone: (702) 383-0342
X: @eli_segall
Eli Segall joined the Review-Journal in August 2016 after covering real estate and other business topics for four years at the Las Vegas Sun. He also worked for the Silicon Valley/San Jose Business Journal, The Associated Press and other news groups. Segall has a bachelor’s in political science from the University of Michigan and a master’s in journalism from the University of Maryland. His awards include 2017 Story of the Year from the Nevada Press Association.
The resort “survived” the storm but suffered damage from “falling cranes” and “water intrusion,” the CEO said.
Homebuilders notched 580 net sales in Southern Nevada in September, up 19% from August but down almost 41% from September of last year.
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.
Construction is underway on the 15,274-square-foot Museum of Illusions, which is scheduled to open in early spring 2023.
Teravalis, a 37,000-acre master-planned community near Phoenix, is to include 100,000 homes and 55 million square feet of commercial development.
The Houston billionaire acquired 6.9 million shares in the Las Vegas-based casino operator, comprising a 6.1 percent ownership stake.
Southern Nevada is far from alone in seeing buyers pull back amid a sharp jump in mortgage rates.
Las Vegas has a long history of blowing up buildings to clear space for new ones. And now, a pipeline of big demolitions is set to remake parts of the Strip and other pockets of Southern Nevada.
Arizona-based The Wolff Co. broke ground this year on a 316-unit apartment complex called LVB.
“As long as mortgage rates and prices remain high, buyers will be looking for a relief valve,” an analyst said.
Nationwide, the pace of new-home sales last month was down 10.9 percent from August, federal officials reported.
The permits were issued the same day the Clark County Commission approved Fertitta’s plans for a towering hotel-casino on Las Vegas Boulevard.
The Las Vegas City Council approved an agreement that calls for a five-story, 84-unit rental complex with commercial space in a segregation-era neighborhood.
