U.S. homebuyer interest has dropped sharply in the past week as the new coronavirus upends daily life with sweeping business closures and other shutdowns.
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.
Just days after saying construction on the Florida resort would not be affected, Las Vegas-based Allegiant Travel Co. on Wednesday unveiled a slate of measures in response to the new coronavirus.
With the new coronavirus upending daily life in Southern Nevada, at least one major real estate project has shelved construction work over the public health crisis.
Travel spending, including on transportation, hotels and attractions, is projected to fall by $355 billion this year, the group said.
Employees will continue to receive benefits and pay during the closure, which is set to last through at least March 31.
Rates for hotel rooms during the upcoming NFL draft were already sliding last week as Las Vegas and other cities shut down to contain the spreading coronavirus.
Las Vegas-based Allegiant Travel Co. said over the weekend it will close Sunseeker Resort Charlotte Harbor’s preview center for two weeks starting Monday.
Las Vegas’ economy was humming along — and then the coronavirus hit.
The firm concluded it would be irresponsible “to put 500 people in an enclosed area and act like the world is OK right now,” Matter partner Jim Stuart told the Las Vegas Review-Journal.
A big retail real estate convention in Las Vegas is postponed over the new coronavirus.
Effects of coronavirus fear could leave Southern Nevada facing steep economic problems, given its lucrative convention industry and high dependence on tourism.
Investors plan to build at least four higher-end projects totaling around 900,000 square feet of office space along the 215 Beltway in the fast-growing southwest valley.
It was the highest number of January closings since 2008, when it was 881.
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 median sales price of previously owned single-family homes — the bulk of the market — reached an all-time-high of $316,000 last month, according to a new report.
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