A few weeks before the Lucky Dragon held its grand opening with dragon and lion dancers, a top executive promised big things. Less than two years later, the bankrupt resort is set for a full shutdown.
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.
Construction is gaining speed in Las Vegas, but if you want to see a glaring difference between today’s market and that of the mid-2000s bubble, just look at developer Jorge Pérez.
Las Vegas apartment rents are growing at one of the fastest rates in the country, and the vacancy rate is lower than most, a new report shows.
Moonwater Capital founder Ofir Hagay said he and partners bought around 445,000 square feet of Las Vegas office space. The $84.3 million purchase closed last month, property records show.
The Bureau of Land Management sold almost 70 acres of Las Vegas Valley land at auction Thursday.
Opendoor announced Thursday that Japanese billionaire Masayoshi Son’s SoftBank Vision Fund invested $400 million in the company. It did not disclose SoftBank’s ownership stake, but Opendoor said it has obtained more than $1 billion in total equity investments and $2 billion in debt.
Related Group, is in the process of buying three project sites in the southwest Las Vegas Valley to build rental complexes.
Las Vegas homebuilders are fetching rapid sales and record prices, a new report shows, but President Donald Trump’s tariffs are inflating construction costs amid heightened affordability concerns.
Southern Nevada prices were up 13.7 percent in July from a year earlier, compared to 6 percent nationally, according to the SP CoreLogic Case-Shillerindex released Tuesday.
With Carson Kitchen, Donut Bar and other eateries nearby, developer J Dapper has bought a downtown office building and plans to bring more restaurants to the area.
Locally, rental prices for houses were up 5.7 percent in July from the same month last year, compared to 3 percent year-over-year nationally, housing tracker CoreLogic reported this week.
Less than two years after it opened, the Lucky Dragon’s hotel tower is set to close and the property is again headed toward a foreclosure sale.
Lehman Brothers issued at least $1.1 billion in loans between fall 2004 and early 2008 for a dozen deals in the Las Vegas area. Some loans were bigger than others, but the properties all ran into problems.
The apartments can be small and the rents aren’t cheap, but dozens of tenants have moved to the new Fremont9 complex downtown, a member of the development team said Tuesday.
Several months after its casino building closed, the Lucky Dragon’s hotel tower could soon be shuttered too.
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