Sunday, May 30, 2010
If you thought my recent post about the Hue development in Raleigh, N.C. was troubling, check out this recent story regarding Las Vegas:
Earlier this month, Houston-based Metrostudy reported that Las Vegas has more than 8,200 condominium units that are sitting empty, including those still vacant in CityCenter.
Murphy said Las Vegas has a 20-year supply of condominiums whose prices are down 60 percent from the peak of the market a few years ago. Some high rises aren’t selling for that much more per square foot than single-family homes, he said.
Our fellow blogger, Prof. Pindell lives in Vegas. Ngai, is it as bad as it sounds from this article?
--Chad Emerson, Faulkner U.