Sunday, May 30, 2010

Speaking of Bad Condo Markets...

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.

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