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September 6, 2008 2:39:53 AM CDT

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Slump Stings Vegas McMansion Owners

Posted Apr 8, 08 2:13 PM CDT in US,  Business 

(Newser) – The housing crisis has caused the number of homes for sale across the country to grow, but in Las Vegas, brokers are dealing with an unusual aspect of swelling inventory—an excess of $1 million-plus listings. Although they're luxury properties with pools and excesses of polished marble, those constructed more than a few years ago are tough to sell because they're considered outdated. The LA Times goes house-hunting.

More than two-thirds of homes for sale for more than $1 million are vacant in Vegas. The shifting emergence of new “it” communities and rising expectations of what perks and how much square footage a premium home has all contribute to the glut of unsold McMansions. And with cheap desert land all around, many top-end buyers prefer custom construction to scooping up yesterday’s dream home.

Source Los Angeles Times

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The mixed-use Village at Queensridge, scheduled to open in Las Vegas by fourth quarter 2008. The $850 million, 29-acre development will feature condos, offices, and retail.   (AP Photo)
The 2004 International Builders' Show Ultimate Family Home is a 5,300-square-foot southwest-style house in Las Vegas' Nevada Trail neighborhood.   (KRT Photos)
The 2004 International Builders' Show Ultimate Family Home is a 5,300-square-foot southwest-style house in Las Vegas' Nevada Trail neighborhood.   (KRT Photos)
A mansion-style home is seen with a for sale sign in front February 3, 2005, in Las Vegas.   ((Justin Sullivan/Getty Images))
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Tags

housing market  • housing crisis  • Las Vegas  • real estate  • Nevada  • inventory growth  • luxury homes


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