Slump Stings Vegas McMansion Owners

Curious aspect of swelling home inventories: unsold palaces
By Nick McMaster,  Newser Staff
Posted Apr 8, 2008 2:13 PM CDT
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)
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(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excesses of polished marble, those constructed more than a few years ago are tough to sell because they're considered outdated.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. (Read more Las Vegas stories.)