It doesn’t take long for the new to become old in Las Vegas:
LAS VEGAS — They blow up aging casinos in this town. Now, some are wondering what to do about yesterday’s desert dream homes.
The housing slump has fattened the inventory of unsold homes throughout the country. But there’s another twist to the story here — a glut of glitzy homes.
About 1,000 houses are listed for sale in Las Vegas for $1 million or higher, more than 600 of them built since 2004. But unless they’ve been built in the past year or two, the properties are considered out-of-date — making them all that more difficult to sell, real estate agents say.
Just as casinos on the Strip compete fiercely to be the prime destination— and seldom hold that distinction for more than a couple of years — houses and entire neighborhoods in Las Vegas are quickly eclipsed by flashier newcomers.
More difficult financing has also hurt upper end housing, compounding the difficulties of selling more expensive property- Not that the problems are exclusively in the luxury properties:
