Big Las Vegas Losers!
Condo and home prices in Miami and Phoenix have started to rebound, but things seem to be getting even worse in Las Vegas. Sin City was much like Florida and Arizona where condo prices went through the roof in the early 2000s, only to crash when prices became crazy and buyers quit buying. Although the number of unsold, new condos in both Arizona and Florida has been substantially reduced, the Las Vegas inventory remains stubbornly high. City Center is an ultra-fancy development of 602 unsold condos in two towers on The Strip. When things first started to go bad in 2007, the developers said that their place was different, the buyers would show up and they would never lower their prices. But they finally did reduce prices a few years ago. Now they are cutting prices again and raising sales commissions.