Las Vegas land prices plummet near a record devaluation of 74 percent due to the real estate market and higher than normal commercial real estate vacancy rates.
Third quarter real estate sales this year have been 427 acres for an average price of $524,725 an acre. This is a massive decrease from the 2007 same quarter totals.
Bonds issued by MGM Mirage backed by New York New York Vegas casino. This past week the gaming company issued $750 million in senior secured notes.
The private offering notes will be due 2013 will allow the buyer to receive a 15 percent yield and 13 percent interest will be paid by MGM Mirage.
Las Vegas Fashion Show mall planned sale to save real estate investment trust from financial woes this week. General Growth Properties is the owner of three malls on the Strip including Shoppes at Palazzo, Grand Canal Shoppes and Fashion Show.
Newport Lofts in Las Vegas slashed luxury condo prices with incredible luxury condominium sale and are priced from &199,900. The unveiling of their new sales center, Oct. 24 – 26 in the high rise, will kick off their new home buyer’s incentive.