Leaving Las Vegas When it Comes to Real Estate
High end homes in Las Vegas are facing repo and the city has the highest foreclosure rates in the nation. Even the rich are hurting in Vegas.
Nicolas Cage, the Oscar-winning star of “Leaving Las Vegas,” bought a seven-bedroom home with a panoramic view of the city’s casino-lined Strip in 2006 for $8.5 million. By January 2010, it was in foreclosure.
The next owner, who property records show paid $4.2 million, has put the house on the market for $7.9 million -- an “unrealistic” price, according to Zar Zanganeh, the broker handling the listing.
“It’s sad,” Zanganeh said, his high-heeled boots clacking on the marble floor as he gave a tour of the 14,000-square-foot (1,300-square-meter) mansion featuring a six-person steam shower and a closet the size of a small apartment. “There’s a lot of inventory, a lot of homes like this waiting for an owner.”
A growing number of high-end homes are selling at a loss or facing repossession by lenders in Las Vegas, which already has the highest rate of foreclosure filings among large U.S. cities. The wave of defaults that began with subprime borrowers and the unemployed has spread to upscale homeowners who see no point of staying even if they can afford to. Continue>>
Best of the Blogs
Scanning and identifying the best blog entries every hour
- Obama: "We Don't Have A Strategy Yet" | ZeroHedge
- Initial Jobless Claims Drop Back Under 300k, Continuing Claims Rise | ZeroHedge
- Fissure Eruption Begins In Iceland As Bardarbunga Magma Breaches The Surface | ZeroHedge
- "Markets In Turmoil" S&P 500 Loses 'Crucial' 2,000 Level As Bond Yields Slump | ZeroHedge
- Inside the Market’s Mind: Debt, Growth and Politics | Financial Sense
- Has Ukraine Shot Itself In The Foot With Gas Pipeline Deal? | ZeroHedge
- Small Cap Relative Strength | Financial Sense
The most relevant financial news and articles from the Internets
- 23 Tech Rock Stars Who Went To Harvard | Business Insider
- Meet The 16-Year-Old US Open Tennis Phenom Backed By Bill Ackman | Business Insider
- UN confirms 43 UN peacekeepers seized in Syrian Golan | Business Insider
- Erdogan to be sworn in as Turkey's new president | Business Insider
- Salesforce.com Wants To Be The New LinkedIn (CRM) | Business Insider
- How To Choose The Best Photos For Your Online Dating Profile | Business Insider
- Family Dollar Takeover: The Ball Is in Dollar General’s Court | TheStreet.com