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
- What Crispin Odey, And His $12.4 Billion In AUM, Thinks Are The 6 Risks Underpriced By The Market | ZeroHedge
- New Jobless Claims at 307K, a Bit Higher Than Expected | Financial Sense
- America's Frightening "Policing For Profit" Nightmare | ZeroHedge
- The Dire State Of Our Nation (What You Won’t Hear From The Politicians) | ZeroHedge
- Housing Affordability: How Does the U.S. Compare to Canada, China, Australia, Japan, Ireland, UK | Financial Sense
- Did Goldman Just Call The Top Of The "Strong Dollar" Trade | ZeroHedge
- ECB Sets Up Biggest Contrarian Play of 2015 | Financial Sense
The most relevant financial news and articles from the Internets
- Ukraine headache grows for IMF | Business Insider
- Laptop Computer Reviews - BusinessWeek | BusinessWeek
- Why Venezuela Is The 'Most Miserable' Country In The World, Again | Business Insider
- Here Are Some Of The Many Chinese Elites Who Use Offshore Tax Havens | Business Insider
- Kerry heads to Nigeria amid tensions over polls, Boko... | Business Insider
- Davos elites warned about catastrophic cyberattacks | Business Insider
- Dramatic Video Of Sea Rescue Off Scotland Right Before Fishing Boat Sinks | Business Insider