They are building condos near me. I was stunned to find out the price was 195k for a two story 1500 sq ft unit. first, having half the unit on the second floor accessed by a very steep staircase was ridiculous. Secondly, the area won’t support that price. Then, I found out why they were so highly priced. Some unknown quantity of the units are “affordable housing.” Meaning, they will sell at significantly lower prices. After nearly a year on sale not one unit had been sold. Then they put up a for lease sign. After six months not one unit was leased. Now, they are still building but the entire complex of 100 units will be sold, likely to the government or Blackrock and the entire thing will be Section 8. I’ll be investing in a security system.
In 2007-2009 they had built or were in the stages of building many thousands of condos in Vegas. Some came on market just as the market crashed. People with signed deals either had to pay the deal price (even though it was worth some 30% less, or lower for other units that weren’t yet under contract) or lost their loans because the appraised values crumbled.
One of those project that had the beams up but not the inner walls had to be taken by a bank, who redesigned the interior and turned it into the Cosmopolitan Hotel & Resort. Took them a decade to turn a profit (by selling the property).
“Affordable housing” requirements like that are all the rage with Leftist city councils and county commissions. They should be fought tooth and nail.
Move now.
Bkmk