Tiny Vegas Home Sits At Center Of Housing Craze

MSNBC.com reports on the Las Vegas condos craze...

You think Phoenix has a lot of high rise condo projects planned for the future? Well Vegas has 93 luxury condo projects, totaling 175 towers, proposed, planned or under construction. Fifteen projects representing 10,000 units are expected to be completed by the end of the year.

Developers tout the boom as the Manhattanization of Las Vegas, the move to "vertically" instead of sprawl. They promise an urban lifestyle, skyline views and celebrity neighborhoods. They court the young, the rich and out of town. About 85% of the condo buyers are non-Nevada residents or investors.

The article profiles Manual Corchuelo's home, a small 700- square foot home that sits right in the middle of all the condo development occurring on the strip. He bought the home for $30,000 in 1978 and is now trying to sell it for $1.2 million. He is banking that a Las Vegas developer will give him his price for another high rise development. More...

Photo courtesy of: Jae C. Hong / AP

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