Housing Complex

In Vegas, Perfectly Nice, New Houses Demolished

Posted by Ruth Samuelson on Oct. 30, 2008, at 12:11 pm

Earlier this week, I talked to a few real estate agents about when they thought prices would start to rise again.

No, one seemed terribly optimistic about a turnaround. Too many houses. Too few buyers. But, hey, at least we’re not living in Las Vegas. Today’s Washington Post zeros in on this market, where builders are literally destroying homes because they have no chance of being sold:

People here have concluded that the reestablishment of a functioning housing market will require pain and patience. And sometimes a bulldozer. At one development in Henderson, the model homes suddenly looked too luxurious for the post-crash economy, said Kipp Cooper, government affairs director of the Greater Las Vegas Association of Realtors. So the builder obliterated them and put up more modest, cheaper model homes.

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