Empty Las Vegas

Amongst the enormous resort complexes and hotels and condos of the Las Vegas strip area (more properly, perhaps, Paradise and Winchester) are a surprising number of empty lots. In an area that clearly produces so much revenue it's strange to see substantial parcels that remain abandoned and undeveloped.

As with many real estate oddities, much of the empty land found in the strip area can be attributed to hubris. Developers planned projects with enormous budgets, and in many cases made some progress on planning and even construction, but were ultimately unable to raise the funds to bring the project to completion. The situation is particularly extreme in Vegas since just about every developer dreams impossibly big, as you will see here.

It is also useful context to understand that Las Vegas experienced a fairly extreme condo boom in roughly 2004-2008. The deluge of new condo projects was so severe that the limited number of contractors able to take on such major projects in Las Vegas increased their rates (and timelines) significantly, making the whole set of condo projects somewhat self-defeating. The 2008 housing crisis was the final nail in the coffin of many such projects, and so that mid-2000s timeline recurs often in the area's various failed projects.

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  • Last modified: 2020/11/16 23:46
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