TIME.com: Vegas Condos Go Cold -- Page 1: "Over the past two years, as high-rise fever spread across town, prices for the luxury apartments ballooned, fetching as much as $500 to $1,000 a square foot or up to $1.5 million for a one-bedroom at the peak. Buyers, mostly interested in flipping them for quick profits, eagerly anted up five-figure down payments, while developers planned more than 70 luxury towers holding a total of about 43,000 units on or near the Strip and downtown. But the intense competition for the city's limited supply of contractors sent construction costs skyrocketing 30% last year, just as lending policies tightened, interest rates climbed and sales started to slow."
OK, now, am I the only one who thinks any kind of real estate boom in Nevada is bound to crash? C'mon people. I know it's Vegas, but this is a state that has nothing...but...real estate. There will NEVER be a shortage of places to build, so obviously the builders are going to build until there are more buildings than buyers. For prices to climb, demand must outpace availability. We could relocate NYC, LA and Chicagoland to Nevada and barely cause a blip on the MLS.