The Real Deal Miami

National briefs: Sin City recovery elusive, Nic Cage’s homes go to auction

Commercial and residential real estate news briefs from the most active U.S. markets
December 11, 2009 11:49AM

From the New York December issue: A commercial real estate recovery in Sin City is not in the cards, at
least for now. A report from the Urban Land Institute and accounting
group PricewaterhouseCoopers said the market will get worse in Las
Vegas before it gets better. “After more than a year spent in suspended
animation lagging the already shattered housing market, the commercial
real estate industry will hit bottom in 2010,” the report said. Local
unemployment has reached nearly 14 percent and the city’s crucial hotel
industry is grappling with dwindling occupancy, the Las Vegas Sun
reported. Compiled by Amy Tennery