The Value is in the Land

Buy a 700-Square-Foot Home for $1.2M in Las Vegas(January 3, 2006) --

The Naked City neighborhood in Las Vegas, so named because of the strippers that lived there and sunbathed nude in the 1950s, is gaining popularity among developers looking to cash in on the condominium craze.

Brian Gordon of Applied Analysis says 10,000 units in 15 complexes will be finished by late 2006. The frenzy has pushed up the cost of one acre of land in the area by 88 percent to $601,600 over the past year.

Among those hoping to profit is Colombian immigrant Manuel Corchuelo, who is selling a 700-square-foot home that he purchased in Naked City for $30,000 in 1978. Despite the fact that the home is small, poorly landscaped, and full of clutter, Corchuelo believes he can fetch $1.2 million in cash.

The property is located one block from Las Vegas Boulevard, in between the famed Strip and downtown, and a 41-story upscale condo structure is in the works across the street.

"The one thing we know is it's not going down in value," says Corchuelo's real estate agent, Paul Miotke.

Source: Investor's Business Daily (12/30/05)

Ed.'S Note: Can anyone believe this? I hope they follow up on what this plot of land ends up going for, and if/when they do, I will post the accepted price.