There's probably no better indication of how high rise fever is sweeping Las Vegas than the asking price of Manuel Corchuelo's 700 square foot home.
Who is Manuel Corchuelo?
He's just an average working class joe like me or you who just happened to be smart enough back in 1978 to buy a home located right by billions of dollars of new and proposed high-rise condo projects.
For much of the past 25 years, you couldn't give his dead-locked piece of land away. Today, it's on the market for $1.2 million - and he'll get it! Not bad for a $30,000 investment.
Corchuelo's home is one block off Las Vegas Boulevard and across the street from the 41-story Allure high rise project currently under construction. Card dealers and nude sunbathing strippers used to live in the neighborhood, giving the area there the nickname "Naked City". Then it became a hotbed of crime and prostitution. But now, it's better than California beach-front property.
My advice to Las Vegas downtown real estate owners: hold out for more!
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