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Las Vegas Apartment Market Misses Smaller Investors, Top Broker Says.
Knight Ridder/Tribune Business News, November, 2002
By Hubble Smith, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Nov. 26--Las Vegas is missing out on hundreds of millions of dollars in real estate investment because it doesn't have enough apartment properties for small investors, a top apartment broker said Monday.
Sales of apartment units in Las Vegas totaled $543.6 million through the first three quarters, a 27 percent increase from a year ago, Michael Belnick of Coldwell Banker Commercial ETN said.
There were 445 apartment buildings sold with 10,283 units, an average of $52,900 a unit.
"Slowdown? Where? Not here," Belnick said. "The numbers reflect the strength of our economy. Yes, vacancies are high today, but tomorrow?"
The larger apartment...
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