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An anecdote that I previously posted on another thread and will repeat here:

A couple months back, I flirted with moving from NYC to Las Vegas for tax reasons. I was shocked at the expense of luxury housing there, and construction costs were similarly high (I was quoted $450-$500/sqft, on par with NYC). My realtor explained to me that rich Californians were "stampeding" into Nevada and had increased the cost of all things high-end by 50-100%--basically in the span of a year! She was very bearish on the market.

It seems some measure of rich flight is playing out in California/Nevada; enough to transform segments of the housing market. It's not far-fetched to imagine the same with New York/Florida.

I don't know WTF you were looking at, but I was just in LV with my Dad looking at property. Many of the brand new Turnberry high rises (they're like 20 - 35 stories) rent for $1/square foot/month and sell for like $100 - $200/square foot. They are absurdly cheap, as most of the other places he looked, and they're modern.

Keep in mind that some have unreasonable asking prices. So I don't know what you were looking at, but the market is falling in LV (my Dad has been seeing price drops over the time period he's been looking). Here is some quick data via Duck Duck Go: https://ballenvegas.com/las-vegas-real-estate-market-report/...

All fair points. I'm an outsider, so I don't know what a "fair" price looks like, or how that's evolved over time. FWIW, I was looking for single family homes in Summerlin and Henderson. A quick Zillow search indicates plenty of inventory at $500+/sqft; it was at this price point that I found the homes began to compare favorably to other luxury markets around the country.

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