Local News


728-square-foot home on market for $7 million in Naked City

Posted at 12:17 AM, Nov 17, 2016
and last updated 2016-11-17 03:24:37-05

It’s a quaint 728-square-foot Las Vegas home on a 7,000-square-foot property, and the owner thinks it is worth $7 million.

The home with Feliz Navidad painted across the front window is in Naked City, an area long associated with crime.
Zar Zanganeh, the owner of Luxe Estates Lifestyles, says the home isn’t worth anywhere near the asking price.
"$100,000 a square foot. That is an unheard of price. Not even Manhattan get those numbers," Zanganeh said.
The property on Cincinnati Avenue sits one lot away from a vacant apartment complex that has caught fire five times this year.
Firefighters say squatters are believed to be responsible for all of them.
Zanganeh said no homes or apartment complexes in the area have sold for more than $238,000 in the past six months, but that isn’t keeping the homeowner or his neighbors from asking for inflated prices.
"The property right next door to it is listed for $995,000, which is still a ridiculous price," Zanganeh said.
Part of the reason for the increased price could be the Lucky Dragon hotel-casino across the street that set to open in the coming weeks.
Zanganeh says at this point that doesn’t have much impact on the property values since the homes are only zoned for residential and would need to approval from the Las Vegas City Council before anything other than homes could be built on the properties.
While Zanganeh says it is a long shot that the home will sell for the asking price, it isn’t unheard of.
He points to the Adult Superstore on Main Street and Bonneville Avenue that sold for way above market value a decade ago.
"In 2006 that property sold for $9.5 million. Today it is assessed at a tenth of that value," Zanganeh said.
The owner of the property declined an interview with 13 Action News Wednesday.