I agree, this property is grossly overpriced. There are just too many properties out there of similar size and quality that are priced at $125 / sq. ft. and below.
This is the kind of property that is going to see price reductions and its "value" be attacked. When the media and whatever "experts" are out there saying prices will drop another 10%-15%, it is the over priced properties like this one that are the poster children for it. However, there are literally thousands of properties available throughout the valley that are aggressively priced and would be considered great purchases now.
If you have any further questions, please feel free to contact me anytime.
Mike Dobranski, REALTORÂ®
Keller Williams Realty - The Marketplace
Las Vegas / Henderson, NV