57,591 Reasons Why Las Vegas Luxury Condos are Not Miami
Posted by Bruce Hiatt - September 12th, 2007
Categories: High Rise Condos
Where in the world did we come up with a number like 57,591? Ask the media, they’ve incorrectly heard it to be true in Las Vegas. So what are we talking about?
Unfortunately, the number of luxury condos and hotel condos on or adjacent to the Las Vegas Strip have been projected at 58,000 by several real estate analysts. Sounds like Miami which is experiencing similar real statistics for luxury condos and hotel condos. It isn’t the case with Las Vegas.
By the end of 2007, there will be 1622 luxury condos and 1983 luxury hotel condos on or adjacent to the prime Las Vegas Strip area. Want to know the statistics for years 2008 and forward? Become one of our clients at Luxury Realty Group and we’ll keep you informed of our ongoing market research.
OK, so adding 1622 and 1983 together minus 58,000 does not give you 57,591. That’s correct. So what is that number? It is the difference in the number of actual luxury condos on the Strip in existence today. Las Vegas has 409 luxury condos in one luxury high rise tower called Sky Las Vegas which is directly on the Strip. That’s it. No more such Strip address luxury condo inventory will exist until late 2009 when Veer CityCenter becomes live.
So before the media begins to correct the real statistics about Las Vegas luxury condos and hotel condos, reconsider that purchase decision you’ve been putting on hold before there is no longer prime Strip located inventory available at today’s prices.
Wait it out you say? OK, so do the math. You buy now in a luxury condo high rise built on land costing $4.25 million an acre or you wait and purchase the ones coming in the future built on Strip land costing $34 million an acre. We’re talking about $1500 to $2500 a sq foot in the future and it’s going to continue to go up based on current unsatiable demand for Las Vegas Strip land. Dubai World and MGM Mirage are just some of the examples of where this is headed. They’ve partnered to build world class resorts nearby Sky Las Vegas as one example.
So please wait and buy the much higher priced condos in the future so the comps will raise all the good deals we have for you today. That’s what happens to buyers who attempt to time the bottom of the real estate market. The bottom is here now for luxury condos and hotel condos in Las Vegas. Only the savvy buyers are now coming to this conclusion and are buying some incredible luxury condo and hotel condo deals through Luxury Realty Group.
Call Bruce Hiatt at (702) 456-7080 x201 PST and become a member of the VIP Hot Deals Buyer program. That program gives you an opportunity to grab your luxury condo or hotel condo deal today.
Bruce Hiatt, Broker, CRS can be reached at 702-456-7080 x201.
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