These newly reported statistics, courtesy of  SalesTraq, are consistent with the increased number of buyers contacting Luxury Realty Group since March 2009.  These buyers are primarily cash buyers who are seeking luxury high rise condo deals such as foreclosures.

We just closed a foreclosure luxury condo in Turnberry Towers with our buyer from New Zealand.  This was a cash deal just like our other recent buyers looking for that good Las Vegas condo foreclosure deal.  Another cash buyer, this one from Switzerland, just grabbed a great two bedroom luxury foreclosure in Sky Las Vegas.  Maybe buyers in the US are hesitant about buying but the foreign buyers are targeting Las Vegas luxury foreclosure condos lately and getting the good ones. 

If you have interest in buying a luxury high rise condo foreclosure in Las Vegas please contact us soon.  Statistics are showing us limited supply continues to be the case for luxury high rise foreclosures lately.  Las Vegas luxury real estate appears to be gaining momentum lately and we hope you are considering Las Vegas as your new home, second home or vacation home.

Luxury Realty Group has seen a significant increase in foreign cash buyers of foreclosure condos in recent weeks. Further, these foreign buyers are from countries not typically buyers of Las Vegas luxury foreclosure condos such as Switzerland and New Zealand.

The most sought after luxury foreclosure condos by foreign buyers are located in Sky Las Vegas, Turnberry Place and Turnberry Towers. Typical prices purchased approach 50 cents on the dollar of the original purchase price.

For the latest Las Vegas luxury condo foreclosures you can find such properties by specific high rise.

Contact Bruce Hiatt at (702) 456-7080 x201 for more foreclosure information.

During April 2009, prices for luxury high rise condos, especially Las Vegas luxury high rise condo foreclosures, have attracted buyers all over the world.   With a limited number of luxury high rise foreclosures in Las Vegas in the Strip resort corridor area, things have heated up.  Buyers are now experiencing multiple offer situations and losing out on opportunities to buy Las Vegas luxury foreclosures in the high rise condos near the Strip.  Luxury Strip Resort area high rise foreclosure condos under $500,000 are highly targeted now for purchase by cash buyers.

For example, Luxury Realty Group just sold a two master, two bedroom luxury high rise condo in beautiful Turnberry Place for $192 a square foot at $422,000.  High rise developers tell us you cannot build luxury high rise condos for that price anymore.  This particular luxury condo was a Turnberry Place high rise condo foreclosure and the buyers was driven to purchase because they believed prices in Las Vegas were near the bottom of the market for such luxury level high rise condos.

Similar buyer perspectives are now occuring in Sky Las Vegas where only a handful of luxury high rise foreclosures are on the market.  Our buyers are frustrated as several have recently lost out on buying Sky Las Vegas condo foreclosures due to multiple offer situations.  

Contemporary luxury Turnberry Towers high rise condo towers are another very popular community our foreclosure buyers have targeted.   Prices have rolled back for Turnberry Towers luxury condo foreclosures in some cases to a 40% to 50% price reduction over the original purchase price.  One of our Turnberry Towers luxury condo foreclosure cash buyers just purchased a two bedroom condo under $500,000 that has balconies on either side of the tower.

With multiple offer situations now occuring in some cases for luxury Strip Resort area high rise condo foreclosures, we expect to see an increase in the number of high rise foreclosure condo buyers entering the market for the rest of 2009.

We first experienced a buyer from Switzerland who wanted to buy a foreclosure in Sky Las Vegas, Turnberry Towers or Turnberry Place.  Of course when luxury high rise condo foreclosures now show prices as low as $200 a square foot you can imagine the strong interest level.  High rise developers tell us that just the hard costs to build a new high rise luxury condo are north of $300 a square foot.  When you add the soft costs like permits, architectural renderings and marketing you can imagine the real replacement cost numbers per square foot.

So far Luxury Realty Group has represented buyers from Germany, Switzerland, New Zealand, England and Canada over the past three weeks making offers to buy Las Vegas luxury high rise condo foreclosures.  Was this just a fluke or is trend beginning to happen?

In speaking with the doormen and concierge of the prime Las Vegas Strip area residential high rises, we learned the number of real estate agents showing luxury condo foreclosures has been significant recently.  So significant that one high rise condo tower employee told me they are having to add additional staff to handle the valet parking for real estate agents and their clients.

Does this mean Las Vegas is reaching a bottom for luxury high rise condos?  No one knows for sure but what we can see is a sudden high demand for the very few luxury high rise foreclosure condos.

If Las Vegas luxury high rise foreclosure condos are of interest to you please contact Bruce Hiatt today.

Course it’s not what you think.  Today the workers on this incredible new hotel, which sits directly across the street from the luxury high rise condos of Sky Las Vegas, continued installation of the last major row of glass skin on this giant.  With just one row remaining, Fontainebleau Resort Las Vegas is almost all glass skinned. 

Fontainebleau Resort Las Vegas Glass Installation

Placed into perspective is the overall size of this mega giant resort.

Fotainebleau Resort Las Vegas Hotel

Fontainebleau Resort Las Vegas Pool Deck

The three reasons are:

1. Prices for Las Vegas luxury high rise foreclosure condos in the Resort Strip corridor have fallen in some cases below $300 a square foot.  Luxury Realty Group just sold a luxury high rise condo for below $200 a square foot this week.  High Rise developers tell Luxury Realty Group they cannot build a high rise condo at such prices per square foot in prime Resort locations.
2. Mortgage interest rates continue to fall for loans conforming to Fannie Mae limits
3. Some of the luxury high rise condo foreclosures are unused or slightly used, investor properties resulting in buyers being able to purchase a new or “looks like new” condo at half price or more from the luxury high rise condo peak prices in Las Vegas.

Considering buying a luxury high rise foreclosure condo in Las Vegas?  Contact Bruce Hiatt today so he can create your own private high rise condo foreclosure search that meets your special search criteria.

Bruce Hiatt can be reached at (702) 456-7080 x201 PST.  You can also follow Bruce on Twitter @LuxuryRealtyGrp or subscribe to our RSS feed at www.LasvegasHighRiseBlog.com or www.FineVegasHomesBlog.com.

Luxury Realty Group is recognized by the press as a leading brokerage on the Strip.  They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.

Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

www.LuxuryVegasForeclosures.com provides pre-defined searches for Las Vegas luxury homes and luxury high rise condos.  For the high rise condos, specific short sale and foreclosure targeted searches are pre-defined by high rise tower.

The creator of this new website, Bruce Hiatt, broker-owner of Luxury Realty Group, said “We are the first real estate brokerage in the Las Vegas area to offer a luxury short sale and foreclosure real estate targeted website.  We know from feedback of users who participated in our beta version of the website that pre-defined searches were difficult to find on Las Vegas real estate websites. We believe we’ve filled a niche missing in our market until the arrival of LuxuryVegasForeclosures.com”.

Luxury Realty Group has already closed transactions in 2009 for both short sale and foreclosure luxury properties.  Such transactions are expected to increase in 2009 with more of luxury real estate moving into short sale and foreclosure status in Las Vegas.

Bruce Hiatt can be reached at (702) 456-7080 x201 PST.  You can also follow Bruce on Twitter @LuxuryRealtyGrp or subscribe to our RSS feed at www.LasvegasHighRiseBlog.com or www.FineVegasHomesBlog.com.

Luxury Realty Group is recognized by the press as a leading brokerage on the Strip.  They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.

Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

Las Vegas is showing its real estate fundamentals, per the Wall Street Journal, as having 11.6 months of inventory. When Las Vegas real estate was going through its strong upswing in prices and sales starting in 2003, it was hovering around 6 months of inventory. Las Vegas is already experencing a significant increase in real estate sales lately with a high percentage of the properties either bank owned through foreclosure or resale properties priced at similar price points.  Some of those resales are now including luxury foreclosure real estate in Las Vegas.

If you dissect Las Vegas single family homes and high rise condos, you have another surprising statistic. On the Las Vegas Strip along the internationally famous Resort Corridor, there are only 1306 high rise condos built or under construction. That ’s it. The 1306 is comprised of an existing high rise condo known as Sky Las Vegas that has 409 condos with only 42 for resale and CityCenter’s The Residences at Mandarin Oriental and Veer Towers currently under construction.

Lastly, with luxury real estate prices in Las Vegas having corrected to levels that could be potentially below replacement cost, you can now buy a three story penthouse on the Las Vegas Strip that is priced over 50% less than the top floor price per square foot at CityCenter.  That’s an amazing opportunity for buyers seeking such a premium luxury condo in Las Vegas.

Let’s see exactly what the real numbers are.  Would you believe 1306 Las Vegas luxury residential condos along the Strip with 409 existing and the rest under construction?  This detailed video reports gives you the inside scoop on the real numbers and you will see just how far off the mark the media has gone regarding Strip condo statistics.

Follow the read more to watch the video: