Las Vegas High Rise Blog » International Foreclosure Buyers Target Las Vegas High Rise Condos

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International Foreclosure Buyers Target Las Vegas High Rise Condos

Posted by Bruce Hiatt - March 22nd, 2009
Categories: High Rise Condo Foreclosures, High Rise Condos, News

I thought it was just Luxury Realty Group experiencing a sudden rise in international foreclosure buyers. What are these international foreclosure buyers targeting? Clearly Las Vegas luxury high rise foreclosure condos have been the international focal point over the past two weeks.

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.

Bruce Hiatt, Broker, CRS can be reached at 702-456-7080 x201.
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