6 Las Vegas luxury high rise condo Misconceptions Debunked.
Posted by Luxury Realty Group - May 30th, 2007
Categories: High Rise Condos
There continues to be many misconceptions about the Las Vegas high rise condo market. Below are 6 examples.
Want to read about other recent misconceptions? Check out the blog Vegas High Rise Condo Property.
Some Said That luxury condos in Vegas would never work.
MGM MIRAGE CityCenter sold over 1.1 Billion in real estate in 100 days. The Cosmopolitan inventory is over 90% sold out while Trump Tower 1 is sold out and Tower 2 has reserved over 400 units. Properties including penthouses at Allure have done great while downtown has also experienced good results at places like Juhl, Streamline, Newport Lofts, Verge and Soho. It is worth noting that Verge (a concrete and steel mid rise downtown) put 70% of their 297 units to hard contract in one day on June 2nd, 2007.
Some Said That prices would go down and not up.
The Residences at Mandarin Oriental sold out almost overnight at an average of $1,600 a foot in 2007. Palazzo is expected to average $2,000 a ft and The Plaza may be even more. Average price per square foot has not gone down once in the last four years in the luxury condominium market in Vegas. Understanding why is key.
Some Said There was too much residential inventory on The Strip
As of 2007 only one residential Las Vegas high rise condo on the Strip exists with only 409 units. That is the beautiful Sky project. There will not be another pure residential property on the LV Strip until VEER Towers in 2009.
Some Said That buyers wanted an ocean view and would never purchase and pay Miami prices here.
This has easily been proven wrong. Some prefer city lights over ocean. Each have their benefits. Strip view units come alive at night as the ocean goes dark. For that they carry a premium of around 100k over mountain views. They are the also the quickest to sell.
Some Said That luxury condos were to blame for the slow single family home market.
The single family home market is slow because developers overbuilt and lenders gave money to anyone with a pulse. These two markets have nothing to with each other.
Some Said That 90,000 units have cancelled because of slow sales.
And land flipping developers and construction costs had nothing to do with this? Many projects with no chance have been announced. Their demise had nothing to do with slow sales.
Do your research and consult a specialist
We have over 150 sales in the Las Vegas high rise condo market.
Let our experience in this niche help you!
Aaron Auxier, REALTOR® can be reached at 702-205-1818.
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.
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Copyright © 2007 Aaron Auxier. All Rights Reserved.
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All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive. See DISCLAIMER.
Copyright © 2008 Luxury Realty Group LLC. All rights reserved.