Las Vegas Luxury High Rise Condo Market 2007. This ain’t no Miami!!
Posted by - July 23rd, 2007
Categories: High Rise Condos
If you were to evaluate the current market conditions for residential luxury high rise condominiums in the prime strip area of Las Vegas based on local and national media, you could logically assume the sky was falling!! Multiple projects canceled!.. Price of land skyrocketing!.. Construction prices going thru the roof!…What does the above situation actually mean for someone interested in investing in the future development of Las Vegas? And what can we learn from markets that are truly overbuilt?
I will use the Miami Market for my comparison!!
Residential Condominiums near the strip (not associated with casino properties), are actually few and far between!! Condo projects in this market segment consist of Park Towers, Turnberry Place, Turnberry Towers, Sky Las Vegas (the only residential tower located directly on prime strip property), Allure, and Panorama towers. The number of cancelled projects is too long to list, suffice to say more projects in Vegas in the last 3 years have been cancelled than built.
You could make a case that in 24 months, Las Vegas could be looking at a shortage of Residential High rise condos in the prime strip corridor. The land on or near the strip is virtually non existent. The recent purchase by MGM of the large parcel adjacent to Sahara and butting into their Circus Circus property takes the last major undeveloped parcel on the prime strip corridor out of play.
The largest building boom in the history of Las Vegas is ongoing, we are talking about Mega billions in the north strip area alone!!
Now lets compare Las Vegas, to Miami.
I travel to south Florida on a regular basis, While in Miami last month ,out for a run, I counted 46 construction cranes as I ran north on Ocean Blvd from South Beach…Without exception these cranes where atop luxury condo developments! In fact there are over 40,000 Luxury high rise condos on the market or under construction in the Miami area!!!. This is a Staggering number. Some of the developments, desperate for buyers, are posting banners advertising “move in for 5% down”
Compare this to the Las Vegas market where developers are requiring 20-30% down to hold a condominium to build out. This down payment requirement makes Las Vegas a much more attractive investment. Ask yourself who would be more likely to walk from a deal, a buyer with 5% at risk, or one with 30%… You get my point..
At Luxury Realty Group we pride ourselves in being experts in the Luxury high rise market, We believe now is the time to move against the herd mentality and invest in prime Las Vegas property! We are experts in identifying the best projects and positioning our clients in the best properties. We are currently rated #7 for prime strip area luxury Condo sales. We do this with 7 agents!! We are competing against firms with hundreds or in some cases, thousands of agents, If you want to work with the most dynamic luxury brokerage in Las Vegas contact me at tom@luxuryrealtygroup.com or (702)250-6355 direct so we can discuss in detail what I can do for you!
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