USA Buyers Just Don’t Want a Second Chance in Las Vegas
Posted by Bruce Hiatt - October 18th, 2007
Categories: High Rise Condos
The gold rush was on in 2004 when buyers were grabbing Las Vegas luxury condos by the handful. Come 2007 and due to all of the non-stop Vegas real estate bashing by the media, the buyers are just plain scared. Not so with international buyers as they are outsmarting USA buyers every week.
With all of the constant media bashing of the Las Vegas real estate market, most of which has no factual basis when it comes to the prime located luxury condos, USA buyers are running scared and international buyers are bringing their checkbooks. With the US dollar sinking by the minute it seems, the US is on sale Wal-Mart style to the rest of the world for its corporations and prime real estate.
Take for example the Las Vegas luxury condos on the Strip. That’s like buying a luxury condo on Park Avenue or Ocean Drive. Land prices have already increased from $4 million an acre to over $34 million over the past three years. That’s right. During all this doom and gloom Las Vegas Strip land prices have continued to be in strong demand, rising dramatically and yet no one is watching except the international buyers it seems. Well with one exception, as only CNBC appears to be the only one who really seems to get it. Thank you Jane Wells for all you are doing to educate the US public as to what is really going on for luxury condos along the Las Vegas Strip.
Did I mention that while all of this over the top Las Vegas luxury real estate bashing is taking place that international buyers are grabbing amazing deals? That’s right. For example, they are grabbing one bedroom ultra luxury condos with a prime Strip address in the $400,000’s. In Euros we are talking $230,000 to live in a ultra luxury condo on the Las Vegas Strip. That’s insane. Those condos should be selling in the $600,000’s based on the prices new construction and land prices are costing today but sellers just want to exit the market for fear of reading yet again another doom and gloom article about Las Vegas luxury real estate. We want to blame the dropping prices on the sub-prime melt-down but there really is another cause of all of this extreme over correction taking place in Las Vegas. I think you know who the real culprit is.
Well folks, all I can tell you is you have a second chance to grab these amazing deals. Or, you can scream the British are coming because they and the rest of the world are coming in droves to buy Las Vegas luxury condos.
Call Bruce Hiatt at (702) 456-7080 x201 today or visit online at www.LuxuryRealtyGroup.com as there are some great opportunities that are not going to be around very long.
Copyright 2007, Luxury Realty Group, Inc. All Rights Reserved.
Bruce Hiatt, Broker, CRS can be reached at 702-456-7080 x201.
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