Trends Underway in Las Vegas for Urban Condo Living

Posted by Bruce Hiatt - June 22nd, 2008
Categories: High Rise Condos

At the monthly Las Vegas Highrise and Condominium Association (LVHCA) meeting held June 20, 2008, emerging new trends for urban condominium living were unveiled.

Various city and county planning representatives were the key players on a discussion panel to reveal current trends towards going vertical in Las Vegas with condo and hotel condo projects. The current trends show a new focus for urban condo living and a more contrasting viewpoint between living in the Las Vegas resort corridor area known as the Strip and the Downtown Las Vegas area.

The Downtown area is now trending towards loft type style living such as Juhl. That area’s planning now shows that high-rise condo and hotel condo projects will be more favored in the Strip area than the Downtown area. Example projects in the high-rise category would be Sky Las Vegas for residential condo and Trump International Hotel and Condo for the hotel condo. So expect to see more low to mid-rise type urban living projects being promoted in the Downtown area of Las Vegas in the future.

It was also interesting to learn that while over 16,000 condo units have been granted use permits for the Downtown area, less than approximately 5% to 8% of those are expected to become real projects over the next 18 months. Very few of the user permitted condo projects have taken the next steps in the development and planning process with the City of Las Vegas.

What this means for the Strip area is more limited supply of higher priced, high-rise residential condo and hotel condo projects as that appears to be the primary area that can obtain financing for such projects. That of course does not mean that financing is easier in the Strip area under current market conditions, it just shows how Downtown is changing its focus for the type of condo project it wants to see built.

Downtown is also planning more Class A type office buildings and more commercial services for urban dwellers to compliment the new urban living loft style residential condominium projects it seeks to be built.

Clearly more trends are underway for the Las Vegas condo and hotel condo projects from low to mid-rise to high-rise in the future. As we learn more of these trends we will report them here on the Las Vegas High Rise Blog.

If you are seeking to buy or sell your luxury Las Vegas condo or hotel condo please contact Bruce Hiatt at (702) 456-7080 x201.

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

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