Las Vegas Hotel Condo Supply Has Dropped 6% in 3 Months
Posted by Bruce Hiatt - November 15th, 2007
Categories: High Rise Condos
If a fully furnished luxury hotel condo deal in Las Vegas is on your radar, don’t try to time the market to buy. As of today, 11 hotel condo units are already under contract and more are on the way at MGM Signature. Just over the past three months, the number of MGM Signature resales have dropped from 252 to 162 across three towers which is a reduction from 15% to 9% of all total units in existence at Signature. Supply continues to shrink on a weekly basis.
Savvy buyers are doing their homework and grabbing the very good deals available right now at MGM Signature in Las Vegas. What do they know that you should know? Well for starters, they know that shrinking supply means rising prices and supply is signficantly shrinking at MGM Signature.
Have you traveled to New York or Toronto recently? Seen the hotel nightly prices at $400 and higher for a mediocre hotel room? If you have stayed at the “Four Seasons” like MGM Signature in Las Vegas lately then you already know what savvy buyers know about this great hidden treasure. A property of this high luxury level should be selling its fully furnished Strip facing luxury hotel condo junior suites in the $500,000 to $1 million range. Large one bedroom fully furnished Signature condos should be selling, especially those facing the Las Vegas Strip, in the $750,000 to $2 million range.
With all of the media bashing of the Las Vegas real estate market on a daily basis, it has some sellers placing their MGM Signature hotel condos on the market at bargain basement prices. Such prices are in many cases less than what the seller originally paid.
How about a fully furnished junior suite with jetted tub, plasma screen TV, high thread count sheets, microwave and cook-top facing the Las Vegas Strip selling for $380,000? You can buy this incredible deal if you act soon as it is one of the best prices we have ever seen.
As for that incredibly luxurious fully furnished one bedroom suite at Signature, you will for sure want one that faces the Las Vegas Strip. With its full kitchen, living room, balcony, two plasma TV’s, washer/dryer combo, jetted tub, two bathrooms and much more you would expect this hotel condo to be priced at $850,000 or higher price range. Would you believe it is available now for $675,000?
As a buyer wanting that second home or vacation home in Las Vegas at a guard gated, luxury property at a bargain price point then MGM Signature is it. If you are trying to time the bottom of this market then your clock is sounding its alarm. Shrinking supply from 15% to 9% in just 3 months is more than enough evidence about bottom timing for MGM Signature.
Call Bruce Hiatt at (702) 456-7080 x201 today and let me give you today’s available inventory status at MGM Signature.
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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