Think Miami and Las Vegas Real Estate Inventories Are Equal?
Posted by Bruce Hiatt - January 27th, 2009
Categories: High Rise Condos, News
I’m sure you keep seeing in the media how Miami’s real estate is just as bad as Las Vegas. Well, today’s Wall Street Journal gives a huge wake-up call to that comparison. It’s just plain wrong!!
Miami is currently showing its real estate fundamentals as having 29.5 months of real estate for sale. That’s nearly 3 years and more foreclosures are on their way in that market.
Las Vegas is showing its real estate fundamentals, per the Wall Street Journal, as having 11.6 months of inventory. When Las Vegas real estate was going through its strong upswing in prices and sales starting in 2003, it was hovering around 6 months of inventory. Las Vegas is already experencing a significant increase in real estate sales lately with a high percentage of the properties either bank owned through foreclosure or resale properties priced at similar price points. Some of those resales are now including luxury foreclosure real estate in Las Vegas.
If you dissect Las Vegas single family homes and high rise condos, you have another surprising statistic. On the Las Vegas Strip along the internationally famous Resort Corridor, there are only 1306 high rise condos built or under construction. That ’s it. The 1306 is comprised of an existing high rise condo known as Sky Las Vegas that has 409 condos with only 42 for resale and CityCenter’s The Residences at Mandarin Oriental and Veer Towers currently under construction.
Lastly, with luxury real estate prices in Las Vegas having corrected to levels that could be potentially below replacement cost, you can now buy a three story penthouse on the Las Vegas Strip that is priced over 50% less than the top floor price per square foot at CityCenter. That’s an amazing opportunity for buyers seeking such a premium luxury condo in Las Vegas.
Bruce Hiatt, Broker, CRS can be reached at 702-456-7080 x201.
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