Las Vegas High Rise Blog » Panorama Towers – Las Vegas Resale MLS inventory Update (April 18th, 2008)

Panorama Towers – Las Vegas Resale MLS inventory Update (April 18th, 2008)

Posted by Luxury Realty Group - April 19th, 2008
Categories: High Rise Condos

Panorama Towers in Las Vegas currently has 106 listings for sale, many priced below 500k. This Las Vegas high-rise condo project offers competitive price-per-square-foot opportunities when compared to prime-location properties on the Las Vegas Strip. Just how low?

Panorama Towers’ Resale MLS inventory Update (April 18th, 2008)

Out of the 106 listings current resale listings in Panorama Towers:

-The lowest priced property was a short sale listed at $300,000
-24 properties were listed for sale under $500,000
-18 properties were listed for sale under $400 per-square-foot
-6 properties were listed for sale under $400,000

Things to consider

Land on the Las Vegas Strip (Resort Corridor) experienced sales up to $34 million an acre in 2007.
Per the Clark County Land Assessor, Strip land values saw up to a 99 percent increase in 2007.
Current prices and inventory at residential off-Strip high-rise developments such as Turnberry Towers, Turnberry Place, Panorama Towers, and Allure Las Vegas reflect challenged times in the real estate market.
MGM MIRAGE’s $8.4+ billion CityCenter development set price-per-square-foot records of over $2,400 a square foot in 2007 at The Harmon Residences.

Questions

Is it possible that the luxury condominium resale market has over corrected itself?
Has the media misunderstood why so many projects have been cancelled?
What do so many high-rise cancellations mean to future projects?
Has the mortgage lending industry contributed to the challenged market in Las Vegas?
What will future prices at projects like Fontainebleau Resort, The Plaza Hotel, and Palazzo Luxury Condominiums look like?

Only you can make the final decision of whether or not Las Vegas offers the right opportunity for your next primary residence, vacation property, or real estate investment. The best way to make a qualified decision is to do the research.

Aaron Auxier, REALTOR®, ABR can be reached at 702-205-1818.

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

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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.