Not a day goes by when you wont find negative press about the state of the local real estate market in Las Vegas. While most of these articles have statistics that anchor the demise of the local market, they also group the entire market into a single category.
This often distorts the big picture about the overall health of the market.
For example the sales office at MGM Mirage CityCenter recently raised prices on the remaining inventory for their luxury high-rise condos. Sales at CityCenter have been impressive and are approaching the $2billion mark. This amazing city within a city is scheduled for completion in late 2009 and will be the most costly privately funded construction project ever.
The single family home market as a whole in experiencing a large number of foreclosures. Investors in the mid range single family home market invaded the valley in the late stages of the real estate boom and are now paying the price. These short sales and foreclosures are being scooped up by savvy buyers who see strong job growth and a robust local economy as reasons to take advantage of the investor flop.
As is the case in many markets the higher priced area's are a different story. Communities like The Ridges Las Vegas, and Red Rock Country Club Las Vegas, on the western edge of the Las Vegas Valley are stable and have seen a much smaller number of distressed sales.
The main point is that large metropolitan area's like Las Vegas are complex and have many sub-markets. To lump them into a single category doesn't tell the whole story.
We are Tom Garcia and Amy Garcia of Luxury Realty Group and the Garcia Group. we specialize in luxury home sales in the Ridges Las Vegas and Red Rock Country Club Las Vegas, as well as luxury high-rise condos in the resort corridor. Contact us for more information on luxury living in this dynamic city.
Contact us direct 702-360-6645
www.LuxuryHighRiseCondoDeals.com
2008 The Garcia Group all rights reserved
all information in this blog is subject to change and should be considered time sensitive.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
Post a comment
Temporarily disabled — coming soon!