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Las Vegas, NV Area March 2009 High Rise Inventory Update

Las Vegas Area High Rise Rental Statistics

Rentals:

  • 336 Listed 4/14/2009
  • 18 Under Contract 4/14/2009
  • 65 Leased March 2009
  • 5.2 Months Inventory

Las Vegas Area High Rise Resale Statistics

Resales:

  • 897 Listed 4/14/2009
  • 52 Under Contract 4/14/2009
  • 35 Closed March 2009
  • 25.6 Months Inventory (=2.1 years)

This Market is extremely volatile due to the boutique nature and lack of financing. Read last month's report here.

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description. Information is deemed reliable but not guaranteed.

Read the most current market report for the Las Vegas High Rise Sector right here.

If you are thinking about buying or renting a high rise condominimum in the Las Vegas area, please call 702-966-2494. Press 1 if you are a buyer or press 2 if you are a renter. For financing options press option 3. For selling or leasing/property management press option 0. We will not list condos that have not yet closed with the builder or are not interested in contract reassignments. Para español presione el cuatro.

Posted Wednesday Apr 29

Renee:


It seems that the highrises are lagging the rest of the market. Is it a completely different demographic? More resort people?


Richard

Richard:  There is no financing (that I know if at conforming or near conforming rates) + it is a pretty boutique market.  Too much inventory, too little buyers = we still need a correction in this sector. 


We have seen SOME improvement due to REO (bargain pricing) coming into this market but it is only the beginning.  I call anything over 12 months "depressed" and expect large declines.  I have seen MGM Turnberry Residences going for under $200K.  Owning a piece of the strip for that amount is just insane.  Soho (not on strip but in arts district near downtown) is going for about 1/3 of what they originally sold for just a couple of years ago.

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