The Hot Las Vegas High-Rise Condo Market

How many times have we heard? "I'm waiting for the market to bottom out". There are two things in any financial institution, including the real estate, that all experts agree on: it's impossible to time an exact market top and it's impossible to time an exact market bottom. If you think it's better to invest in more solid and safe investments than Las Vegas high rise condos... let's see, perhaps.... Bear Stearns?

Bear Stearns was always viewed as "as solid investment as you can get". Right? Yet we all know by now what just happened... Who can foresee what can happen with others like Merrill Lynch, Fidelity, etc.? How does Las Vegas High rise Condo investment sound to you? Considering the opportunities just arised in the condo market it doesn't even matter because bargains have finally presented themselves to investors and buyers who become eager for action and don't want to sit around forever. The time to buy is now - when everyone else is scared - then to wait for "presumable" market bottom. If you are a champagne lover but you can only afford beer, there are opportunities developing in this market that are just up on your alley.

Resale market
As of June 30 on the resale market, there were 227 luxury high-rise units, excluding condo-hotels, with a median price-per-square-foot of $499. In addition there were 221 condo hotel units with a median price of $832 per square foot. On the average, luxury high-rise condos stayed on the market for 114 days while condo-hotel units stayed on the market for 125 days.

During the second quarter, units that sold averaged $814,000 or $507 per square foot. High-rise, non-condo hotel averaged $545 per square foot; mid-rise residence averaged $287 per square foot

There are right now Units available on both Panorama Towers and Trump Towers with @ $420 per square foot real bargains:

• A 1165 square foot, 2 bedroom 2 bath, 17th floor Panorama high rise condo unit with Strip views going for $549,000. (that's $420 per square foot!). Compare that to CityCenter prices - which is right across the street with a bridge connecting the two projects - where they're averaging about $1,200!

As far as the high rise condo market in Vegas, despite what you read in the paper, there are still 40 cranes in the sky of Vegas strip, there's million dollar construction going on and 100,000 jobs are on their way. The contra pressure from the other end is to great to keep the negative balance static... Somewhere along the way (maybe sooner than we expect) the balance will have to return to equilibrium.

Appreciation / Depreciation
Buyers of condos who bought in the early stages in 2003 and 2004 are $150,000 to $200,000 ahead, but those who bought in 2005 and 2006 find themselves in a difficult position, he said. With a median household income of $53,000, there are only so many people who can pay $2,000 to $3,000 a month in rent to help cover the mortgage.

There's no question that the economy right now is going like a car with its red flashers on. Where are you going to put your money these days? In the stock market?. Definitely not!... Keep the money in the bank? Definittaly not! ... we all know that each and every day the dollar gets devalued. What's there for an investor to do??? The old wisdom: INVEST IN REAL ESTATE! And the time for it was not looking that good in a long time.

Living the vertically life of luxury here in Las Vegas has become more and more popular among the affluent Home buyers. I believe that if you can afford to buy a Las Vegas High rise Condo at the moment and are willing to hold on to it for at least 2 years you will have made one of the BEST investments in your life.

Check out the Trump Towers, Panorama Towers, Boca Raton Condos, The Meridian and more. Visit our main condo web site at Las Vegas Condos for the latest updates.

ELITE REALTY
7448 W.Sahara Ave. #106 • Las Vegas, NV 89117
Office: (702) 856-6680 • Cell: (310) 529-5360

Website: http://www.lasvegas-buyandsell-realestate.com/ • Email: arina.lv@gmail.com

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