Las Vegas High Rise Condo Foreclosures Overwhelm Valet

So what do Las Vegas high rise luxury condo foreclosures have to do with a valet? Lately it has become a challenging problem.

Since the start of 2009 the real estate market in Las Vegas has been challenging for sure. However, for the past two weeks, we have seen a significant influx of international buyers seeking luxury high rise condo foreclosures. These are cash buyers seeking prime locations near or on the Las Vegas Strip for prices under $600,000.

What I found interesting are the countries representing these buyers. We expect Canadian and the recent Beijing foreclosure buyers but now the buyer location profile is changing. This week we wrote foreclosure offers for buyers from New Zealand, Switzerland and Germany. Two of those offers are now pending transactions. These are savvy, uber-rich cash buyers who seem to really understand prices in Las Vegas and also understand that some luxury high rise condo foreclosures are most likely below replacement cost (per high rise developer estimates).

In thinking this trend was just a short-term anomaly, we asked the valet and concierge staff at the few luxury high rise towers near or on the Strip about recent real estate agent traffic. What we learned is some towers are adding daytime valet staff to handle the agents and their buyers for foreclosure luxury condos. We confirmed this trend with the guards and concierge staff who seem exhausted from foreclosure buyer traffic in their high rise towers lately.

is this a bottom for Las Vegas luxury high rise condo prices? We don't know but one thing for certain, 2009 may not be the bad year we thought it was going to be. There's no doubt 2009 will be the year for Las Vegas luxury foreclosure real estate.

Bruce Hiatt can be reached at (702) 456-7080 x201 PST. You can also follow Bruce on Twitter @LuxuryRealtyGrp.

Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.

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