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Vegas Condo Appreciation Soars as Supply Dwindles
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Added: 01/27/2006
Type: Summary
Viewed: 440 time(s)
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Vegas Condo Appreciation Soars as Supply Dwindles
In an effort to help buyers and realty professionals understand and navigate the volatile Las Vegas high-rise condo market, Condos & Townhomes Magazine hosts an annual event called “The Las Vegas Highrise Conference.” The event draws buyers from around the country looking for a sound investment in the entertainment capital of the world.
This year’s featured speakers include Las Vegas’ leading architecture firm, JMA Architecture studios, and the leading Economic Analyst, Applied Analysis. Held on February 7th, at the Tropicana Hotel, the event will offer a complete overview of the Las Vegas housing market.
Also featured at the event will be a selection of quality, pre-screened condominium developments, many of which are currently under construction. Buyers can compare units side by side at the conclusion of the event. For more information and tickets, log onto www.condosandtownhomes.net
About the Las Vegas condo market-
The recent high profile failures of several high-rise condominium projects has the Las Vegas housing market in a mild panic. Not even super-developer the Related Companies is immune to the shock as it announced the withdrawal of Icon, a two tower development located just off of Las Vegas Boulevard.
The culprit: Rising construction material costs and low supply of qualified labor due to several large projects including MGM Mirage’s Project City Center, a $5 billion dollar development.
Not many months ago the buzz of the “Manhattanization” of Las Vegas was on everyone’s mind. “It was a frenzy of luxurious condo, condo/hotel, condo/hotel/casino projects being thrown at you”, said Phil Nico a potential buyer in the Las Vegas market.
The optimism of a gambler had taken over the market and a gamble it has been. With the fall out of several projects, the market is facing a shortage of available units to meet the global demand that Vegas draws. “The largely out of state buyers that own a piece of a luxury condo under construction are seeing terrific appreciation; they are the big winners. There is still tremendous opportunity to live and invest along the Strip, but only for a while longer. Soon construction prices will make the market untouchable to most.” says Ben Peterson, the Editor of Condos & Townhomes Magazine.
There are currently 20 towers under construction; many with units left. Over the last two years 5 towers have been cancelled. “The Las Vegas market is extremely healthy to absorb all of these new units and buyers from around the world still demand more,” said one local broker.
Rising construction costs have been particularly hard on developers, but they are preventing overdevelopment, keeping supply in check. Buyers that enter the market right now will be able to ride a wave of equity escalation in the coming years fueled by the rising cost of land and price to build.
Contact
Ben Peterson
Condos & Townhomes Magazine
702-505-4565 ext. 2
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