Just as i have suspected another bad article that only portrays negative when in fact it is a positive story. The review Journal has published another article with false truths that mislead people about the Las Vegas High rise Condo market. The title of the article was " Resales rise for high-rise luxury condos, data find Price per square foot declines, observer says" In the article it goes on to say how the median price of a Las Vegas High rise Condo has risen 30% from the previous quarter but prices per square foot have decreased 0.5% to $466 per square foot. This was recorded as of March 31st which does not take into its findings the recently released Trump International Hotel & Tower re-sale numbers or Palms Place which were just opened on March 31st:) Once the Condo sales for these two Developments are recorded you will see an even bigger increase in the median price as well as a huge jump in price per square foot. The article divides our High rise condo market into a few different parts, such as Hotel Condo, High Rise Condos, and Mid rise Condos. My personal opinion is that we should not think of all these different sectors when discussing the High rise Condo market because it brings in confusion and sometimes inaccurate numbers. When i speak about the High rise Condo market i speak about it as a hole, this way it is easier to understand. The article also stated that "average unit size grew from 1,576 square feet to 2,050 square feet" which from there previous statement which said "The median resale price was $955,000, up nearly 30 percent from $737,500 in the previous quarter. However, price per square foot slipped 0.5 percent to $466", but in the whole story it forgot to mention how great this was for people who are interested in purchasing a Las Vegas high
rise condo because they can for a limited time receive a larger Condo for less per square foot. I found that interesting. Another good point to make is the article said re sale unites were up this quarter form a year ago but they are only up 2 condo unites, yea thats it, so this must mean that property's of this kind are selling quickly or people are trying to hold on to them until some of the developments under construction are finished. By holding on to their condos until construction of other developments are completed they are going to receive what ever appreciation comes along shortly after construction is done because history has shown us here in Las Vegas with the High rise Condo developments that prices have the tendency to increase after construction is completed on big ticket developments. I do not believe that anything that was reported by the review journal was bad at all even though the language they chose to describe it made it seem that way. This is an amazing time to buy a High rise Condo here in Las Vegas and for those who can you are sure to see a good return on your money in the near future.
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