Las Vegas Real Estate Trends

Poised for a Move Away from Suburbia to the High Rises of the Strip within the Next Decade?

At $4 plus per gallon gas - will there be a heightened interest & new trend towards Las Vegas high rise condo living in the future? We think so.  CityCenter by MGM/Mirage is scheduled to open  at the end of 2009 as is the Cosmopolitan Resort, and Wynn's Encore, may open even sooner. Aside from the thousands of new jobs created by the opening of the new hotels in the Strip Corridor, CityCenter is set to have over 500,000 square feet of shopping and COSMO, about 300,000 sq. ft. of shopping.

My take on the growth of Las Vegas is that with the suburban sprawl reaching from Red Rock Country Club to Anthem Country Club in the Black Mountains of Henderson to Lake Las Vegas Resort, and the cost of gas ever increasing, not to mention the traffic, that real estate up and down the Las Vegas strip will be more and more desireable as suburbia becomes less desirable for those who earn their living in the heart of the city.

The Las Vegas high rise market is quite soft right now, with a glut of inventory sitting on the market from would be flippers who are finding that the buyers are few and far between.  Investors have been looking elsewhere or have been driven out of the market due to the lack of cash flow positive business models.  Will this change in the future?  I would say so. Within what time frame?  Hard to say.  But having lived in the Las Vegas valley since 1972 - one thing is a sure bet - the population is ever increasing and the people keep relocating here. Nevada has no state income tax and no inheritance tax.

Las Vegas real estate is unlike Miami',  having only a Very few residential high rise towers in the core strip area. Glass & steel high rise buildings like SKY Las Vegas, Allure, Turnberry Place, Turnberry Towers, and Panorama Towers, are the exception to the norm of mid rise frame and stucco construction.  For those investors who are outside of the box thinkers, now may be the time to examine the urban growth and development that Las Vegas real estate is experiencing and buy the bargains in the towers that will surely be appealing in years to come. Coming from NYC, and knowing the appeal of avoiding long commutes, and understanding the appeal of being able to walk those long city blocks to work, I can't help but feel that buildings such as SKY on the strip, and Turnberry Towers, next to the monorail, and Panorama ( the building has a driver - cost included in the HOA dues!!) will be much in demand in years to come. Once the supply vs. demand curve reverses its trend- we could very well  see these strip area high rise condos be valued way above the cost per square ft. that they can be had for in today's strong buyer's market.

For more info on the Las Vegas condo foreclosures, deals and bargains in the strip corridor:

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