We have seen the Las Vegas, NV high rise real estate market as a challenged market with an abundance of resale inventory.  For several reasons:

• Too many speculators in that market.  They want to close n flip.  They are not interested in holding, renting or living in them.  Each time a building closes, we see an increase of inventory.
• Mortgage market madness has reduced the amount of loan products available to jumbo, second, vacation or investor type property owners. The ones who have very little money down and marginal credit, that is.  So the buyer pool for both resales and new went kaput.  Loud and hard too.

Here are the high rise stats:

Rentals:

• 299 Listed 7/3/2008
• 18 Under Contract 7/3/2008
• 68 Leased 5/25-6/25/2008
• 4.4 Months Inventory

Resales:

• 826 Listed 7/3/2008
• 55 Under Contract 7/3/2008
• 12 Closed 5/25-6/25/2008
• 68.8 Months Inventory (=5.7 years)
  

Rental inventory has been slowly decreasing month to month.  Resale inventory has doubled in last month.  Read last month's report here.

There has been a noticed rise in foreclosures & bank owned listings at Manhattan South.  List prices for those are about 50-65% of what the original owners paid for them!  Manhattan South is located on Las Vegas Blvd South across the street from South Point Hotel & Casino but off strip and is a mid rise community.  It is also involved w/ construction defect litigation lawsuit so expect further financing challenges with this property.

We are also seeing a noticeable rise in foreclosures in Soho as adjustable loans adjust.  Soho is located in the Arts district between the strip and downtown.

If you are thinking about buying or renting a high rise condominimum in the Las Vegas area, please call 702-966-2494.  Press 1 if you are a buyer or press 2 if you are a renter.