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Las Vegas high rises in the Las Vegas real estate market
This article was in today's paper...thought you would find it interesting...
LAS VEGAS REAL ESTATE: As high-rises grow, sales slowBuyers spooked by spike in inventory, credit crunchBy JENNIFER ROBISONREVIEW-JOURNAL
It offered such a tidy solution for a land-constrained city: Go vertical, with luxury high-rises to draw in upscale buyers from around the world.
When it began three to four years ago, the push toward towering condominium skyscrapers quickly became one of the hottest real estate trends in Las Vegas, with high-profile names including Ivana Trump, George Clooney and New York's Related Group jumping into the market to invest in, build or brand major projects.
But the same market realities restraining residential construction in Las Vegas have at least temporarily put a ceiling on the city's reach for the skies. Slow sales in the luxury-condominium segment reveal the affluent aren't necessarily immune to dips in the economy, and some analysts predict the high-end condominium scene will be the last real estate submarket to shake off torpor in the housing sector.
Numbers from the Greater Las Vegas Association of Realtors and research firm SalesTraq show about 820 resale units in high-rise condo towers on the local market the first week in May, ... more
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