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Is It 5 Years or 10 Years Before Las Vegas Sees Another High Rise?
I find it interesting that speakers at Las Vegas real estate meetings are now attempting to project the timetable to build the next condominium high rise in Las Vegas. The latest projection was presented last week at 10 years by a prominent businessman who was involved in the development of Panorama Towers.
The curious part of such presentations is on what basis are these projections made? Is it labor cost or raw materials? Is it land costs? Is it supply and demand? Is it the current credit crunch? Sure these play a part in any developer's decision to build or not but how can one predict it will be EXACTLY 10 years when the next luxury high rise gets built? Careful running out and telling your clients this information without doing your own homework first.
I spoke with a very prominent Canadian client of Luxury Realty Group yesterday and I couldn't get him to stop laughing on this 10 year projection. Why was he laughing? It seems in Toronto, a developer is currently building a luxury high rise building that is very unique and prices begin at CDN$3 million. This developer researched the market and demand and concluded that his high ... more
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