Just a little over 30 days into the 2012 and there have been over 55 Vegas high rise condos sold according to the MLS. That is roughly 2 condos sold each day here in Las Vegas. The most active high rise condo community in regards to sales is still MGM signature condo hotel, which means that owners have an opportunity to enroll their condo into the hotels rental program to offset some of the owners carrying cost. Many buyers were able to purchase in this community for as little as $135K, which is an amazing opportunity when considering these same condos once sold brand new for over 500K just 6 years ago.
Many people ask why there are so many condos on the market, what is wrong with them & why are the prices so low? Fist off there really isn’t that much Las Vegas High rise Condo inventory compared to this time last year and in reality there is actually allot less available than people realize. Second thing to address is the question of whether or not Las Vegas High Rise Condo developments have issues, making them a less desirable property to invest in. This is a catch 22 because there are some very sound safe developments around town and some not so safe or sound developments which is why anyone considering purchasing a Las Vegas High Rise Condo needs to seek competent representation before moving forward to avoid any complications that could arise from not being fully informed about a development. Last but not least let’s address the question concerning the low price points of Las Vegas high rise condos. This is not as it appears either because in certain Las Vegas High Rise Condo developments we have seen isolated pockets of appreciation which is cause d by many different factors such as less bank repos, no short sales, quick flips investors and developers still holding inventory.
Anyone entering the Las Vegas High Rise Condo market needs to be well informed about the past, present and future of the Las Vegas High Rise Condo market to ensure they have the highest chances of being successful. I have been in the heart of the Las Vegas High Rise Condo scene since its conception and will continue to have my finger on its pulse. For all of you interested in discussing the Las Vegas High Rise Condo Market in greater detail please feel free to give me a ring at 702-542-1883 or shoot me an email to TurnerMakea@gmail.com. Thanks for stopping by and reading today’s post and be sure to subscribe to this blog before you leave to make sure you stay up to date with all the latest happenings in the Las Vegas High Rise Condo market. Don’t forget to share today’s post with your facebook and twitter friends also.
Not everyone can pay cash…this also drives down the prices even more since there are not as many buyers out there for this style property