When Appraisers Talk, the Vegas High Rise Market Listens

How many times have you heard a real estate agent say "The market is booming!" or "Real estate is hot!"? Agents love to throw around phrases like that, and it makes sense because their job is to sell you property. Some agents are knowledgeable, others are not. But when a reputable Nevada appraisal firm comes out and says that the growth trend in Las Vegas is vertical and that high rises of all types are solid investments, that pulls a lot of weight.

And that's exactly what Don Scroggins' company, Appraisers of Las Vegas.com, predicted for the Las Vegas real estate market's future over the next few years. And I quote:

"a dwindling supply of centrally located vacant land and continued heavy demand will mean higher land prices. That all means more high-rise buildings will fill the Las Vegas skyline.

Increasing land prices are driving much higher density development. Even the office market is going vertical. The downtown Las Vegas' development plan, for instance, is high-rise office construction with retail space on the first levels, with the aim at attracting the younger clientele by use of hip, new restaurants and nightclubs."

And Scroggins is no fly-by-night. He's run his appraisal company for 10 years and knows a little about the Las Vegas real estate market, which has seen the cost of land skyrocket over the past year and a half.

So next time an real estate agent tells you about the booming Las Vegas high rise condo hotel market, feel better knowing the hype is justified by the research of a solid appraisal firm beyond reproach offering unbiased and objective opinions on the market.