Here's an excellent article written by Jennifer Shubinski from Sunday's Las Vegas Sun which pretty much accurately describes the state of the Las Vegas high rise marketplace.
Some of the important talking points to take from this article are the following:
1) Just as residential towers sprouted along the Wilshire Corridor, Century City, Manhattan Beach, and Santa Monica in California, high rise trends seem inevitable in the Las Vegas valley.
2) Construction is under way that will add 5,875 high rise units of the next two to three years with a demand up to 7,000 new units per year for the foreseeable future.
3) 80% of the high rise sales have gone to investors or out-of-state buyers
4) Dozens of projects are currently in various stages of development.
My favorite quote from the article: "Las Vegas isn't known for its high rises, but it will be."
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