High Rise Condos in Las Vegas are starting to make their impact on housing statistics . 48 high rise condos closed escrow in May, 40 of which were at the SoHo Lofts project in downtown Las Vegas. Unlike the rest of the country which allegedly is experiencing a "housing bubble", prices have yet to fall in Las Vegas, as many "industry experts" believed.
While only 48 closings may seem like a very small number, guess what's going to happen in the upcoming months? More and more high rise units will start closing, including just about all of the 580 units of Tower A at the MGM Residences, Panorama units, SoHo lofts, and Sky (Las Vegas). The closing rate of Las Vegas high rise condos will more and more become a regular and increasing number.
The result? The upswing of high rise closings will undoubtably drive up the average home price statistics significantly and the humber of high-rise units coming on the market will continue to rise as the first wave of high rise developments are completed, with total sales volume, pardon the pun, rising high.
With year to date new home sales up 8.9 percent and existing home sales down 9.8 percent, the trend continues toward vertical development, and with the number of incentives offered by builders, including higher broker commissions, free upgrades, and in some cases helping to pay closing costs, it should continue for quite some time.
While price appreciation has dropped in Phoenix, Denver, and San Diego, appreciation in the Las Vegas market has actually risen. Just like there's no crying in baseball, there's no pre-construction housing bubble in Las Vegas. The Las Vegas high rise market comes through again! Are you part of it yet?
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