The Las Vegas high rise condo market now boasts 135 projects totaling over 91 thousand units. However, only 14.6 percent of those units are actually under construction. Applied Analysis, a Las Vegas-based advisory firm, indicated that about 9,000 of those units are associated with either projects that have already been cancelled or have suspended sales.
It became obvious right from the start of the Las Vegas high rise condo hotel craze that the market couldn't absorb the entire potential inventory, and naturally only the strong projects have a chance at being successful. Despite the luxury condo market doubling in size over the past year, less than 25% of all projects have officially broken ground.
Investors looking to flip their units for a quick profit also are forming an active resale market for Las Vegas high rises. The 246 existing units listed for sale in the second quarter had an average list price of $1.1 million and an average per-square-foot price of $631. However, the selling prices tell a much different story, with actual sales prices averaging only $787,000 (27% less than their original asking price).
Read between the lines here and you'll see an incredible investment opportunity for buyers of those condos whose projects are successful. The number of luxury Las Vegas high rise condo projects remains high, yet will still only be a fraction of the inventory potential. Find a strong, solid project with an experienced development team priced right in an outstanding location and you'll take Las Vegas to the bank for a change.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment