Square Footage Price a Good Indicator of a Successful Las Vegas High Rise Condo Project

Jennifer Robinson's article in today's Las Vegas Review Journal couldn't have hit the nail on the head any better. In it, she discusses how real estate prices in Southern Nevada are bucking the national trend and how industry experts are even predicting a housing shortage come fall 2007. Logically, the article makes a whole lot of sense. Because Las Vegas is so unique and is such a desireable destination for so many people globally - a fact that will never change - it insulates itself from national trends.

While the article goes on to address a number of housing price statistics, I want you to take one thing from this article regarding Las Vegas high rise condos. Larry Murphy, president of SalesTraq, states the following:

"The starting price per square foot of the city's mid-rise and high-rise sector has jumped significantly, from $342 in the first quarter of 2004 to $596 in the third quarter...If you see a project with base prices under $500 (per square foot), that's a big red flag. At those prices, they won't get built."

That's not me saying that - (although I've been saying that for awhile). That's a respected Las Vegas industry expert who's president of perhaps the most accurate website on new project developments out there. No one should be shocked anymore at the square footage pricing of some of these high rises here in Las Vegas. The average square footage pricing of a high rise condo project should be a major clue as to whether the project will realistically work or not.

What does that mean? It means the high rise condo market in Las Vegas is not cheap and you need to be prepared to spend if you're interested in purchasing a high rise condo here. If you're looking to SAVE money, run for the hills - the Las Vegas high rise condo market is not for you. If you're looking to MAKE money, well, that's a whole different story.