Can Las Vegas Demand Absorb High Rise Condo Project Supply?

That's the $64,000 (and more) question. While doomsayers predict the worst for the Las Vegas high rise condo marketplace, one must only point to the unique nature of Las Vegas to realize the city is completely isolated from national trends.

Here's fact number one: More and more companies are coming to Las Vegas for their trade shows and corporate shindigs. Convention Center halls are booked months in advance with no slowdown in sight. And that will NEVER change - Vegas is becoming a town more reliant on business and entertainment than it is on gambling. Hard to believe, but it's true.

Fact number two: The average price per acre of land that sold in the Las Vegas area actually rose 25 percent in 2006. What's with all this talk about plummetting land values? Is the nationwide "housing bubble" Las Vegas' version of Y2K, when everyone feared disaster thanks to the media's overblown coverage of a non-issue?

Fact number three: According to Metrostudy's Las Vegas division, Las Vegas added 45,900 jobs in 2006 with growth in high paying sectors. Metrostudy said it expects the Las Vegas market "to remain highly competitive for the foreseeable future as consumers have many options when it comes to purchasing a home".

And finally comes today's article in the Las Vegas Review Journal by Ben Spillman which states that passenger traffic at Las Vegas's McCarran Airport rose to a record 46.2 million in 2006. Sounds to me like a lot of people are making Las Vegas their destination of choice.

If only half of a tenth of one percent of that traffic decided to purchase a high rise condo here in Las Vegas, there wouldn't be any inventory left! I can't stress this enough: if you want a solid investment in a Las Vegas high rise condo right on the strip, there is no better opportunity right now than MGM Mirage's Project CityCenter - and right now all you need is $10,000 to reserve a unit... And it's completely refundable if you decide not to move forward for any reason whatsoever. Where else can you tie up perhaps the most prestigious real estate in the country for such a low outlay? Vegas is waiting for you - and the 46 million people that visit our city each year!