Investors, second homers and first time homebuyers are finding some great deals on high rise condos as sales start to increase at City Center and other high rise condo developments. The Las Vegas Condo Market is starting to ramp up, driven by affordability, just like the Las Vegas Home Market.
According to Dennis Smith, the President of Home Builders Research, approximately 80 new high rise condos were sold in May of 2010, including five units at Trump Tower, with an average price of $170K. Smith also indicated that Newport Lofts sold one unit for $132K, Allure sold one unit for approximately $315K and Turnberry Towers sold four units with an average price for $442K.
Mr. Smith also indicated that the majority of the Las Vegas Condos sold at City Center were at the lower end of the price range. Veer’s Twin Towers had 25 units sold with an average sales price of $515K (approx), with the condo/hotel Vdara had 37 closing, at an average price rang of $582K.
Affordability and perceived value are driving the overall Las Vegas Condo Market. Mr. Smith said that of the 426 Las Vegas Condo sales, around 61% were priced under $200K, 31% were in the $200-300K range and only 8% were price higher than 300K.
Our perspective is similar to Mr. Smith’s – clearly investors and homeowners are moving back into the Las Vegas Condo Market, driven by perceived value and the significant corrections that have occurred to date.
