Las Vegas High Rise Condo – Market Trends
The Las Vegas High Rise Condo market has had its ups and downs over the years. Nothing looked like it could stop its upward momentum before year 2008 and then nothing looked like it could stop its downward fall during the recession. Thankfully the market did stop and over the past 3 years we have seen a steady increase in the market on The Strip. Steady is the key word everyone likes to hear. Steady growth wins out over quick spikes every time as it is a sign of a strong stable market. Since 2012 we have only seen increases in values from the lowest point in the Las Vegas High Rise Condo market. Over the past year we have seen a large increase in second third and fourth home buyers with 90% of them paying cash. The very high end of the market has seen a great increase in the amount of buyers coming from high taxes states such as California.
The Las Vegas High Rise Condo market has seen an average of 77 high rise condo units sold monthly. That would be over two units every day. This statistic does not include all of the new developer sales that are not reported on the MLS. Including these new sales could bring the monthly sale count well over 100 units a month.
Not Into The Stats?
Sometimes number, percentages and statistics can make your eyes glaze over. If this just happened with the previous two sections then this part may be more your speed. From the boots on the ground perspective the past 6 months alone has seen a reemergence of confidence in the market and the products we are lucky enough to have in Las Vegas. I have traveled to many locations researching other cities and states to see what kind of quality and amenities come with high rise condo living in areas outside of Nevada. Every time other towers come up short. Growing up in Las Vegas I have fond that good service is usually at the top of everyone’s priorities. What city is better suited then Las Vegas for this one attribute? When we throw in an arrangement of other services on top of this such as movie theater rooms, limo service, pool side cabanas, state of the art gyms and concierge services what more can one ask for?
The high rise condo market in Las Vegas has shown countless buyers its ability to accommodate your ever need and now that the economy across the nation has confidence restored we now have a flood of new blood coming to town and are taking advantage of our still cheep prices, amazing food and entertainment that we as locals some times take for granted. We are spoiled in Las Vegas with the best of everything and only realize this when we go on vacation out of town.
Take a look at some amazing High Rise Condos for Sale.