Las Vegas Condos Market Update – High Rise Condos
How is the Las Vegas condo market today? We get this question a lot. Las Vegas has had its ups and downs as the country went through the great recession. Yet what we have seen in the market is very refreshing. The market in Las Vegas has stabilized and more and more buyers are coming back into the market. One sure way to tell if the market has been stabilizing would be to look at the amount of primary resident buyers that have been coming on to The Strip to live full time. We have seen a large increase in this.
Another sign of a more normal real estate market would be lenders coming back into the market. We have seen the lending in the Las Vegas Condo market open up a great deal from the days of cash only purchases. With that being said 71% of the condo sales that happened in the high rise market over the past year have still been cash.
Current Market Stats – Las Vegas Condos
- 535 Las Vegas Condos are ACTIVE on the market.
- 105 Las Vegas Condos are UNDER CONTRACT this month.
- 61 Las Vegas Condos SOLD in the last 30 days.
- 689 Las Vegas Condos SOLD in the past year.
- 71% of Las Vegas Condos sold for CASH.
Which Tower to Look at for Investment
What tower should I invest in? This is a question we get ever day. Depending on your wants and needs the answer can change. With our company we tailor each deal to our clients. What is the right tower for me may not be the correct tower for you. Currently we are seeing a lot of interest in the towers that are only a short distance to the proposed NFL stadium. Las Vegas just today approved the NFL Raiders to come to Las Vegas. Next week we will know if the NFL gives their stamp of approval.
Panorama Towers, The Martin, Veer Towers and the Mandarin Oriental all are within ONE MILE of the top two proposed sights. The two locations are both next to the Mandalay Bay Hotel which is very exciting to current owners in these towers. Having the New NHL team in Las Vegas has opened the flood gates to professional sports in Las Vegas. The town is buzzing with expectation of the NFL coming to town! The Oakland Raiders have already locked in the rights to the name change “Las Vegas Raiders”. The special session that was called to approve the building of the stadium has shown an over whelming approval for the project and it looks like Las Vegas is on the right path.