Las Vegas Real Estate News 2006- Condo/Apartment conversions 2006
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This is the report on what has happened in the Las Vegas real estate market for the 2nd Quarter of 2006. This report focuses on the Apartments that are being converted to Condominiums here in Las Vegas. In 2004 a trend of converting apartments to condo’s began. With the vacancy rates below 90% and the value of a condo dramatically climbing in value in 2004 many apartment owners found it a great time to either sell their complexes to conversion companies or to convert and market them themselves. To convert apartments to condos they must be mapped as separate distinct units with the county recorders office. (#56) This graph shows the mapping activity of apartment conversions since January 2004 to May 2006. All total the Las Vegas Valley has 27,190 units mapped that have been or could be sold as condominiums. As a result of this trend (#98) for the second consecutive quarter Apartment conversions are the number one home builder in Las Vegas. (#85) Of the 27,190 units mapped 11,405 units have sold leaving 15,785 units in inventory. This number does not represent empty units waiting for a buyer as some of these complexes are still operating as rental complexes. Others that may be selling are still renting a number of their units as well to maintain cash flows. The indicators show that no softening of the market has taken place to date. (#57) As you can see the median price of a apartment/condo conversion has been climbing since 2004 and is currently $208,000. (#58) We have reached an all time high in the number of Apartment/condo conversions projects in Las Vegas. There are currently 25 projects selling this product in Las Vegas. (#59) Condo conversions are selling at a rate of approximately 400 per month which means (#60) each selling project is averaging 16 closings per month. (#61) Based on current sales if all the 15,785 became available for sale today we would have a 24 month supply. Keep in mind that much of this inventory in reserve is rented and therefore does not represent a glut on the market and the Sellers have no particular need to liquidate. In fact it is estimated that rents in Las Vegas will rise approximately 8.4% this year and vacancy rates are now below 8%. What I have presented to you here is what HAS HAPPENED in the Las Vegas real estate market concerning Condo/Conversions. If your interested in what the experts predict will happen in the market place, please subscribe to my insider information news video. If your watching this on the internet you will find the subscription link right below this video. If you would like to subscribe but are watching this on DVD please email me at Video@MaxSellsVegas.com and ask to join my inside information service. I’ll be sharing the experts opinions as well as my own thoughts on this interesting and dynamic Las Vegas real estate market. Las Vegas is quickly evolving into the finest lifestyle community of the 21 century. Las Vegas is the worlds playground. I’m Max Schmidt, thanks for joining me, this is MaxSellsVegas.com. Contact Max here NOW! Prudential Americana Group, Realtors® Las Vegas Real Estate News 2006- Condo/Apartment conversions 2006 |
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