This is the Las Vegas Real Estate News Report of what has happened concerning mid and high-rise condominiums in Las Vegas for the 2nd quarter of 2006.  I’m Max Schmidt a real estate broker/salesman in Las Vegas Nevada. Thanks for joining me.
Let’s get straight to the condo information and news.
The(#65) high rise condo market in Las Vegas began in 1974 with the construction of Regency Towers built on the Las Vegas Country Club grounds.  It took 26 years before another High rise joined it.  Park Towers at the Howard Hughes Center was built in 2000. With its success followed the Turnberry Corporation  building its towers with the first completed in 2002 and the final tower just now coming on line.  In 2005 the Metropolis opened its doors to its owners.
Turnberry has recently opened its first tower in its second project, a joint venture known as the MGM Grand Residences. This project is a condo/tel.  The Platinum is about to open its doors another condo/tel.  Soho Lofts are finishing up and should be open in the next few months.
In the mid-rise category Park Avenue on the south strip opened over a year ago. Mantova at Lake Las Vegas opened this spring.

These are the units that have been completed so far.

(#76) The 5,058 Units that are completely sold out are listed here. Some of these units are still finishing up construction but the builders have gone to hard contracts with the purchasers, which means for most buyers they have already put down 20% cash towards the contracted purchase price of their unit.

 (#74) There are currently 11,734 units under construction in the Las Vegas Valley. Keep in mind that in order for a builder to start construction, they must convert at least 80% of the units they are going to build to hard contracts with a 20% cash deposit from the buyers. This is a rule set by the financiers in order to ensure the success of the projects from which builders are borrowing millions of dollars for its construction.

Now if you add the sold units and the under construction units together you get over 15,000 high rise condo units that have been or are going to be completed in the near future. And these units are sold. They are sold to not only people in the United States but also to people from all over the world. Owning a condo in Las Vegas is now a status symbol for the luxury class. Las Vegas has so much wonderful entertainment, shopping and lifestyle choices that it is quickly becoming the place to come to relax and have fun for those who can afford to live in luxury.

But the famous Las Vegas strip is not the only place they are choosing to buy. (#77) This graph shows the distribution of high and mid-rise condos all over the valley. Many residents of Las Vegas are selling their traditional homes and moving into these luxury lifestyle communities.

Let’s take at look at what the distribution of these condo’s are in Las Vegas to date. If we look back a couple of years at everything that has gone on so far and how it adds up. (#84)  The top item is the “IDEA STAGE” these developments are still in the design and government approval stage and have not yet completed all that is necessary to open their doors to pre-sales.
The next line is the pre-selling stage which represents those developers who are taking “Reservations” or deposits for the right to purchase a condo when they can convert to hard contracts. Remember this occurs when they are able to convert 80% of the units they are going to build to hard contract sales.  They are then able to obtain their construction financing and begin construction.
The next two lines we have discussed previously the “Under Construction” and “Sold Out/Completed” categories. 
The last group is the canceled or suspended group. This group has either called off their projects completely or have placed their projects on hold until they can determine if sales, construction costs, financing and profits can all be balanced in the development formula.
The net results so far are shown in lastly. Keep in mind this number can still go up or down based on new projects coming on line and others failing to meet their sales goals.

The high rise market is truly an international market and more sensitive to the price of the dollar to the Euro than to the local market conditions.  With prices starting at around $600 per square foot in these high rises it has no relation to the $200 per square foot average of single family homes.  Buyers in these projects are purchasing prime location, luxury amenities, lifestyle and the ability to lock and leave.

The statistical data presented here was supplied by SalesTraq a housing analytics company with offices in Las Vegas, Nevada.  If your interested in what the experts predict for the market place please subscribe to my inside Las Vegas real estate information.  I’ll give you the inside scoop on what the experts predict along with my own comments and observations about this dynamic market place. If your watching this on line you’ll find the subscription link right below this video.  If your watching this on DVD please email me at email:video@MaxSellsVegas.com to subscribe.

Las Vegas is THE new lifestyle and entertainment capital of the 21st Century.  Come join us in this wonderful place. I’m Max Schmidt and this is MaxSellsVegas.com

 

Contact Max here NOW!

Prudential Americana Group, Realtors®
Max Schmidt P.C. dba Max Schmidt
Broker/Salesman
871 Coronado Center Dr., suite 100
Henderson, Nevada 89052
(702) 334-2200

Las Vegas Real Estate- High rise condo news