According to RealEstateChannel.com, Rick Shelton, the president of the Greater Las Vegas Association of Realtors, states that the Las Vegas real estate market is "bouncing along the bottom."
In the same report, dated September 8, 2010 [09/08/10], overall home sales were down; however, August sales of condos were up, 2.4% from July and 1.1% from the same time last year. While these figures are small, they are indicative of a steady and healthy growth.
In addition, 45.9% of all Vegas area homes were purchased with cash; demonstrating that investor interest is obvious. Vegas condominiums in general are experiencing a gradual resurgence.
Investing in Las Vegas
Part of this resurgence has been caused by people waiting to purchase homes and a greater demand for rental properties. Las Vegas high rise condos offer a degree of luxury that, in the past, has been largely inaccessible. Green properties, like those at CityCenter, are also appealing because they fulfill a growing consumer demand for sustainable urban living.
In the current market, developers are searching for new ways to market their properties. For a time, Vegas high rise condos were simply unattainable for most experienced investors. But now, prices have dropped so much that investors are once again inspired by the potential profits. Some say this is a "natural progression" of the real estate cycle.
Analysts are unsure of when the market will recover. Some point to late 2011, while others point to the middle of 2012, with increases estimated to be 2 to 7 percent. However, investors should still be mindful of their time, especially when considering the lengthy steps involved in purchasing a short sale or foreclosure.
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