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Since January 1st the Las Vegas High Rise Condo market has had 20 re-sale transactions. Half of those sales were in developments that are strictly residential and the other half were from Condo Hotel developments like MGM's Signature Towers. The new year has brought many challenges for our city to over come. Foreclosures have swept the valley leaving no community untouched. As previously reported there has been an increase in Bank Repossessions in our High Rise Condo market which in turn has made prices drop significantly making it an awesome time to purchase. Out of the ten strictly residential High Rise Condo re-sales 7 were bank owned properties which had an average Days On Market of 90 days. The 10 Condo Hotel re-sales that were recored had 7 Bank Repossessions as well with an average
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I
just read a article on the Las Vegas Review journal that talked about
plans to attract more international buyers to the valley. There goal
for there marketing efforts are to raise the annual visitation to the
valley from International tourist from 12 percent to 18 percent of the
people traveling to the valley by 2020.I think Its a great idea and It
will definitely help fill the new hotel rooms under construction and
also I believe it will attract more buyers for the Luxury High rise
market here in Las Vegas. Check out the article I read on the RJ