Good article came up in the news please click here to see it , well they kind of covered what we as agents knew for several months !! I get a lot of same questions from both clients and fellow agents in other states as well as internationally : " How is the real estate market in Vegas ?" Well the truth is we still have a lot of inventory but the big question is not what is the quantity, but more so the quality. Just ran into a friend of mine a repo listing agent at a party in Allure Las Vegas and yes she is still getting bank listings but they are much smaller and less desirable as far as resale value and location.
Well now we get to the best part where the supply is really thin, well these are high rise condos and if you think about it makes sense : unique location, limited inventory, supply and demand are catching up !!
Some experts say 3-4 month supply , I say even less given all the short sales that are under contract in the projects, if short sale comes to pass, guess what?? no foreclosure commerced !!.
That answers some of the questions of people that are looking to invest or just buy a high rise condo as a residence. Do not think that developers with standing brand new inventory such as Allure,Turnberry Towers and The Martin are not watching the market and will be raising the prices due to the lack of competition !! I am not trying to create urgency or panic just simply stating the facts !! If you are regular high rise condo owner, now is your chance as long as you price it well !!
Hotel-condos a different issue, please look for my next blog would like to address it separately !!
Sorry, I like to talk and it is my first blog so try to keep it short, hope you found it informative!!
Look for more detailed blogs addressing both condos and residential properties
Please feel free to post comments, visit my web site , follow me on facebook or contact me
Hope to see you back soon on the blog !!
Warm regards,
Helen Michel
cell (702) 884-6428
www.lasvegascondoworld.com
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