Welcome to our all new blog about Las Vegas high rise condos! Over the next few weeks we will be posting descriptions of the newest Las Vegas condos being built along with the economic impact they are having on our city.
The Las Vegas real estate market is truly going vertical. With the supply of land for residential development in the Las Vegas Valley expected to last only 6 1/2 years at the current rate, developers are unable to afford the cost to build single family residences. Given the valley has absorbed about 5,400 acres a year during the last three years for residential development, there won't be any more land to build homes by early 2013, according to RGR Group of Las Vegas, a real estate consultant.
Without making more land available, Southern Nevada will become more like Southern California with its soaring prices because of limited land, said Las Vegas housing analyst Dennis Smith. Builders are having difficultly finding parcels of between 10 to 20 acres, and property owners aren't cutting their prices, he said.
The solution for developers is to go up. And in a market where there are still more than 5,000 new residents a month moving in and will be for the foreseeable future with all the growth projected for the Las Vegas Valley, there are plenty of buyers!
The cost of rising home prices: Rental rates are at a 50-year high - Rising home prices are pushing more people to rent that at any time in more than 50 years, according to a new report. A new analysis of Census Bureau data ...