High rise Condo's V.S Single Family Homes

Over the last couple years i have ran across a very common debate with clients and friends. Ever time it's the same thing or very similar, " why buy a High rise when the market is doing so bad" or "The market is horrible right now I would never buy a High rise Condo until the market turned around". What these people don't understand is comparing the High Rise Condo market here in Las Vegas with the Single Family market is like comparing oranges to apples. They are complete opposites. Not only are they complete opposites but they also are preforming in two different ways right now and always will. Despite what the national news says on a daily basis about the housing market the Las Vegas High rise market is one of the strongest Real Estate sectors in our country and perhaps the world for that matter. Even though there have been canceled projects there has been great success with developments that have been completed or are currently under construction. The average price of a single family home has declined so dramatically that people haven't payed enough attention to the positives in the Real Estate market like our current High Rise Condo market which has grown at an unbelievable rate. For example if you bought a High rise condo in the pre construction phase and paid lets say $420 per square foot you can now receive up to $740 a square foot. Those numbers are no joke even though they are just for an example because people have and will continue to see returns similar to that which i have just described. You definatly can't say that about any single family market in the USA that i know of. When Panorama Towers were completed a few years ago the developer approached all of the purchasers with a buy back opportunity were he offered to pay 30% more per square foot than what they paid. "Why would he do that", you might be think right now and the answer is simple, HE KNEW WHAT WAS COMING. I am making a prediction that once MGM's City Center and Fontainebleau are completed you will see the High Rise Condo prices sky rocket to new heights that nobody could have dreamed of. We are still in a pre mature market for High rise Condo's here in Las Vegas and over the next couple of years there will be an even higher demand for these property's due to the fact that there is a limited amount of space available. Those who buy now will not only own some of the most desired property's in the world but they will also receive some of the most extreme returns on their money. I personally believe that if you can afford to buy a Las Vegas High rise condo at the moment and are willing to hold on to it for at least 2 years you will have made one of the BEST investments in your life. It is very important that you are represented by an experienced professional who knows and understand the High rise Condo Market here before you actually purchase. Hope you enjoy this post and be on the look out for my NEW video blog which will becoming very soon for all of you who don't like to read :) The Video below is one that i have posted a while ago but i feel it's a good one to add with this post.

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