For several months here in Las Vegas there has been all kinds of news and information about our local High Rise Condo & Real estate market coming from every which way at an extremely quick pace that sometimes can confuse or even misinform it's viewers and readers. It's no secret that the Real Estate market as a whole has taken a huge Hit. Las Vegas had lead the nation in highest foreclosure fillings for several months straight and we have had our median home price dragged through the mud. But the one thing that you didn't hear a peep about was how successful the High End High Rise Condo sector has done. Some people may have reported on the luxury Home sector doing just fine through out all the chaos but no one but myself has actually reported until now on how much of an extremely huge increase in value the Ultra High End LV High Rise Condos received from the beginning of this year to date compared to all of last year.
Lets get straight into the numbers here. Last year from 1/01/07 to 12/31/07 there were 94 recorded High Rise Condo Closings. From just the beginning of this year to date there have been 95 recored closed High Rise Condo transactions. Interesting, but wait it gets better. Last year the recorded median sold price per square foot for the entire year for a High Rise Condo was $505.68. From the begging of this year to date the median recorded sold price per square foot is $455.93 a 9% decrease which isn't bad considering all of the current market conditions like the tightening of lending regulations. On the High end side of things it's a whole new ball game. OK, last year the recorded high end sold price per square foot for the entire year for a High Rise Condo was $1134.62. From the begging of this year to date the High end recorded sold price per square foot is $1830.66 which is a whopping 38% increase. Thats a staggering increase and it's due to several things. The first thing i feel is a major contributing factor is several developments have been completed adding to our resale-inventory and world wide interest in Las Vegas's High Rise Condo living opportunity. Another thing that has happened that i feel is creating an increase in purchasing of Las Vegas High Rise Condos is the affluent foreign buyers are taking advantage of the weak dollar and are purchasing Real Estate particularly Las Vegas High Rise Condos on the higher end. Things may be down a little but i can certainly tell you that the higher end High Rise Condos are not phased at all by anything happening economically. The next six month of this year will be more exciting than ever before so continue to read and enjoy.
Tuesday, June 17, 2008
High End LV High Rise Condos Hit NEW Heights
6:59 PM
Makea Turner
