We have seen the Las Vegas, NV high rise real estate market as a challenged market with an abundance of resale inventory. For several reasons:
- Too many speculators in that market. They want to close n flip. They are not interested in holding, renting or living in them. Each time a building closes, we see an increase of inventory.
- Mortgage market madness has reduced the amount of loan products available to jumbo, second, vacation or investor type property owners. The ones who have very little money down and marginal credit, that is. So the buyer pool for both resales and new went kaput. Loud and hard too.
Here are the high rise stats:
Rentals:
- 305 Listed 8/16/2008
- 20 Under Contract 8/16/2008
- 45 Leased 6/26-7/26/2008
- 6.8 Months Inventory
Resales:
- 754 Listed 8/16/2008
- 34 Under Contract 8/16/2008
- 31 Closed 6/26-7/26/2008
- 24.3 Months Inventory (=2 years)
Rental inventory has increased this past month after several months of decreases. Resale inventory has slightly decreased with a slight increase of closings. This has helped close a gap on a horrible absoption rate. Read last month's report here.
This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description. Information is deemed reliable but not guaranteed.
If you are thinking about buying or renting a high rise condominimum in the Las Vegas area, please call 702-966-2494. Press 1 if you are a buyer or press 2 if you are a renter.
we are suffering the same problems, too much over-devlopment and too many speculators in th market
Renee,
The resale condo inventory of 24 months is pretty serious. That puts pressure on prices and that in turn makes mortgage lenders skittish. One of these days we'll come out of it, though.