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:
- 318 Listed 11/14/2008
- 11 Under Contract 11/14/2008
- 43 Leased 9/29-10/29/2008
- 7.4 Months Inventory
Resales:
- 884 Listed 11/14/2008
- 25 Under Contract 11/14/2008
- 31 Closed 9/29-10/29/2008
- 38.4 Months Inventory (=3.2 years)
Rental inventory has increase from the last report. Resale inventory absorption rate has gone up by 1 year in one month. THis is how volatile this market is. 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. For financing options press option 3. For selling or leasing/property management press option 0. We will not list condos that have not yet closed with the builder or are not interested in contract reassignments. Para español presione el cuatro.
Your graphs have gotten very spiffy since the last time I visited! Nice job!!
I have a feeling "still painful" equates to "now is the time to buy!" What a great opportunity for those in your area, or out of town investors!
Sandi: Why thanks :)
Kris: Not yet, price still needs correcting in this sector
renee- we had our first month of foreclosures numbers actually going down in inventory , our market is so similar to yours i hope the same happens for you