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:
- 432 Listed 12/29/2008
- 10 Under Contract 12/29/2008
- 33 Leased November 2008
- 9.8 Months Inventory
Resales:
- 706 Listed 12/29/2008
- 25 Under Contract 12/29/2008
- 8 Closed November 2008
- 88.5 Months Inventory (=7.4 years)
Rental inventory has increased 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.
Read the most current market report for the Las Vegas High Rise Sector right here.
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.
Renee ... thanks for your article update on Las Vegas high rise rental and resale market. Probably good buyer opportunities there for those qualified with down payment.
You do a great job with graphics there. Perhaps you will share with us something about how to make the graphs and charts.
Best wishes. Harrison
Renee - I still wild and crazy in the desert I see. I hope that our new administration will understand the difficult times that the real estate market is having, and allow investors back into the market. Speculators can stay home, but investors have always helped the market.
Renee: Wow! Those absorption rates are staggering. It would seem to be an opportunity for savvy investors. Great graphics!
Harrison: I hope you got my email yesterday!
Larry: Agreed re: investors!
Diana: Very staggering and disappointing. Not quite yet is what I would tell investors for this niche.