Las Vegas Condo Sales Up in 2010
HiRiseLiving, your free resource for Las Vegas high rise condos, released a report about the state of the market in high rise condominium sales.
“We strive to provide the most accurate and transparent data available with the goal that this information will provide buyers, owners and lenders with the resources necessary to make informed decisions. It is our belief that the market can improve and advance when there is true transparency of information.”
The company analyzed the data from the proprietary data base developed over the past several years that contains information on all sales transactions since 2000.
“In 2010, we saw an increase in the number of Las Vegas condo sales transactions and signs that we may have reached near bottom,” the analysts said. “The question remains how long we will remain at the bottom.”
It was noted that with the exception of some purchasing foreclosed units, most buyers understand that recovery will take some time and patience will be imperative to successful investments.
Some of the key findings of the report include that total number of sales in 2010 was up compared to 2009, units can be purchased at deep discounts to replacement costs, and that rent vs. buy equation is shifting to “buy” in most buildings.
At the same time, overall prices have decreased 25 percent compared to 2009 on properties excluding CityCenter. Financing can be still a challenge to obtain, and there is potential for more foreclosures. South Strip, however, is holding 2009 prices.