Las Vegas condos are becoming a big industry in the city as a lot of property in the market is highly sought after by investors, buyers and other real estate enthusiasts. Recent research even shows that Las Vegas is number one for price-to-rent ratio with the current average price for a 3-bedroom home in the city of lights to be $122,000 with 2-bedroom condos averaging $62,700.
Ashley McCormick, from Nevada’s number one real estate company Realty One, has stated that even though the initial interest in these properties is price, the buyers and investors are discovering a vacation lifestyle in Las Vegas they can’t find anywhere else. In addition to that, a ton of buyers and investors are using the city as an affordable winter retreat location, enjoying the amenities of their very own condo.
In addition to investors and buyers, tourists are also becoming more educated on opportunities in condos and condo hotels. A condo hotel allows you to pick out and purchase your own hotel room, allowing you to actually own it. This enables you to put the condo in a rental pool via on-site management and rent it out when you are not using it. Las Vegas currently plays home to three of these establishments, including the MGM Signature, Palms Place Condos and the 5-Star Trump Las Vegas.
Over the past few months, luxury Las Vegas high-rise condos have seen an increase in sales with 90% all-cash buyers. McCormick noted that this is one market that is starting to see some appreciation as inventory is being purchased and no new developments are being planned. A private L.A. equity firm recently purchased the remaining 276 units of Turnberry Towers. Luxury high-rise condos are up $50,000+ from the beginning of the year already with a base price of $169,000.
Even though buyers and investors are in the process of buying up properties based solely on price, it is still recommended that they use a condo specialist willing to accommodate a virtual tour via images or videos. McCormick added that with more than 1,000 bank-owned properties on the market, using a specialist familiar with the Las Vegas condo market could mean the difference between a golf course view or pool side condo for the same price.
Source: PR Web – Las Vegas Condos for Sale Hitting Record Sales Due to $62K Medium Price Tag According to LasVegasRealEstate.org