Real Estate
Between six and seven thousand people move into the Las Vegas valley every month, a trend that started in the early 1990s. The number of visitors reached 38.5 million in 2006.
Real estate in Las Vegas, like everywhere else, is subject to supply and demand. "Build it and they'll come" they said of hotels, and now this may apply to real estate ... "And they'll buy."
The master-planned communities, of which Summerlin is the most famous, were followed by the highrise phenomenon. The first condominium highrise in Las Vegas was Regency Park, built in 1976, followed by Park Towers and Turnberry place in 2001. Their success started a "highrise craze." More than 100 highrise projects are in various stages of approval, financing, planning, and construction. Experts claim that only 25 of them may see completion during the next few years. Several of them have been cancelled, as many of such projects depend on presales of 80 percent of the units before lenders consider financing them.
A new trend in Las Vegas is the condominium hotel (or condo-hotel or condotel), which began with the successful Residences at MGM Grand (now Signature). Owners of a condo-hotel unit can rent out these units when they're out of town, just like a hotel room. Other highrises followed this concept, e.g., Trump International, Cosmopolitan, Palms Place, and Platinum.
Real estate in Las Vegas covers the entire spectrum of homes—from the multimillion-dollar estates to entry-level single-family homes and condos, from living in the fast lane on the world-famous Strip, to quiet neighborhoods just like living in Little Town America.
Search the Multiple Listings Service for your future property in Las Vegas.
See www.rxrealtylv.com for more real estate information.
Contact a Las Vegas REALTOR® with your real estate questions.
