Jan 2009 Las Vegas High Rise Condo News

Luxury Realty Group presents its January 2009 Las Vegas Luxury High Rise Condo Market News

Category:

News & Politics

Tags:

• bruce
• hiatt
• condos
• real
• estate
• las
• vegas
• luxury
• news
• january
• 2009

[luxuryrealty]

You assume the Sky condo buyer would have a mortgage when many of our clients pay cash. We don't "justify" the cash flow plus/minus as our buyers do with their CPA and financial planner. For some buyers, a negative cash flow is what they seek to offset other financial investments or it's not an issue as they want a Sky condo.

[luxuryrealty]

SoHo Lofts is located in Downtown & not the highly desirable Resort Corridor which is only 4 miles long. SoHo is in the City of Las Vegas, a mid-rise, not a high rise and not considered a Resort Strip property which makes a big difference in buyer valuation. Fontainebleau is a hotel. Addresses DO make a difference as the land under luxury condos for Resorrt Corridor Strip land are priced significantly different than outside the Resort Corridor. The condos do not all offer the same amenities.

[jasonfirstnet]

It is interesting you can rent a $300,000condo at Sky for $1200/mo now. $312 HOA Fee and $400/Mo in taxes. That leaves less then $500/Mo for the owner to cover the $300,000 mortgage. If purchased as an investment, how do you justify the negative cash flow? A $200,000 mortgage would cost as much as the rent.

[jasonfirstnet]

OK, so Soho is a Las Vegas Blvd address. And Fontainebleau, and City Center, and Sky. Actually, "Sedona on the Blvd" is a Las Vegas address too if you want to get specific, but you probably dont want to live there. But really, we are not talking about addresses, we are talking about condos in a market and all of these condos I listed are within seconds of each other and offer the same amentities.

[chenups]

The video was focused on those luxury condos with the premium address of Las Vegas Blvd and is factual. There will only be 1306 of such luxury condos in existence with a Las Vegas Blvd address. To mix apples & oranges as you suggested by adding into the mix off-Strip, Downtown & Hotel Condos would not make sense nor make the point which was solely about a very limited supply of a world known address like Park Avenue or Ocean Drive.

[jasonfirstnet]

Hmmm, this is great. So lets forget about Allure, Turnberry Towers East and West, The 4 Towers at Turnberry Place, the 3 towers at Panorama, the Trump Tower, the 900 new units at Fontainebleau, and Palms Place. These condos are all so over priced and there is way too much inventory.

[tony232cool]

las vegas is never in trouble becasue of nature of the place. wish i could buy smth there, but i would have to be rich

[chenups]

Thanks for giving accurate statistics for the luxury condo market in Vegas on the Strip. Seems the media keep screwing Vegas unfairly with bad statistics.