The Las Vegas real estate market is not enjoying its greatest year. However the one area that is enjoying some growth is luxury condos. Units are on the rise which makes it a good time to buy before prices become higher. You can then enjoy a good ROI if you decide to sell once prices reach their peak.
Primed Time to Buy
Any real estate investor will tell you the time to buy is when prices are lower and to sell before prices run flat. There is a slow rise in Las Vegas real estate at the moment which makes prices affordable and attractive for buyers. When prices are just beginning to rise a) prices remain affordable and b) indicate that you will not see losses in the purchase of your condo.
Slow Rise Since 2010
Prices have been on a progressive albeit slow rise in Vegas condo prices since 2010. The average price at that time was $225K and by 2013 condos had risen to an average price of $489K. Prime areas such as the City Center are in high demand which is helping with the rise in prices. Condo towers are bringing buyers into the market due to their stunning designs, superior amenities and gorgeous layouts. As well high end finishes and superior services are tempting people to enjoy a luxury hotel lifestyle everyday.
A sign of the times and rising interest in Las Vegas Strip real estate is a growing number of people paying cash a trend made popular with overseas buyers interested in New York condos. Las Vegas hotels are being purchased by influential people who either require a primary residence or are in town for pleasure or business on a regular basis and want their own private space for living when in town. This means those living in condos as their primary residence will be living with a good mix of wealthy and interesting people.
Value per Square Foot
Condos are sold with value per square foot in mind and at current prices Las Vegas condos are selling well below their actual value. In fact a purchase at this time will save you hundreds of dollars per square foot which adds up to a smart investment. Whether you are looking for a primary residence or wish to make a wise investment, Las Vegas Strip real estate is primed for a worthy ROI with plenty of room for growth.Save
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