Las Vegas, Nevada (PRWEB) January 30, 2006
Las Vegas High Rise Condo Market Remains Strong - The evolution of the Las Vegas Condo Market is akin to Survival of the Fittest.
As Las Vegas continues to be the fastest growing economy in the United States it’s no coincidence that the Las Vegas luxury condo market is a vibrant one.
Despite the recent demise of several high profile projects, many Las Vegas real estate experts maintain that the market is hot – too hot for some developers to handle. Case in point: Related Group touting that its ICON Tower one had sold out in a day and a half. As early as the summer of last year, the Related Group had easily converted its reservations to hard contract and buyers patiently waited for the developer to break ground. Instead, the Related Group cancelled plans to build.
This isn't evidence of cooled off buyer demand- rather it was the Related Group's commitment to build the Vegas skyline that cooled off.
One solid developer who doesn’t shy away from the heat is Steven Fifield, Founder and Chairman of Chicago-based Fifield Companies, developer of Allure Las Vegas Condos.
When asked his thoughts on the Las Vegas market, Fifield responded, “Developer fall-out is a symptom of a very strong and very aggressive market. Developers in Las Vegas are continuing to move inventory at record paces which is causing high demand for limited contractor and construction resources. This in turn is driving up construction pricing and putting the squeeze on developers.”
According to Fifield’s Principal in Charge of the very successful Allure Las Vegas Alan Schachtman, “The fundamentals of the Las Vegas market have not changed and demand is high. The market and all its underlying attributes are in great shape and all signs point to continued incredible growth.”
Schachtman adds “the fact that a nationally recognized developer has announced that they are not going ahead with a project is not an unusual occurrence. The fact that it is The Related Group’s Jorge Perez – well known for success in the Miami market and the fact that it happened in the most hyped market in the world - has made it national news.”
Allure Las Vegas Tower I is presently under construction and Tower II is in phase one of pre-sales. Ever creative in design, the floorplans in both towers differ a bit which creates a wide variety for buyers. .
Allure Towers' proximity to the new resorts that are planned for the Las Vegas north strip such as Echelon Place and the forthcoming Turnberry Fountainbleau Hotel has kept demand strong amongst those in the know.
This reduction in high-rise condominium supply is driving appreciation rates up. Jeff Stark, a leading Las Vegas High Rise market analyst, pretty much summed up the real scenario in the Las Vegas High Rise market:
“It's now down to basic Economics 101: Supply & Demand. Buyer demand remains strong in Vegas. With Vegas evolving into a world class city, with a vibrant economy, baby boomers, young professionals and DINKS (double income no kids) are creating a solid demand. Those who buy a condo in a residential tower that will be built will have a very solid real estate property in their portfolio."
According to Stark, of the residential towers under development on and nar the Las Vegas Strip, there are not that many available units for purchase. Those that have broken ground and are over 85% sold."
"The people keep moving here - 5 to 7 thousand each month & we are virtually out of land. Demand for the luxury towers with all the built in amenities remains strong and for a city of our population to have virtually no vertical growth is unheard of." This increase in population, lack of available land, and demand for the luxury lifestyle & a close to the strip location are factors leading to the continued demand for high rise residences near the Vegas Strip. "Las Vegas is becoming a world class destination city with dining and shopping amenities unequalled anywhere in the world."
Lauren Stark, a leading high rise real estate agent in the Las Vegas market, has relocated several of her displaced ICON buyers in the Allure Towers. Strategically located on Sahara Avenue just west of the famed Strip, Allure is poised to become known as a premier residential landmark in Las Vegas and will offer an unparalleled choice for homebuyers seeking an exciting and accessible lifestyle. Construction is well underway on Tower I and Tower II residences have recently been released for purchase.
Lauren Stark has been given private inventory in Allure Tower I & Tower II by the developer in an effort to reposition her clients. Other developers have also stepped up to create good will amongst the disheartened ICON buyers. Panorama Towers is offering special values to clients of Lauren Stark and Ezra International Realty. Turnberry Towers has a special incentive program, and SKY Las Vegas has allocated private inventory as well.
The Las Vegas High rise condo market remains strong, so much so that the nation's large premier public NYSE homebuilders such as DR Horton & Centex are planning their own Las Vegas High Rise residential projects on and near the Las Vegas strip. Starwood-Edge Group is planning its "W" Las Vegas flagship condo hotel and residences.
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