(PRWEB) August 15, 2011
Las Vegas high rise condos for sale are being purchased over ninety percent by cash buyers according to LasVegasRealEstate.org. The preceding ninety days have shown a vast improvement in high rise condo sales within the Las Vegas area. There were approximately 221 high rise condo units being sold over the past ninety days and about ninety six percent (212 altogether) of them were purchased for cash. Fifty one of them were REO units and eighty eight of them were from short sales.
The popularity of high rise condos in Las Vegas has become considerably noticeable due to the bargain hunting activity initiated by Las Vegas real estate investors and international buyers. Many experts believe, too, that the demand has started to catch up with the supply and the forecast on prices that will rise in the future. The Greater Las Vegas Association of Realtors data shows that condo and townhouse sales have increased by 14.4 percent compared to the previous year.
Buyers are reaping the benefits of the high rise market since luxury condo prices start from only $50,000 in areas like Lake Las Vegas and over two thirds of the inventory available is priced below $500,000. The principal interest for buyers now is significant discounts for the residential high rise buildings located on or near the Las Vegas Strip. These properties comprise of Turnberry Tower, Turnberry Place, Panorama, and Allure. Buyers can now purchase a condo in the popular Turnberry high rise for less than $250,000, which was not possible last year.
The Las Vegas high rise market has over twenty communities that are located on the Las Vegas strip or Summerlin, with essential living, scenic mountains, exhilarating nightlife and exceptional views that separate Las Vegas from other high rise communities. Further information about the high rise market in Las Vegas or investing in Las Vegas Real Estate can be acquired by contacting Ashley McCormick at 1-702-523-0916 or visiting http://www.LasVegasRealEstate.org