Las Vegas Condos for Sale Gain International Attention Based On Cost of Living Index and Affordability
Las Vegas, NV (PRWEB) August 30, 2012
Las Vegas condos for sale have seen record sales for units sold over the last 12-months with over 60% being purchased by all-cash buyers and investors. LasVegasRealEstate.org concurs Trulia research showing Las Vegas homes ranked as #1 in America for price-to-rent ratio. The current medium price for a 3-bedroom home in Las Vegas is $122,000 with 2-bedroom condos at almost half that amount with a medium price of $62,700. As Americas struggle to find finacial ground in an unstable economy, Vegas presents one of the best lifestyles for cost-of-living index.
Ashley McCormick of Realty One, Nevada's number one Las Vegas real estate company, says that most buyers and retirees are first looking for affordable solutions that deliver the best lifestyle, then discover the investment opportunity. Numbeo.com has "Cost of Living in Las Vegas, NV, United States" ranked at 64% globally for consumer price plus rent index. This calculation puts Las Vegas in the international spotlight as one best valued cities rivaling opportunities in Uruguay, Portugal and Brazil.
With the opening of the new "International Terminal 3" at McCarren airport and an estimated 40-million visitors this year, Vegas is ground zero for foreign buyers. Buyers and investors are discovering a vacation lifestyle in Las Vegas they can't find anywhere else for the money. Allegiant Air, based out of Las Vegas, now connects to over 50+ cities averaging under $200 round trip. A large portion of buyers are now using Vegas as an affordable hub or winter get-a-way enjoying the amenities of their own private condo.
Over the last 6-months the luxury Las Vegas high rise condos for sale have seen record sales with 90% all-cash buyers. McCormick notes that this is one market that is starting to see appreciation as inventory is being bought up and no new developments are being built. Recently, 276 remaining units of Turnberry Towers was purchased by an LA private equity fund. Luxury high rise condos such as Panorama Towers is up $50K+ from the beginning of the year starting at $169K and only has 23-units left on the resale market today.
While buyers and investors are purchasing site-unseen based only on price, McCormick recommends using a condo specialist willing to accommodate a virtual-tour thru images and video. She mentions that with over the bank owned properties on the market, using a specialist familiar with the condo market could mean the difference between a golf course view or pool side condo for the same money. Due to the demand in Las Vegas Condos, Ashley has recently set up a toll free line for out-of-state and foreign investors at 1-888-920-2292. Las Vegas homes for sale, condos and land listings with pictures and virtual tours can be searched at http://www.LasVegasRealEstate.org