Investor Central

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Monday, August 5, 2013

Strip Condo Market Makes Comeback

The Las Vegas Strip real estate market has gained momentum over the past six months, with a sales frenzy occurring in the high-rise condominium market that lines Las Vegas Boulevard. In this six-month time period, 206 condos going for as much as $400,000 each closed after fewer than 60 days on the market. This demonstrates our overall move into what may be referred to as a tight market.
Investors continue to dominate over suburban buyers, making up almost 60 percent of purchases. Whereas on the Strip, just 15-25 percent of buyers are investors. Most of the cash buyers from CityCenter's Veer Towers (pictured below) purchased their property as a vacation home, rather than a place to rent out for cash flow.

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