Things are looking up in Las Vegas, where the luxury condo market is continuing to increase in both sales and investors due to an upswing that began in 2013 and has continued to the present. This is a pleasant change for Sin City, which faced a sharp decline in condo sales and investors back in 2009. There’s still a long way to go, however; Jason Trindade, Broker and CEO for KingofCondos.net, was quoted as saying, “Las Vegas was hit so hard, that even with price increases and steady sales, the current prices are 50-70% off the pricing levels we saw in 2009.”
King of Condos, Inc. is a Las Vegas real estate broker that operates KingofCondos.net, one of the premier online markets for luxury condos in the Las Vegas area. They provide sales, marketing, and property management services for condo owners, and CEO Jason Trindade focuses on innovating software that simplifies the search process for consumers seeking high-rise condos. President Michael Bell focuses on business development and expansion into new markets, in the meantime. Their teamwork has resulted in a substantial amount of growth and success in the market.
Between 2005 and 2007, buildings sold their major inventory in fear of the oncoming drop, and developers faced major price reductions and rates of cancellation. As Bell puts it, “It seemed like the more time that went by, the worse the market got. Both the Cosmopolitan and Vdara were complete failures with a handful of closings before shutting down the sale operations all together. They operate as hotels now.”
These worries seem to be quickly turning into fears of the past, however, as sales are going strong in the new year. Because the SLS resort is opening up in the Autumn, the value of the condos on the North end of the Strip are rising, and buyers are snatching them up;
The Martin has become a hot property as of late, landing 88 closings in 2013 and securing 10 closings after barely two months in to 2014. The Trump Hotel and Spa has 4 closings already, and has studio apartments going for around $250,000 as of this time. Turnberry Towers is also closing in on the action, offering one bedroom areas for $249,000.
Consumers seem eager to purchase second homes and real estate in the area at these prices, so if you’re looking to buy, now might just be the ideal time to act, before all these spots are snatched up by other people interested in having their own private part of Sin City.
Image via Wikimedia Commons.