Urbanizing Las Vegas
If you've driven around Las Vegas the past year or so you've noticed all the in-your-face billboards touting the latest and greatest in condo or loft living. Seriously, how many of these ads can one community take?
Last week the Las Vegas Business Press published a list of luxury condominium projects. The list included 4 projects recently completed, 4 nearing completion, 7 in construction, 12 that have broken ground, and another 18 proposed projects. It also listed 5 condo projects that are now dead.
Guess what, my friends? The carnage is just starting.
Every land happy developer with deep pockets wants to play the Vegas field. But increasing construction costs, a limited number of skilled workers and the crazy cost of Las Vegas valley land is creating insurmountable barriers to entry and many difficulties for proposed projects.
Some estimates claim more than 125 high rise condo projects have been proposed for our game happy valley of 1.8 million.
And just what qualifies a project as proposed? If the developer(s) have applied for zoning, it's proposed. However, that doesn't mean it's real. Unless you see concrete and steel on the land, standing taller than you are, don't consider it real.
