Las Vegas condos still heading toward luxury
Condo sales, although slower, are alive and well in Las Vegas.
Devin Reiss, new president of the Greater Las Vegas Association of Realtors, told the Review-Journal there were 372 condo sales in December, off 36.6 percent form the same month a year earlier.
The median price of a condo or townhouse is down 4.4 percent at $195,000 while the number of units for sale is up 86.2 percent to 4,833, Reiss said.
“Many have said that 2006 was a bad year for the Las Vegas housing market, yet this was a year that saw very little change in the median housing prices,†Reiss told the Review-Journal in an article published on Jan. 9. “While we do not discount the national studies that have come out, we recognize that the studies do not take into account local economic conditions such as lack of private land for development and the continued job and population growth that make Southern Nevada difference from other parts of the country.â€
The median price for single-family homes in Las Vegas eased 2 percent in December to $306,000 as compared with December a year ago.
Star of the luxury high-rise condo market in Las Vegas is the CityCenter development backed by MGM Mirage, as a $7-billion project. Prices start at $500,000 for the smallest unit. Top of the scale will be The Mandarin, whose smallest unit is priced at $1.5 million. Units scale upward to $12 million for 4,100-square-foot penthouses.
A sales pavilion of nearly 30,000 square feet opened Jan. 2 on the Strip between New York-New York and the Monte Carlo hotel-casinos. Altogether, CityCenter will put 2,700 residences on the Strip.
