Manhattanizing Las Vegas
We've all heard there's a high-rise boom in Vegas. And we've all heard the scuttlebutt surrounding the collapse of several prominent projects.
When I wrote Manhattanizing Las Vegas: How to Profit from the Next Phase of Mega Growth," the trend was just underway. Now we're in the second phase of Manhattanizing Las Vegas.
We learned in the first phase that our valley's not quite ready for high-rise living in the suburbs. People who like the burbs like the suburban lifestyle it represents, including the single-family home and some land albeit sometimes a small cinderblock enclosed plot of land.
High-rise living in a suburban family setting is a bit premature.
However, if you look to Miami, you'll see a pattern for Las Vegas. Here in Sin City we've barely scratched the surface in attracting affluent people to town, from wealthy foreigners and baby boomers to retirees and movie stars.
In the second phase of Manhattanizing Las Vegas, the trend toward vertical construction will include retail that serves the market, a neighborhood convenient store, dry cleaner, places to eat and hang out.
While signs of a cooling housing market - an increase in unsold inventory - began to emerge last year, the demand for housing in Las Vegas remains strong even though the types of housing available will change (i.e., more high-rise living and three-story single family homes due to increased land prices).
What happened in Las Vegas over the last few years is truly amazing; going from a few city-centered residential and condo hotel high-rises to dozens around the valley. That hasn't happened in such a short period of time anywhere else. And in the next phase we?ll go from dozens to a hundred.
Paul Murad is the author of "Manhattanizing Las Vegas: How to Profit from the Next Phase of Mega-Growth," published by Paragon Press, 2005. Murad is president and CEO of METROPLEX Development Group, LLC in Las Vegas. The company is engaged in commercial real estate brokerage and development currently focusing on the $220-million 39-story Gateway Las Vegas condominium.
