Platinum Author
The Nevada real estate market, including the sale of Las Vegas lofts and condominiums, was badly hit by the economic downturn. For many over strapped homeowners, the situation continues to be dire. Even as the economy recovers, some homeowners are still stuck in mortgages that they simply can't afford. No one argues that the situation is sad, but there is a silver lining. Las Vegas high rises and lofts (properties that were once reserved only for celebrities and casino owners) are now selling at unheard of rates.
Vegas Real Estate Market: Then vs. Now
In 2006, a high rise condo on the 20th floor of Signature Grand MGM, complete with custom cabinets and granite countertops, sold for over $400k. Four years later, the same condo sold for just under $150k. Again, a condo in Panorama Towers sold for $ 750k in 2006, but in 2010 it sold for $295k.
Even when considering that the housing boom inflated the prices, the difference between four years is too staggering for investors to ignore.
Economic Recovery of the Real Estate Market
In fact, there is already evidence that the real estate market is on the upswing. In April of 2010, The Las Vegas Review-Journal reported that Las Vegas condo and townhouse sales were 35% higher than the same time last year.
As Nevada diversifies with green technology and medical tourism, the need for high-end residential properties will increase, which will eventually lead to higher prices. From a strategic standpoint, now is the perfect time to invest.
The Next Step
After deciding to purchase a Las Vegas high rise condo hotel or loft, potential buyers should make a list of what they want from their property. Perhaps the most important question revolves around how the property will be used; will it be a rental, a primary residence, or a vacation home?
Potential investors should then take this information to an experienced and trustworthy agent. Buying a Vegas high rise condo or loft can be significantly different from buying a standard home. In addition, this is a unique town, and its high rises are part of a close-knit specialty market.
Buyers will need an agent with several years of local high rise experience. In particular, buyers should consider the relationship between the agent and the developers. Agents who are new to the scene simply won't have the necessary rapport that is required when negotiating such a specialized sale. This is especially true in Vegas where enormous corporations own so many properties.
Another thing to check, particularly for buyers living outside of the United States, is whether or not the agent has experience in working with foreign investors. When both time and money are factors, agents should be able to navigate cultural and monetary differences with ease.
Investing in a luxury home shouldn't be a daunting task. With proper knowledge of the market, initiative, and guidance from a specialized agent, investors should be able to approach the experience with optimism and excitement.
About this Author
Are you looking for lofts Las Vegas style that fit your way of life? For a condo purchase at the lowest price, under the best possible terms, visit the TNP Las Vegas Residential website at http://www.LVhighrise.com or call 877.867.6521. We are a buyer and investor focused real estate brokerage specializing in the hotel-condominium and condominium market.
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