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There is something about this town that appeals to the senses, which become even more engaged when considering the draw of Las Vegas high rise condos. This is especially true of condominiums located along The Strip.
The road began simply enough. It was called Highway 91, and it stretched between Los Angeles and the oasis of Las Vegas. Despite its mundane beginnings, The Strip has become one of the most famous and mythic streets in the world.
The Strip's first resort opened in 1941. It was the El Rancho Vegas. A local legend says that its owners were inspired to build it when daydreaming about diving into a cool swimming pool after the arduous drive from Los Angeles. The story may be apocryphal, but owners of Vegas condos can surely relate.
They bought 66 acres of land along Las Vegas Boulevard and San Francisco Blvd., or what was to become Sahara, for about $10,000. Just one year later, developers of the Last Frontier Hotel bought their own 35 acres of land on that same road for a mere $35,000.
Accessible Property on The Strip
Until now, property prices on Las Vegas Blvd. have continued to skyrocket. Today's low real estate prices are the closest we can come to building a time machine to travel back to 1941 Vegas.
Since then, people have been clamoring to buy even the tiniest bit of land along The Strip. As the years passed, success was limited to just a few people and organizations; however, Las Vegas high rises have once again made individual property ownership along The Strip a possibility.
In fact, President of Las Vegas-based SalesTraq, Larry Murphy, predicts prices of existing homes to level out in 2011and then begin to increase gradually in 2012.
The Vegas Brand -- 70 Years Later
As we approach the 70th anniversary of El Rancho Vegas, Vegas is once again poised for development. While the town has weathered difficulties, the idea and vision of an oasis on the edge of the frontier remains.
Despite the recent economic downturn, the idea of living well never goes out of style and Las Vegas lofts and high rises are an integral part of this dream. The same vision of 1941, and even earlier, is what drives the developers behind new places such as the residences at Mandarin Hotel at City Center or Sky Las Vegas.
Whether for investors, entertainers, gamblers, or tourists, Vegas will continue to be a world-class destination. We have all heard it before, but this time it is true; this really is a buyer's market. Real estate prices are the lowest they have been in decades and it is unlikely that this opportunity will repeat itself during our lifetime.
When investing in Las Vegas high rise condos and lofts, buyers are not only becoming a part of the town's history, they are ensuring future wealth.
About this Author
Are you looking for a Las Vegas high rise condominium that fits your lifestyle? 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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