Named as one of the hottest real estate markets of 2018, Las Vegas continues to impress with its steady but blazing climb in the real estate ladder. One of the growing aspects of the market is high rise condominiums. Las Vegas is one of the top choices when it comes to these properties because it is an affluent city that defines an upscale lifestyle.
Before you make that big decision to own a high rise condo in Las Vegas, there are several factors you should know about the current state and future of the market to keep you ready throughout the real estate journey.
High Rise vs Single Family Home
High rises have slowly become one of the top choices of many homeowners today largely because of the comfort and grandeur they offer that are different from single family homes. High rises are mostly situated in metro cities and many homeowners want to live near diverse attractions and establishments.
While residential homes are designed exquisitely, high rises provide a distinctive element of suaveness and magnetism that attract bachelors and bachelorettes. Take the designs of the Palms Place hotel suites for example.
If you want a more independent type of living in the heart of the city, then a high rise is the best choice for you.
In 2008, the Great Recession substantially plagued the real estate market of Las Vegas, including high rise condominiums. By 2013, the market once again picked up. In 2017, the high rise market is relaxed but stable, with at least 405 high rise resales just by middle of the year. On 2016, there were 717 resales. By the end of 2017, 804 high rise resales were recorded.
Furthermore, last April, the median price for Las Vegas high rise condos and townhomes sold is $155,000, according to Greater Las Vegas Association of Realtors or GLVAR.
Even with these figures, the high rise market in Las Vegas is terrific and it can improve once the pressure drives the market to adjust prices and build up inventory.
Cause of Steady Growth
One factor of building growth in Las Vegas high rise market is the transfer of California’s Oakland Raiders, an American football franchise, to the city where they will play in the currently under construction NFL Stadium. When they finally move in 2019 and the gargantuan 65,000 seating stadium finally opens, there will be at least 10,000 jobs that will be available. People working with the franchise are also expected to relocate from California and this means more people will afford high rise units.
The opening of brand new establishments like the Resorts World and the Wynn’s Paradise Park, and the expansion of the Las Vegas Convention Center are also major driving factors.
While these elements are great, the definitive quality of the Las Vegas high rise condos is what truly makes the market shine. You are not only living in one of the best cities in the world, but your property is also affordable, with different fees billed into one. You are also guaranteed of concierge services, tight security systems, and grand amenities you will find just by riding elevators. Maintenance is also the least of your problems.
With the high rise market expected to get bigger, it is a good time to own a unit to avoid the thriving but bustling market that would soon come!