By now everyone knows that Las Vegas real estate market has been one of the fastest falling markets in the country. Some will say that Las Vegas condo prices fell 70% from the peak in 2005-2006. Even Vegas condos at Trump Las Vegas have dropped from near $600,000 to $167,000. You will find condos in Las Vegas at Turnberry Towers that have fallen from $550,000 to the mid $200,000s.
Perhaps you have heard of the huge project on the Las Vegas Strip called City Center which is on 76 acres and cost $8.4 billion dollars. The prices of Las Vegas condominiums were cut by 30% at this project which was developed by MGM Resorts. They have a condo high-rise, a condo hotel, and two luxury hotels. Currently it is reported that they are closing nearly 40 units per month.
Sales volume of real estate in Las Vegas has picked up and is actually a bit higher in June 2010 than in June 2005. However, properties purchased today are much cheaper to buy. They are selling at 47% of what they did 5 years ago.
It is understandable why people would enjoy a second home in Las Vegas as the city has so much to offer. There is world class dining here, spas, and plenty of entertainment in the form of shows and nightlife. Better yet there is no state tax and Las Vegas abounds with excellent golf courses. When people decide to purchase a second home in Las Vegas about half the time they will purchase from the Las Vegas condos on the Strip and the other half will decide from Las Vegas houses in the urban communities.
It use to be that frequent visitors would just get a hotel room, however many are now choosing to purchase a Las Vegas condo. Many of the new Las Vegas condos for sale on the Strip have amenities such as hotel style service and restaurants. The new owner will find concierges, sparkling pools, world class spas, and state of the art fitness centers.
Here are a few other places that a buyer may consider for a second home purchase:
Lake Las Vegas is a beautiful community off the Strip. In July 2008 there was a bankruptcy and prices nose dived 60-70%, however there was reorganization this past June. Luxury condos can be purchased for under $100,000. Here, you will find multi-million dollar executive estate homes in Lake Las Vegas as well as two outstanding golf courses. It is literally minutes from Lake Meade. In this community you will find a luxury Loews resort, the Ritz Carlton which will reopen in early 2011, a condo hotel, and the Monte Lago Village with a variety of shops and places to eat.
If you like Golf course communities then you are in luck. The master planned communities of Summerlin, Red Rock, and Anthem are great choices for Las Vegas homes. Vegas real estate prices there are down about 50% from the previous highs.
Contact an experienced Las Vegas Realtor! Bob and Jackie Simmons of The Realty One Group