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October 17, 2017

Want a second home? Las Vegas condos are on sale

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.

Las Vegas condos on The Strip


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


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

Plans for the Ritz Carlton at Lake Las Vegas to Reopen

Lake Las Vegas received some welcomed news today with the announcement that the international hotel operator Dolce Hotels and Resorts will reopen the previously closed Ritz Carlton of Lake Las Vegas. The property is due to reopen sometime in early months 2011. Village Hospitality LLC is the owner of the property and they report that a new name for the Las Vegas property has yet to be determined.

The resort property has 349 rooms and sits on 15 acres along Lake Las Vegas. It is estimated that with the reopening there will be a return of 200 jobs and this is indeed good news. In Lake Las Vegas the Village of Monte Lago has maintained a commercial tenant occupancy of 85 percent and above. At this time 5 of the 33 shops are vacant. With this news comes the hope of the Lake Las Vegas real estate improving.

Lake Las Vegas has 19 neighborhoods which include some of the best Las Vegas luxury homes, golf villas, and great Las Vegas condos in the entire valley.

If you would like more information for Las Vegas realty in any of the Las Vegas zip codes contact a Las Vegas realtor.
Bob and Jackie Simmons
The Realty One Group