A current trend in U.S. cities with metropolitan populations between 1.5 million and 3 million, is an increase in urban, High Rise development. It's pretty obvious that Las Vegas high rises, are sweeping the real estate market. Because of the significant increase in land values the development of low and mid rise projects does not provide the density for developers to earn an adequate return on their investments. Previous success of Las Vegas High Rises, such as the Turnberry Towers, shows a strong demand for luxury High Rise living for many reasons.
The demand comes from local residents as well as Americans from other cities who want a second home in the entertainment center of the world. Entertainers and executives from the local resorts want to live close to their place of employment. Athletes and corporate owners, as well foreign visitors look for luxury and High Rise condos for tax deductions and investment purposes.
Many projects offer rental pools as a feature to attract investors. Owners are allowed to rent out their units, like hotel rooms, when the owners are not in town. This is significant to investors, even though Las Vegas has the largest concentration of hotel rooms in the world. With over 130,000 rooms, vacancy rates are low and room rates are high during peak times. This is true especially during major conventions, New Year's Holiday, and Super Bowl weekend. Any weekend in Spring through Fall typically has high rental rates and minimal vacancies.
For more information on Las Vegas Real Estate, visit www.lasvegashomesbynancy.com
To view a great map of the Strip and condo locations from the Vegas Today and Tomorrow website, click here.
