Investors ramping up Las Vegas condo sales
Investors and international buyers are bargain hunting for existing high-rise residential condominiums along and near the Strip, according to a condo analyst and researcher.
The trend follows what’s happening in the Las Vegas single-family and town house market as well. Even traditional condo sales are being bolstered by investors who improve and flip the properties, the analyst said.
Distressed property sales account for nearly two-thirds of the condominium market in Las Vegas through the first seven months of the year, and that has contributed to prices falling about 10 percent, said Marc Ehrlich, president of Hi Rise Living, a brokerage and condominium research firm.
Through July, Las Vegas had 810 condo sales, which is three less than the first seven months of 2010 if transactions at CityCenter are excluded from the calculations.
About 520 of the 810 transactions outside of CityCenter, or 64 percent, involved a bank sale, foreclosure or short sale, 24 percent were traditional sales by owners and 11 percent were sales by developers, Ehrlich said.
The distressed-property sales number is a slightly smaller percentage than the housing market as a whole, where nearly 70 percent of sales involve foreclosure, short sales or auction.
But similar to the housing market, new condominium sales are down sharply this year. Through July, there were 103 developer sales, 92 when not including CityCenter. In the same period in 2010, there were 454 sales, 138 when not including CityCenter, which began closings in early 2010.
The biggest interest of buyers — up nearly 60 percent — has been residential high rises on the Strip or near it with 324 sales averaging $189 a square foot, Ehrlich said. That compares with 204 sales with an average price of $218 a square foot through the first seven months of 2010, he said. The properties include Allure, Panorama I & II, the Martin, Sky Las Vegas, Turnberry Place and Turnberry Tower.
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