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The Vegas Market
The latest and most dramatic trend in home ownership in the Las Vegas Valley is the high-rise Las Vegas condominium. As the city grows in popularity more developers are heading to Las Vegas and starting vertical construction. Las Vegas condominiums.offer enhanced security, a wide variety of personal services and other amenities not afforded in other condos and apartments. The population boom and a fast-paced economy are transforming every sector of the region's real estate. Higher land prices and record levels of new-home construction are expanding the region's boundaries as developers scramble to accommodate the influx with new malls, offices and schools.
The housing market of Las Vegas has experienced some of the region's most astounding growth. According to the National Association of Realtors, the median Las Vegas condominium home price has almost doubled in the past three years to $300,100 in the second quarter of '05 from $159,800 in '02. That is still below the median of $312,600 in the western U.S. Some 120 mid to high-rise condominium projects came up in the region, while conversions of rental apartments into Las Vegas condominiums helped lower the apartment vacancy rate to 4.1% in the third quarter, the lowest in 54 major real estate markets. Today people want to enjoy all of the luxuries of a five star hotel in their living environment at an affordable price. Residing in a condominium instead of staying in a rental apartment provides people with this type of lifestyle and that is why apartment to condo conversions are on the rise.
With land prices rising at annual double-digit rates and 80% of the region's land under federal government ownership, homebuilders are focusing on higher-density projects and pushing beyond the mountains that circle the Las Vegas Valley into former farm towns such as Mesquite and Pahrump, says Monica Caruso, a representative for the Southern Nevada Home Builders Association. The mayor of Las Vegas is working to revitalize the city's downtown, cracking down on crime and encouraging the restoration of older buildings and casinos. With it’s booming job market, especially in tourism, construction and services, Las Vegas has seen an increased employment by 7.7% in the 12 months ended in June, which is the fastest growth rate of any major city, according to PPR. Office buildings have also benefited from the job growth, with vacancies declining almost three full percentage points to a below-average 13.6% in the third quarter from the year earlier. Developers are responding to this unprecedented growth rate with construction of Las Vegas condominium homes which are also gaining popularity with retiring baby boomers.
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