Southern Nevada, long-known for its fast-paced population growth, is now taking development skyward. As many as 180 proposed condo/high-rise projects are currently on the drawing board, though industry experts say it's likely that only half will come to fruition.
Is high-rise living for you?
Las Vegas is offering a variety of upward-bound living options. A number of high- and mid-rise projects are being developed in residential neighborhoods across the valley. Still more are being constructed on and around the Las Vegas Strip and in the city's downtown area. Condo costs range, on average, from the upper-$200s into the multi-millions. As a rule of thumb, Strip projects attached to major resorts will carry the highest price tags.
The benefits of high-rise living:
The majority of the area's high-rise projects are "mixed use" in nature - in other words, they are projects that combine both retail and residential development in one location. Also referred to as the "urban village concept," many condo projects are devoting lower or upper floors to amenities ranging from boutiques and restaurants to fitness centers and nightclubs. Residents often have all the luxuries associated with a stay in a fine hotel.
Highlighted amenities of local projects under construction:
· Valet parking
· Concierge services
· Room service
· Roof-top pools and nightclubs
· Upscale, full-service spas
· Restaurants
· Maid service
· Fully furnished units
· High-tech security
· Game rooms
· Fitness centers
Many units are being purchased as second/vacation homes, or as an investment. Select properties (time-shares or "condotels") also offer owners the option of renting out their units when not in use.
While high-rise condo projects are extremely hot commodities in today's real estate market, it's vital for potential buyers to make an informed choice that's based on their individual and financial needs. Some condo projects limit ways in which owners use their units from an investment/rental standpoint. Other projects are facing construction and/or financial problems that could seriously impact uneducated buyers.
