Real Estate Consultant · Las Vegas, NV · Member since 2008 · 4 posts · 0 votes
18y
The main problem that all of these Manhattan style high rise condos have is that the developers appear to be under funded and unestimated the pent up demand from one to two years ago.
They marketed their condos at say $500 per sf only to find out that in reality their actual costs to build were in the $800 to $900 per sf range.
So they back out of most of the projects. Depending on how the contracts were written, most investors got their money back, some did not.
A few have actually come out of the ground, i.e. Trump's project, MGM's project.
Given the state of the residental market currently in the Las Vegas area, I believe an investor would be better off buying a SFR rather than a high rise condo. Better future appreciation.