High-rise condominiums and condo-hotels are the new rage in Las Vegas. It began in 1999, when Turnberry Estates built three condominium towers that sold immediately. Then in 2004, when Las Vegas became the hottest real estate market due to prices, the high-rise condominium market took off.
The reason was that many people around the world bought real estate and land, builders had to buy whatever land they could buy, usually enough to build on instead of leaving. This year alone, there are more than 80 high-rise condominium developments planned or already under construction.
There are conventional condominium developments and there are condo-hotels. When you buy a conventional condo, you own it. The condo-hotel is a unit that is purchased by an owner who can use it at any time. The owner can also rent it out at night when he is free. An owner can make decent money doing this as the occupancy rate is over 97% most of the time.
Las Vegas condo sales are booming because they are so much cheaper than real estate prices in other parts of the country. Starting prices for a condo in Las Vegas between $275,000 and $300,000. Compare that to the New York City market, and you have a great deal! Another consideration is the fact that Nevada has no state income tax. That’s why so many wealthy Americans are shopping in Las Vegas, because their investment dollars are safe.
