High Demand For Condos In Las Vegas
The rising demand for condos, a relatively new trend for the Las Vegas real estate market has been attracting national attention. Las Vegas had the highest apartments to condos conversion among the 10 major metropolitan areas in the country according to a report by Marcus and Millichap Research Services.
The median price per unit for major conversion properties is $130,000 this year, up slightly from $129,000 in 2004. Prices are expected to rise sharply in the second quarter based on prices for properties under contract. A combination of low mortgage rates, changing demographics, increase in median prices of single-families are all fuelling this demand for condos
Marcus and Millichap Research Services reports that major condo converters are buying up large apartment complexes in Las Vegas that can be converted to condos and have the required specifications and permissions.
Investors are also getting interested seeing the increasing trends in both prices and demand for Las Vegas condos. But investors need to be wary of several factors just like anyone buying home. Look for good condition and well maintained apartment blocks, should examine lease arrangements and check them against the seller's receipt books to make sure there are no hidden concessions such as several months of free rent.
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