Las Vegas Condos

The new craze in Las Vegas is high-rise condos and condo-hotels. It began in 1999, when Turnberry Estates built three tower condos that sold immediately. Then, in 2004, when Las Vegas became the hottest real estate market around because of the prices, the high-rise condo market took off.

The reason was because so many people around the world bought up real estate and land, builders had to buy what ever land they could buy - usually enough to go up instead of out. This year alone, there are over 80 high-rise condominium developments planned or already being built.

There are conventional condo 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 one owner who can use it any time. The owner can also rent it by the night when it is vacant. An owner can make decent money doing this as the occupancy rate exceeds 97% most of the time.

Condo sales in Las Vegas are booming because they are so much cheaper than real estate prices in other parts of the country. Starting prices of a condo in Las Vegas in between $275,000 and $300,000. Compare that to the New York City market, and you have yourself a great deal! Another consideration is the fact that Nevada has no state income tax. That's why many wealthy Americans are buying in Las Vegas, because their investment dollars are safe.

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