For the past 6 months, Las Vegas has been one of the cities that have led the nation in foreclosures, mostly in single family homes. This trend also spread to the high rise condominium market. It’s not as bad as Miami, where the high rise market was so overbuilt there that many buildings there were purchased by speculators and left vacant or in some cases where almost entire buildings are in a foreclosure status. It has been said that may take more than 10 years for the Miami market to right itself, but we doubt this will be the case in the Las Vegas market.

The desire to live in a Las Vegas luxury condo has fueled an impressive vertical growth trend. Las Vegas is now home to multiple upcoming or newly developed Las Vegas high-rise properties that are opulent, convenient – and now affordable. Distinguished buyers can choose from a variety of luxury lifestyles and amenities in numerous developments at this very moment.

With a number of these residences in foreclosure or short sale status and buyers coming in from all over the country to take a look with fresh eyes and snap up some of these properties, there’s no doubt Las Vegas has started its Spring real estate season and is showing signs of a gradual turn around.

1. Mortgage rates have fallen to fantastic lows between 4% and 6%.
2. Fannie Mae has recently increased their loan limits from $287k up to $400k.
3. In some cases, prices for high rise condos have fallen to below $300 and $200 per square foot, half of what that figure was years ago.
4. More than a few high rise projects that were scheduled to break ground and be up by the end of ‘09 and ‘10 have now been scrapped, creating more of a possible supply and demand for these types of residences rather than saturating the market with more of the same.
5. Many of these condos (having been purchased by investors and speculators) are barely lived in, some not at all, allowing new buyers to purchase these ‘almost new’ residences at half price from what the high rise condos peak prices were here in Las Vegas just a few shorts years ago.

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