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There have been condominiums in sin city for quite a while, but in recent years the number of Las Vegas condos for sale has skyrocketed. The sale of these Las Vegas condos seems to happen as soon as they go up, and people are even buying them before they are finished. Preconstruction Las Vegas condos for sale are one of the most interesting real estate trends today, and they can be very beneficial for both buyers and sellers. 

The preconstruction Las Vegas condos that were sold in 2006 should now be in their completion stages, and people are beginning to move in or rent them out. The entire Clark County real estate market has seen an increase in the number of condos for sale or rent, but there seems to be no shortage of buyers. Even as the market slows, there are still many condos bought and sold every day. The price range for these Las Vegas condos for sale varies from very budget-friendly to Daddy Warbucks style, and everything in between. 

One advantage to buying preconstruction Las Vegas condos is the price, though, as they allow people to own tomorrow's condos at today's prices. The reservation cost for a preconstruction condo is a relatively small amount, which is typically 10 to 20 percent of the cost. With this minimal investment, people are able to see the appreciation of their Las Vegas condos over time without carrying costs like interest and taxes. Before deciding to invest in one of these Las Vegas condos for sale, however, it's best to have an idea of the development phases involved in preconstruction condos.

The first phase in preconstruction Las Vegas condos is the reservation stage, where the developers offer the units at the lowest price. The price normally falls below the current market price for similar condos. This gives the condo developer an opportunity to determine the demand for the project, and helps them to start paying back their lenders. Buyers are given the chance to reserve the Las Vegas condos for sale at the rate of at least five to ten percent of the value, or a maximum of 20 percent. This is, of course, fully refundable should the transaction not materialize, which will be written out in the reservation agreement.

The second phase in preconstruction Las Vegas condos is the contract. After meeting the required reservation agreements, hard copies of the contracts are made. These documents will lay out all the legal and technical specifications of the condo project. Buyers must pay the 10 percent reservation fee amount at this time, which should go towards the full purchase price of the condo. The next phase is the construction stage, where buyers have to pay another 10 percent as the completion of the 20 percent deposit. The Las Vegas condos may be completed within six months to two years if construction goes on smoothly and no unnecessary delays are met.

The final phase of preconstruction Las Vegas condos is the closing. This is where buyers will be required to complete the payment of the balance of 80 percent, plus any mortgage or cash payoff, closing costs and all related expenses. And that's pretty much it – buyers can own the Las Vegas condos of their dreams at a great price, and watch the building as it goes up.