Any one driving across Las Vegas is bound to drive past several signs announcing new condos. The condo boom continues across Las Vegas, Phoenix, Scottsdale, Tempe and Mesa.
The growth of Las Vegas and Phoenix condos has been phenomenal. Almost 8,000 condos and lofts are planned or under construction across metropolitan Phoenix, more than what went up in the Sun Valley in all of the past 10 years. In the last month plans for 8 new condos have been announced in Las Vegas.
These new condos are changing the skyline of Las Vegas and Phoenix. The new condos for sale are residential high rises that could compete with almost any other skyscraper. The amenities that they provide to their residents at the heart of Phoenix and Las Vegas are unparalleled.
Early success of condos has paved the way for more condo construction in Las Vegas. In fact, people are snapping up condo units during the pre planning stage itself. The average time that Las Vegas condos are available in the market is less than 60 days.
Most of the high-rise condos start at $400,000 or higher. A converted unit could sell for less than $200,000. A typical three-bedroom, two-bathroom home in the suburbs sells for less than $300,000.
It is not only in Las Vegas that condos are selling fast. In metropolitan Phoenix too there is a quick turnover of condos. In fact last year, more than 10,000 new condos were constructed in the metropolitan area.
Most of the luxury condos in Phoenix and Las Vegas are selling for more than $ 2 million. To a lot of individuals, these condos are a great investment. Typically, investors in condos have been able to register profits within a year or two.
Individuals who are looking to buy condos should have a pre approved mortgage. Like home owners, property developers of condos, prefer to sell the individual units to individuals who already have the mortgage ready. Another reason for individuals to be pre-approved is that Las Vegas condos do not remain on the market for too long. Therefore individuals who apply for a mortgage late may not be able to get the condos that they like.
