Las Vegas condos are leading the way in the condo revival market. In the past few months, condo developers have proposed several new luxury condos near downtown Las Vegas. Many units of Las Vegas new condos are owned by celebrities and sports people. Some of the celebrities that own units of luxury Las Vegas condos include Pamela Anderson, Toby McGuire and Michael Jordan.
The demand for Las Vegas condos has contributed to a rise in prices as well. Depending on where the Las Vegas condominiums for sale are located, prices can range from $500 to $1,000 a square foot to $1.5 million for a one-bedroom.
The growth of the Las Vegas condominiums market is paralleled only by the growth of the Miami condominiums market. Price ranges for condos in Miami are similar to prices in Las Vegas. Some of the high end condominiums in Miami can cost as much as $ 2,000 to $ 4,000 per square foot.
Currently 18 Las Vegas new condos projects have been announced by developers. Most of these condos are close to the strip and close to hotspots in Las Vegas including the leading casinos. Most of these luxury condos include amenities such as swimming pools, tennis courts and spas.
Taking a leaf out of property developers of Miami condos, developers of Las Vegas condos are now construction hotel condos. Real estate experts expect condo hotels to do very well in the Las Vegas market.
There are several advantages of ownership of these hotel condos. Owners of these condo units have the opportunity to lease out the suites to the hotel when they are away on vacation. In return, owners of the condos get 50 per cent of the revenue generated during that period.
Owners of condo units in a hotel condo also do not have to worry about finding some one to occupy the suite. The hotel management will take care of occupancy as well as provide the facilities that vacationers will require during their stay at the suite.
The housing slump seems to be over and it seems like the Las Vegas condos market is leading the revival of the housing market.
