The Resurgence of High-Rise Developments

The Comeback of High-Rise Projects

Surprisingly, Las Vegas hasn’t seen a new high-rise project in over 16 years, since the real estate crash of 2008. But now, things are changing. The city is witnessing a wave of new high-rise luxury condos that are set to transform the skyline and redefine luxury living.

In a recent article released by the Wall Street Journal, it's reported that there’s a growing demand for high-rises in Las Vegas. Developers are rushing in to build new luxury units to cater to wealthy buyers and many out of state investors. Among these new developments are Cello Tower, located in downtown Las Vegas within the master planned community of Symphony Park, and the Four Seasons, situated in Henderson's prestigious MacDonald Highlands.

Both projects are already seeing significant interest, with nearly 50% of units reserved in pre-construction sales. This new wave of developments is attracting attention from those looking to enjoy the vibrant lifestyle that Las Vegas offers, with the added benefits of upscale amenities and prime locations.

Factors Driving Demand

Many factors are contributing to this, one being the massive migration of California residents to Nevada. As inflation continues to rise, so does the cost of living. Nevada offers multiple benefits like no state income tax, business tax benefits, and much more. No doubt making the move to invest is a much more attractive option.

On an entertainment level, the city has always had lots to offer. Major events like Formula One (F1) Race and Super Bowl have garnered attention of well experienced buyers and investors. Condo hotels along the Strip have gained a unique advantage to market their units due to the proximity of new attractions like the Sphere, Allegiant Stadium, and the F1 Racetrack.

Over the past 7 years, high-rise inventory has seen a 40% decrease. This has resulted in a supply and demand issue, where more luxury high-rise buyers are moving into the market compared to the inventory. The rapid growth of Vegas is leading to limited land availability, forcing developers to build vertically.

Changing Buyer Demographics

As a new generation of high-rise buyers emerges in Las Vegas, Realtors are adapting to meet their unique wants and needs. These buyers are willing to pay a higher purchase price for modernized condos that offer state-of-the-art amenities. The new high-rise projects are strategically situated in desirable residential areas, providing easy access to essentials, entertainment, and dining options that cater to the preferences of each individual buyer.

The demographic is diverse, spanning from young, tech-savvy professionals who crave a contemporary lifestyle, to retirees seeking to downsize from single family homes. The younger generation is drawn to the convenience, security, and modern features of new high-rise condos, while retirees appreciate the opportunity to simplify their lives, reduce maintenance responsibilities, and enjoy a lock-and-leave way of life.

Realtors must be versatile and knowledgeable to effectively serve this broad spectrum of buyers, ensuring that each client finds a home that perfectly matches their needs and aspirations.

Why Now is the Perfect Time to Invest

It's crucial to thoroughly research before investing in any real estate. However, there are numerous benefits to purchasing early and getting involved in pre-construction sales for upcoming high-rise projects. One of the key advantages is the opportunity to lock in today's prices, potentially benefiting from property appreciation over the next two and half years. This can result in significant financial gains by the time the project is completed.

Another major benefit is the lower risk involved, as many developers offer refundable deposits during the pre-construction phase. This allows buyers to secure a unit with minimal financial commitment while they ensure the investment aligns with their goals. Additionally, early buyers often have the best selection of units.

As Las Vegas continues to grow and attract a varied population, the demand for high-rise living is expected to rise, making now the perfect time to invest in this thriving market.

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