So, is it a good investment? Well, if you consider that Las Vegas is still growing at an astonishing rate and is expected to do so well into the future, then buying a new high rise condo seems like a good get. Values will undoubtedly go up. And, if you’ve looked at gaming stocks you’ll notice that they are exceptionally strong. And that is the backbone of the area’s economy. Finally, no one sees a decline in the housing boom in other parts of the U.S., especially California. Even if that bubble were to one day burst, the prices would still remain much higher than Las Vegas real estate.
The Caution Flag Is Out
Are there any downsides? Well, yes. For one thing you can’t move into your new condo anytime soon. The earliest ones are slated to be finished late in 2006, with most completed in 2008 to 2010. That means your deposit (up to 20%) will be tied up for several years. Now how about re-sales? Let’s use Turnberry as an example. It is true that their new condos have sold well. But there have been lots of re-sales on the market for a long time. If history is a guide, they don’t sell nearly as fast.
But what the heck! After all, this is Las Vegas. It is a betting city and you take your chances. At the moment the odds look good, so “roll them dice, baby.”