Are Las Vegas High-Rise Prices Nearing a Bottom?

We've hit a new low for Las Vegas High-Rise Condos.  We had many clients wanting us to let them know when units at the MGM Towers fell below $300,000.  They fell through that barrier so fast that most of them said "OK now tell me when we break through $200,000."  Well, that just happened recently.  You can now own this studio condo at MGM for $199,000 - a price that was unheard of and never thought possible even 12 months ago (disclosure: we do not represent the seller).   You're going to have to pay cash though as it's considered a "condotel" and financing for condotels is as dead as Elvis.  That's one of the reasons there has been so much downward pressure on these buildings.  These places sold for $400k+ back in the day.

If $199,000 is too rich for your blood, there is actually a 911 square foot loft for sale at Newport Lofts for $122,500 (another disclosure: we do not represent this seller either).   And unlike a condotel you can live in this one as a primary residence so financing is at least a little easier to find.  Stay tuned... there's got to be a bounce down here somewhere.

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