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Of 98,400 Condos in Pipeline, 19% Likely by 2011

LAS VEGAS-A new study says that even in Las Vegas there is insufficient demand to absorb all the units in the pipeline.

By Brian K. Miller | Updated on February 14, 2007

(To read more on the multifamily market, click here.)

LAS VEGAS-Some 98,400 luxury condominium units here are somewhere along the marathon route from announced to completed, including those that got sucked down a sewer grate. In fact, 3,900 have made it over the finish line and 11,100 are under construction. Combine those two numbers, and you get 2,400 more than the number of units (12,600) cancelled or suspended in the sales process.

Locally based Applied Analysis, which produced that data, says that even in Las Vegas there is insufficient demand to absorb all the units in the pipeline. AA principal Brian Gordon tells GlobeSt.com he expects only an additional 3,500 units will be started and completed before the end of 2010 for a total of 18,500 units, or about 19% of the total potential units.

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