Search
 

Vegas Potential Condo Inventory Falls

LAS VEGAS-For the first time since the condo boom here commenced, the total number of units completed, planned and deleted has declined, according to a new report.

By Brian K. Miller | Updated on May 26, 2007

LAS VEGAS-For the first time since the condo boom began here in 2003, the number of condos completed, planned and deleted has declined, according to a new report by Applied Analysis, a locally based business research and advisory firm. At the end of the first quarter, the total was 97,800, down from 98,400 at the start of the year.Of the total, 4,200 units are completed, 13,400 are under construction and 9,584 units are in pre-sales. Another 56,300 units are entitled but have yet to begin pre-marketing or sales activity, while 14,300 units have been suspended or cancelled. Of the 23,000 units under construction or in pre-sales, about half are condo-hotels, which is to say they have some sort of rental program.

Applied Analysis principal Brian Gordon says land owners and developers are dealing with conservative reactions by the investment community and potential buyers in response to recent reports that a supply-demand imbalance is inevitable. “The vast majority of units in the (construction) pipeline have been sold and their total is exponentially higher than the present market inventory,” he says. “While it would have been an unreasonable expectation to believe that all of the projects in the development pipeline would enter the market as planned, it would be equally questionable to conclude that resort and residential condominiums are a passing fad.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.