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Vegas Luxury Condos Adjusting to Demand

LAS VEGAS-The number of units built and under construction (19,900) is now about equal to the number of units suspended or cancelled (19,100), according a new mid-year report.

By Brian K. Miller | Updated on August 30, 2007

(Read more on the multifamily market.)

LAS VEGAS-The demand for luxury condominium product here is not at its peak levels of two years ago but still quite active, according to a new mid-year report from Applied Analysis, a locally based business research and advisory firm. That activity includes lots of new construction balanced by a greater number of cancellations.

The company’s research found 5,800 units completed and an additional 14,100 units under construction. The research also found 15,253 units that have been cancelled and an additional 3,877 units that have been at least temporarily suspended, and that relatively few active projects are writing hard contracts for the time being.

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