Lenders give Summerlin condo project new life - Las Vegas Sun: "You wouldn’t think anyone would be brave enough to restart construction of a condominium project given the soft economy and continued credit crunch that has prevented many people from obtaining financing.
But three banks are stepping up to the plate with $37 million to complete construction on the first phase of luxury condominiums in Summerlin, where construction was halted in early 2008 after developer Westmark Homes filed for bankruptcy."
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Will the $500,000 and up condo market catch fire before the lower reaches of the market?
2 comments:
This may be the only sustainable market segment for condos going forward. Why? At "lower reaches" of the condo market, buyers choose condos as affordable, entry level residential real estate but have no long term interest in owning one. Nor are they concerned about the long term solvency and financial health of the condo association. As soon as market conditions and their income allow, they sell. This is essentially a single family home market that is temporarily in condos by default.
By contrast, the luxury condo market is a permanent market comprised of buyers who want to reside or invest in a condo for the long term -- similar to those who want to own an apartment on New York's Fifth Avenue. Totally different mindset and attitude.
Tyler Berding, your thoughts?
When buying a condo in Las Vegas there are many things to look for and make sure of before you buy. One thing to make sure of before owning a condo in this city is to make sure that it suits your lifestyle, your budget and make sure that the builder has a good reputation.
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