Now is a great time to buy that second home in the sun, or maybe, a low maintenance lifestyle year round. Las Vegas has great deals on high rise condo’s near all the action or quiet low rise communities with everything you need right at your doorstep.
The bursting of the real estate bubble in the late 2000’s has hit every sector of the real estate market hard. While it may appear that the price decline in multi-family units has been greater than in other sectors of the market, this is only because this market saw a greater (though unsustainable) rise in prices in the early 2000’s.
As Mark Twain once stated, “Buy land, they’re not making it anymore.” Land prices in Las Vegas have risen dramatically over the past few years, so developers are building up, not out. This trend has led to the multi-family market being over-built and consequently great buys available in today’s market.
With the changing demographics, (baby boomers not needing large, suburban homes to raise a family any more) people not wanting the maintenance of single family homes, and a more central location; multi-family units should show a greater rate of price appreciation in the coming years. However, many people will be buying condos for the lifestyle as much as the investment potential. But, no matter what the reason for buying a multi-family unit, the increased demand will make this segment of the real estate market an attractive place to put your money.
Desirable lifestyle, potential good investment, and Las Vegas: Does it get any better than that?