Hallelujah! There’s light at the end of the COVID tunnel. Nationwide, baseball had its opening day; more than 153 million people have been vaccinated; airlines are selling middle seats, the CDC says fully vaccinated people can travel safely; and the NCAA men’s and women’s basketball championships went off without a hitch.
Here in Las Vegas, hoop nets are going up in parks; casinos are opening up and hiring; movies are playing at theaters; more than 1 million Nevadans have already been vaccinated with that number steadily increasing every day now anyone over age 16 can get their shots; tourists are returning, and home and condo sales are booming.
We’re getting an idea of what life will look like post COVID. A recent article posed the question: after more than a year will people be spurred on by FOMO (fear-of-missing-out) or held back by FOGO (fear-of-going-out)?
“I think ‘fear’ is the wrong word to use when describing how people are returning to normalcy, instead, the word is opportunity,” said Uri Vaknin, a partner at KRE Capital LLC, which owns Juhl, the loft-style condominium community in downtown Las Vegas and the twin-tower luxury condo community One Las Vegas on S. Las Vegas Blvd. “People are doing better than returning to normal. They are creating a better normal by seizing the opportunity to craft personal environments that give them joy and freedom.”
For many that environment comes in the form of luxury condo living in an urban setting like downtown Las Vegas. Vaknin sees this desire for a more individualized and enjoyable approach to living among the growing number of new condominium buyers at One Las Vegas and Juhl, whom he says want the lock-and-leave lifestyle that comes with condo living.
“As the vaccines roll out, we’re seeing a sense of relief and renewed excitement among buyers. People definitely are looking forward to and planning for doing things again and they want everything they need to socialize – from entertainment to restaurants and cultural activities – at their doorstep,” Vaknin said. “Case in point? Thirteen condos sold at Juhl in March 2021, a record for monthly sales. That speaks volumes about the desire to live an urban setting with everything at your fingertips.”
While the predictions of mass exodus from cities hasn’t reached the levels anticipated, many people are opting for more manageable and affordable urban settings like downtown Las Vegas for their permanent, second or vacation homes.
And luxury Las Vegas condominiums like Juhl and One Las Vegas have been heralded for the carefree, maintenance free lock-and-leave lifestyle that post COVID buyers want in a home. Each luxury condo community offers resort-caliber amenities, 24-hour security and when it’s time to travel again residents lock their door and leave worry-free.
So, is now a good time to buy a condo in Las Vegas? “Yes, but the most sought after condos in desirable locations are going fast,” said Vaknin. “There’s no question that post-pandemic times will affect the residential real estate market. It’s predicted that interest rates may rise, but will remain relatively low. However, housing pricing will continue to rise. And housing inventory will remain low, making getting the place you want even more competitive. So if you’re ready for a more carefree lifestyle and if you want an easy, walkable and affordable urban environment in the Entertainment and Sports Capital of the World – now is definitely the time buy that Las Vegas condo!”