With condo prices rising and inventory declining throughout the US, the search for affordable new condos with state-of-the art amenities, upgraded features and a desirable location is sending savvy homebuyers flocking to Las Vegas.
As the last new condominium community available for sale in downtown Las Vegas, Juhl, which spans an entire city block, boasts record sales during the first quarter of 2022 leaving fewer than 70 condo-homes available for purchase.
The loft-style, high-rise condo community continues to be a premier location for homebuyers looking for a contemporary condo lifestyle in the heart of downtown within walking distance of both world-class and neighborhood-centric entertainment, restaurants, art galleries, nightlife and shopping as well as a central location for access to the city’s cultural attractions and Las Vegas’ professional sports venues.
“The pace of Juhl’s condo sales speaks volumes about buyers’ attraction to locations that offer good real estate values and solid economic fundamentals while also offering an active urban lifestyle,” said Shahn Douglas, chief marketing officer for Juhl, which is owned by DK Las Vegas, as part of a portfolio of Las Vegas condominiums.
According to Douglas, affordability isn’t just a driving factor for buyers leaving more expensive states. “Double-digit price hikes for rental apartments makes condo-ownership the financially smart move,” she said. “Plus, Juhl is also seeing a large influx of millennials entering the condo market eager to invest in real estate at affordable prices and the potential for growth.”
As one of The Top 10 Cities Home Buyers Want to Relocate To This Spring, it’s true that Las Vegas continues to have one of the hottest, and stable, real estate markets in the country, and for good reason.
Las Vegas is an international tourist destination with year-round excellent weather, world-class resorts, professional sports, exciting events and an abundance of outdoor locations ideal for hiking, biking and other physical activities. The economy is dynamic and diverse, with global businesses choosing to locate to the area; a growing high-tech industry, top-notch universities, expanding arts community, a comparatively lower cost of living, no personal income tax and government that is both pro-business and pro-development.
“Even in a healthy, stable market, homebuyers waiting for housing prices to decline or inventory to increase are going to be out of luck,” said Douglas.
The issue is simple: supply and demand are driving up prices and will continue to do so. “It’s just that there aren’t enough homes for everybody who wants one,” said says Daryl Fairweather, chief economist at Redfin as reported in April, 2022 by Time Next Advisor.
This shortage is true in the condo market as well. While the US condo market is still not as cutthroat as that for single-family homes, listings for condos fell 28 percent over the past year, twice as much as for single-family homes, and 40 percent of condos are selling over their asking price.