My first question is will this property be used as a second or primary residence. If it is a second home will you need to rent it out when you are not using it? This will determine if you are in the market for a condo-hotel or a residential condominium. As what was said here by Linne and Mike there are several options for both types of property- for condo-hotel MGM Signature, Palms Place, Trump, Platinum, and the new Vdara at City Center and the Fontainebleau Las Vegas which both open in fall 2009 then for residential there is Sky Vegas, Allure, Turnberry Place, Panorama, Turnberry Towers and Veer Towers at City Center. If you are going to go the residential route I think that Turnberry Towers is the best choice in this catagory since there is so much property within the complex. There are some great deals to be had in both catagories with many sellers pricing their units for less than what was paid at pre-construction.
As is the case with most of the country, the Las Vegas Strip is very much a buyer's market. So, to answer your question, the market is fantastic for buyers, and not so much so for sellers, but that should be no surprise.
As of right now, there are actually 10 newer (built in 2005 to current) high rise condos available in Las Vegas, listed at under $300,000 (most of which are on the Center-to-South Strip, but a few are in other areas like Downtown and Lake Las Vegas), not including unapproved Short Sale listings. Surprisingly, there are even a few in MGM Grand Towers, a very prestigious and luxury-focused project.
(Link to view all of those 10 listings below in "web references.")
Interested in searching for other great deals in the Las Vegas valley? All homes are under $200,000 at http://www.VegasUnder200K.com.
The market has slowed a great deal due to the lack of lending support available for people needing loans to purchase a condo on The Strip.
The Strip is offering many different options for investors, second home buyers, and even some primary residents. The Panorama Towers has some 2 completed towers, with now many resale units available, along with their 3rd tower currently under construction. These condos do not have the condo / hotel element, and are centrally located to the future of Las Vegas, with the Palms and surrounding complex to the west of them, Station Casinos behemoth project called "Viva" that will be built almost directly south of them, and then then MGM's CityCenter project directly east across the I-15.
If you are interested in the Condo / Hotel element, the MGM Signature resort is already fully built and sold out. There are many units available as resales, I would say the majority are still grossly overpriced. There are a few units however that are very aggressively priced and I would consider a good investment opportunity for those cash buyers with a long term outlook.
While there are still several boutique condos available in the many projects that are part of MGM's CityCenter, the only project with the Condo / Hotel element is Vdara. The first phase of City Center's components are expected to open in the 4th quarter of 2009.
While the majority of the projects I feel are overpriced and not necessarily the best investment opportunities that the Las Vegas / Henderson, NV area has to offer. There are a few standouts for investors in the right financial situation to take advantage of them.
If you have any further questions, I'm here to help in any way that I can.
All the best,
Mike Dobranski, REALTORÂ®
Prudential Americana Group, REALTORSÂ®
Las Vegas / Henderson, NV