/24-7PressRelease.com/ - Experts are predicting another big surge in Las Vegas real estate sales in the spring of 2005, and there are a few areas of particular interest to investors. Here are our four “top buys” for the next 12 months in Las Vegas:
Las Vegas Class C Apartment Complexes: Apartment conversions are a hot topic. Because the soaring cost of single family residential units has priced many first time buyers out of the market, older apartment units are now being purchased and renovated into condos that can be sold individually and affordably. Las Vegas is going to lose 11,000 apartment units in the next 18 months to condominium conversions, which will create upward pressure on rents. Apartment vacancy in Las Vegas dropped to 5.46 percent in June, down from 6.09 percent in May, on an inventory of more than 98,000 units because of strong job growth, rising single-family housing costs, reduced supply and condo conversions. The purchase of an apartment complex that is already mapped for condos would be a great buy for any investor.
Las Vegas New Homes: Preconstruction real estate sales of single family new homes are taking off again as a scarcity of land slows down supply versus demand. Market trends indicate another backlog of buyers competing for the dwindling supply as investors are once more being allowed to purchase presale properties that they anticipate will appreciate considerably before construction is complete. The window of opportunity on these purchases is likely to be small however. Las Vegas home builders are going to be smarter this time around, so expect them to pull the plug on investor purchases much earlier than they did last spring.
Las Vegas Preconstruction condos: Las Vegas is fast becoming a high rise haven, and the advent of the "condotel" seems tailor made for investors. These units offer lavishly appointed fully furnished units, onsite leasing agents and nightly rentals tied to the local casinos. When the owner is not in residence they are maintained and leased out to hotel guests by a professional property management company on behalf of the owner, and the return on investment for these complexes is so high that many projects are sold out before ground has even been broken. In addition preconstruction sales on Las Vegas condotels may be as much as two years in advance of completion, offering the investor an incredible amount of time to accrue appreciation before the purchase is complete.
Las Vegas Medical Offices: The huge increase in population as well as the aging baby boomer generation has led to the building of numerous new hospitals around the city. Doctors, who usually lease offices rather than purchase their own buildings, are scrambling to obtain space close to these new hospitals, and some developers are constructing smaller more affordable buildings for investors looking for a steady long term income stream. As a commercial real estate investment in Las Vegas, medical offices in these areas are as close to a “sure thing” as you can find on the market today.
Diann and Glen Tonnesen of Century 21 MoneyWorld have been top selling real estate agents in Las Vegas for over 20 years. For information on these and other Las Vegas real estate investment opportunities please contact us at:
Diann Tonnesen
Century 21 Las Vegas
702-596-7821
http://www.greatlasvegashomes.com
http://www.greathendersonhomes.com
http://www.greatlasvegascondos.com
http://www.lasvegasgolfhomes.info
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