Las Vegas Condos Losing Their Luster?
Las Vegas condos once seemed like a guaranteed way to make easy money. However, with talk of a looming real estate bubble and the potential for rising interest rates, Las Vegas condos seem to be losing their appeal.
An online poll on CNBC recently found that only 22% of 1106 respondents would consider purchasing Las Vegas condos today.
Prices for existing homes in Las Vegas rose 33% in the first quarter of this year. But inventory is rising, and if demand doesn’t stay high, this glut of supply could bring about the infamous crash everyone has been talking about for so long. Because Las Vegas condos have been at the forefront of the local housing boom, they would likely be hit hardest by any significant downturn.