Sunday, April 26, 2009
Very little market for high rise condos in Las Vegas above $1M
This grid shows that there has been virtually no movement in sales of expensive high rise condos in Las Vegas.
This creates a very difficult environment for any condo to get financed because a bank is going to require a market appraisal.
How do you appraise a piece of real estate when there is virtually no market and you have 3,000 units coming online at CityCenter as well as the thousands next door at Cosmopolitan?
Any one have any thoughts about what market value is for any of the CityCenter buildings on a per square foot basis?