Las Vegas luxury condos – at a 78% discount?
If a 78% price drop in Las Vegas luxury condominium prices sounds either too good to be true or your worst nightmare (depending on whether you bought back in 2006 or not), you will find this article of interest. Much of the current stagnation in the market place is due to either lack of credit or unreasonable selling prices, but Glenn Plantone, a professional real estate investor and realtor, has an interesting approach to developing a “niche within a niche,” and concentrating exclusively on Las Vegas high rise condos, which resulted in the said 78% discount sale.
Mr Plantone recently sold a unit in the MGM Signature Towers condominiums development for $99,000. The same unit sold for $469,000 in 2006, and wrote about the sale and this particular Las Vegas micro-market over at biggerpockets.
Hotel condo developments may not be for every investor, but clearly, if the price is right, sales can be made. Anyone considering investing in Las Vegas real estate would be well advised to contact a local with insider knowledge of the market place, and Mr. Plantone seems to have his finger on the pulse of that particular market.