Las Vegas luxury condo market warming up for new day - mortgage money still scarce

Southern Nevada - with communities of Mountains Edge, Summerlin, Henderson, Southern Highlands, North Las Vegas, Anthem and Green Valley - condominium segment bubbled up a little later than the single-family side, but its slide became equally devastating once it hit the slope down. Mortgage financing dried suddenly up, oversupply was horrendous and the mauled global economy forced many would-be buyers to the sidelines. The usual menu that real estate disasters are made of.

Now, though, things are cautiously looking up for the Las Vegas high-rise condo market. Sales in the third quarter climbed a decent 7%, as was reported by SalesTraq, a Las Vegas research boutique. Looking at it another way means that now 45% of all luxury condominiums in town are effectively sold, up from 38% at the end of the second quarter. True, the increase is well received and offers optimism down the road, yet it still leaves a monstrous block of vacant units out there, 55% in all. Undoubtedly that is a lot of inventory seeking qualified and willing buyers.

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