Las Vegas Has Long Time Potential
Looking to answer questions posed about some local condo projects foundering, local real estate experts have given a few good reasons.
One reason according to Las Vegas developers is the high cost of construction. When comparing costs for Las Vegas condos that were built 5 years ago compared to new construction costs for condo units, there is a big difference in price.
Park Towers and Turnberry Place, both 5 years old, were constructed for $300-$500 per sq. ft. compared to new condos currently under construction at $500-$700 and new condos starting at $800 per sq. ft.
There is also a shortage of local construction workers. This has caused developers to import laborers from surrounding states including California, Arizona and New Mexico.
According to Applied Analysis over 11,000 employees have been added to the Vegas labor pool in the last 12 months.
Despite the setbacks, analysts say that the Las Vegas housing market has good long-term potential.
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