Where the Fault Lies
Local real estate experts are blaming spiraling costs for the major hit the condo market is taking. Stats have proven that Las Vegas developers that locked construction prices are faring far better in this recently volatile market.
Bruce Hiatt, the owner of Las Vegas based Luxury Realty Group says that Las Vegas developers who did not lock in prices are now paying at least double for workers costs, cement, and steel costs.
Most buyers that were looking to flip units for a profit are paying the price too.
And instead developers building homes for first or even second time home buyers they flooded the market with condos which caused the rising prices.
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