Which Way Will The Market Take Us?
According to Applied Analysis, the fourth quarter in 2005 for local condos showed that there were 62,600 units either under construction or being proposed.
This report has experts in Las Vegas wondering if there is a sufficient market demand to absorb so many condos. While some are saying that the numbers of projects are causing financial institutions to have healthy pre-sales in order to get backing. There have been a number of projects cancelled in the last few months, with the latest being Las Ramblas.
Researchers are anxious to see what future Las Vegas has planned for the condo market. Will the saturation of the market cause more cancellations or will buyer demand increase causing another spike in the local market?
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