Real Estate
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Real estate in Las Vegas, like everywhere else, is subject to supply and demand.
The master-planned communities, of which Summerlin is the most famous, were followed by the highrise phenomenon. The first condominium highrise in Las Vegas was Regency Park, built in 1976, followed by Park Towers and Turnberry Place. Their success led to "highrise craze." More than 100 highrise projects are in various stages of approval, financing, planning, and construction. Experts claim that only 25 of them may see completion during the next few years. Some of them have been cancelled, some have been postponed, as many of such projects depend on a high percentage of presales before lenders consider financing them.
A new trend in Las Vegas is the condominium hotel (or condo-hotel or condotel), which started with the successful Residences at MGM Grand (now called Signature). Owners of a condo-hotel unit can rent out these units, just like a hotel room. Other highrises followed this concept, e.g., Trump International, Cosmopolitan, Palms Place, and Platinum.
Real estate in Las Vegas covers the entire spectrum of homes—from the multimillion-dollar estates to entry-level single-family homes and condos, from living in the fast lane on or close to the world-famous Strip to living in a quiet neighborhood just like in Little Town America.
