Friday, November 12, 2010

Las Vegas: 4,000 High Rise Condos still for sale

by Calculated Risk on 11/12/2010 09:00:00 AM

From Buck Wargo at the Las Vegas Sun: Condo sales at CityCenter a mixed bag

CityCenter projects it will have closed on 435 condominium units by the end of November out of 2,387 units it had on the market. ... even though it trimmed prices 30 percent a year ago
...
According to Las Vegas-based SalesTraq, more than 4,000 high-rise units remain unsold along the Strip.
The CityCenter (18% sold) is even doing worse than Trump Tower (25% sold). It will take years to clear this inventory.

Note: high rise condo units are not included in the new home inventory report from the Census Bureau, and they are also not included in the existing home inventory report from the NAR (unless they are list for sale). This is hidden inventory, and for certain cities like Las Vegas, this is significant.