The New Trend, Las Vegas Condo Hotels
The condo hotel is a relatively new idea, but it has been implemented into the real estate market incredibly quickly and it is having an amazing affect on buyers, sellers, builders and the like. Basically, a condo hotel includes the basic premises of both concepts. A condo hotel is typically a high rise building like a hotel but that is made up of many condo units. This concept has become so popular so quick because it just makes sense, especially in Las Vegas and Florida. While the condo hotel concept was introduced in Southern Florida the Las Vegas condos in hotels have taken off and been amazingly successful as well. In general, the average buyer of a condo hotel is between the ages of 35 and 50 and is looking to diversify their investments with a new asset like the condo hotel but also to have a vacation home as well. Las Vegas condos are selling out in record numbers to individuals meeting this description. For example, MGM Grand Las Vegas condos sold out significantly faster than anyone had ever dreamed. The original sell out projection for the Las Vegas condos in the MGM Grand condo hotel was approximately two years. However, the sellers were shocked when the building was sold out in less than two months. This was during the pre-construction phase as well, typically when the condo hotel units sale.
Las Vegas condos, as well as other types of real estate, are currently seeing appreciation values go through the roof as they have been for a couple of years. So, when a new condo hotel property is introduced individuals jump on the opportunity to buy pre-construction in order to save as much money as possible because the more time that passes the more expensive the units cost. So, this in conjunction with high demand is why the condo hotel units are selling so rapidly. Las Vegas condos in the condo hotel format may be a passing trend in the real estate market, however so many condo hotels have been built so quickly and with such a great buyer response that it is doubtful developers will slow down any time soon, unless the amazingly high demand drops off.
For now, Las Vegas condos and the condo hotel concept are just the newest phase in an amazingly hot real estate market that continues to grow and grow and grow in spite of many real estate professionals thoughts that the market will slow down or the bubble will pop at any moment. Instead, the hot real estate market continues to drive new condo hotel ventures and Las Vegas condos keep selling out in pre-construction phases.
