Promenada at Rainbow
The mid-rise luxury condo market in Las Vegas continues to offer a wide selection of new developments. The Las Vegas strip and downtown Las Vegas is where most of the newest developments are going up.
There are also many new condo developments under construction in west Las Vegas. The west side of the city has seen many new master planned communities built that offer luxury condominiums and large single family homes.
The Promenada at Rainbow is located close to the Las Vegas Beltway and the popular master planned community of Summerlin in the southwest corner of the city.
The Promenada at Rainbow is a Cabi Developers project that offers luxury amenities such as a modern fitness center, ampitheatre, and resort syle pool. Completion of the Promenada is slated for late 2008.
Cabi Developers is a Miami-based development group that is responsible for several condominium projects around the country.
The development will offer a unique blend of retail and living space. Residents of Promenada will be able to enjoy the convenience of shopping within walking distance of home in this urban environment.
The Promenada at Rainbow has ten different floor plans for buyers to choose from. There are one bedroom and one bath units as well as two bedroom units available.
Floor plans range from 828 square feet for one bedroom units to just under 1,500 square feet for the largest two bedroom units.
The development will also offer shopping and restaurants on Via Promenada. Other amenities in the development include wireless internet throughout the common areas, elevators, and onsite security.
The clubhouse at the Promenada will have a kitchen, fitness center, locker rooms, and sundeck. Residents can also enjoy the media room and pool table.
Courtyards at the development offer spas, pools, a putting green, and garden for relaxation after a long day at the office.
Each unit will offer residents an array of comforts. Kitchens come standard with stainless steel appliances. A washer and dryer, walk in closets, built in computer desk, and energy efficient windows also come standard.
The neighborhood has easy access to the Las Vegas Beltway. Residents can enjoy the incredible entertainment, restaurants, casinos, and cultural events on the Las Vegas strip while taking advantage of the peace and quiet of a suburban lifestyle.
Hiking and biking trails are just a few minutes away in the mountains around Las Vegas. The popular Red Rock Canyon is a short drive from Promenada at Rainbow.
Lake Mead and the Grand Canyon are also popular destinations within driving distance of Las Vegas.
Buyers looking at purchasing a new condominium in Las Vegas should keep in mind that the current real estate market is going through a difficult period.
The Las Vegas area is one of the leading metropolitan areas in the country for foreclosures. The number of foreclosures increased by 100 percent over last year, and no end is in sight.
An increase in foreclosures leads to an increase in inventory in the region. Also, several new condominium and single family home developments come on the market each year, further adding to the inventory of homes and condos on the market.
Credit problems for banks and lenders have led to a tightening of requirements for new buyers. Fewer buyers and more inventory can only lead to a further drop in prices.
The current real estate market is a buyer’s market. Buyers should heavily negotiate the right price for both new construction condominiums and older units.
