Condos in the Pipline
Author: Diana Heeb Bivona
GlobeSt.com recently ran a report on the findings of Applied Analysis regarding the current state of the condo market in LV. The main thrust of the report is that there is insufficient demand to absorb all the units in the pipeline.
Approximately 98,400 luxury condominium units are extimated to be somewhere in the process of starting and finishing. In fact, 3,900 have completed, 11,100 are under construction, and 12,600 units have cancelled or suspended the sales process. A principal for Applied Analysis belives that only an additional 3,500 units will be started and completed before the end of 2010. This would bring the total number of units to 18,500 or about 19% of the total proposed units.