Condo Inventory Drops
Author: Diana Heeb Bivona 4,200 units - completed
13,400 units - under construction
9,584 units - in pre-sales
56,300 units - entitled but have yet to begin pre-marketing or sales activity
14,300 units - suspended or cancelled
A recent report by Applied Analysis indicates that for the first time since 2003 when the condo-boom hit LV, that the inventory levels have declined. The total at the end of the first quarter of 2007 was 97,800, down from 98,400 at the start of the year.
Breakdown:
Re-sales of recently completed units appear to be impacting the pre-sales of new projects. An estimated 754 existing (resale) luxury units were on the market at the end of March 2007. Those units have an average asking price of $803,900, or $622 per sf. The average price of those that have sold is $764,500, or $537 per sf.