Is Las Vegas Getting Overbuilt?
I found this article in the Las Vegas Business Press very intriguing since I have been noticing more and more condo projects being announced and wondering if the city could sustain all this growth. The article says that three were a total of 47,590 luxury condo units, proposed, planned or under construction in the Las Vegas Valley during the second quarter but only 29,248 new homes sold last year. A research firm, Applied Analysis, estimates that only between 30 and 40 percent of the projects planned will be developed. Only four developments totaling 1,600 units have been built to date, another 15 projects totaling 9,800 units are now under construction. The article indicates that established developers, like the Trumpster, might fare better than newer builders.