The condo projects are doing brisk business. They are in fact selling like hot cakes. A recent project sold out the 248 units in less than 48 hours. The main reason for the their popularity is that there is no restriction on the absentee owners from buying property. So a lot of foreign and domestic investors and out-of-state buyers of second homes are buying up these properties.

A lot of builders had restricted this class of people from buying their homes or investing in their housing project to preserve the value of their homes. The builders were acting against out-of-state owners who had no intention of living there and who bought the homes to just them rent out and watch the values go up. The fear was that it would result in an all-rental neighborhood, thereby lowering property values.

The second reason for their high demand is that Las Vegas is still growing at an astonishing rate and is expected to do so well into the future. Buying a new high-rise condo is a good get, as values will undoubtedly go up. No one sees a decline in the housing boom in other parts of the U.S., especially California. Even if that bubble were to one day burst, the prices would still remain much higher than Las Vegas real estate.

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