Las Vegas has seen an upsurge in the value of condo has been seen since 2001. The median price of single family home was comparatively lesser than the condo. The median price of the single home in June this year was $218,600 while a condo sold at $223,500.the appreciated value of the condo for the period 2001-2004 was 57% while that of the traditional homes was only 25%.

Smaller cities like Omaha, neb, Minneapolis are also experiencing the condo boom. Single parent, divorcees, and single professional consider condo living luxurious as well as convenient when compared to the traditional house with the lawn. In order to make money through the condo boom people are speculatively buying condos, which in turn increases the price of these condos. Economic principles are not strong enough to support this sudden increase in the prices.

In the past five years, constructions on about 802,000 condos were started around the country. Construction of 270,000 condos was started this year and in 2006 an estimated 255,000-condos will be constructed.

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