Metropolis a 21 story high-rise condo-loft tower. A total of 71 units were sold by the owner of the Metropolis at the orginal prices inspite of the steep increase in prices of steel and concrete which jumped by 35 percent and the general contractor revised construction estimates. The developer Davis could have technically backed out of the project and refunded deposits as many other developers are doing. For example the developer behind the ICON Las Vegas pulled out for the very same reason.

Located right behind the former Debbie Reynolds Hotel on Desert Inn Road, the lofts and condos of the Metropolis offers sweeping view of the golf course behind Wynn Las Vegas and the rest of the world famous Strip.

The 21-story Metropolis is art-deco building was originally to have been completed last November but got its occupancy certificate only this December. A few residents have already moved and others are having their interiors done. Some of the stuff being into the homes are state-of-art stuff like home theatres and music systems, wide screen plasma tvs and so on.

The biggest selling point of the homes are their great views of the entire Strip and the sweeping vistas of the Golf Course. People who live on the top floors have got views.

Michael and wife Donna are considering moving out of Las Vegas. Though both are employed they do not have enough money saved to buy a home or even a condo. Recently their apartment owner has served them notices to vacate the home as the apartment block is slated for condo conversion. Michael and Donna were given the first option of buying a converted condo but they can’t afford it right now and there are not many rental apartments around where they live.

This problem is being replayed all over Las Vegas as apartments owners seeing more bucks in condo conversion are opting for it. In the process those renters who can not afford to buy a home are left high and dry. A lucky few find another rental apartment others like Michael and Donna are being driven out of community.

Council seems to considering the woes of the renters has it is considering introducing a new ordinance that will prevent atleast some of the apartments from being converted into condos if the council officials feel that apartment will better serve the community has rental complex.

With several high-profile condo projects being shelved Southern Nevada is being pushed into supply-constrained market. Icon would have been a twin tower luxury condo project on Convention Center Drive. With its demise, 500 condo units have gone off the proposed high-rise condo market. The shelving of Ivana would also result in another ….units going off the market.

About six months ago after a spate of high-rise were announced there were 50,000 to 70,000 units planned or ready to begin construction in Las Vegas. At that point concerns were raised about whether the market could take so many condos. Many experts even predicted that as there was not enough for so many condos hardly one-fourth of proposed projects would eventually be completed.

Those predictions seem to have come true. Fewer than 500 luxury condos are getting ready for sale near the Strip corridor where the demand is the highest according to the developers of Turnberry Towers.

Del Webb’s guard-gated community The Club at Aliante is available for immediate move-in. Located in Northern part of Las Vegas several of the homes will be available for serious homebuyers in the next two months.

The incentive offered for immediate move-in make these homes a very attractive option. The golf course, guard-gated community offers great value for residents. The clubhouse with a fitness area, lounge with plasma TV and fireplace, outdoor pool, spa, basketball court, tennis courts and a playground.

Other amenities offere at the Aliante master-planned community include 24 miles of trails, three city parks with a variety of sports facilitie. The 18-hole Aliante Golf Club, with a restaurant and pro shop, a fire station and elementary school also makes this place very attractive for all age groups. A new library is planned to open this year.

Pulte Homes is a reputed name in Las Vegas real estate business. Pulte Homes are popular with homebuyers both for their reputation and also because of their quality construction. Seeing the demand for condos and multi-family homes they are offering a variety of such developments in the western and northern part of Las Vegas valley. The four developments in Las Vegas featuring multi-family residences include Sky Pointe in the northwest Las Vegas, Fulton Park in west Las Vegas, Silverstone Ranch’s Pinehurst Collection and the Terrasini in the Aliante master plan.

Pulte Homes offers great customer service and energy efficient homes that will bring down your utility bills.

Silverstone Ranch offers golf course homes with 3 single story floor plans and one double story floor plan to choose from. Loads of amenities and maintenance free homes make this community very attractive for homebuyers. Terrasini is also a gated condominium complex which is located within the Aliante master-planned community. Four floor plans are on offer ranging from 856 to 1,525 square feet, and priced from the $180,000s.

Their condo projects include the Sky Pointe, which is a gated development located in the Centennial Hills area offering four different floor plans to choose from. These homes range in size from 856 to 1,525 square feet. Prices start from the $170,000s. Fulton Park is also a gated condo community featuring floor plans ranging from 856 to 1,525 square feet, and priced from the $180,000s.

Lennar Homes new neighborhood in Anthem Highlands is called Clermont. A total of 117 homes are planned for the community which will be constructed in 16 phases. Situated close to the Sloan Canyon Preservation the neighborhood offers hiking trails and many amenitities aimed at the urban young professionals and young families.

The two golf courses with in the Anthem Highlands community, 20 acre park, soccer fields, basket ball courts, tennis courts and baseball diamonds offers residents loads of facilities to follow an active lifestyle.

Lennar Homes is a reputed name in Nevada and is active in over 23 subdivisions of Southern Nevada. One single-story and 3 double-story floor plans are planned for the Clermont community. The homes will range in size from 1,819 to 3,181 square feet. Homes prices start from $454,990. Lennar’s Everything Included package offers granite counter tops, maple cabinetry, stair railings, spindles made of maple, patios and balconies, gas fire places and wiring for fans as part of the price.

Las Vegas has expert worried. Reason large number of investor owned homes. Las Vegas has around 35-40 percent investor owned homes which is much above the national average of 23 percent.

The reason is not far to seek. The near 20 percent appreciation rates over the last two years has been attracting investors and second-home owners. So what IS the forecast for Las Vegas?

Well, as usual there are no firm opinions or verdicts.

Las Vegas has a strong economy, the job market is growing, jobs are being created everyday, the entertainment and tourism industry the backbone of the Las Vegas economy is going strong, new immigrants are moving into the city everyday to take up the new jobs, which naturally is increasing the prices of housing. So, there is really no need to worry that the bottom is going to fall out of the real estate market according to one school of thought.

The other opinion is to be cautious as the market seems to be overheated and sustaining it would be tough. Investors when they see the prices going down will simply offload their homes and flee the market which can put the real estate market into a tailspin.

The rise in real estate market had a unexpected effect on the rental market. The craze for condo-conversions took over the Las Vegas real estate market and thousands of rental apartments were converted or earmarked for conversion to condos. These condos were either sold back to the renters of the apartments or to other homebuyers.

Result rental units went down significantly. Those who couldn’t afford the initial cashdown payments or those living in the city only for a shortwhile were finding it increasinly difficult to rent out an apartment at reasonable rates.

After being hit badly by the condo conversion craze rental apartments are making a come back. As condo conversions are hitting peak values apartment investors are outbidding the condo converters as the investors are expecting high single-digit (annual) rent growth over the next few years. Multiple offers and high bids are the order of of the day for apartment complexes.

The 224-unit Remington Canyon apartments was bought by JRD Inc. for $27.1 million. JRD Inc also paid $29.4 million for the 248-unit Ventana Canyon apartments and $20.3 million for the 168-unit Palermo apartments. Silverwood LLC paid $27.3 million for the 296-unit Silverwood apartments.

Earlier it was the teachers who were shying away from North Nevada as home prices skyrocketed and buying a home for middle to low income groups became more and more difficult.

Now it the turn of students. Lower enrollments at schools indicate that if the teachers are finding it difficult to buy affordable homes the parents are not faring any better.

The home prices are reaching ridiculous levels for example in Douglas County’s Minden-Gardnerville area located 15 miles south of Carson City, median price for a single family home is $415,000 in the Lake Tahoe area it has reached $1,185,000, and in Reno and Carson City this fall, it was $330,000.

Housing has simply become too expensive for young families with school going children and this is reflected in the lower enrolment at the schools. Are the authorities listening?

The second tower of the Residences at MGM Grand is rising steadily with construction going on at a brisk pace. In total 3 towers are planned at the MGM Grand as part of the Residences project. Home buyers have a choice of one, two bedroom and studio condo units to choose from.

Each tower at MGM Grand Residences will have 40 stories and 576 residences each. The condo-towers will allow residents to rent out their condos when not in use. The homes are priced anywhere between $550,000 to more than $2.5 million.

The luxury units will have top class amenities and also the residents will have access to all the amenities at MGM Grand at their disposal including the casinos, swimming pools, spas, restaurents and shopping.