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.

This entry was posted on Tuesday, January 24th, 2006 at 8:16 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.