Las Vegas Condo Conversion Rate Among Highest In U.S.

Las Vegas has the largest number of condo conversions in the in country according to a report from Marcus and Millichap Research Services. The top 10 metropolitan areas in the country have a condo conversion market of around %6.5 billion and Las Vegas tops this list with an 8 percent share. Last year $2.1 billion dollars worth of apartments were converted to condos. This year the number is going to be around $9.2 billion according to the same report.

A total of around 17,000 apartments units are being converted to condos in Las Vegas according to the President of Home Builders Research. The reason for this boom in the Las Vegas condo market boom is a combination of low mortgage rates, rise in prices of single-family homes and rise in demand for condos as fuelled the market for condo conversion. The median home price for single-family homes is $304,000. The condos are more affordable at $120,000 $250,000 dollars (for a condo with .a garage).

The rise in demand for the condos is a new development in Las Vegas according to industry sources. Changing demographics and low interest rates is fueling this demand for condos. More and more retirees and young families who don't want to have the hassles of maintaining a single-family home while enjoying all the amenities offered by condos.