Condominiums take longer to build than houses. Especially big tall condominium towers. One factor that has put inventory pressure on the Las Vegas condominium market is that laggard projects from 2004 and 2005 continue to limp over the finish line.
This morning’s LVRJ reports that One Las Vegas has received its Certificates of Occupancy. That doesn’t leave much under construction in Las Vegas, if you cull out all of the glorified hotel rooms on the strip that are for sale. Besides the tiny Mercer and Echelon projects, there’s the Juhl project downtown and the ManhattanWest project in the southwest. And that’s about it. Everything else is either finished or dead.
This is maybe 1000 condominiums under construction. Compare that with the estimated 10,000+ under construction in Miami.
The point here is that, like babies, condominiums continue to pop out months after the fun happened. But eventually you get to the end of the pipeline. There’s not much forthcoming after this in Las Vegas.