Brian Wargo’s “Condo Market Still Down” in this week’s In Business Las Vegas seriously misleads and misinforms. It states
The mid-rise market remains weak…Three units were sold during the second quarter compared with four in the first quarter.
This is absurdly wrong. Manhattan Condominiums alone closed 9 resale units in Q2, and Park Avenue closed 11. Something had to be wrong here, so I contacted John Restrepo, who provided IBLV with the information. Restrepo said that he was only counting mid-rise units “above $350 per square foot”.
So we have two big wrong things here. The first wrongness is in even having such a category. Not only is $350 per square foot a completely arbitrary measure, making any report about mid-rise units at that price point is going to be misleading. Hardly any mid-rise units in Las Vegas sell at that point.
The second wrong thing is when IBLV blithely prints this information and ascribes it to the entire market. This makes things seem much worse than they are.
I never cease to be amazed at the media’s fetishistic focus on high-rise buildings. The represent such a small portion of the Las Vegas market, and they are so irrelevant to most of the population.