This was too cute to see my sister quoted for the news. I had to post it here too! Way to go Rachel!
Jan 13, 2009
"Relatively speaking, the luxury condo market is a fairly new animal to the Las Vegas valley," said Rachel Skidmore with Applied Analysis.
Skidmore says it is a simple case of oversupply, "As we saw a few of these initial products come on line, demand was extremely great. A lot of these developers saw that and jumped on that wave."
But it is a development wave that ultimately crashed. Applied Analysis says it has tracked 107,000 announced condominium units over the past five years, of which only about 15-percent have become reality.
As for the unit at Loft 5, the rent works out to $1,650 a month when you factor in a one free month promotion. Leasing agents say it is comparable to renting a single family home which would include the same amenities offered here such a pool and workout room.