One of the most awaited developments in the Las Vegas real estate market is the MGM City Center project, which is set to open in the year 2009. The Center boasts of condominium hotels high rise residence and shopping areas. The new real estate wonder in Las Vegas will rise on a sixty-six acre area in the middle of suburban hotels and casinos.
The MGM City Center is expected to be the newest centerpiece in the rising star of Las Vegas real estate, as it will give people the advantage of time and luxury in just one area. People can now shop, gamble, eat and stay at home without living the Center. Plus, it envisions free parking and accessibility, with all roofs linked together.
This new development is a response to the high demand for condominiums in the area among celebrities as well as the baby boomers and those who are filthy rich.
The MGM Center project will resort to the new trend in real estate and that is pre selling of the properties to generate a portion of the huge financing requirement of the project.
Real Estate in Las Vegas has been on the rise from the beginning of the year 2000. Realtors and experts have already predicted a two hundred increase in the value of Las Vegas properties up to the year 2008. The trend is expected to continue along with the increasing number of real estate projects in the area.
Prices in the Las Vegas real estate is up and is continuously going up due to the rising demand for real estate properties in the area. This has paved the way for more high-rise projects in the area, with the real estate industry eyeing the vertical philosophy to build more properties.
As expected the increasing demand for real estate along with the higher real estate prices ahs resulted to an increase in construction costs. Thus, expect real estate properties to be more costly. The area is also experiencing a shortage in human resources involved in the construction and the other sectors of the real estate industry.
Las Vegas is after all not just the gambling capital of the world but it also boasts of very nice neighborhoods, reputable educational institutions and lots of recreational areas.
