Bella Vita – A Beautiful Apartment Condo Conversion
One of the main attractions of Las Vegas has always been low real estate prices. Unfortunately, the picture has changed at the lower end, where getting affordable housing is increasingly more difficult. The workforce and young families are facing a crunch when it comes to renting a place as more and more apartments are being converted into condos. There are fewer than 600 apartment units under construction in the Las Vegas Valley creating a crisis in the rental market. Decreased supply of apartments is raising rental rates for apartment. Apartment developers cannot compete with single-family homebuilders and commercial developers when it comes to buying land in the valley.
Developers are remodeling existing apartment buildings and this has opened up a whole new range of affordable housing. These condos make an excellent investment for either owner occupants or investors. Condo conversions were tried in the past but this time it seems to be more successful. The concept is relatively new and apartment-condo conversions are becoming the buzz in the local real estate industry. This is an opportunity to reach out to a market that is left stranded with the constant climb in home prices.
Most apartment complexes are being redone before being sold as condos. Current renters are offered first buying rights. The condo conversions promise better maintenance and security than the original apartments. Above all, they are still affordable for the median income group. First time owners need to make a shift in mind frame and attitude and move on from the traditional dream of a single-family home to townhouses or even attached housing that is more in their price range.
Currently there are twenty-five condo conversion projects selling in the market and ten more in the planning stage. The success of these will no doubt keep the trend growing. Today, it is an affordable option with home prices increasing and the demand for new and previously owned homes continuing to outstrip supply. In the past conversions did not compete with new constructions but at the moment there are few new projects in the same price range.
Bella Vita in southwest Las Vegas was formerly Point Apartments and has been converted into a condo development. There are 1,404 units on the property, which comprises one city block in area. Close to the Orleans Hotel-Casino, the Interstate 15 provides easy access to other locations in the Las Vegas valley. Bella Vita condominiums are in its final phase of sales. Bella Vita means "a beautiful life," and hopefully the face-lift to the units will mean that for buyers. The buildings were run down with poor plumbing and hygiene. Today the units have granite countertops, new appliances and carpet, and maple cabinets. All units feature a private patio or balcony.
Each building is custom-painted and a stone facade adds character to the buildings. Care has been taken to improve the surroundings with lush, tropical landscaping. The new management has beefed up the security and new occupants are certainly much happier than the old residents. .
Developers are remodeling existing apartment buildings and this has opened up a whole new range of affordable housing. These condos make an excellent investment for either owner occupants or investors. Condo conversions were tried in the past but this time it seems to be more successful. The concept is relatively new and apartment-condo conversions are becoming the buzz in the local real estate industry. This is an opportunity to reach out to a market that is left stranded with the constant climb in home prices.
Most apartment complexes are being redone before being sold as condos. Current renters are offered first buying rights. The condo conversions promise better maintenance and security than the original apartments. Above all, they are still affordable for the median income group. First time owners need to make a shift in mind frame and attitude and move on from the traditional dream of a single-family home to townhouses or even attached housing that is more in their price range.
Currently there are twenty-five condo conversion projects selling in the market and ten more in the planning stage. The success of these will no doubt keep the trend growing. Today, it is an affordable option with home prices increasing and the demand for new and previously owned homes continuing to outstrip supply. In the past conversions did not compete with new constructions but at the moment there are few new projects in the same price range.
Bella Vita in southwest Las Vegas was formerly Point Apartments and has been converted into a condo development. There are 1,404 units on the property, which comprises one city block in area. Close to the Orleans Hotel-Casino, the Interstate 15 provides easy access to other locations in the Las Vegas valley. Bella Vita condominiums are in its final phase of sales. Bella Vita means "a beautiful life," and hopefully the face-lift to the units will mean that for buyers. The buildings were run down with poor plumbing and hygiene. Today the units have granite countertops, new appliances and carpet, and maple cabinets. All units feature a private patio or balcony.
Each building is custom-painted and a stone facade adds character to the buildings. Care has been taken to improve the surroundings with lush, tropical landscaping. The new management has beefed up the security and new occupants are certainly much happier than the old residents. .
posted by realestatevegas | 1:57 PM
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