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Condo Conversions Help Drive Apartment Prices Up in Las Vegas.
Knight Ridder/Tribune Business News, June, 2004
By Hubble Smith, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Jun. 8--Apartment properties in Las Vegas are growing in value as the trend toward condominium conversions gains momentum and the predominantly blue-collar work force is slowly squeezed out of the housing market, a real estate broker said.
Demand and desirability for multifamily investment are increasing in conjunction with the dramatic rise in development here, David Baird, senior adviser for Sperry Van Ness in Las Vegas, said Friday.
He recently represented Levy & Associates of Los Angeles in the purchase of the 346-unit Kimberly Apartments for $14.5 million and said he has about $400 million in acquisitions under contract.
Baird said he's seeing...
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