If you’re a prospective homebuyer trying to navigate today’s housing market, you might be asking yourself – should I buy right now? Many informed buyers are answering, “yes,” and making the smart move to invest in a condominium home instead of a single-family residence.
“With interest rates at a 22-year high, there’s a demand for housing options at a lower price point that are also a good investment,” said longtime Las Vegas real estate market expert Shahn Douglas, who serves as the chief marketing officer for Juhl, the loft-style high-rise condominium community in downtown Las Vegas that is over 93% sold. “Buyers are looking to get as much value as they can for their money, and they are turning to a low-maintenance, high-luxury-amenity condo-lifestyle.”
This is especially true in Las Vegas. It was recently reported by the Las Vegas Review Journal that an increased demand for condos and townhomes in Las Vegas is exceeding supply and “prices hit a record high in August, 2023 jumping 8.3 percent from the same time last year” reaching a median price of $287,000. Comparatively the media price for a single-family was $499,000. Total sales of condos and townhomes were up 13.4 percent in August 2023 over August 2022.
“As to whether now is a good time to buy, indications are housing prices will move up and mortgage rates will remain elevated. I’ve heard it said that a year from now homebuyers will be looking back and saying, ‘we wish we had bought then,’” added Douglas.
While the Federal Reserve held its key interest rate steady at its September 20, 2023 meeting, Fed policymakers estimate they’ll nudge up the federal funds rate by another quarter percentage point this year to a range of 5.5 percent to 5.75 percent – according to USA Today, which also reported that in late September, the average rate on a 30-year fixed mortgage was 7.85 percent and 6.98 percent on a 15-year fixed-rate mortgage. The average rate on a 30-year jumbo mortgage was 7.60 percent.
A prime example of where Las Vegas homebuyers are choosing to invest their money is downtown Las Vegas’ premier condominium community of Juhl, where they are drawn to the modern urban lifestyle.
Juhl has reached its final sellout phase with fewer than 24 condominium homes remaining.
Offering open floor plans and featuring architecturally distinct industrial touches, each Juhl condo home features 10-foot ceilings, floor-to-ceiling windows, an abundance of natural light and tile floors. At the heart of each Juhl condominium home is a gleaming modern kitchen and generous living areas that transition seamlessly to private furnishable terraces. Plus, Juhl condo homes feature energy-saving solar shades and NEST smart thermostats.
Juhl residents have access to on-site amenities and services including dedicated concierge; 24-hour security; two-story fitness center with resort pool with cabanas, summer kitchens and grilling stations; movie theater, a 10th-floor VINO Deck; electric car charging stations, on-site dry-cleaning service, designated covered or garage parking and private pet walk.
As part of its final home sales, Juhl is offering limited-time buyer incentives. Juhl also offers low down payment options including Fannie Mae and Veterans Affairs financing. First-time homebuyers will especially appreciate the condo community’s Federal Housing Administration financing option at 3.5 percent down. Call 702-816-5466 for information on Juhl’s remaining condo homes in downtown Las Vegas.
*Terms subject to change. Contact agent for details.