A New York-based real estate firm, Artisan Real Estate Ventures, has bought a 440 unit condominium complex in northeast Las Vegas. 

Summerhill Apartments, located at 2150 N. Tenaya Way, sold for $52 million.  The per unit price is $118,000. 

The Summerhill Apartments were bought two years ago by the former owner, Great American Capital Inc. for just over $32 million.  Great American Capital Inc. owns properties in Las Vegas and southern California. 

Occupancy in the apartment complex is currently at 90 percent.  The complex is close to freeways.  Downtown Las Vegas and the Las Vegas strip are just a few minutes away, making the property an attractive choice for renters. 

Artisan also owns two other properties in Las Vegas. 

Current numbers from the Center for Business and Economic Research at the University of Nevada, Las Vegas show that apartment vacancy in the area has risen 38.4 percent in the last year.  The vacancy rate stood at 7 percent in July 2007, up from 5.1 percent in July 2006. 

However, rental rates are increasing across the Las Vegas Real Estate market.  There was a slight 2.8 percent increase in the average rent for an apartment in Las Vegas over the last year.  During July 2007, the average was $856, up from $833 in July 2006. 

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The real estate market in Las Vegas appears to be going through difficult times as foreclosures have increased in the area. According to RealtyTrac, who markets foreclosed properties on the internet, foreclosure filings in Las Vegas affect one out of every 31 homes.

A total of 22,928 foreclosures were reported in the first half of the year, double the amount of the first half of 2006. According to www.narreia.com, there were 2709 defaults on home loans in the greater Las Vegas area. .

The real estate market in Las Vegas also is seeing a slight decrease in average prices of homes. According to data from the multi listing service in the Las Vegas area, the average price for homes has decreased steadily since February 2007.

Inventory is also increasing. The most recent numbers from www.narreia.com show that the inventory of single family homes in Las Vegas has increased to 21,337 as of August 22, 173 more than the previous week.

More foreclosures and higher inventory numbers should lead to a glut of single family homes in Las Vegas. Investor interest seems focused on downtown Las Vegas condominiums and luxury properties on the Las Vegas strip.

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As the real estate market in neighborhoods surrounding the Las Vegas strip and downtown Las Vegas continues to stay hot, many developers are looking to areas just a bit further from the strip to build luxury high rise condominiums. There are many luxury condos and lofts available around the Las Vegas strip that offer the best amenities and easy access to the best of Las Vegas.

One of the newest luxury condominium development announced for Las Vegas is the Vegas Grand. This midrise development will be located just across from the University of Nevada Las Vegas on the corner of Swenson and Flamingo. This development will offer different luxurious buildings, the Villagio, Villa D’este, Bella Venezia, and Cipriani. Each building will offer different floor plans and amenities that will make residents feel like they are living in the midst of an Italian village.

Amenities will include gated access for greater privacy, fitness center, tanning salon, saunas and pools, and other services that would be expected from a luxury country club. Residents will also have complete access to 24 hour concierge services, social events, and excellent jogging areas in the development.

Vegas Grand promises to offer the best in luxury condominium living just minutes from the Las Vegas strip. New Condos in Las Vegas are now offering a wide variety of amenities and prices for every budget. Find the right mix for you and your family today.

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