Price of luxury homes to raise cost of living in Downtown Las Vegas, experts say
LAS VEGAS (KLAS) — The Las Vegas valley is growing however, with expansion comes growing pains. New mixed-use developments are in the works for the Downtown Arts District and experts say that the price of luxury will raise the cost of living in the area.
Realtor and managing partner with Willow Manor, Zachary Walkerlieb shared with 8 News Now that people are buying less than in pre-pandemic times.
“Interest rates are a heavy burden on the homebuyer, ” he explained saying rates are at 7% right now.
One of the up-and-coming developments for downtown Las Vegas is “Origin at Symphony Park,” which includes the Cello Tower. When completed, it will be a 32-story high-rise with 240 luxury condos.
The project website boasts to be a six-acre residential and commercial hub with one and two-bedroom residences starting at $700,000 and a penthouse starting at $6,500,000. Potential residents can pick their place now by paying a $10,000 refundable deposit.
Walklieb said the booming build is a positive thing.
“Having the development occur means we are becoming a city like all the other major cities,” he said.
Another project is “Midtown,” a soon-to-be bustling neighborhood in the north part of the arts district, from the minds behind the English hotel.
The site is situated between the Strip and downtown, with studio condos starting at $360,000.
The new project is said to bring more options and walkability but at the cost of housing affordability.
For context, Walkerlieb said rent is currently $2.50 per square foot near the arts district, but will increase by at least $0.50.
National reports show Nevada needs about 84,000 more affordable rentals. According to a report from the Congressional Research Service, the federal government owns 80% of Nevada’s land.
Walkerlieb said the state could build more affordable housing on the outskirts if they had more land.
For the latest news, weather, sports, and streaming video, head to KLAS.
