Own a Condo Near the Strip? Why 89119 Owners Are Cashing Out Now

by Ryan Rose

If you own a condo or townhome in the Paradise area, specifically the 89119 zip code east of the Strip, you are sitting in one of the more interesting positions in the Las Vegas market right now. This area has always attracted a mix of owner-occupants and investors because of its proximity to the casinos, airport, and UNLV. Prices have climbed significantly over the past several years, and many owners who bought five to fifteen years ago have built substantial equity. At the same time, the condo market is shifting. Inventory is up significantly, buyers have more options, and the window to sell at peak prices is not going to stay open forever. Whether you live in your unit or rent it out, now is a good time to look at what cashing out might mean for your financial picture.

What Makes 89119 Different

The Paradise area has some unique characteristics that affect how the market works here. About 78 percent of residents in this zip code are renters, which tells you this is heavily investor-owned territory. The median home value runs lower than the Las Vegas average, currently around $300,000 to $320,000 for condos and townhomes, which has historically made it attractive for entry-level investors and first-time buyers.

Turnover in this area runs higher than most Las Vegas neighborhoods. People move in and out more frequently because of the transient nature of hospitality and gaming employment. That creates both opportunity and challenge for owners.

89119 Market Factor	What It Means for Owners
High renter concentration (78%)	Strong investor interest, but also more competition when selling
Lower price point than valley average	Accessible to more buyers, but appreciation has been solid
Proximity to Strip and airport	Consistent demand from hospitality workers and investors
Rising HOA fees in older complexes	Eating into returns for investors, pushing some toward selling

The Condo Inventory Situation

Here is something important to understand. Condo and townhome inventory across Las Vegas is up significantly compared to a year ago. In the 89119 area specifically, there are more units on the market competing for buyer attention.

This is not a crisis, but it does change the calculation for owners thinking about selling. When there were only a handful of comparable units available, sellers had leverage. Now buyers can shop around, compare multiple options, and negotiate harder.

If you have been thinking about selling, waiting another year means competing with even more inventory as other owners reach the same conclusion. The ones who list now, price correctly, and present well are the ones capturing buyer attention.

For Owner-Occupants

If you bought your condo in 89119 as a primary residence and have been living there for several years, you have probably built solid equity. A unit purchased for $150,000 in 2016 might be worth $280,000 to $300,000 today. That is real money you could use to upgrade to a single-family home, move to a different neighborhood, or relocate entirely.

The question is whether your current living situation still fits your life. If you have outgrown a condo, want a yard, need more space, or simply want to live somewhere different, your equity makes that move possible.

For Investors and Landlords

If you own a rental unit in 89119, the math has gotten tighter over the past few years. Property taxes have increased. Insurance costs have climbed. HOA fees in many older complexes have jumped to cover deferred maintenance and reserve requirements. Meanwhile, rent increases have not always kept pace with expense growth.

Add in the management headaches, whether you self-manage or pay someone 8 to 10 percent, and the return on investment is not what it used to be.

The current investment property environment favors owners who bought years ago and have significant equity. You can cash out that equity now, while prices are strong, and redeploy it elsewhere, whether that means a different investment, paying down debt, or simply putting it in the bank.

What the Numbers Might Look Like

Let me walk through a simplified example. Say you bought a condo in 89119 for $140,000 in 2015. You put 20 percent down and have been paying down the mortgage for ten years. Your current balance is around $85,000. The unit is now worth $290,000.

After selling costs of around 8 percent, you would net roughly $180,000. That is $180,000 in cash that is currently tied up in a property that might be generating $200 to $400 per month in cash flow after expenses, and that is if everything goes smoothly with tenants and maintenance.

Is $180,000 in the bank worth more to you than $300 per month in cash flow plus the headaches of landlording? For a lot of owners, the answer is yes.

Timing Considerations

The Las Vegas condo market is not collapsing, but it is normalizing. Prices remain strong for now. Buyer demand exists, particularly from first-time buyers and investors looking for entry-level opportunities.

But inventory keeps rising. The longer you wait, the more competition you face from other sellers. And if prices soften at all, your equity position weakens.

For owners who have been on the fence, the first half of 2026 represents a reasonable window to sell while conditions remain favorable.

Where to Start

The first step is understanding what your unit is actually worth in today's market. Not what similar units listed for, but what they actually sold for. Condo pricing can vary significantly based on floor level, view, condition, and which complex you are in.

I work with condo and townhome owners in 89119 and surrounding areas who want to understand their options. Whether you are an owner-occupant ready to move up or an investor thinking about cashing out, I can put together a realistic valuation and net proceeds estimate.

Want to see the numbers? Request a free home evaluation here or reach out directly to talk through your situation.

Frequently Asked Questions About Selling Condos in Las Vegas 89119

Q1: Why are so many condo owners in 89119 selling now?

Many owners who purchased condos in the Paradise area 5-15 years ago have built substantial equity as property values climbed. With condo inventory rising significantly and more buyer options available, owners are choosing to cash out while market conditions remain favorable. Rising HOA fees, property taxes, and insurance costs have also made landlording less profitable for investors, prompting many to sell while prices are still strong.

Q2: What is the current market value for condos in the 89119 zip code?

Condos and townhomes in the 89119 Paradise area currently have median values ranging from $300,000 to $320,000. However, actual values vary significantly based on specific factors including the complex, floor level, view, unit condition, and amenities. Properties purchased for $140,000-$150,000 between 2015-2016 are now worth approximately $280,000-$300,000, representing substantial equity growth.

Q3: How has condo inventory changed in Las Vegas recently?

Condo and townhome inventory across Las Vegas, including the 89119 area, is up significantly compared to a year ago. This means buyers now have more options to choose from and greater negotiating power. While this isn't a market crisis, it does change the dynamics for sellers who previously had more leverage when fewer comparable units were available. Early listings that are priced correctly tend to perform better in this increased inventory environment.

Q4: What expenses are eating into rental property returns in 89119?

Several expense categories have increased for condo investors in recent years: HOA fees in older complexes have jumped to cover deferred maintenance and reserve requirements, property taxes have increased alongside home values, insurance costs have climbed, and property management fees typically run 8-10% of rent. Meanwhile, rent increases haven't always kept pace with these rising expenses, tightening profit margins for landlords.

Q5: How much equity could I walk away with if I sell my 89119 condo?

Your net proceeds depend on your purchase price, current mortgage balance, and property value. For example, a condo purchased for $140,000 in 2015 with 20% down might now be worth $290,000 with an $85,000 remaining mortgage balance. After typical selling costs of around 8%, you could net approximately $180,000. A professional market analysis can provide accurate numbers specific to your property and situation.

Q6: Is 89119 a good area for investment properties?

The 89119 Paradise area has historically attracted investors due to its proximity to the Strip, airport, and UNLV, plus lower entry prices than the Las Vegas average. About 78% of residents are renters, indicating strong investor presence. However, current market conditions—including rising expenses, increased inventory, and tighter cash flow margins—favor owners with existing equity who bought years ago rather than new investors. Those with substantial equity may find better returns by cashing out and redeploying capital elsewhere.

Q7: Should I wait to sell my condo or list it now?

Current market conditions favor selling sooner rather than later. While the Las Vegas condo market isn't collapsing, it is normalizing with rising inventory levels. Prices remain strong now, but waiting means competing with more sellers as others reach similar conclusions about cashing out. The first half of 2026 represents a reasonable window to sell while buyer demand exists and conditions remain favorable. Waiting risks facing more competition and potentially softer prices.

Q8: What makes the Paradise 89119 area unique for condo owners?

The Paradise area has several distinctive characteristics: an extremely high renter concentration (78%), turnover rates above most Las Vegas neighborhoods due to transient hospitality and gaming employment, proximity to major employment centers (Strip, airport, UNLV), and price points lower than the valley average. These factors create consistent demand but also mean more investor competition when selling and higher tenant turnover for landlords.

Q9: How do I find out what my condo is actually worth?

Accurate condo valuation requires looking at recent sold prices (not just listing prices) for comparable units in your specific complex and area. Pricing varies significantly based on floor level, view, condition, and which complex you're in. A professional comparative market analysis provides realistic current value and estimated net proceeds after selling costs. You can request a free home evaluation to understand your specific property's worth in today's market.

Q10: Can I use my condo equity to upgrade to a single-family home?

Absolutely. Many owner-occupants who bought condos in 89119 years ago have built enough equity to make a substantial down payment on a single-family home. For example, if you net $180,000 from selling your condo, you could put 20% down on a $450,000 home or more, allowing you to upgrade to a larger space with a yard in a different neighborhood while maintaining reasonable mortgage payments.