High Rise Condo Market Sales Upswing

High rise condo market sales upswing and shows signs of continued increases in condominiums for sale and pricing call Robert Ratliff RE/MAX Excellence 702-508-8262.

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We Are Seeing Real Estate Customers From Californian Move To Southern Nevada and this Trend Will Continue

• New high rise condo projects with none in construction stages or in the future
• The last new high rise condo project was built before the crash
• Existing high rise condo inventory is all that will be available for several years
• California real estate customers looking to escape the high taxes and high cost of living in California
• Planned casino and construction projects grow the economy and create more jobs that attract people to relocate

Applied Analysis SalesTraq residential research information:

• 804 sales high rise condo units vs. 717 resales in 2016
• 626 high rise condo resales in 2015

SalesTraq data information on 21 condominiums for sale in Las Vegas, including condominium hotels.

High Rise Condo Market Sales Upswing

• Real estate market in Las Vegas has rebounded and was fairly strong in 2017
• Single family market sales increased
• inventory remained low
• Commercial market has seen an uptick in construction and sales
• End of 2017 SalesTraq said there were 366 units on the Multiple Listing Service of the Greater Las Vegas Association of Realtors

High Rise Condo Market & Luxury Condominiums Last to Recover

• Many real estate customers will be making condominiums for sale investment decisions on the pro sports team coming to Las Vegas, Nevada
• Residential high rise condo in Las Vegas are in demand
• Entertainment is now what drives income for casinos more than gaming

405 Condo Sales First Six Months 2017

• There were 175 high rise condo sales in the first quarter
• 230 in the second quarter
• 205 in the third quarter
• 189 + in the fourth quarter 2017

Mandarin Oriental at CityCenter

Mandarin Oriental at CityCenter had the highest average price in the high rise condo market with its eight sales during the fourth quarter.

• $1.46 million
• $959 per square foot
• 36 sales for the year
• 21 sales at Mandarin Oriental in 2016

Veer Towers Sold Last Penthouse at Veer for $1.6 million

• 10 of the original 427 condos left for sale
• SalesTraq reported 20 sales fourth quarter
• $647 per square foot average sales price

Penthouse sold is 2,014 square feet with two bedrooms located on the 36th floor of the west tower.

Dune Real Estate Partners and Northcap purchased The Ogden in 2013, and this real estate group also owns:

• Juhl in downtown
• One Las Vegas

One Las Vegas

• 52 sales between July 1 and Dec. 20 One Las Vegas is a favorite high rise condo of Raider fans.
• 26 sales during the fourth quarter 2017
• Averaged $343,327
• $245 a square foot

Stable Performance Number Condominiums for Sale

• High rise condo market inventory will be sold and the condominiums that are overpriced will take longer to sell
• Economy gets better people put their condominiums for sale properties on the market
• The tourism industry has improved
• Value has come back for those high rise condo homeowners
• High rise condo owners will look to sell

Turnberry Place

• Turnberry Place has 53 high rise condo
• Average value of units was $1.29 million
• $436 per square foot

One Queensridge Place

• Highest asking price was $3.5 million.
• 10 high rise condo units at One Queensridge Place on the market
• $696 per square foot

Trump International Hotel

• Trump International Hotel 12 sales fourth quarter with an average price of $591,006 or $579 per square foot
• 42 sales Trump in 2017
• 32 Trump high rise condo units on the market through Dec. 20 2017
• average price of $512,853
• $641 per square foot.

High Rise Condo Market Sales Upswing

When buying or selling Las Vegas homes for sale.

Contact an experienced Realtor!

Bob and Diana

Robert Ratliff RE/MAX Reliance

702-508-8262