Looking for a Las Vegas High Rise Condo foreclosure at Turnberry Place? There are currently 2 on the MLS. Are they good deals? We don't think so. Whenever a property goes into foreclosure, you have to analyze the facts & stats to see if it is a true value or just one of the overencumbered walk away condos that unfortunately real estate in the U.S. is experiencing.
Why would someone walk away from a great high rise building in a one of a kind luxury condo complex - offering so many amenities - even limo service for its owners to & from the airport & to the strip hotels? Well, there is also a term "functional obsolescence." Many of these gorgeous high rise units in Turnberry Place - that once-upon-a-time had glorious views, now have the construction of the new Fontainebleau Hotel parking garage, going on right outside their windows.
High rise buyers are all about views, and blocking the views, just a few feet out the window, has caused a tremendous decline in values. Hence - the walk away owners. Are all the towers affected? No - Turnberry Tower 4 has no blockage from the parking garage of the Fontainebleau Hotel construction site.
CLICK HERE TO VIEW ALL LAS VEGAS MLS LISTINGS IN TURNBERRY PLACE TOWER # 4
Buyer Beware! Use a high rise condo expert for your purchase in Las Vegas. This is a niche area and Ezra International Realty & the Stark Team are top-selling high rise real estate agents in Las Vegas. We do not advise buying preconstruction in the current market at very high per square ft, prices unless the value & location is something you just have to have. We all have experienced the dropping of values in the MGM Condos at the Signature, from penthouse to studios, once they hit the resale market, the history is that the values have dropped along with real estate across our country. Any preconstruction project has to be sold at a very high prices per square ft. because of escalating commodity costs (steel, cement, copper, for example) that must be factored into the sales price. The better values are in towers that have already been built, for they could not be built in today's market at their current resale prices.
CASE IN POINT: We have a pair of penthouse units at the MGM Signature with VERY MOTIVATED SELLERS that have the units listed at BELOW ORIGINAL COST! There are only 27 of these combo units in all three towers, that have a 70 ft. balcony offering amazing sweeping views. But the market value is less than what the buyers paid in the preconstruction phase, however unique they may be. The owners will look at all offers, Price point is $ 1,325,000. These units are on the 34th floor of Tower 2 & consist of a 1 bedroom/studio pair that are currently in the rental program. (Statements available upon request)
We will treat your Las Vegas high rise investment with care. We do not have a crystal ball, but we sure know a safe bet when we see one & high rise real estate in Las Vegas at very high preconstruction costs on a price per square ft. basis. is not where we would place our money. Perhaps it is because we have been around the block too long to see the ups and downs of the markets here in Vegas over the past 36 years. Never have we seen a downturn such as this & we feel this is a great time to buy, but to buy very carefully.
Our most recent escrow has been one with a Canadian Buyer who bought 1500+ sq. ft. at Panorama Towers at BELOW $300 psf on a NON FORECLOSURE DEAL! Located directly across the freeway from the visionary MGM CITYCENTER and offering a location that promises to be nothing short of fantastic.
CLICK HERE TO VIEW ALL THE RESALES IN PANORAMA TOWERS IN THE LAS VEGAS MLS
If you are a potential luxury high rise condo buyer - THE STARK TEAM is the right group of high rise expert real estate agents for you. Do we believe in Luxury real estate close to the Las Vegas strip? We sure do. In the right building, at the right price, and the right deal. We are savvy about the ins and outs and ups and downs of the luxury properties on & near the Las Vegas strip.
702 236-8364 - Lauren
702 232-5376 - Travis
702 376-5220 - June
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