With the recent completion of the East Tower for Turnberry Towers now completed for over a couple of months and resale units being available for sale on the Las Vegas MLS, it's interesting to see what the end user activity is going to be - not only for Turnberry Towers but multiple other Las Vegas high rise luxury condominiums that have just been completed. All hype aside, the truth lies in actual numbers from resale activity and the Las Vegas luxury condominium market (with the exception of a couple of older towers) is a new market in comparison to established condominium markets such as Chicago and New York.
I can't really comment or compare other cities such as New York since I'm not licensed for these markets. But... I am a licensed Illinois Real Estate Broker and have a pretty good understanding of what fuels the Chicago condominium market. Let's put it this way, there is a little less speculation going on for determining what is a good price for a downtown Chicago condominium in an "established" area and that's due to the history of the resale market. Chicago condominium developers know this... and so do the "experts". The actual "end user" for a Chicago condominium (somebody who is actually going to live there) certainly does not care what the developer's construction costs are, they care more about several other factors such as location, amenities and quality. In other words, you better be able to justify your price for a new luxury condominium tower in Chicago based on facts and not speculation.
Anyways, now that Turnberry Tower East is completed and owners are putting their units on the resale market (the Las Vegas MLS for one), let's see what is currently going on with the Turnberry Towers Luxury Condominium Report.
For further information including availability, feel free to contact me for a list of Turnberry Place East condominiums for sale or you can view some of the properties available for sale at my Turnberry Towers Condominium search.
Paul Francis, ABR,CRS | Coldwell Banker Premier | Las Vegas Real Estate | 702.592.3058