The high-rise condo market in Las Vegas has been heating up and there are no indications of it slowing down. Many people are moving to Southern Nevada, especially from California, and the trend looks as if it will continue in 2018 according to home market analysts.
Through December 20, 2017 there were 804 sales of existing high-rise units – surpassing 2016 with 717 resales. This data is from SalesTraq, a residential research firm of Applied Analysis. They tracked 21 high-rise properties in Las Vegas including hotels that offer condominiums.
Brian Gordon, a principal executive at Applied Analysis, stated “The real estate market overall in Las Vegas has performed fairly well throughout 2017. We’ve seen it in the single-family market as prices have continued to rise, and inventory has remained low. There’s been increased interest in the commercial market, and we’ve seen it in the high-rise residential market as well with a fairly stable demand. The economic conditions, including tourism suggest there will be continued demand for this type of resale product.”
The highest average price in the condo market is in the Mandarin Oriental in City Center- there were eight sales in the fourth quarter of 2017 with $959 per square foot prices. In 2016 there were 21 sales in this high-rise condo.
Veer Towers opened the twin towers in 2010 – also in City Center. It was announced that the last penthouse was sold recently. Pordes Residential, the company that handles sales and marketing for Veer Towers also mentioned that there were only ten units left for sale.
The Ogden and Juhl were purchased by KRE Capital along with partners Dune Real Estate and Northcap. Uri Vakin a partner at KRE said many Californians are opting to move to the Las Vegas area after selling their property and buying here for 25 to 33 percent of their homes in California and living on or investing the rest.
Experts feel that Las Vegas will see a continued migration as many homebuyers realize that our city still offers extremely good value on what they might purchase here. In the high-rise condo market the average prices for condos in 2017 were $462,123 or $385 per square foot according to SalesTraq.
Keep in mind that whether you are interested in buying a home or listing a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. I have thirteen years in New Home Sales and fifteen years in General Real Estate sales!
I Sell Las Vegas! www.iSellLasVegas.com
Thanks and make it a terrific day…………Robin