Las Vegas luxury condominium market is obviously maturing. Maturing in a different way I would say. When Turnberry Place first opened a few years ago, the average age of a buyer was 62. The owner was independently wealthy and often retired. That's the market the developer carefully catered to. At Turnberry Towers today the average age of a buyer is in the 40's. See what I mean by maturing in a different way. The age is going down, but the market is said to be developing. Maturing.
Why is the age going down? The market at the very upper end of the price scale is limited. Rather narrow. For Turnberry to keep selling luxury condos, it had to build a product that appeals to a wider audience. So they designed the homes in Turnberry Towers smaller. Instead of putting 300 units into a hypothetical structure, they now can fit 400 of them in it. With the smaller size they can also drop the price to attract a larger base and still meet their financial goals. In addition, the amenities and features in Turnberry Towers are more accommodating toward a younger market.
Is that good for Vegas? I'd say so. As it stands now, lot of the high-rise condo windows are dark in the evening because they are second homes or investment properties. It appears that with the younger ownership there are going to be more owner-occupied units and these residential buildings can start competing with the resort towers in lit-up windows.
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