Neon. Lots of neon!
It makes the Las Vegas skyline more unique than almost any other city in the world. No wonder the high-rise market is predicted to explode over the next few years. And with over 35 old and new towers to choose from, buyers can spend from the $200Ks to $15 million for a luxury Strip view property penthouse. Along with the many price points, there are also many unit options and amenities for buyers to consider too.
Location Location Location
The NFL Raiders stadium is well under construction. It's the reason that according to Uri Vaknin a partner at KRE Capital, the Panorama and the One Las Vegas have done so well. It's 100 percent due to the proximity of the Raiders (stadium). 'Even if you're not a Raider fan, you see the value. We have an uptick of Bay Area buyers, particularly at the One.' Location is a very important feature. Views are another. Views however can be quite expensive. Who are these buyers and what are the price points?
According to SalesTraq, the residential research firm of Applied Analysis, they are working on a report regarding the high-rise condo and luxury home markets. Through the first three quarters of 2018, 659 sales in 21 high rise developments tracked a 7 percent increase from 2017.
Demographics indicate that young professionals and empty nesters nearing retirement are the primary buyers. 1/3 of these buyers are coming from California and for another 1/3 there is no resistance to price. Also, for many clients these condo purchases represent 2nd and even 3rd homes. Applied Analysis principal Brian Gordon said, 'The luxury high-rise residential market has had sales volumes that have been viewed as a positive, particularly for those seeking a second or third home in a turnkey high-rise property in Las Vegas".
Applied Analysis also reported there were 341 units on the market at the end of September with an average price of $912,709, or $589 per square foot. By contrast, the average price of units sold in the third quarter was $496,658, or $375 per square foot. The first quarter of 2018 had one of the best average prices at $583,008, led by 30 closings averaging $1.4 million, or $984 a square foot, at the former Mandarin Oriental which has been sold for $214 million to the billionaire founders of Panda Express and has been rebranded as a Waldorf Astoria.
Walk to your entertainment - the Strip or Downtown
Las Vegas boasts some of the best food, drink, entertainment and now professional sports to be found anywhere. It is also well known that Millennials don't like to own cars, they love to walk and use Uber. High-rise properties just make sense to them. They also love the funky downtown vibe and enjoy properties located there, such as the Ogden. Many new pubs and restaurants are within walking distance. More are slated to open as the area surrounding the Fremont Street Experience continue to experience urban revitalization.
Whether a buyer considers the Strip or Downtown, high-rise properties vary greatly when it comes to amenities. Some older properties feature tennis courts, while many newer towers do not. Most offer swimming pools and gyms, but with so many choices, a high-rise buyer's best option is to contact a high-rise specialist to discuss their preferred requests and needs.
Tonnesen Team high-rise specialists can more than help. They can help navigate the myriad of options, HOA fees, parking and more. Let a team specialist handle everything from sourcing the latest seller's incentives to help with financing, inspections and closing.
One thing is for sure, buyers will never tire of our colorful neon skyline. Live in the sky. Why not? With so many choices and a Tonnesen Team high-rise expert, the sky's the limit!