LAS VEGAS-The Las Vegas luxury high rise condo market continues to attract investors with strong sales and price increases that started in 2013 and have continued into 2014, according to one area brokerage firm.
“Las Vegas was hit so hard, that even with price increases and steady sales, the current prices are 50-70% off the pricing levels we saw in 2009,” says Jason Trindade, CEO and broker for KingofCondos.net in Las Vegas.
“The buildings that opened in 2005 and 2006 managed to sell the majority of their inventory before the real crash. The developers opening in 2007 or later saw major cancellations and price reductions.”
Some of the projects opening up during this time included One Queensridge Place opened (2007), Trump Hotel & Spa (2008), The Martin (2008), Turnberry Towers (2008),Vdara at City Center (2009), Mandarin Oriental at City Center (2009), Veer Towers at City Center (2010), and the Cosmopolitan (2010).
“It seemed like the more time that went by, the worse the market got,”said Mike Bell, president of sales for KingofCondos.net and former sales manager for both City Center and the Martin. “Both the Cosmopolitan and Vdara were complete failures with a handful of closings before shutting down the sale operations all together. They operate as hotels now.
“During a recent survey of Las Vegas luxury condo sales offices, we confirmed that sales in 2013 were strong with 2014 off to a good start during a seasonally slow portion of the year.”
In 2013, Trump Hotel and Spa closed 65 sales with 4 closed in 2014 and six contracts pending. Increased room rates the create a positive cash flow have made these condo hotels an attractive investment. They have approximately 450 units left with studios starting at $250,000 and one bedrooms from $515,000.
Turnberry Towers closed 52 units in 2013 and they have approximately 175 units left to sell. Starting prices for 1 bedrooms are $249,000 and 2 bedroom start at $379,000.
King of Condos Inc, is a Las Vegas real estate broker that operates KingofCondos.net, a leading online market place for luxury high-rise condos. King of Condos, Inc. provides sales, marketing, and property management services for condo owners.