LAS VEGAS-GlobeSt.com has learned exclusively that theFifield Cos., in a joint venture with CB RichardEllis-Strategic Partners, ASF Realty and ABF,Inc., has sold the final unit in Allure LasVegas, a 41-story, 427-unit condominium project on theStrip built in the mid-2000s. The sale price for the last unit was$350 per square foot, and sales prices for many of the units soldin the past 12 months have been in the mid-$200s per squarefoot.

“The residential market I think in most areas of the country ishot, and Vegas has been one of the last markets to rebound,”John Tippins, CEO of Northcap,the exclusive listing broker for Allure since 2009, tellsGlobeSt.com. “It’s rebounding in a positive way. Buyers arecomfortable paying a price, and we found a price that worked in themarket and that folks were comfortable with paying.” Prior toNorthcap taking on the project, the developers were roughly 40% offon their original sales prices, Tippins adds.

In addition to the condo market, the rebound is also manifestingitself in the high-end Las Vegas apartment market.“At least for what we have, the high-end apartment market is asstrong as I’ve ever seen it,” Tippins continues. “Most of thecondos that have sold in Las Vegas have gone back into a rentalpool, and it’s proven that Vegas is a place for high-end rentals. Alot of people thought the market would be flooded with high-endrentals, but people are willing to pay a little more for a niceplace to live, and some of these were planned on being rentedout.”