High-rise condos for sale - Property search
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above link will reflect resale homes, homes under construction as well as homes
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There has been a tremendous surge in actual and proposed high-rise projects in the Las Vegas area. Excluding time shares and casino projects, there are a least 95 developments that are proposed or in the process of construction. Many have now broken ground. Beware: High-rise condo developers must have a certain level of commitment, often reflected in contracts of units, before lenders will fund the projects. Another consideration is that if you go to contract on a high-rise, it will probably be at least two years to completion. Generally there is an initial deposit plus an additional deposit requirement at the time the building breaks ground. Many builders have underestimated the costs involved in high-rise construction. Some have cancelled their projects and others such as Vegas Grand have cancelled their initial contracts and raised their prices. Some of the initial buyers have done well as they have purchased at prices under the costs of construction. Developers are becoming much more educated with respect to construction costs and subsequently have established higher prices. Financing on many of these projects is now very problematic. It is now estimated that something like 10% of these projects will be completed. Keep in mind that as of a couple of years ago around 1,000 high-rise units had been built. At one point, over 40,000 new units were projected. One factor that makes this particular local market unique is that most all the condos are sold as something other than a primary residence.
The present planned and begun projects include conventional condominium projects as well as condo-hotel developments. A condo hotel unit is different from a time-share because of the way it is owned. A condo-hotel unit is purchased by single owner, who can use the condo at often specified times. When the owner is not using the unit, he or she can put in the rental pool, and it will be rented out by the night. Turnberry's The Residences at MGM Grand is a well underway example of a hotel-condo.
One of the most interesting developments has been the surge in proposed high-rise projects to be located between the strip and downtown. (Note, that Sandhurst, a downtown project, as of 01/12/2007 has ceased operation and will return deposits of those presently under contract. Another example of some of these projects not making it.) This has been an area of older businesses and homes that has basically been drive-thru territory for most visitors to Las Vegas as they go from the strip of downtown and back. The city of Las Vegas has been enthusiastically approving many high-rise projects here.
Existing high-rise condo developments in Las Vegas
Marie Antoinette - Located at the southeast corner of Koval and Flamingo, just east of the strip. The development comprises 140 units on 10 floors and was constructed in the mid 1970's. Units range from 621 to 1556 sq. ft. Closings over the last 24 months as of October 9, 2006 reflect sales prices range from $122,000 to $345,000. This development is around one mile from the strip. Al Pacino owned a property here at one time.
Metropolis - This newer high-rise is located on E. Desert Inn. All units are built in a loft style and face to the south, across the Desert Inn Golf Course, with most having strip views. 71 units were built in all ranging from 877 to 5,467 sq. ft. Resale activity over the last 12 months, as of October 9, 2006, reflects sales ranging in price from $600,000 to 1,400,000. This building has a sort of art deco look.
MGM Grand - Turnberry - This is a condo/hotel (see above) in the rear area of the MGM Hotel at Tropicana and the strip. There are three floor plans in the new tower ranging from 585 to 1,510 sq. ft. Base prices range from $680,000 to 1,700,000. As of October 9, 2006, there have been 12 resales ranging in size from 525 to 925 sq. ft. and selling from between $469,900 and 1,143,750.
Park Towers - This project is located in the Hughes Center north and west of Flamingo and Paradise. 84 units were built in all. These were completed in 2000 and 2001. Sizes range from 2055 to 9024 sq. ft. Closings for the last 12 months as of October 9, 2006 reflect prices from $1,530,000 to $6,475,000. More units were anticipated, but some of the prospective buyer's wanted larger homes with some taking over an entire floor.
Regency Towers - This project was built inside the
grounds of the Las Vegas Country Club, north and west from Desert Inn and
Paradise.. 218 units were built in all. The standard floor plans ranged from 584
to 2208 sq. ft. with 8 customized units ranging from 2408 to 5938 sq. ft.
Closings for the last 12 months as of October 9, 2006 have ranged from
$245,000 to
$1,022,000. Homes where constructed in the mid 1970's.
Soho Lofts - This is a newly completed high-rise development of 122 units. They range in size from 1,277 sq. ft. to 5,206 sq. ft. All units are, with variations, done in the loft style with high ceilings and few separations between rooms. The location of this high-rise is on Las Vegas Blvd., roughly half way between the Stratosphere and Fremont St. This is the only high-rise to be constructed north of Sahara. As of October 9, 2006, several properties are listed ranging in price from $600,000 to over $4,000,000. There have been five resales as of this date ranging in price from $708,000 to $750,000.
Turnberry Place - 3 towers of Turnberry Place have been completed and there has been substantial resale activity with 46 units sold over the last 12 months. As of October 9, 2006 sales activity during this period reflects prices from $799,950 to $8,700,000. Units range from 1556 to over 9,000 sq. ft.
Wimbelton Tennis Club - This project consists of 114 units on 10 floors. It was built in the late 1970's and is located on the east side, north of Flamingo and Swenson, about a mile and one-half from the strip. It is an area of older apartment and condominium developments. It is guard gated as are all the above developments. Home sizes range from 1,080 to 1483 sq. ft. Sales activity over the last 12 months as of October 9, 2006 reflects prices from $188,000 to $280,000.
Millie Fine
CENTURY 21 Aadvantage Gold
Toll Free 1-888-449-FINE
Home office 1-702-363-5599
E-Mail Millie!
millie@milliefine.com
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