Las Vegas skyscraper market bounces back

The high-rise building market continues at an all-time high in the first eight months of 2021 and shows no signs of slowing down as real estate agents say the lack of luxury homes on the market is pushing more people into the market. luxury condos.

There were 126 sales in five-plus-story skyscrapers in August to bring the annual total to 884, according to Forrest Barbee, business broker for Berkshire Hathaway HomeServices. Once September ends, Las Vegas could surpass the all-time high of 970 sales in 2017. There were 155 pending sales at the end of August.

The rebound in the high-rise building market continues to be astonishing after a difficult 2020 when people fled dense apartment buildings during the COVID-19 pandemic, especially when buildings cut back swimming pools and other amenities. There were only 584 sales in 2020, Barbee said.

“I see high rise buildings as a great alternative for a luxury property buyer who cannot find the luxury single family residence they are looking for due to a lack of inventory with this product,” Frank said. Napoli, real estate agent at Berkshire Hathaway HomeServices. . “There are a significant number of buyers who want a condo as their first choice, but I have also worked with people who were looking for a house but couldn’t find it and don’t have the time or the patience to build something. thing. A luxury high rise condo is a second alternative.

Even people who sell their luxury homes are turning to high-rise buildings because there aren’t as many housing options as they want, said Anthony Spiegel, estate agent for the Ivan Sher Group of Berkshire Hathaway. HomeServices. Others rent high-rise buildings until more luxury homes become available, he said.

Examining 21 condominiums on the Strip, downtown and in Summerlin, research firm Applied Analysis reported that sales volumes in the condominium market accelerated during the second quarter of 2021. The Increased demand has been synchronized with improvements throughout the housing. market and the tourism industry, according to director of applied analysis Brian Gordon.

During the first half of 2021, some 541 luxury units in the 21 buildings closed, exceeding 505 for the whole of 2020. There were 607 sales in 2019 and 836 in 2018 in these 21 buildings, said the society.

The average price also continued to rise, demonstrating the strength and confidence in high-rise buildings in the southern Nevada market, Gordon said.

The average price for 2021 was $ 586,713 or $ 428 per square foot. The second quarter had an average price of $ 616,908 or $ 443 per square foot. The average price in 2020 was $ 527,831 or $ 401 per square foot, according to Applied Analysis.

“The easing of COVID restrictions and workloads for most of the second quarter likely played a role as a significant portion of buyers are second home owners or investors,” Gordon said. “While there is heightened concern about the rapidly changing status of the pandemic at the moment, the hope is that the worst is in the rearview mirror.”

Napoli said the condominium market was on the verge of doing well until the pandemic started and ended abruptly. The building’s amenities were closed and the Strip was also closed.

“People were afraid of being around other people,” Napoli said. “No one wanted to be in the elevators or in the common areas, and that hurt the skyscraper market. We have seen inventory doubling or more than doubling in some buildings. Fast forward to 2021, where the entire housing market continues on an upward trajectory, the high-rise market is finally starting to recover. “

Napoli said there has always been a demand for high rise buildings in Las Vegas for investment and to establish a residence for tax purposes.

“It looks like these buyers have picked up and have confidence in the product,” Napoli said. “Having a skyscraper on the Strip is exciting and it’s a draw. As for people in the states looking for a better tax break, I don’t see them selling their beach homes or their homes in Orange County. They’re looking to buy a second location in Las Vegas, and a lot of these guys don’t want to buy another house, so a high-rise building is a great product for them.

Napoli said the opening of the Allegiant Stadium to fans and other professional sporting events has also proven to be a draw for skyscraper buyers. He not only saw buyers from California and the West Coast, but also from New York.

Cristine Rosa Lefkowitz of Berkshire Hathaway HomeServices Nevada Properties said she was seeing domestic and international buyers who wanted a locked down location.

“Last year was my worst year in my career (for tall buildings) and I’ve been in business for over 20 years,” Lefkowitz said. “This year has been one of my best years in my career.

Lefkowitz said she works with many prominent Chinese, Europeans and Brazilians, as well as Californians and New Yorkers coming here largely due to our weather and tax structure.

“The prices are so much lower here (by millions of dollars),” Lefkowitz said.

Spiegel said he expects prices for high-rise buildings to continue to rise and buyers to gobble up the more expensive units on the market of $ 10 million and above.

“As you see the sophisticated buyer entering the market, you will see that skyscraper sales will benefit people who want to have a home here but don’t have to manage a home,” Spiegel said. . “I think you’re going to come back to people who accept a denser life where they want to be in Vegas and aren’t afraid to be with a lot of people.”

Best sellers in properties

MGM Signature led the way in the first half of 2021 with 67 sales, 20 more than the condo-hotel tower had in all of 2020.

Panorama Towers was No. 2 with 62 sales, three fewer than the 65 it had in 2020. The Panorama Tower known as The Martin, as previously reported by Real Estate Millions, has the best selling condos of the year to $ 16.25 million.

Panorama has the most expensive condo on the market today at $ 15 million and is listed by Michael Zelina of Red Luxury Real Estate. It has three stories and measures 8,017 square feet with two bedrooms and five bathrooms.

Zelina said he has over 10,000 square feet of living and entertainment space. It features a $ 3 million collection of backlit onyx and 1,500 square feet of curved deck.

Turnberry Place No.3 recorded 54 sales, 17 more than the whole of 2020.

Number 4 was Turnberry Towers with 45 sales, the same number as in 2020.

Number 5 was Trump Las Vegas with 40 sales, 15 more than the whole of 2020.

The other best sellers were Palms Place with 36; Allure with 32; Veer’s towers with 25; and the Waldorf Astoria with 22. One Las Vegas and Juhl also had 22 sales. Sky Las Vegas had 19 and One Queensridge Place had 18.

Best condo sale in the third quarter

Prominent Las Vegas resident Susan Greenspun Fine, the daughter of the late Las Vegas Sun editor and Green Valley developer Hank Greenspun, sold the penthouse she had had at the 20-story Hughes Center since 2001, shortly after opening the tower. The sale price was $ 5.5 million to Northern California businessman Pete Kim.

Rosa Lefkowitz of Berkshire Hathaway HomeServices Nevada Properties was the listing agent. Napoli was the buyer’s agent. It was listed for $ 6.99 million.

The unit measures 6,779 square feet on two levels with three bedrooms and five bathrooms. It has large floor to ceiling windows, six private balconies.

Lefkowitz said Greenspun Fine only lived in the apartment for six months in the early 2000s. It was mostly empty. She was planning to live there again, but chose to stay at her Henderson mansion because of her dogs.

The unit, which Greenspun Fine built from the hull, had Tudor elegance and flamboyance with a stairwell resembling a rising tree. It has since been renovated a year ago to give a more modern feel, Lefkowitz said.

“She spent millions of dollars to get it done,” Lefkowitz said. “The unit has a lot of glass with floor to ceiling walls up to 26 feet which is pretty amazing. One of the peculiarities of this unit is that it overlooks the entire valley with an exceptional view.

Summit Club / other sales

A new condo at the Summit Club tower in Summerlin sold for $ 4.62 million in August. Details were not available on the real estate agents involved. It has two bedrooms and measures 1,891 square feet.

The buyer was SNBRNSANDLLC, which has an address on Madison Avenue in New York City. The seller was Michael and Susan Nevell. They bought the unit in June for $ 4.25 million.

A unit on the 33rd floor of the Waldorf Astoria sold for $ 4.085 million. It has 2,998 square feet with two master bedrooms and 2 ½ baths. The buyer was the Nayda Delapaz Utterberg Trust. The seller was Timothy and Graciela Hopkins. Michelle Manley of Award Realty was the listing agent. Avichai Dan Goor of Berkshire Hathaway HomeServices Nevada Properties was the buyer’s agent.

The Waldorf condo is on the northeast corner and has a view of the north end of the Strip. The buyer moved from the Pacific Northwest and was looking for a lifestyle change.

“She plans to reside there,” Manley said. “It was not a deal with the investors.”

Manley said she was inundated with high-rise clients with people from California and other states looking for primary residences or buying investors, especially at MGM Signature.

A penthouse unit at One Queensridge Place sold for $ 4 million. It measures 5,844 square feet with three bedrooms and 3 ½ bathrooms. Spiegel was the listing agent and the buyer’s agent. Big G Daddy LLC was the purchaser. Deborah Lynn Ikirt was the saleswoman.

Spiegel called the unit one of the best penthouse units in One Queensridge Place. It is accessible by an express elevator that only serves six other units. It has a garage for four vehicles. It has an office, library and formal dining room.

“It’s amazing and one of the great units in the building,” Spiegel said. “It has stunning views of the Red Rock Mountains to the west and from the kitchen a breathtaking view of the Strip to the east.”

About Martin Aaron

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