Allure High Rise Luxury Condo Towers, Las Vegas high rise condominiums and luxury condos part three

September 7th, 2008 · No Comments

I have manually searched Clark County Records for the closing prices for Allure high rise condominiums in order to find pricing trends since they started to close on their condos in Dec 2007. Contrary to newspaper articles about the Las Vegas Luxury or High rise condo market being dead, Allure has sold all but about 90 condominiums in 2008. Allure has about 428 units in total and sits on 5.9 acres of land.

So below is a summary of the sale prices for the units that have already closed escrow.

The 662 square foot, 1 room, one bath studio condo which has a 174 square foot balcony. The low price for these units is $265,000 (Dec-2007 and August 2008) and the high price is $485,000 (March 2008). Allure has currently 3 condos that are listed for sale for $330,000-$422,000. These units have a north view. There is one listed in Las Vegas MLS for $469,000.

Difference between buying the condo as gray shell and having it finished is $20,000 plus, depending on how much the buyer wants to upgrade, and there is also a $50,000 premium on Las Vegas Boulevard Views (Strip views) and naturally higher floor condos cost more. This makes doing comps and tracking prices a bit difficult as we don’t have access to the sold condominiums in order to calculate how much they have been upgraded for, but differences of more than $150,000 in the same square footage condos would be hard to explain.

The next larger model is the 867 square foot model. This is a one bedroom, one bath and this model comes with a 108 square foot balcony. This model has sold for a little as $310,000 (December 2008) and as high as $625,000 (March 2008). August 2008 closings were for $345,000-$485,000. Allure is offering 8 condos with the South (Strip view) from $422,000-$603,000. Two of them can be leased to own. These condos are on floors 21-39. Las Vegas MLS offers four listings that are priced $330,000-$449,000. These units are lower (floors 5-15) and the cheaper ones don’t have Strip Views.