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This is the fourth article about Allure Las Vegas, a high rise condo project. Below are the URLS for the first three articles.

Allure Las Vegas, a high rise condo project part one

Allure Las Vegas, a high rise condo project part two

Allure Las Vegas, a high rise condo project. Pricing for Allure’s condominium units, part three

I have discussed the two smaller condominium models in the last blog post and now will move to the next larger models and they are 974 square feet and 999 square feet respectively. These are one bedroom, one and a half bath condo with a 238 square foot balcony (2 balconies) and 1 bedroom one bath condominium respectively. Allure, Las Vegas has two 974 models listed for sale on the 29th and 36th floors and one 990 square foot model on the third floor, this one doesn’t have a balcony. While I am on the subject, Allure condos can have from zero balconies to up to three balconies and that is another factor that affects very large price differences between the same square foot condominiums. As I have written before, just sitting on these balconies at the end of the day and sipping a good tea is worth a million and this you cannot get in CityCenter, no balconies there.

Three 974 models have been sold in 12/07-2/8 for $358,000-$368,000. And as for the 999 square foot model the lowest price was recorded in 7/08 for an unbelievable $265,000 and the highest price was paid in 4/08 for $600,000 there are 14 more sold condos which are priced between the two extremes and there is a noticeable price reduction for these high rise condo units since 6/08. The latest closing for this model was $325,000 in 8/08. There are four listings in the Las Vegas MLS for $395,000-$499,000. These units are in 25-30 floors.

 I highly doubt if another builder who would start a condo project in a similar location could build a condo for $325 per square foot, let alone make a profit on it. People, when the existing inventory for this and like high rise condos in Las Vegas are sold out, these prices will go away forever because the next builder could not build them at these prices.

I have discussed land pricing in the vicinity of Allure, here is some more. The 1.82 acre parcel of land, immediately to the west and neighboring Allure has been sold for 14.4 million in February 2007. This means that the land was purchased for about 8 million dollars per acre and the .46 acre parcel immediately to the west of that one sold for 3 million in 2007.  Allure’s land was purchased for 18 million. So if we say that land in Allure’s vicinity is worth about 7 million dollars and the next builder wants to duplicate Allure in the like area, they have to pay about 42 million for close to six acres. Say the next builder wants to build a 428 unit high rise condo project, then there is about $56,000 difference in the builder’s cost per condo unit for the land alone, and I am not even discussing how much building materials have gone up in the last couple of years. I hope that you can understand why these prices will not be repeated. When the current supply of these high-rise condos are depleted, kiss these prices goodbye for good.

Another point that deserves a little reflection is that there is a big difference between the asking price and sold comps. This means that you can bargain and get a much better price than the listing price. To get that all you have to do is to call me at 702-478-7800.

More about Allure’s luxury condominiums pricing and availabilities, next post

Related web-site links: Getting the best deal for a Las Vegas condo, Las Vegas condos for sale, short sale condominiums, foreclosed condos and fixer-uppers, Buying Las Vegas new condos for sale, Las Vegas Condos and Town Homes Market Statistics Report, Las Vegas High rise condo news