About Las Vegas high-rise condo market updates
If you Google Las Vegas high-rise condo market, you will quickly find that we are the only Realtors who are providing formal market reports based on median prices of units.
News organizations, as well as most Realtors, get their real estate market updates from the Greater Las Vegas Association of Realtors. And they mix high-rise condos sales data with cheaper tract condos in their reports, thus making both utterly useless. This is the reason that we do our own research and publish the results. Please click on pictures to go to the video page.
We have separated the 21 condo towers from mid-rise luxury condominium projects and calculate the median price of all units sold from 2011 when the market bottomed out. This way we compare similar properties. You can find the tower names in the sidebar.
In the overview of Las Vegas high-rise condo market in 2017 video, we show that the median price of units fell by 12.5% in 2016 after going sideways in the previous couple of years. But does it mean that all towers lost value? No, it doesn’t.
Condo towers have not appreciated uniformly. Actually, their appreciation rates since 2011 vary by a wide margin.
In Las Vegas high-rise condos appreciation since 2011 video, we show that the highest appreciating tower is Metropolis at 76.7% and the lowest was a couple of condo-hotels at 11.3%. These two reports complement each other and are essential to make an educated decision to buy or sell units.
In the same report, we show that a few towers like Veer Towers and Metropolis have actually appreciated in 2016. The reason that many units sell for tens or hundreds of thousands of dollars less than asking list price is the listing agent’s ignorance of the market. This hurts the seller badly.