Best and worst appreciating Las Vegas high-rise condo towers since NFL approved the Raiders move to Las Vegas in 2017 to September 2019
In Las Vegas high-rise condo market October 2019 we showed that while price per square foot of units have appreciated by 13.2% in 2017-2018, price gains have come to a stop in 2019. If you have not seen that video, please watch it first.
In that video we showed that the median price of units in the past 2 years are highly misleading and the correct criteria should be the price per square foot ratio of all condos in a tower by the primary year. Since the price per square foot is the lowest common denominator which covers all units in a tower in a year.
The NFL approved the Raiders move in March 2017. So we were curious as how it affected Las Vegas high-rise condos for sale pricing in different towers. Especially those close to the new stadium.
As we have discussed previously, the significant price gains of 2017-2018 have not been distributed evenly among all towers. Some appreciated far more than others and some far less.
Below, please find the list of the towers which have appreciated best to none in 2017 to July 2019.
|Las Vegas high-rise condo towers||Percentage Appreciation of High-Rise Condos 1/2017 to 7/2019|
|City Center Waldorf Astoria||34%|
|City Center Vdara||15%|
|Signature at MGM Grand Towers||15%|
|One Las Vegas||13.5%|
|Sky Las Vegas||13.5%|
|The MartinThe Martin||10%|
|Platinum HotelPlatinum Hotel||9.5%|
|City Center Veer TowersCity Center Veer Towers||7.5%|
|Trump International Hotel (Trump Tower)Trump International Hotel (Trump Tower)||2%|
|The MetropolisThe Metropolis||Negligible|
|One Queensridge PlaceOne Queensridge Place||Negligible|
And the surprising winner was the most expensive high-rise condo tower on the Strip, The City Center Waldorf Astoria with a 34% jump in the price per square foot of units which we shall discuss in an upcoming blog post. The reason for the surprise was that one would think that the much cheaper Veer Tower units would appreciate more and Veer Towers came close to the bottom of the list.
How much did the other Las Vegas high-rise condo towers appreciate?
Aside from the winner, the other surprise was that always underperforming condo hotel towers have improved greatly in rankings. I believe that these were the main beneficiaries of the Raiders move to Vegas. The second highest appreciating tower is Palms Place and MGM Grand Condo hotel towers are ranked number 9. However, the perennial worst performer, the Trump Tower did not improve much.
Lastly, some of the best appreciating towers in the past, like Metropolis and Veer towers made it to the bottom of the list. I guess they have already appreciated so much that there is little room left for it, for now.
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