About Park Towers condos for sale or rent in Las Vegas
Park Towers condos for sale listings in Las Vegas MLS are few and only 32 condos have sold in the past 6 years. They have one of the lowest sales activity of all Las Vegas high-rise condos for sale.
Park Towers is a European designed ultra-luxury high-rise condo project built in 2000 by Steve Wynn and Irwin Molasky. There are two 20 story towers with only 84 condominiums. The 2 to 6 bedroom condominiums range from 2055-10,398 square foot. They brought in antiquities from France to give that old-world European feel to the property. Condos are richly appointed with high-end upgrades and have large terraces with great Strip and city views.
Median price appreciation rate for Park Towers Las Vegas condos for sale since recovery of 2011
It is very difficult to draw conclusions about the median price of Park Towers condos based on a few sales. For example, only one condominium sold here in 2014, 5 units sold in 2015 and 6 in 2016. The median price of units stayed in the $425-$450 per square foot range until 2015. However, it appreciated to $537 in 2016. The median prices of Park Towers condos have appreciated by 23% since the recovery of 2011 which make it the 14th best appreciating Las Vegas high-rise condo since recovery.
Six condominiums sold in 2016. One 2055 square foot 2 bedroom unit sold for $1.1M. One 2251 square foot 2 bedroom unit sold for $850,000. Four 3515 square foot 3 bedroom units sold for $1.65M-2.75M.
Park Towers condos for sale:
As we wrote there are not a lot of Park Towers condos for sale listings in the Las Vegas MLS. We currently have 6 units listed for sale. These units do not sell for full asking list price. Depending on whether the condo was priced correctly or not some units sold for hundreds of thousands of dollars less than asking list price. Do NOT attempt to buy there without a very competent Realtor who knows how to calculate COMPS there.
All the luxury comes with great amenities, including Guard gated concierge, valet, BBQ area, business center, pool and spa with cabanas, 7500 square foot fitness center, Hollywood theater media room, tennis, doorman, and each unit gets a 30 bottle private wine locker in the wine cellar. Spa facilities include massage rooms, steam room, and sauna. There is a grand salon with catering facilities for up to 100 guests and private gardens.
Condo fees or HOA fees:
You didn’t think that all of the above comes cheap, did you? HOA or condo fees are based on square footage and floor model. Condo fees run $2470-3755 per month for the regular condos and $4271-5419 per month for the penthouse units and are subject to change. Minimum rental period is 1 year.
Park Towers Las Vegas is located at 1 Hughes Center just 5 minutes east of the Strip off Flamingo. It’s within walking distance to numerous restaurants and entertainment.
Park Towers condos for rent in Las Vegas:
Just like sales activity, there is not a lot of rental activity here. Only 2 units were rented in 2016, one, 2 bedroom 2913 square foot unit on 6th floor rented for $5,500 and the other was a 3 bedroom, 3515 square foot unit that rented for $6500. The current Park Towers condo for rent listing is the first unit that is available for rent again.