This is the video transcript of Las Vegas high-rise condos for sale or rent Youtube video, to see the web page with the embedded video please click here
Las Vegas high-rise condos for sale are divided into two distinct categories, residential towers and condo hotels or condotels. The main difference is how long units can be rented and how the rental income is divided, which we will discuss in each project’s own page, that you can find in the sidebar. Additionally, Las Vegas residential units have appreciated far more than condotels since the recovery of 2011.
While condotels like Palms Place or Signature at MGM Grand are close to but not on the Las Vegas Strip, residential projects can be divided to on or off-Strip which we show in our interactive Las Vegas high-rise and mid-rise luxury condo map with a video explaining it. Condominium towers are shown by star icons and City Center towers by teardrops. Mid-rise luxury condominium projects are shown with diamonds. When you click on an icon it will show you the street address, zip code and year built.
Let’s talk about the importance of Las Vegas high-rise condo market updates
If you are planning to sell or buy a unit, don’t you think that having a good knowledge of the market is essential to making the right offer or setting the correct asking price?
However, if you Google Las Vegas high-rise condo market, you will quickly find that we are the only Las Vegas Realtors who are proving with facts and figures that we are in a buyer’s market. The rest keep talking about a lively market and how condominiums are undervalued.
But as you will see in the Overview of Las Vegas high-rise condo market for 2017 the median price of condos had been hovering around $320,000 from 2013-2015 before falling to $280,000 in 2016. Then, how can they be undervalued?
This lack of knowledge is reflected in many units selling for tens or hundreds of thousands of dollars less than the asking list price with a lowball offer after languishing on the market for a long time. This is due to incorrect pricing which hurts the seller badly. However, sellers are not without fault as they go for the listing agent who “tells” them that he can get the highest price without proving it using correct comps.
Even though the market fell by 12.5% in 2016, it doesn’t apply to all condo towers, for example, Veer Towers, Metropolis, and One Las Vegas actually gained value. In Las Vegas high-rise condo appreciation since recovery of 2011, we have tracked the median price per square foot of units for each tower since 2011 which is when the market bottomed out.
Given the variety of condominiums, the best measure for bang for the buck is the price per square foot which we have used in our research. As you can see the highest appreciating tower is Metropolis at 76.7% median price appreciation and the lowest was a couple of condo hotels at 11.3%. Please find the link for the map and market reports in the sidebar.
If you are looking for updated Las Vegas high-rise condos for sale or rent listings we have the most comprehensive and frequently updated MLS for you and have an MLS search link for both for sale or rental listings in each tower’s page.
Searching Las Vegas high rise condos for sale or rent listings
Searching for Las Vegas high-rise condos for sale is easy. All you have to do is to find the tower’s name in the drop-down menu provided. However, the same is not true for Las Vegas high-rise condos for rent. Many projects have had a name change or use a different name than the one registered in Clark County that the Las Vegas MLS uses.
For example, if you want to rent a unit in Residences in Mandarin Oriental Hotel, you have to search for the incredibly imaginative name of Resort Condo at Luxury Building or in the case of The Martin you have to search for Panorama Phase 3. There are others as well.
This is the reason that we have included a rental link in each project’s page.
Keep track of your favorite listings by registering for a property listing manager account and new listings that match your criteria will be e-mailed to you immediately and you will be the first to know if there is a price drop on your favorite unit.
Just the facts Ma’am
Lastly, needless to say, Las Vegas High-rise condominium projects are within close proximity to world-class shopping, entertainment, and dining. They also come with full amenities like pool, spa, fitness center, security, etc. Some offer very nice views and an elevator directly to the units. However, we are not in the business of advertising for them, our job is to give you the information needed to buy, sell or rent a unit like comprehensive market reports, HOA fees, minimum rental periods and much more.
If you are looking to buy Las Vegas high-rise condos for sale or having trouble finding suitable Las Vegas high-rise condos for rent, don’t hesitate to call us at 702-478-7800 or contact us, you can find the link below the video along with the video transcript and the link for the page with the embedded video.
On behalf of The Saber Team, this is Karen Saberzadeh of Realty One Group and www.lasvegas4us.com wishing you a great day.