Las Vegas luxury high-rise condo prices skyrocket

High-rise condo sales in Las Vegas, led by strength at the Waldorf Astoria, set a record during the first quarter in the average sales price and price per square foot.

Research firm Applied Analysis reported there were 162 closings in the 21 high-rise towers tracked January through March — the same number as the first quarter of 2023.

What changed, however, was that the average price of $828,902 was 29 percent higher than the $641,181 in the first quarter of 2023. The price per square foot of $613 was 16 percent higher than the $527 in the first quarter of 2023.

Compared with the first quarter of 2022, the average price rose 43 percent, and the price per square foot rose 29 percent.

■The Waldorf Astoria heavily influenced the numbers with 10 closings with an average price of $3.42 million and price per square foot of $1,543. In contrast, during the first quarter of 2023, there were eight sales with an average price of $2.13 million and price per square foot of $1,222.

That’s a 61 percent gain in average price and 26 percent increase in price per square foot, according to Applied Analysis.

■ Panorama Towers also played a big role in influencing the quarterly price numbers. It had 16 closings with an average price of $1.1 million and price per square foot of $646. A year ago, the 13 closings had an average price of $466,462 and price per square foot of $382. That’s a gain of 136 percent on average price and 69 percent increase in price per square foot.

■ Turnberry Place had 12 sales with an average price of $1.17 million and price per square foot of $438.

■ One Queensridge Place in the west valley had seven sales with an average price of $2 million and price per square of $650.

■Among the other luxury buildings, Park Towers had one sale at $1.1 million or $646 per square foot.

Top sales of first quarter

1. The top sale was $9.5 million for a penthouse on the 43rd floor at the Waldorf Astoria, a record in the building. That surpasses the $8 million paid for a Waldorf penthouse in 2022, which was the highest price of the year.

The condo measures 3,922 square feet and has three bedrooms and four baths. It also has an office, great room, dining area and lounge. The bath has Scavolini cabinets, mosaic tiles, dual sinks on quartz countertops, Dornbracht finishes, heated limestone flooring, large shower with dual heads and a Jacuzzi tub. Two other bedrooms have their own en suite baths. The kitchen features a backsplash by artist Alex Turco, Miele appliances and Gaggenau wine fridge.

Stefanie Barela with Barela Investments was the listing agent, and Frank Napoli with Berkshire Hathaway Home Services was the buyer’s agent.

Barela said that the finishes in the Waldorf unit were exceptional and that there’s demand for such high-quality workmanship in the market. And when there’s not a lot of inventory as people don’t want to give up a lower interest rate, prospective buyers are willing to pay more, she said.

“With Vegas being the entertainment capital of the country, if there were more products like that out there, there would be more records set,” Barela said. “People want to be in Vegas. People want to be entertained, and a lot of people have the means to purchase units like this.”

2. The No. 2 sale during the quarter was for $6.75 million for a 44th-floor penthouse at Panorama Towers at the building known as The Martin. It measures 5,217 square feet with three bedrooms and four baths.

The condo has an 800-square-foot balcony that overlooks the Strip. It has customization featuring Italian finishes throughout.

The listing describes the unit as having a kitchen equipped with high-end Gaggenau appliances and Franke sinks, designed by Dada. It has Rimadesio sliding glass doors with magnetic closures and ceiling-mounted rails.

Tyler Brady with Luxury Homes of Las Vegas was the listing agent, and Napoli was the buyer’s agent.

Brady said the upgraded penthouse has “incredible views of the Strip.” The Martin is the best of the Panorama Towers with quick access to the Strip across the Harmon Avenue bridge, he added.

“The price we got elevates the building and will bring great attention to the tower,” Brady said.

3. The No. 3 sale was for $5.5 million at One Queensridge Place. The 15th-floor penthouse measures 5,114 square feet and has four bedrooms and 4½ baths. More than $2 million was spent on the unit, which has a contemporary design with floor-to-ceiling windows. The open layout has a large great room, dining room and three terraces. All four bedrooms have their own bath. The primary bedroom has a sitting room and private terrace. The kitchen has concrete and stone counters and double islands, and it all flows into the family room.

Zar Zanganeh with The Agency Las Vegas was the listing agent. Ivan Sher with IS Luxury was the buyer’s agent.

Why are prices escalating?

Sher said high-rises are becoming more appealing because people can lock-and-leave and travel with no maintenance required. That’s important for those who have homes elsewhere, he added.

“As the (home) inventory has dropped in our city, people are looking at different options whether it’s new construction or high-rise,” Sher said. “Oftentimes, people opt (for a high-rise condo as) opposed to a single-family because it’s easy for them to have a second home if they travel a lot.”

Sher said he expects these price increases to continue because of the demand as evidenced by high-rise projects underway in MacDonald Highlands in Henderson and downtown Las Vegas.

“The more sophisticated we get as a city, the more high-rise opportunities there will be like New York, San Francisco, Los Angeles and Chicago,” Sher said.

Brady said prices are increasing with “huge money” coming into Las Vegas from out of state. With many of the luxury homes getting bought up, he said, prices will continue to increase not only on condos but single-family homes.

“There’s some big money coming in that wants the views, they want the high-end ultra luxury vibe and feel, and they’re willing to pay for it,” Brady said. “They are coming from California and Washington.”

With income taxes continuing to rise in California, Barela said people are fleeing to states such as Nevada with no income tax.

“People with money can move to Las Vegas and buy something for a lot less than other places,” Barela said. “And they are looking for luxury high-rises.”

Napoli chalks up the rising prices to the strong demand for high-rises and migration from California and other states.

Not everyone is looking for a home because they prefer to live in luxury and not having to worry about maintenance, he said.

“We see a lot of people moving here that don’t need the large single-family residence and don’t need the yard, and properties like the Waldorf Astoria, The Martin, Veer Towers, Panorama, Park Towers, Turnberry, Sky and Allure offer great living experiences,” Napoli said. “There’s not a lot of high-rise inventory right now.”

MGM Signature, the condo-hotel, led the way in the first quarter with 27 sales and average price of $350,859.

After the 16 sales at Panorama Towers, Veer Towers was third in sales at 13 with an average price of $649,223, or $705 per square foot, according to Applied Analysis.

Trump Las Vegas and Juhl tied Turnberry Place with 12 sales. Trump had an average price of $330,667.

Palms Place had 11 sales followed by 10 at both the Waldorf and Turnberry Towers.