Las Vegas luxury high-rise sales down; prices up

The sales in the Las Vegas high-rise market between April and June slowed compared with a year ago but recorded its highest second-quarter pricing in history and is on pace to have record sales prices for the year.

There were 171 sales of high-rise units tracked in 21 towers in Las Vegas by Applied Analysis. That’s up from the 171 in the first quarter but down from 235 in the second quarter of 2023, 325 in 2022 and 316 in 2021. Not counting 2020 as a COVID year, it’s the fewest second-quarter sales since there were 160 in 2019.

For the year, there have been 333 high-rise closings, down from 407 a year ago, 618 in 2022 and 539 in 2021.

It’s on track for the fewest sales since 2019, when there were 303 in the first half of that year.

While sales were down in the second quarter, prices were up. Applied Analysis reported the average price paid for units was $646,377, or $494 a square foot. It was $545,960 in the second quarter of 2023; $607,925 in 2022; and $620,171 in 2021.

The record sales price was set during the first quarter of 2024 with an average price of $828,902 and price per square foot of $613.

■ MGM Signature, a condo-hotel, led the way in sales during the second quarter with 23 and an average price of $408,838 or $579 per square foot.

■ Turnberry Place had 21 sales with an average price of $816,348.

■ Trump International Hotel Las Vegas was third with 20 sales with an average price of $402,146.

■ Palms Place was next with 14 sales and average price of $411,993.

■ Juhl had 12 sales with an average price of $351,950.

■ The Odgen had 11 sales with an average price of $402,146.

■ Panorama Towers had 10 sales with an average price of $677,150.

■ Veer Towers had nine sales with an average price of $813,278.

■ One Las Vegas had seven sales with an average price of $474,571.

■ Turnberry Towers had six sales with an average price of $624,833.

■ One Queensridge Place had five sales with an average price of $1.4 million with an average price of $516 per square foot.

■ The Waldorf Astoria had four sales with an average price of $3.4 million or $1,450 per square foot.

■ Newport Lofts had four sales with an average price of $496,250.

Other towers had three or fewer sales.

■ The highest price paid for a condo in the second quarter was in June for $4.6 million for a 40th-floor unit at the Waldorf Astoria. It has two bedrooms and 2½ baths and measures 2,998 square feet.

Luxury Realtor Anthony Spiegel served as the listing agent while Brian Nugent with IS Luxury was the buyer’s agent.

■ The No. 2 sale in the quarter was for $4.5 million for a Waldorf Astoria unit measuring 2,998 square feet. It has two bedrooms and 2½ baths. The listing agent was Kristine Murray with Award Realty. The buyer’s agent was Michelle Manley, also with Award Realty. The condo is listed for rent for $20,000 a month by Manley.

The highest price paid for a condo this year was $9.5 million at the Waldorf.

Spiegel said his Waldorf sale was an off-market deal on the 40th floor, which is the highest floor of the standard units that’s just below the penthouse level and draws a premium price.

“It’s the most desired floor plan just because of its symmetry and size,” Spiegel said. “Those units don’t come up often, and because it was on the highest floor and desired floor plan, it sold for a premium.”

Sales are down in the high-rise market because it comes down to lack of good inventory, Spiegel said. That has caused the good units on the market to fetch even a higher price this year.

“As volume goes down, prices have either stabilized or gone up a little bit,” Spiegel said.

When it comes down to the high end of the market, however, it’s about more than inventory, Spiegel said. The numbers don’t give a picture of what’s happening.

“Once you get to a certain level, what people want sometimes is more important than what it costs,” Spiegel said. “At some point when you look at the premium market, it’s not just whether I can afford it but is it what I want.”

One of the reasons inventory is down is that many buyers are tied into a lower interest rate and don’t want to put their units on the market, Spiegel said.

“At the end of the day, there’s always a dearth of good inventory,” Spiegel said. “The condo market is a unique market. There are only 10,000 high-rise units and only 5,000 are condominiums and the others are condo-hotels.”

That lack of inventory is why Spiegel said he expects more high-rises to be built in Las Vegas beyond those planned for MacDonald Highlands in Henderson and downtown Las Vegas.

“I think you will see high-rises coming out of the ground in the Summerlin area and possibly elsewhere that will meet the demand,” Spiegel said. “It’s for a buyer coming from out of town who wants lock-and-leave but wants the luxury and conveniences of high-quality custom homes. I guarantee you will see that.”