It’s a remarkable turnaround for condo sales after a 2020 that saw sales fall 18 percent to 584, from 692 in 2019, because the COVID-19 pandemic pushed people to want more isolation and single-family homes rather than be around other people.
The average price paid for a unit in one of those 21 high-rise towers was $561,252 in 2021, a 6 percent increase over the $527,831 paid in 2020.
Applied Analysis reported 228 units were listed at the end of 2021 with an average price of $1.15 million, or $707 per square foot.
In contrast, 580 units were on the market at the end of 2020 with an average price of $783,655, or $552 per square foot.
“The high-rise story is similar from a volume perspective, but pricing didn’t necessarily parallel the single-family luxury market,” said Anthony Spiegel, a Realtor with the Ivan Sher Group of Berkshire Hathaway HomeServices, Nevada Properties.
“High-rise is still recovering from an unusually asymmetrical effect from COVID due to social distancing and a move toward lower-density living,” Spiegel said.
For 2022, Spiegel said Las Vegas will continue to see a record number of sales and expects to see some price appreciation, especially in buildings outside of the Waldorf Astoria, which has historically retained its high valuations.
Frank Napoli, a Realtor with the Frank Napoli Group at Berkshire Hathaway HomeServices who represented the buyer on the No.
“During 2020, a lot of amenities were shut down, which really had an impact on-high rises on the Strip, because not only were the building amenities shut down but the neighborhood amenities were shut down as well,” Napoli said.
Napoli said the single-family market did well in 2020 because people were moving out of high-rises to get into homes and new buyers were looking at single-family homes instead of condos.
I have clients, now, that are taking out of neighboring states to Las Vegas where we would be looking at single-family or commercial space, high-rise is now a more common option for these buyers.
Napoli said a lack of inventory of single-family homes helped prompt buyers in 2021 to choose high-rises as a second option.
“Suddenly, we got sports teams coming from everywhere and there’s got to be a number of people that are speculating that they’re going to be able to rent them out at high prices during events like, New Year’s Eve and the Super Bowl.
7 sale for the year with the buyer from the San Francisco Bay Area choosing it as a primary residence.
“There was a time when people wanted out of high-rises because they didn’t want to ride an elevator with someone,” Manley said.
2 listing is $10 million at The Martin, which is part of the three-tower Panorama Tower complex that had the record sale of the year at $16.25 million.
That record-selling penthouse measures 12,940 square feet and has five bedrooms, including two master bedrooms, and eight bathrooms and has an additional 2,000 square feet of balcony space with four terraces.
It also has a custom circular fish tank that has a bed in the middle where you can watch the fish swim around.
“To have the biggest sale is great,” said listing agent Michael McGraw, a Realtor with Elite Realty who says his previous high was $7.5 million for a single-family home.
3 sale of the year at Park Towers and has an active listing for $9.8 million at the top-floor penthouse at Turnberry Place.
In its 2021 report, Las Vegas-based Applied Analysis showed that MGM Signature, the condo-hotel property, led the year with 167 sales, far surpassing the 47 in 2020.
It had 45 sales with an average price of $387,155 in 2020.
The Waldorf Astoria had 34 sales and an average price of $2.13 million in 2021.
Minutes away from the Lee Canyon Ski Resort, 2470 Avalanche Trail is nestled among the forested pine backdrop of Toiyabe National Forest.