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Per a recent article in the Review Journal, during the 2020 COVID-19 pandemic, the Las Vegas high-rise market grew cold. High-rise condos have bounced back in 2021. Units over $1 Million have had the strongest growth over the last quarter led by an increase in sales at the Trump International. The average price of Trump International units sold in the first quarter was $218,375, or $363 per square foot. In 2020, the average price was $387,155, or $511 per square foot. It was similar pricing in 2019.
The strength of the highrise market has stretched out into April, where the highest cost per square foot at any point paid for a Strip condominium was set at The Cosmopolitan. Likewise, the sale of the year, $4.35 million, occurred in April at a Sky Las Vegas penthouse.
Exploration firm Applied Analysis detailed there were 224 skyscraper closings among January and March, which is not exactly 50% of the 505 for a year of 2020 and well over the 150 during the main quarter of 2020.
The 224 are the most deals since the second from last quarter of 2018, when there were 227. The firm tracks 21 tall structure towers, the greater part of which are on or close to the Strip.
Applied Analysis Principal Brian Gordon said. “It appears there is pent-up demand for leisure travel to Southern Nevada. It will be interesting to see how that might translate into demand for real estate within the resort corridor in the second half of this year.”
Now that Las Vegas is opening back up, there are many people moving here from California and New York. They want to live the luxury condo lifestyle. Another reason for the increase in high-rise sales is the low single family home inventory which is getting buyers to think about condo living.
The average price of condos sold in the first quarter of 2021 was $541,150 and $405 per square foot.
That’s close to the $548,166 in 2020 and $395 per square foot over 12 months.
Those are higher than the slump in the prices in 2019 when the average unit sold was $497,127, or $396 a square foot. Before that, pricing was strong in 2018, when the average closing was $583,008, or $446 per square foot.
Here are the 15 most expensive luxury high-rise condos for sale in Las Vegas