December 2017 to 2018 Appreciation Comparison
As we begin 2019, Las Vegas high rise condos are in very strong demand. The Raiders Stadium is under construction, Circa Las Vegas is coming to Downtown, Resorts World is under construction center strip, and The MSG Sphere is being planned near Turnberry Towers and the Las Vegas Country Club. The Drew is planned to open ( formerly the Fontainebleau). Summerlin has a new baseball Stadium. The Raiders training facility has broken ground in Henderson. Wynn is expanding it shopping plaza. Google has opened headquarters here. Switch is expanding. The Stirling Club is reopening in the heart of Turnberry Place. And we our the proud recipients of what seems like a gazillion people fleeing California and moving to Henderson and Las Vegas and Lake Las Vegas.
To help interpret the stats here are the zip codes for the various high rises:
89101 – Downtown
89102 – ALLURE (North Strip)
89145 – One Queensridge Place
2018 High Rise Appreciation Summary
Allure and the City Center high rise condo appreciation was flat, showing just a 2% increase in price from 2017 to 2018.
Downtown condos showed a healthy 8% growth rate.
The Dean Martin Drive Condos ( Panorama Towers and The Martin) & Palms Place gained a terrific 16% price appreciation rate last year.
I expect that this is due to a number of factors. The proximity to The Raiders Stadium site ( you can walk from Panorama & The Martin) – it appears to be a mile or so. Panorama & The Martin include TV & Web access in their HOA dues & driver service. Additionally, owners get their own parking space, and windows/balconies one to get fresh air. Palms Place offers the ability to rent on a nightly basis via the on site program or Air BNB etc. A quick block east, turn right & and you are on Dean Martin Drive. Ot 2 blocks and you are at The Bellagio. The location is fabulous. Center Strip.
The 89109 buildings have also appreciated 18% last year. Turnberry Place speculation has been driven by the fact that The Stirling Club will reopen, and its sweeping deep balconies, guard gate, chauffeur Cox Cale & Web – included. MGM Signature offers the ability for owners to rent their units short term and they too are guard gated and always top on high rise buyers list.
No new residential nor hotel condos are planned. This seems to bode well for the possibility of significant upside appreciation for years to come.
The Drew Las Vegas (Formerly the Fontainebleau)