Page 17 - 2016 Las Vegas Residential Real Estate Report
P. 17

HIGH-RISE
A relatively young and unique sector, high-rises bring a fascinating set of options for buyers. Generally, this market segment is split between renters and second-home owners and some householders that work on the Strip. This sector also includes corporate housing. Few projects are actually on the Strip, with CityCenter’s Residences at Mandarin Oriental, arguably Las Vegas’ only super-prime project as the primary on-Strip showpiece. Veer Towers and Sky Las Vegas are also on the Strip, with Allure, Metropolis, Panorama Towers, Park Towers and The Martin nearby.
Additionally, condo-hotels are a distinctive class
of their own. Owners of these homes can either
live in them or participate in the daily leasing pool where the units are utilized for the hotel operation. So within this framework, the property straddles the boundaries of owner living space and investment rental. Some of the projects that were designed with this intent are Palms Place, Trump International Hotel, Cosmopolitan, Vdara, The Platinum and
The Signature at MGM Grand.
The high-rise sector lagged the rebound in prices experienced in other Las Vegas real estate classes and today represents a relative bargain when considering replacement costs or comparable projects in other U.S. cities. Many homes, particularly on lower  oors, trade for less than $300 per square-foot and with  nancing making a return, this captivating lifestyle is attainable by many.
On the high-end of the price spectrum, a handful of buildings continue to dominate the price per-square foot rankings. 2016 pricing was led by The Residences at Mandarin Oriental with an average of $980. Veer Towers, also at CityCenter, followed at $563 per square-foot, on average.
NOTABLE SALES
HIGH-RISE LIVING
THE RESIDENCES
AT MANDARIN ORIENTAL:
3,980 square foot home on the 47th  oor,
sold for $6.5 Million or $1,633 per square foot. This is a price per square-foot record.
PANORAMA TOWERS:
14,176 square foot, 34th  oor penthouse was sold in gray shell condition for $5.75 Million.
THE MARTIN:
12,940 square foot gray shell penthouse sold for $4.25 Million.
PARK TOWERS AT HUGHES CENTER:
Called the Château, this 3,515 square foot residence traded for $2.75 Million.
METROPOLIS:
Trading through auction, this unique 5,467 square foot 3-story penthouse sold for $2.63 million per County records.


































































































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