(las vegas).......... report showed that 73 units priced at least $1 million sold in the past 12 months.
Posted August 4, 2014 - 9:24amUpdated August 4, 2014 - 10:05am
Vertical livingBy Stan Hanel Real Estate Millions
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“Sale prices for new luxury high-rise condominiums around the Las Vegas Strip dropped drastically, down 30 percent to 50 percent of the original building cost,” said Sergio Colombo of TerraFerma Real Estate. Research of tax records and property listings by TerraFerma revealed that more than 10,000 luxury high-rise condominiums had been built on or near the Strip by 2012.
The result of this financial collapse led to a lot of creative financing, short sales and juggling by the local condo managers and sales staffs. Some luxury condos were rented to generate cash flow.
Gordon Miles, president and chief operating officer of Berkshire Hathaway HomeServices Nevada Properties, said the Las Vegas high-rise luxury condo market is in “recovery,” and prices and number of units sold have increased during the past year.
In June-2014, 10 units priced at $1 million or more were sold in the Las Vegas Valley, according to Equity Title of Nevada.
The report showed that 73 units priced at least $1 million sold in the past 12 months.
This month, 112 units came on the market, and in the past 12 months 1,333 units have been listed, Miles said.
The Greater Las Vegas Association of Realtors reported 81 units sold for at least $1 million in 2013, compared with 20 units sold in 2012.
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