The High-Rise Market in Las Vegas Achieved a Record Year | The Salesmark

The High-Rise Market in Las Vegas Achieved a Record Year

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The Las Vegas high-rise market broke its all-time record in 2021 by more than doubling sales from 2020 and recording the highest price ever paid at $16.25 million for a unit at The Martin.

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. That turned around in 2020 as people felt protected by vaccinations and high-rises reopened pools, gyms, spas, salons, restaurants and other amenities buyers desired.

In 2021, Las Vegas saw 1,321 sales in high-rises of five stories, according to Forrest Barbee, corporate broker with Berkshire Hathaway HomeServices Arizona, California and Nevada Properties who tracks the Las Vegas Realtors association multiple listing service.

The 1,321 sales beat the all-time record of 970 sales in 2017. The number had been sliding every year since then, before 2021.

The annual report issued by research firm Applied Analysis, which tracks 21 high-rises along and near Las Vegas Boulevard and downtown and One Queensridge Place in the west valley, showed there were 1,161 sales in 2021, up from 505 in 2020 and 607 in 2019.

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. The average price per square foot was $427, a 6 percent increase over the 401 paid in 2020, according to Applied Analysis.

Realtors say while they’re monitoring the impact from the omicron variant, 2022 is off to a good start for the high-rise market. The strong sales in 2021, however, mean there are fewer units on the market. 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. At the end of 2019, there were 458 units with an average price of $757,916, or $543 per square foot.

“The high-rise story is similar (to single-family homes) 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. He had the No. 2 sale of 2021 at One Queensridge Place for $5.6 million, the No. 4 sale for $4.5 million at One Queensridge Place and the No. 5 sale, a 43rd-floor penthouse at Sky Las Vegas for $4.35 million.

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