Las Vegas High Rise Blog » CNBC Shows Las Vegas Luxury Strip Located Condos are Hot

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CNBC Shows Las Vegas Luxury Strip Located Condos are Hot

Posted by Bruce Hiatt - September 15th, 2007
Categories: High Rise Condos

CNBC really gets it about Las Vegas luxury condos on the Strip. On the CNBC September 14 broadcast, the real prices per square foot for Strip located luxury condos were revealed. That news will shock you.

While the media have been reporting almost on a daily basis about the foreclosure problems of major Western states like Nevada, such reports have clouded the positive growth occuring in areas like the Las Vegas Strip. CNBC took a closer look at the Las Vegas luxury condo market and found very strong numbers for Strip located properties. Examples of such properties are Sky Las Vegas and MGM MIRAGE’s VEER. Here’s the link to that video broadcast:

http://www.cnbc.com/id/15840232?video=515241273

There’s no doubt that prices per square foot for Strip located Las Vegas luxury condos are averaging $1600 a square foot with prices exceeding $3000 a square foot for top floor penthouses. The recently contracted sale of a $12 million MGM MIRAGE CityCenter penthouse illustrates the point at $3000 a square foot.

How can these prices be so strong you ask? Here’s why. First, there are only two prime Strip located luxury condos in Las Vegas. One is Sky Las Vegas which you can purchase and move-in now and the other is MGM MIRAGE’s CityCenter that you can purchase and move into late 2009. There are no other choices. Second, land prices have soared for Strip land and continue to rise. The land under the luxury high rise condo Sky has seen its value rise from $4 million an acre to now $34 million an acre in just three years.

You do the math as to what that means if you buy a Sky luxury condo. Did you know you can buy a Sky condo in the $600 to $1200 a square foot range right now? So if you are on the fence about buying a luxury condo in Las Vegas, jump off the fence and call us. Given the future prices coming for Las Vegas luxury condos on the Strip, this is probably the last time you will see such low prices per square foot.

Bruce Hiatt can be reached at (702) 456-7080 x201 or online at http://www.luxuryrealtygroup.com/.

Bruce Hiatt, Broker, CRS can be reached at 702-456-7080 x201.
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