Clark County Validates Vegas Strip Land Values Continue to Soar
Posted by Bruce Hiatt - January 12th, 2008
Categories: High Rise Condos
With all of the ongoing media hype about the sky is falling for Las Vegas real estate, such is not the case with the land along the Las Vegas Strip resort corridor. The Clark County tax assessor’s office has just released new numbers regarding Las Vegas land taxes for 2007 and the results will surprise you.
According to a recent In Business article by Brian Wargo, over the past twelve months, the land that comprises the four mile Las Vegas Strip resort corridor has increased in value 43 percent. That’s incredible when you consider land away from the Strip has decreased in value during the same time period.
In the north end of the Strip resort corridor where Sky Las Vegas, Trump International Hotel and Tower, Turnberry Towers and Turnberry Place exist, land values increased 99 percent during 2007. There’s no doubt you must wondering why buyers are not buying every luxury residential condominium and hotel condo in that area now. After-all, the price per square foot currently reflects prices of the 2003-2004 time period but buyers don’t seem to understand that key point. New construction luxury high rise condo prices are much higher than that and not long ago Jane Wells of CNBC echoed that startling fact.
So Strip land prices are dramatically increasing while the national news media keeps saying Las Vegas is losing value. How can that be you ask? Because the national news media do not understand the extremely high demand of the Strip land that is in accute short supply. There is and always will be just four miles of precious Las Vegas Strip land. Think of it as Park Avenue or Ocean Drive.
In a few weeks, Trump International Hotel and Tower will open in Las Vegas. It’s part of the new Trump Collection of global luxury hotels. As these high-end fully furnished hotel condos go onto the resale market in March, will you be ready to buy one? Savvy buyers should be calling me now as we already know some great deals for Trump International in Las Vegas. The red hot, fully furnished 07 corner one bedroom at Trump International overlooking the South part of the Strip is next to impossible to find in available inventory but we have one now at a great price. We have other pocket Trump International inventory right now too and given the documented 99 percent increase in Strip land values it won’t last long. Watch our recent video report about Trump International Hotel and Towers Las Vegas.
and call Bruce Hiatt at (702) 456-7080 x201 or Simon Chen at (702) 456-7080 x202 for our special Trump International luxury hotel condo inventory.
Don’t forget about Sky Las Vegas either. It is the ONLY residential luxury condo in Las Vegas sitting directly on the Strip. Sky Las Vegas current luxury condo prices starting in the $400,000’s reflect prices when Strip land was at $4 million an acre rather than today’s $34 million an acre. With great prices like this, see our video report to see if Sky Las Vegas is your next Las Vegas condo second home.
With a three story, unique penthouse at Sky Las Vegas priced currently at $5.4 million, exclusively listed with Luxury Realty Group, its price per square foot is well below where new construction is currently priced. Would you believe at $1,066? Compare that with new construction penthouse prices at nearly $3,000 a square foot.
Contact Bruce Hiatt at (702) 456-7080 x201 or Simon Chen at (702) 456-7080 x202 today for our latest Sky Las Vegas luxury condo deal opportunities.
So yes, Las Vegas Strip land prices continue to soar and international buyers get it. US buyers are sitting it out and missing an incredible opportunity. When 2010 comes around and the short supply of reasonably priced luxury condos along the Strip becomes quite evident, reading this post at that time will brings smiles to those who acted now and tears to those who then say I wish I had.
Copyright 2008, Luxury Realty Group, Inc. All Rights Reserved.
Bruce Hiatt, Broker, CRS can be reached at 702-456-7080 x201.
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Copyright © 2008 Luxury Realty Group LLC. All rights reserved.