Turnberry Towers is a residential high-rise condominium project located in Las Vegas. Turnberry Towers is one of those developments that has been hit pretty hard by the current real estate downturn. Brand-new, never-lived-in resale units and penthouses are sometimes selling for less than what the seller paid during pre-construction. Let’s take a quick look at the latest inventory.
Turnberry Towers’ Resale MLS inventory Update (April 26th, 2008)
Out of the 90 active resale listings in Turnberry Towers:
-The lowest priced condo was a one bedroom floor plan listed at $360,000
-The most expensive unit was a penthouse listed for $1,600,000
-13 condos were listed for sale under $500,000
-3 condos were listed for sale under $400,000
-2 condos were listed for sale under $400 per-square-foot
Read Aaron Auxier’s April 2008 VIVA VEGAS! Luxury Real Estate Update Here
Something to think about
- In 2007, ELAD Properties paid $34 million an acre for a parcel of land on the Strip. What impact will rising land costs have on future high-rise units?
- The Harmon Residences at CityCenter recently sold penthouses for over $2,000 and $2,400 a sq. ft. (Las Vegas records)
- According to the Clark County Land Assessor, Las Vegas Strip land values saw up to a 99 percent increase in 2007.
- Sands Corp. has hinted that sales at their Palazzo Luxury Condominiums on the Las Vegas Strip could possibly sell for around $2,000 a square foot. (prime-location building)
In Closing
It is interesting times when sales at residential buildings like Mandarin Oriental and The Harmon Hotel, Spa & Residences at MGM MIRAGE CityCenter are passing $2k a square foot yet properties in residential buildings like Sky Las Vegas, Turnberry Towers, Turnberry Place, and Panorama Towers seem to keep falling. Everyone knows that land on the Las Vegas Strip is harder than ever to come by, hence why parcels of land on the Strip have seen such dramatic increases in value over last five years.
Visit our color-coded Las Vegas Strip Condo Map to see the exact location of all Strip/Near Strip residential, condo-hotel, mega-resort, hotel, and casino developments.
Only you can make the call of whether or not Las Vegas offers the right opportunity for your next primary residence, vacation property, or real estate investment. Before you jump make the jump, make sure to consult a qualified expert who can share with you some of the intangibles of this hard-to-put-a-finger-on market.
Aaron Auxier, REALTOR®, ABR can be reached at 702-205-1818.
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Copyright © 2008 Aaron Auxier. All Rights Reserved.
Disclaimer: All information in this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
