Resales rise for high-rise luxury condos, data find

Luxury high-rise condo resales increased to 29 units in the first quarter from 24 in fourth quarter 2007, Las Vegas-based Restrepo Consulting Group reported. The number is up from 27 in the same quarter a year ago.

While sales are up, the high-rise condo market continues to show signs of weakness, Restrepo Consulting project director Elena Shampaner said.

The median resale price was $955,000, up nearly 30 percent from $737,500 in the previous quarter. However, price per square foot slipped 0.5 percent to $466 as average unit size grew from 1,576 square feet to 2,050 square feet.

"This comes as no surprise considering the current housing recession, as well as the national credit crunch," Shampaner said.

There were 523 high-rise condo listings as of March 31 at a median price of $749,900, or $482 a square foot. Turnberry Towers on Karen Avenue had the most listings with 96, followed by Panorama Towers on Dean Martin Drive with 63.

No mid-rise luxury condos were resold during the quarter, Restrepo Consulting reported. The firm showed 132 mid-rise listings at a median price of $636,950, or $504 a square foot.

For the condo-hotel segment, 11 units were sold at a median price of $395,000, or $760 a square foot. Condo-hotel listings are at 283, led by 171 sales at The Residences at MGM and 58 at Platinum Resort. Median list price is $525,000, or $788 a square foot.

Three major projects were completed during the quarter. The $250 million, 40-story Allure tower on Sahara Avenue brought 428 high-rise luxury condos onto the market; the $420 million, 49-story Palms Place on Flamingo Road added 599 condo-hotel units; and the $1 billion, 64-story Trump Tower on the Strip added 1,282 condo-hotel units.

Restrepo Consulting Group principal John Restrepo said high-rise construction in Las Vegas is not immune to the downturn in housing and national economics.

Crown Las Vegas, a resort hotel planned for the former Wet 'n Wild site on the Strip, has been canceled and the land is up for sale. The New Frontier has been demolished, but the New York-style Plaza Hotel development has been postponed until credit markets loosen. Deutsche Bank has begun foreclosing on Cosmopolitan, a $1 billion condo-hotel under construction on the Strip.

CREEKSIDE PARK: Panattoni Development has completed the second phase of Creekside Business Park, a 2.6-acre retail project at Losee and Washburn roads in North Las Vegas.

Transactions in the project include the sale of 1.8 acres to John Domayan for $2 million and a 20-year ground lease with a 7-Eleven convenience store.

AMBASSADOR LIMO: SR Construction finished an 18,000-square-foot transportation service facility for Ambassador Limo at 4600 Wynn Road in Las Vegas. The two-story building consists of a mechanic's bay and corporate offices.

Construction cost was about $3.4 million. Spectrum Surveying & Engineering served as project architect. The hybrid design included wood frame, masonry and steel-frame construction.

BROKER DEALS: Janet Goldstein of NAI Horizon represented Behzad Binafard in the purchase of a 4,000-square-foot medical office at 6901 W. Charleston Blvd. for $800,000. The seller was Mirrch Investments.

Dave Johnson, Phillip Baca and Neil Dela Cruz of NAI Horizon represented the landlord, Kamros Holdings, in the five-year lease of 1,167 square feet of retail space to Marlene Glover for a beauty salon at The Grove, 455 W. Craig Road. The transaction is valued at $204,000.

Michael De Lew and Greg Pancirov of Colliers International closed on a 60-month lease renewal for Bachiero Event Services at Suncrest Commerce Center, 1051 Mary Crest Drive in Henderson. They represented the property owner, Gubler & Gubler, in the $734,000 transaction.

Rebecca Wachter of Colliers International represented owners Patricia Iwamoto and Steven Yee in the 60-month lease of 2,135 square feet of office space at 7385 Prairie Falcon Road in Las Vegas to Abundant Grace Church. The transaction amount was $191,000.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.