45°F
weather icon Partly Cloudy

DK Las Vegas celebrates 2017 with top sales

In 2013, KRE Capital LLC, with Dune Real Estate Partners, purchased as DK Las Vegas a portfolio of Las Vegas condominium communities when the economy was still very much in recovery.

Four years later as 2017 comes to a close, there is much to celebrate with the record-setting sell-out of one community; the launch of sales at a second community in downtown Las Vegas; and fast-paced sales at two other communities, including one near the future NFL Raiders stadium, where the “Raiders effect” tripled the community’s sales velocity in recent months.

According to Uri Vaknin, a partner at KRE Capital and turn-around expert who has overseen the communities’ strategic redevelopment, marketing and financing expansion efforts, the reasons for the portfolio’s success vary by property, but sales at all communities are uplifted by the universal appeal of Las Vegas and home prices that are still affordable relative to other markets, the availability of expanded financing options and a trend for buyers of all ages to “right-size” their homes to better accommodate travel and reduce home maintenance.

November 2017 was one of the strongest months this year for the portfolio with 23 closings totaling nearly $8 million. According to Vaknin, the portfolio’s downtown communities — The Ogden and Juhl — enjoyed particularly strong sales in October.

“Bringing attainable mortgage financing back to the Las Vegas condo market was our foremost goal upon acquiring our Las Vegas portfolio,” Vaknin said. Both The Ogden and Spanish Palms, which is sold out, offer many options, including Federal Housing Administration, Fannie Mae and Veterans Affairs programs. The Ogden is the only condominium tower in Las Vegas since 2008 to obtain Fannie Mae Project Eligibility Review Service project approval.

“We are now working to bring those same financing programs to Juhl and One Las Vegas, making homeownership a reality for many who otherwise lack sufficient down payments to qualify for traditional mortgages,” Vaknin said.

One Las Vegas was recently awarded conditional Fannie Mae approval with final approval expected next spring when the community reaches a 50 percent sales threshold exclusive of investor sales.

And while prices are clearly on the rise here because of high employment and shrinking inventory, backed up by a recent report from Standard &Poor’s CoreLogic Case-Shiller national home price index, Las Vegas is still catching up to many other metropolitan areas that recovered more quickly from the economic downturn, Vaknin said.

“That means there are still many great values to be had here, and many of our properties are among those exceptionally great buys. Plus, with interest rates going up, now is the time to buy.”

Spanish Palms at 5220 S. Rainbow Blvd. and Hacienda Boulevard, across the street from Spanish Trail, sold out in summer 2017. In just over two years since DK Las Vegas acquired its Las Vegas portfolio in April 2015, 188 residences were sold. With a sales pace of one home nearly every three days, Spanish Palms easily earned the distinction as the company’s fastest-selling property.

On the south end of Las Vegas Boulevard at 8255 Las Vegas Blvd. South is One Las Vegas, a twin-tower condominium community less than five miles from the T-Mobile Arena and near the future NFL Raiders stadium. From March to October, 2017, 70-plus condos were sold at One Las Vegas, tripling the community’s previous sales velocity.

Vaknin credits the “Raiders effect” in large part for the community’s success, citing several instances in which buyers made the decision to purchase based on the arrival of an NFL team to the city.

“Since the Raiders were first announced, we’ve written more than 160 contracts for communities across our Las Vegas portfolio, including Spanish Palms, One Las Vegas, Juhl and The Ogden,” Vaknin said. “While the Raiders effect is strongest at One Las Vegas which is closest to the stadium, we are feeling it everywhere. The arrival of professional sports, both hockey and football, is a game-changer for Las Vegas as the one element previously missing in our evolution as a world-class city.”

The Ogden and Juhl are in downtown Las Vegas. According to Vaknin, both communities are attracting buyers of all ages, from millennials to empty-nesters and retirees.

“There is misperception that downtown is a draw only for the younger set, but more than half our buyers are middle-aged or older and approaching or already retired. It’s inspiring to see so many people excited to start a new chapter in their lives, and downtown Las Vegas is the perfect place to experience all the area has to offer.”

Available homes at The Ogden range from a two-bedroom, 1,180-square-foot residence priced from the mid-$300,000s to a three-bedroom-plus-den 2,044-square-foot home starting in the low $500,000s.

Juhl, a 344–residence, loft-style community, is open for sales. It encompasses multiple buildings, including a high-rise, midrise, brownstones, live-work spaces, retail spaces and a warehouse-style loft building. The first phase consists primarily of studios and one-bedroom condominiums.

In total, Juhl offers 130 unique floor plan configurations. Homes range from 600 square feet to just under 2,000 square feet and are priced from the high $100,000s.

One Las Vegas homes range from 1,252 to 2,857 square feet and priced from the high $200,000s with many floor plans offering views of the mountains and the Strip. The penthouse, offering 3,000 square feet of sweeping views, is priced at $1.1 million. Amenities include pools, tennis courts, fitness center, massage and treatment rooms, event hall, sports lounge, movie theatre and co-op business center.

For more information on The Ogden, visit its on-site sales center at 150 Las Vegas Blvd. North or online at Ogdenlv.com, or call 702-478-4700. For more information on One Las Vegas, visit its on-site sales center at 8255 S. Las Vegas Blvd, call 702-405-9020 or online at theonelv.com. For more information on Juhl, visit juhllv.com or call 702-816-5466. Sales center and models at 353 E Bonneville Ave. are open daily.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Doctors raise growing family at Juhl in downtown Las Vegas

Drs. Denise LaBelle and Ryan Hudson were a young married couple without children when they bought their 13th-floor, two-bedroom, two-bath condo at Juhl, the iconic 344–residence, loft-style community in downtown Las Vegas. Today, this dynamic health care duo are parents to an active 2-year-old with another baby on the way.

REAL ESTATE BRIEFS: FEB. 19

Nevada State Apartment Association has announced the winners of its 13th annual Jewel Awards.

Del Webb to open age-qualified community in Lake Las Vegas

The nation’s leading builder of active-adult communities for those ages 55 and older, Del Webb has broken ground on its 10,000-square-foot recreation center at Del Webb at Lake Las Vegas. Announced last year as the builder’s first new Las Vegas Valley development in over a decade, the groundbreaking precedes its upcoming grand opening in early February.

Growth Luxury Homes to create Canyon Collection

Growth Luxury Homes, the custom luxury home development division of multiindustry pioneer, Growth Holdings, has expanded its ever-growing portfolio with the acquisition of the majority of the land in the Augusta Canyon neighborhood of Southern Highlands Golf Club. This acquisition adds to GLH’s current holdings in what is one of the premier master-planned communities in the nation, joining the Shadow Canyon neighborhood. GLH has brought Augusta Canyon and Shadow Canyon together as “The Canyon Collection.”

Downtown Summerlin to ring in Year of the Rat

Lunar New Year takes center stage at Downtown Summerlin in the heart of the master-planned community of Summerlin on Jan. 25 with the destination’s third annual Lunar New Year Parade. Ushering in 2020 – the Year of the Rat, the parade is a festive and free celebration open to the general public.

Pardee opens Sandalwood in Summerlin

Homebuyers liked what they saw during the grand opening of Sandalwood, Pardee Homes’ newest Summerlin neighborhood in the gated Stonebridge village that features contemporary luxury homes with awe-inspiring views of colorful sweeping vistas.

Cadence celebrates five years

In mid-December, Cadence hosted an event to mark the fifth anniversary since it began welcoming residents and families to the Henderson master-planned community. The event featured a “high-five” selfie wall, a zip line, interactive games, a doggie zone hosted by Cadence Animal Hospital, a beer garden for the adults and a collection of food trucks from across the valley.

Summerlin ranks No. 3 nationwide in new home sales

Following 2019 milestone development headlined by the continuing evolution of Downtown Summerlin, the opening and storied inaugural year of Las Vegas Ballpark, and the addition of seven new neighborhoods, Summerlin, a development of The Howard Hughes Corp., maintained its position as the No. 3 best-selling master-planned community in the country for 2019. The list was ranked by RCLCO, a leading national real estate consultant, which has been ranking master plans since 1994. The ranking is determined by number of new home sales. In 2019, 1,320 new homes were sold in Summerlin.

Growth Luxury Homes to be featured at Builders Show

Growth Luxury Homes (GLH), the custom luxury home development division of multi-industry disruptor, Growth Holdings (GH), will make its debut as a featured green homebuilder at the annual NAHB International Builders’ Show (IBS) in Las Vegas on Jan. 21-23 as part of the IBS Green Home Tour on Jan. 22.

Trilogy by Shea Homes to hold Live Well Wellness Fair

Trilogy in Summerlin is in the master-planned community of Summerlin on the western rim of the Las Vegas Valley, adjacent to Red Rock Canyon National Conservation Area. The community features single-story town homes with optional casitas and multilevel floor plan options. Homes range from 1,538 square feet to 2,915 square feet and start from $475,990.