As baby boomers age and millennials grow in numbers, so does the demand for condominium living, according to a report from Zillow. The report, released on Oct. 27, showed that condo prices nationally have risen at a rate of 5.1 percent, well ahead of 3.7 percent pace of appreciation for single-family homes. In Las Vegas, the differences were even greater with a year-over-year appreciation rate for condominiums at 9.3 percent as compared to 7.4 percent for single-family homes. The ranking placed Las Vegas at No. 7 on the top 10 national markets with strong condominium appreciation.
“The housing bust hit condo values hard, and over the past years, buying a condo wasn’t always considered a good investment compared to a single-family home,” said Zillow Chief Economist Dr. Svenja Gudell, in the report. “Now, however, the stigma against condos has lifted, and the property type has found new appeal, particularly among younger buyers. Condos increasingly represent a strong-performing, often affordable choice, particularly for first-time buyers interested both in homeownership and in keeping a lower-maintenance, city lifestyle.”
According to Stephanie Reese, director of sales for DK Las Vegas, that finding is nowhere more evident than in downtown Las Vegas, where DK Las Vegas owns two towers, including The Ogden Las Vegas.
“The right-sized footprints of condo living support a lifestyle that better accommodates the freedom to travel and a heightened focus on experiential living,” Reese said. “Today’s modern homeowners are less concerned about acquiring ‘stuff’ to fill their homes and more focused on living a full and engaging life both inside and outside their homes.”
Strong sales to a diverse profile of residents at The Ogden are visible proof of that trend, Reese said.
“The Ogden is attracting first-time homebuyers, professionals of all ages and older couples and individuals who have made conscious decisions to trade in suburban life for a home in the heart of downtown Las Vegas which has undergone significant revitalization in recent years. This is the hottest and most exciting area in Las Vegas right now, and the opportunity to buy a home in the heart of it all is enticing and inviting.”
Just steps from The Ogden, there is no shortage of places to discover unique and interesting restaurants, bars and coffee shops; intimate entertainment destinations like Downtown Container Park; and venues like The Mob and Neon museums. The area is home to a plethora of high-profile special events, including Life is Beautiful.
“Best of all, downtown Las Vegas is populated by a variety of like-minded, yet diverse residents, who appreciate and share the area’s culturally rich urban lifestyle,” Reese said.
Simultaneous with downtown’s ongoing redevelopment, The Ogden underwent a $2 million renovation that includes a reimagining of its lifestyle amenities. These include a rooftop pool, Sky Deck, social lounge, fitness studio, pet park and even casual workspaces that provide residences with inviting and interesting places to work and conduct meetings.
Homes at The Ogden range from a one-bedroom, 815-square-foot residence for $229,000 to a three-bedroom, plus den 2,044-square-foot home for $629,000. Residences feature a modern design aesthetic in keeping with the architecture and the lifestyle vibe, private balconies and expansive views of downtown Las Vegas, the Strip and the mountains that frame the valley.
The Ogden’s single-story, open floor plans offer flex spaces that can serve as a home office, den or yoga room, extra bedrooms for accommodating multi-generational family and guests, and spacious windows.
For more information, visit The Ogden’s onsite sales center at 150 Las Vegas Blvd. North or online at Ogdenlv.com.