Everything is relative. Turnberry Associates purchased the land for the ultra luxurious Turnberry Place years ago in the days before land on the strip was price upwards of $30 million an acre. With condos at MGM City Center selling for over $1000 per sq. ft., the resale high rise condos of Turnberry Place priced at less than $450 per sq. ft. seems like a real value.
I received a call yesterday from an in house sales agent of a new downtown high rise trying to get me to sell my clients on her condos priced priced WAY over $550 per sq. ft. I asked her why anyone would buy a condo in Las Vegas downtown area when they could buy a condo in Turnberry Place, for thousands less? Am I missing something? Or have I just lived in Vegas since 1972 and really understand the market? Why would anyone purchase a 1 bedroom of 800 sq. ft. for $ 750k when they could buy 2000 + sq. ft. in Turnberry for $100k more? Buying into the downtown revival dream? Maybe so...but I think it will take 20 years & my investor clients just don't want to wait that long to make money!
Attention all Las Vegas Condo Predator Buyers - This is the time to start to watch the market with a fine tooth comb & pounce on the desperate sellers - We understand the market - Its cycles - and the state of the U.S. Economy. The picture isn't all that rosy, so you have to be careful. Are there great deals out there ? Yes - but they are still few & far between. I think we are still in a downward trend. This is the time to hire an expert.
LASVEGASCONDOBARAGINS.COM (TM) is launching now with a focus on giving investors the true picture of the Las Vegas High Rise Condo Real estate market.
Sellers: These are the times to Hire a Las Vegas High Rise Real Estate Agent with years of experience. It was easy for those entering the Las Vegas high rise arena in what I call the great "condo craze of 2004-5" to look like a superstar. Ask your agent what experience he or she had prior to that. How long has your agent be licensed in las Vegas? How long has your agent lived in Las Vegas? What did he or she do before their real estate careeer? Good markets make everyone look like a winner. It is the bad ones that will weed out those who know how to get their clients properties priced to sell & properly marketed. We are in the business of Selling luxury high rise condos, not just listing them.
Looking for a really good value? Make an offer on the Turnberry Condo Featured in the Video below!
Take the Video Tour of Turnberry Tower 4 # 1104 - REDUCED TO $ 850,000
