Turnberry Towers is one of the most elegant & stunning new high rises to grace the Las Vegas skyline. What I especially love about the East Tower (Tower 1) is its gorgeous views of the Las Vegas Country Club as well as the strip. I also like the fact that there is relatively little traffic on Karen Road, where the twin high rise towers are located, the proximity to the monorail, and the innovative flow thru floorplans with bi-directional balconies, and large site with tropical landscaping and every amenity possible including a high tech computerized valet & reservation system - sort of a concierge at your fingertips.
As of yesterday, Tower 1, the east Turnberry Tower, had 106 resale units on the market which exclude any remaining developer inventory. These luxury high rise condos were purchased at the peak of the market & for the buyer of 2008 - the price conscious Las Vegas condo predator(tm) - the price per square ft. is just not that attractive, despite the amazingly stunning lobby, innovative condo design. In today's market, price is key.
The West Tower, Turnberry Towers 2, will open as soon as next month at even higher prices per square ft. than Tower 1. We are now seeing MANY Turnberry Tower East units selling for as much as $100k under what the owners paid in the preconstruction stage. These owners had to put 30% down, interest free, during the preconstruction stage, then incur closing costs & mortgage payments? From an investment viewpoint, the preconstruction purchase of units in Turnberry Towers was a really poor one, despite how gorgeous these condos were. (We did not place even ONE of our clients in these towers during the preconstruction stage- little wonder we have such a loyal clientele base!). We always believe that the best way to make an good real estate investment into real estate is to make money on the way in, which always makes exiting easier. How soon will it be until we see even more huge price drops in Turnberry Towers East?
Tha Stark Team tracks the bargains and deals in each Las Vegas high rise tower. We know which owners have purchased multiple units that are vacant & which owners are becoming increasingly aggressive on their pricing. CONTACT US and ask for the high rise condo steals and deals in TURNBERRY TOWERS, they are out there. With only 4 resale units having closed in the open market - these prices have to keep on coming down. Just do the math on the absorption rate.
Take a look at the photos below & see why we feel that these Turnberry Tower condos are so attractive AT THE RIGHT PRICE. Interested in buying one of these amazing Turnberry Tower high rise units for a long term hold in your real estate portfolio? Register with us
Thanks for the links! I believe there are 2 sets of "pre construction" prices depending on whether the buyers got in during the initial opening week or after that when Turnberry raised the prices significantly due to the demand at the time. The 2br / 2ba that shows selling for 690k would have been priced at right around 700k before they bumped the prices up.
Granted the number of resales sitting on the market are certainly not a positive indicator for future prices. And Turnberry may blink and actually start lowering prices for their inventory (or adding incentives, if they are not already doing that).
June,
Turnberry is a strong name in the condominium business, but even that doesn't seem to be enough in today's soft market. The second tower will predictably have some difficulties with sales, despite low mortgage rates.
There are several resales at TURNBERRY and right now 3 in escrow, 2 of which are deals we are involved with. We have just represented the buyer in # 302 - B plan and # 3205 - 1 bedroom. Once they close, I will post the sales prices.
As for completed sales, we listed a# 2206 at $479k and sold it rather quickly at $470k.
# 1708 - a finished out C plan - was just sold at a bargain basement price of $ 765k - a trmendous deal for the buyer. The Seller paid $910k and then added travertine flooring, stunning lighting, lots of added value.
There also was an unfinished B plan in the 20th floor range that sold $105k under original cost.
If you e-mail me directly at junestark@msn.com I will send you an actual sales report via the MLS.
Units are beginning to move when priced right - many are alreqady listed at below whatthe seller's paid & the high floors seem to be the exception - but none have sold yet.
Coming from NY, the high rises at Turnberry Towers East remind me of those in the Central ParK West area. Lots of views of green in the heart of the city.
Vegas real estate isn't close to bottoming out. It is the most overbuilt and inflated market in the entire US. They used to joke that it was "Lost Wages", but you can add to that lost homes, lost condos, lost cars, etc. The speculators and hustlers got what they deserved.
Dear Ettie - Some areas of Vegas and henderson real estate have faired quite well in the past year. I have a JUNE SALES CHART to show that certain zipcodes, 89052, for one, have delcined as little as 6.9% during the 07-08 period. I am not sure why you have such a bitter attitude, but our city now has about 7 months of inventory in the MLS to absorb and thousands of homes in escrow . The condo sector does still have a was to decline I think, but overall, our market - especially in the entry level, is turning around as far as my statistical analysis goes.