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penthouse in One Queensridge Place has set the tone for high-rise condo sales in Las Vegas, selling for $10.9 million to kick off 2025. The sale, dubbed "The Crown Jewel" by listing agent Gadi Hahamy of Realty ONE Group, comes as the city experiences a slowdown in condo sales at the start of the year.
Condominium-hotels dominated high-rise condo sales during the first quarter, with Trump Las Vegas achieving its highest sales price and price per square foot since 2019. The average sale price was $421,922, the highest since Trump's first term ended. The return of Donald Trump to the presidency appears to have boosted sales value, with a record $640 per square foot paid for 13 sales.
MGM Signature led the way with 27 sales, followed by Palms Place and Trump Las Vegas in second place with 13 sales each. However, overall high-rise condo sales were sluggish, with 148 closings, down from 168 in the first quarter of 2024 and 165 in 2023.
The average price paid for high-rises was $611,771 or $518 per square foot, a decrease from the previous year's anomaly. Panorama Towers had 12 sales, while Turnberry Towers and Veer Towers each had 10 sales. The Waldorf Astoria had five sales with an average price of $1.49 million.
One Queensridge Place had three sales, including the record-breaking penthouse sale, which featured a private elevator, 2,500 square-foot terrace, and unobstructed Strip views. Listing agent Gadi Hahamy described the unit as "a true masterpiece" with handcrafted details and fine materials throughout.
Despite the slowdown in condo sales, luxury Realtor Frank Napoli of Berkshire Hathaway Home Services believes there's still a market for high-rise condos that have undergone renovations. He notes that inventory is also down in properties like the Waldorf Astoria, which has only a handful of units on the market.
Napoli acknowledges that higher interest rates may impact potential buyers but doesn't think the market is shifting negatively. "It's balancing out where there's more opportunity for buyers," he said. "If you have a good product and price it right, you can be very successful."
