Luxury high-rise prices set record in 3Q

Las Vegas set an all-time record for the average sale price of high-rise condos closed during the third quarter, capped off by the second highest sale of the year for $9.5 million at the Waldorf Astoria.

There were 119 sales in high-rises during the third quarter — the fewest of the year and least amount since the start of the pandemic in the second quarter of 2020. That few sales helped bolster the average sales price of $933,431 or $586 per square foot.

That tops the $816,717 average price in the first quarter of 2024, according to Las Vegas-based research firm Applied Analysis. The third highest was $749,854 in the second quarter this year. The price per square foot in the third quarter was second only to $599 in the first quarter of 2024.

It was a busy quarter with the latest sale for $9.5 million in September. It has three bedrooms and 3½ baths and measures 3,922 square feet. It also has an office.

The sale ties for the highest in Waldorf Astoria history with another in January 2024.

Michelle Manley with Award Realty, the listing agent, described the high-rise as a “rare dynasty end-cap wraparound penthouse” on the 46th floor with a view of the Bellagio fountain.

“It’s a spectacular and one-of-kind penthouse with the Bellagio views and custom finishes,” Manley said. “It’s hard to get a three-bedroom penthouse level at the Waldorf. There’s only six in the whole building.”

Brian Nugent with IS Realty was the buyer’s agent.

The third quarter was a busy one at the high end of the market with an $8.8 million sale at the Waldorf Astoria, sale of the estate of Elaine Wynn for $8.25 million — $1,683 per square foot — at Park Towers, and a condo at the Summit Club selling for $7 million.

For the year, a penthouse in One Queensridge Place sold for $10.9 million to lead the way among high-rise condo sales in 2025. That condo was dubbed “The Crown Jewel” of Queensridge by listing agent Gadi Hahamy of Realty ONE Group.

In the marketplace, the Waldorf Astoria with its five sales during the second quarter had an average sales price of $4.85 million or $1,862 per square foot.

One Queensridge Place with four sales had an average price of $2.3 million or $617 per square foot.

Turnberry Place with 15 sales had an average price of $1.33 million or $438 per square foot.

Panorama Tower with seven sales had an average price of $1 million or $534 per square foot.

Among other high-rises, MGM Signature had 11 sales followed by Trump Las Vegas and Veer Towers with 10. Palms Place had six followed by Allure, The Odgen and Regency Towers with five each.

There were 566 units listed at the end of the third quarter with an average price just above $723,000. Two at Park Towers had an average price of $5.1 million. Six units at the Waldorf had an average price of $3 million followed by 20 units at One Queensridge Place with an average price of $2.6 million. There were 17 units at Sky Las Vegas listed with an average price of $1.7 million followed by 35 units at Turnberry Place for $1.5 million on average. Metropolis has six units listed with an average price of $1.1 million.

Manley called it an interesting market with overall sales down while high-end sales continue to take place. She said she has two under contract at the Waldorf and has multiple buyers purchasing high multimillion-dollar units at the Four Season Residences in Henderson, which is under construction. One is for about $18 million.

“I think the upper end is going to do well,” Manley said. “There’s a percentage of buyers that are going to pay a premium for what they want. I see that a lot. The condo-hotel market is struggling along with the middle-range properties sitting on the market. I think those buyers are waiting to see what happens with the market, and interest rates are probably a contributing factor. Tourism is down in Vegas so those things don’t help.”

Frank Napoli, a Realtor with Berkshire Home Services who had the previous highest sale at the Waldorf, said even though there was the lowest amount of sales in five years there’s demand for luxury high-rise units. Not every tower is considered a luxury high-rise and why sales at those are down.

“We are seeing a lot of activity in the luxury end for penthouses, which will typically have a higher price per square foot,” Napoli said. “We are seeing renovated high-rises sell for a record price per square foot, and I think that relates to the type of person buying these. If they are looking for penthouses, there’s not a lot of availability in any of these towers. The buyers looking for them are willing to pay whatever it takes to buy them.”

Napoli called it a coincidence that all the top sales happened at the same time. It’s about availability.

“The one we sold for $8.8 (this year at the Waldorf) wasn’t even on the market,” Napoli said. “We had a buyer looking for something of this caliber and knew we could put it together and make a deal. There is unusually a buyer on the sideline waiting for one to become available.”

Napoli said he has a unit under contract to close in November at One Queensridge Place for about $10 million. The buyers first looked at luxury homes but none were available that suited their needs, nor were they valued properly, he added.

“High-rises remain a sought-after market for those who want to buy property in Las Vegas, whether it’s a primary property or second home,” Napoli said.

The Waldorf Astoria is positioned to pick up more sales in the future, Napoli said. It is going to redo the lobby and hallways and bring a lot of attention to the building and spark more sales. The bottom portion of the building is a hotel while the top is for condos.