What is Listed for Sale?
The Amazing Founders Penthouse is on the market for a Cool $15 million on the 59th Floor. Owned by the Maloof Family - this is a one of a kind Trophy Property.
Aside from that there is one other penthouse for sale at Palms Place for
$ 3,998,000 for 3300 sq. ft.
There are 15 other Palms Place hotel condos for sale as of March 2, 2019.
7 are 1220 sq. ft corner one bedroom units.
8 are studios.
What has sold thus far in 2019 at Palms Place hotel-condos in Las Vegas?
7 Palms Place condos have sold in 2019, with one being a 1 bedrooms.
That was unit #: 1121, a mountainside unit that sold for $390k.
The studios that sold ranged from $235k to $280k.
At Palms Place - the even numbered units face the Strip and odd numbered units face West - just the opposite of MGM Signature - where the even numbered units face the Strip side.
With Clark County cracking down on all AIR BNB rentals, Las Vegas Hotel Condos are in strong demand, as they are perfectly legal here. Furthermore, Trump Tower and The Platinum have rules that make AIR BNB problematic, so the demand for Palms Place Condos and The Signature remain quite strong.
Getting to the new Raiders Stadium that is under construction, from Palms Place, is really easy. You just drive east on Flamingo and go South on Dean Martin Drive and you are a quick 10 minutes ( if that) away.
With no new high rise condo towers under construction in Las Vegas - nor any planned, I expect we can continue to see upside appreciation potential in this market sector.