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Wednesday, January 28, 2015

Palms Place Las Vegas Condos January 2015 Market Update

Palms Place Las Vegas Condos January  2015 Market Update

by June Stark, and The Stark Team, Las Vegas Condo Experts

As the year begins, we find that there are 55 Palms Place Condos on the market as of January 28th.


What is curious however, is that there are 23 units for sale at or under $200k with one pretty darn good deal for a 22nd floor mountain side studio listed at $159k.  We understand per the listing agent that this unit has never been in the rental program and is in very good shape.


What has sold so far in Palms Place Condos from January 1, 2015 to the present?

There have been 3 sales so far this year:
1 BR Strip view Corner unit # 2622 listed and sold for $375k
2 Strip view studios:
# 1012 sold for $151k and unit # 2512 sold for $158k.
These STUDIO RESALE prices are surprisingly low and are close to the foreclosure prices of 3 years ago. We expect this will drag the rest of the resale prices down in Palms Place, especially on the mountainside studios, which typically are a harder sell and have a much longer days on market.
With 2015 starting with 2 studio comp sales for strip side units, both in the $150k's, buyers will expect to pay comparable prices. This bodes well for Buyers looking to acquire a dirt cheap luxury hotel condo at Palms Place.  Contact Lauren Stark for more info. 702 236 8364