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Wednesday, October 3, 2018

Palms Place Market Update -- 4th Quarter 2018

Palms Place Condos In Strong Demand


There's no doubt that sales at Palms Place Condos have heated up this year.  In analyzing the sales the past 90 days, it's clear that the days on market has decreased.

Currently, there are just 17 units on the market, with two of them being POSH PENTHOUSES.

View the most expensive Palms Place Penthouse for sale:

There are just 5 corner 1 bedroom condos for sale at Palms Place ranging in price from $435k to $469k - a pretty narrow range.

The studios that are currently listed range from a low of $230k for a 9th floor unit to $289k for a 16th floor unit.  Curiously enough, only 3 of these studios are strip side.

As far as sold units go - in the past 3 months, one bedroom sales have ranged from a low of $382k to a high of $540k and the studio sales have ranged from $220k to $289k.

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.