LAS VEGAS, NV--(Marketwired) - Leading Las Vegas real estate agent Di Lewis has just closed a sale on the entire top floor of Panorama Tower II, demonstrating the rapid recent growth of the local real estate market.
The penthouse is thought to be the largest one-level, unfinished high-rise penthouse sold in the Las Vegas Strip area: a dramatic 14,176 sq. ft. space offering panoramic views of the Strip, McCarran airport and the surrounding mountains.
The penthouse was sold to Rob and Andrea Tuttle of Florida, a family of seven who are planning to make it their home. A complete build out is expected to take about eighteen months with costs estimated in excess of three million dollars.
Another reason for the Tuttles' move to Vegas is to expand their company, Volo Recovery; Volo specializes in communications backup infrastructure for businesses during natural and other disasters. They represent other data centers, server farms, and a variety of businesses moving here for the low-cost electricity, often recruited through the Governor's Office of Economic Development. The Tuttles see Las Vegas as a base to penetrate west coast markets, without all of the taxation headaches of California.
"This is a good time for buyers," explained Di. "Las Vegas real estate represents a good long-term investment with current prices of resale properties remaining substantially below replacement cost." Case in point: An investor first bought the Panorama condo in September 2007 for $10.43 million, nearly triple the current purchase price.
THE GROWING LAS VEGAS RESIDENTIAL MARKET
"Confidence is growing and buyers no longer think the risk is there that was previously," says Di. Nearly 70 percent of all properties are selling within 60 days, and home prices have increased more than 30 percent in a twelve-month period and continue to rise, according to the latest GLVAR statistics.
As of May 4, in twelve high rise towers in the Strip area, there were approximately 177 units listed as available not under contract. This represents approximately four percent of completed high-rise condo units excluding condo hotels. Low inventory levels are seen as a sign that the market is on the rebound.
Other signs of health include a dramatic decrease in foreclosures from 80% four years ago to around 9.5% currently. Also, 57.5% of all existing homes were purchased with cash, with investors playing a major role. Hedge funds and large groups of investors are active in the market.
THE DI LEWIS TEAM
Di and her husband Michael Greendlinger, a former NY CPA, are top-producing agents in the Henderson office of the Realty One Group, and specialize in the listing and sale of luxury las vegas condos, resort property, homes and investment property. Visit www.dilewis.com to view current real estate listings in Las Vegas.
Di Lewis Team
P: 702 566 5827