The State of Las Vegas Real Estate
Is the Las Vegas housing market about to turn towards multifamily?
For nearly a century, Las Vegas has been a premier entertainment destination. The last few decades in particular have seen explosive single-family home development in addition to the traditional hotel, resort and time-share projects. Enormous multi-acre hotel sites are the norm. And with essentially unbound space to grow outwards from the Strip and the city centre, prices have remained historically low for the average home.
The luxury market, which is made up of mostly large, single-family homes in gated communities, is slowly expanding into condominiums. Developers are responding to the shifting lifestyles of modern homebuyers, and are incorporating features normally seen in urban development projects — full-service, amenity-rich condos.
With a surplus of detached houses sprawling throughout Las Vegas, developers are starting to diversify their offerings. To command higher market prices and rents in modern condos and apartment in major U.S. cities, buyers are now expecting to see pools and spas, loaded outdoor spaces, and exclusive membership opportunities. Luxury condos in Las Vegas are taking note to cater to target demographics.
Major national developers like Lennar and DR Horton are actively developing several communities in Vegas, but Pennsylvania-based Toll Brothers leads the pack in the luxury condo market.
Mira Villa
Developer: Toll Brothers
Priced higher than most new construction single-family homes, this condo development is a resort-style gated-community, with views of a championship golf course. To command prices between $600,000 and $1.275 million, the project boasts a clubhouse, fitness centre, outdoor BBQs and fireplaces, a pool and spa, and proximity to trails and parks. On top of all of this, all floorplans span between 2000–3800 sq ft.
Fairway Hills in The Ridges
Developer: Toll Brothers
Another high-end condo development in one of Las Vegas’ most prestigious gated communities, perched conveniently on the edge of a golf course. This project is outfitted with the usual perks: pool, spa, clubhouse, fitness centre. It also has its own private park with cabanas, BBQs, and residents get access to a second community clubhouse. Well under $900,000 gives you over 3000 sq ft of living space.
Major developers are testing the waters of multifamily residences in Las Vegas. With the rise of single condo units that cost more than most houses, we may begin to find that buyers are willing to spend more money on amenities and on-site services over the traditional home.
As developers in Las Vegas respond to changing buyer demands, will the previously single-home dominated landscape give way to luxury condominiums?
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