Which Las Vegas Condo Project Achieved The Highest Appreciation?

An overview of Waldorf Astoria, Veer Towers, Park Towers, Martin, Panorama, and others.

An overview of Waldorf Astoria, Veer, Park Towers, Martin, Panorama, and others.

Waldorf Astoria (formerly Mandarin) and Veer outperformed due to US-based and international demand, superior location, proximity to world-class amenities at Aria, Cosmo, T-Mobile Arena, and the upcoming NFL Stadium.

When evaluating an investment opportunity, it’s important to note that not all floorplans provide the same investment outcome. For example, Waldorf offers a one-bedroom and den residence which faces south and another facing north. Both could be acquired in the $1.2m range in 2011; however, the north-facing residences have sold as high as $2.7m while south-facing capped at the $1.9m range unless there were significant upgrades.

Here is an example of floorplan specific appreciation at Turnberry Towers:

-One-bedrooms increased from $277.63/sf to 367.53/sf or $89.90/sf
-Two-bedrooms increased from $232.90/sf to $318.95 or $86.05/sf.
-Three-bedrooms increased from $397.93/sf to $414.34/sf or $16.41/sf.

Regarding rent rates per floorplan at Turnberry, they increased the following between 2013-2019:

-One-bedrooms: $1505 to $1806 or +$301
-Two- bedrooms: $2206 to $2578 or +$372
-Three bedrooms: $2650 to $3372 or +$722

Going forward, we believe the North Strip will perform well due to the upcoming openings of Resorts World, Drew, The Convention Center expansion, and favorable price to rent ratios.


I assisted SLS executives with housing when they developed the Sahara location and saw first hand how added jobs in the vicinity of a condo project increase rents. Almost every floorplan at Turnberry Towers (SLS closed condo project) increased by $200/m-$300/m in rents so we are optimistic about the impact that the combined 10,000 jobs will have on Turnberry Towers, Turnberry Place, and Sky Las Vegas rents. Furthermore, there is a direct correlation between rent rates and condo values.

If you are a current owner or looking to acquire an investment property, contact us for more information.

Lux Advisors Sales | Property Management

Call/Text: 702.482.8885 [email protected]