An overview of Waldorf Astoria, Veer Towers, 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.