Las Vegas Luxury Properties Link

I've written a lot about Palms Place condos in the last six months:

• Palms Place Condo for Cheap(ish)
• More Palms Place Condo for Sale
• Condos for sale in Palms Place Las Vegas

As I hope you can tell, I really think this is a very trendy, sexy project. Well, the reason I'm writing this post is to inform everyone who's been tracking these condos to see at what price they will eventually sell. A one-bedroom recently sold on the south east corner of the 17th floor for $605,000!!! That is WAY lower than I anticipated. What does this recent sale mean for everyone in the building? It's not good news for the sellers who have units listed in the building for much, much higher. A couple of factors might have contributed to this cheap price:

• This was a cash offer
• It was on the east side of the building. You have strip views from a side balcony. Most of the strip facing properties have a higher premium.
• It was well priced at $700,000 to begin with, but buyers are looking for a bargain right now.
• The original owner paid $678,000 in July. He took a loss on the property which means he was VERY motivated.

The Condo Hotel market in Las Vegas has been hit pretty hard, especially when it comes to financing. Most of the people purchasing these units are investors, and because the tightening credit market, most lenders are requiring at least 25% down, sometimes as high as 35% because they are assuming a high risk financing an investment property. Having said that, the motivated sellers in Palms Place who come to terms will the reality of our market can sell and this unit proves it. Please click below to see the current available condos in Palms Place  and Panorama Towers Las Vegas. If you'd like more information on any of these units or If you'd like to see my marketing plan of how I would sell a unit in Palms Place, please give me a call toll free 1-866-589-1646 or fill out the contact form below for more information. Happy House Hunting!