The recent sale of a $1.725M high rise condo at Cosmopolitan Las Vegas signals a slight resurgence of high-rise values and travel confidence. As one of the most stylish and contemporary resorts on the Strip, this 931 square foot one bedroom Cosmo unit sold for $1,853 per square foot. Average prices per square foot in that range are typically found in metropolitan areas like San Francisco and Manhattan!
Just over a year ago, COVID-19 forced the Entertainment Capital of the World to shut down all hotels, entertainment and tourism, causing high-rise values and employment rates to fall dramatically. However, as coronavirus cases decline in Nevada, the pulse of the local economy shows signs of recovery while more doors open and tourists return. High-rise inventory levels are now shifting according to LVR data, with 3.7 months of inventory in April 2021 indicating a 22.9% decrease compared to March 2021. Tourist volume of 2.57 million visitors in April 2021 reflected an increase of 15.4% compared to March 2021, as reported by the Las Vegas Convention and Visitors Authority.
The owner of our company, Jim Brooks, got a first-person glimpse at how quickly the Las Vegas strip is recovering. Jim attempted to take his son to Topgolf last Saturday evening and to his surprise, the line extended all the way down the stairs and wrapped around the building. It was a 2.5 hour wait just to get a bay.