December 13, 2019
In the past few months, the DK Las Vegas portfolio of condominiums, which includes One Las Vegas on Las Vegas Boulevard South, Juhl and The Ogden in downtown Las Vegas, has experienced unprecedented sales activity.
Two of the highest-priced residences in the entire portfolio, both at One Las Vegas, were sold, the most expensive home to date at Juhl — a loft-style community that spans an entire city block — was sold.
At One Las Vegas, a 2,857-square-foot, 19th-floor condo sold for $1,175,900, the equivalent of $411 per square foot. A second 19th-floor One Las Vegas residence with 2,857 square feet recently sold for $1,099,000, or $385 per square foot.
At Juhl, a 1,735-square-foot two-level penthouse sold for $749,900, or $432 per square foot.
Uri Vaknin, whose KRE Capital, through a partnership with Dune Real Estate Partners, acquired the properties as DK Las Vegas in 2013, said: “The sales speak to a consistent demand to maintain or upgrade to a level of luxury while right-sizing your lifestyle.”
The reasons for the portfolio’s success vary by property, he said, “but sales at all communities are uplifted by the universal appeal of a Las Vegas address created by the city’s quality of life, access to world-class dining, entertainment and shopping — and now, professional sports — and home prices that are still affordable relative to other markets, especially California, where a majority of our buyers come from. Buyers are trading in their California homes for a better quality of life in Las Vegas and a rich condo lifestyle created by an abundance of amenities,” Vaknin said.
Meeting the demand for value-priced luxury condominiums, One Las Vegas is offering residences on floors five, six and seven that are the same size and style as the 19th-floor condos that recently sold for more than $1 million. The luxury homes, which offer the same expansive floor plan and similar views, are priced at almost half.
Homes at One Las Vegas range from 1,305 square feet to 2,857 square feet and are priced from the high $300,000s with many floor plans offering views of the mountains and the Strip.
One Las Vegas’ modern twin-tower, 20-story condominium community is five miles from T-Mobile Arena and minutes from the Raiders’ new home, Allegiant Stadium. Neighborhood shopping and dining plus the excitement of the Las Vegas Strip are moments away. No location in Las Vegas provides easier access to the city, the region and the world via Interstate 15, the 215 Beltway and McCarran International Airport. Once operational, the new Virgin Trains station for the high-speed train from Los Angeles to Las Vegas will be near One Las Vegas.
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