Sky Las Vegas condo tower opened several months ago and recently sold one of its unfinished penthouse unit for $2.7 million. This Sky condominium is 3,500 square feet with a 500 square foot balcony on the 42nd floor of the 44 story tower.
Total remaining Sky condominiums for sale equal about 40 units. Units range from 870 square feet to 5,500 with prices from $700,000 to $5 million. The real estate also includes 702 parking spaces with 43,500 square feet of retail space.
Sky Las Vegas Condominium Inc. is a joint partnership between M. Aaron Yashouafar, David Pourbaba and Solyman Yashouafar. Pourbaba is the president and founder of 4D Development, a California real estate development company. Aaron Yashouafar is CEO of Milbank Real Estate Services Inc., a Los Angeles, California real estate company.
These Las Vegas luxury condominiums on the Strip received their construction financing in September 2005 from Hypo Real Estate Capital Corp. for $216.3 million. The Munich based Hypo Real Estate Bank AG and Hypo Real Estate Bank International AG subsequently syndicated $121.3 million of the loan.
A Las Vegas, Nevada real estate advisory firm reported in May that for the first time since 2003 the total number of condos planned, completed or deleted has declined. At the start of the year there were 98,400 and at the end of the first quarter the total was 97,800.
The total unit had 9,584 condos in pre-sales, 13,400 under construction, 4,200 units completed. Units yet to begin sales or pre-marketing that were entitled equaled 56,300, while suspended or cancelled units equaled 14,300. About half of the 23,000 condominiums under pre-sales or construction, of which half are condo hotels, have a rental program.
Re-sales of recently completed condos have been slowing the pre-sales of new projects. At the end of the first quarter an estimated 754 existing resale units were up for sale. The average sale price was $622 per square foot or $803,900. The average condo sales price was $537 per square foot or $764,500.
Sky Las vegas condo sold luxury 42nd floor penthouse for $2.7 million.