2017 - the Year of the High-Rise High-Rise; Experts Join Synergy Sotheby's International Realty

Las Vegas, NV, December 28, 2016 --(PR.com)-- Just a block west of the White House is the General Services Administration’s headquarters. Inside its beige concrete walls is 90,000 square feet of space allocated to the incoming presidential transition team. Today, that space sits vacant.

Instead, the new President-elect has decided to conduct most of the transition’s business high above Fifth Avenue in Trump Tower. The New York Times reported Trump discussed with his advisors just how much time would he need to spend in the White House, claiming he was more comfortable living at his Manhattan address. How often the unconventional president will spend in his high-rise residence is unclear at the moment. What is clear is how all the recent press coverage of Trump Tower has placed the high-rise lifestyle back in the public conscience at a level not seen in years. Its convenience, amenities, luxury and status all on display across the world.

But unlike Trump Tower in Manhattan, where one of the 238 exclusive residences start upwards of $2,700 a square foot, a similar ultra-luxury building with an exclusive Las Vegas Boulevard address will run less than $1,000 per square foot.

“Unlike other cities around the country, the high-rise market never had the opportunity to mature in Las Vegas,” says Jennifer Graff of the Graff Luxury Team, a recent addition to Synergy Sotheby's International Realty. “Many of the properties slated for construction never were built because of the recession, which means there’s very little inventory overall in Las Vegas - and that’s with most properties selling at half what prices were in 2007. Here in Las Vegas, someone can attain the luxury high-rise lifestyle of the super wealthy without having to pay the prices that other US cities command. We even have our own Trump Tower with condo hotel residences priced at less than $600 per square foot."

Jennifer, and her partner Michael Bell, are specialists in the luxury condo market and have a combined 30 years of experience. She doesn’t believe current market conditions will last. “Now that The Strip is making a comeback with a new convention center in the works, and with just about every major convention, like the Consumer Electronics Show, calling Vegas home for years to come, hotels are commanding rates at an all-time record high. We expect demand to increase as well for residential high-rise properties up and down The Strip.”

During the Great Recession almost a decade ago, construction pretty much came to a halt after CityCenter was completed in early 2010. But since the completion of the 20,000 seat T-Mobile Arena which broke ground in 2014, and MGM Resorts International’s,The Park, with its immersive outdoor experience just outside the arena that includes new shopping and dining, The Las Vegas Strip is entering into another renaissance, this time more focused on entertainment and less on gambling. On the horizon, is the Malaysian-based Resorts World, a $4 billion hotel and casino project slated to begin in early 2017. In addition, Steve Wynn is proposing a $2.5 billion expansion to his property that will include a 38-acre lagoon complete with a sandy beach, a possible 1,000 hotel rooms, and a boardwalk with upscale shops, restaurants and nightlife. Also in recent news, is the new NHL expansion team, The Golden Knights, slated to play at T-Mobile Arena and the Las Vegas city council has just approved a plan to build a new $1.9 billion stadium in order to lure the Raiders, which could be Vegas’ first NFL franchise.

But with all The Strip’s activity, including new home developments, there are no new high-rise projects in the works. “High-rise inventory continues to remain limited. With close to $27 billion slated for development on The Strip in the next five years, there are no new high-rise properties planned,” Graff says. “That means we’ll see more demand with less available inventory, and that will continue until prices rise enough for developers to see the value in building more residential.”

The Graff Luxury Team joined Synergy Sotheby’s International Realty this past November. "Michael and I are honored to be joining the Sotheby's prestigious brand and long established history," Graff said. "By combining our experience and expertise with the Sotheby's International Realty reputation, we are looking forward to strengthening our presence in the local Las Vegas market."

Synergy Sotheby's International Realty, a member of the independently owned brokerages within the Sotheby's International Realty network of more than 19,000 associates with 850 offices and located in 65 countries worldwide.

For more locations and additional information visit www.SynergySIR.com.

For more information on the Las Vegas high-rise lifestyle, visit www.GraffLuxuryTeam.com or contact:

Jennifer Graff
702-335-4779
Jennifer@SynergySIR.com

Michael Bell
702-523-0239
MikeBell@SynergySIR.com