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High-rise developer says Vegas real estate has long-term value

exterior facade of Juhl from the courtyard showcasing resort-style pool with landscaping

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Despite the cancellation of two closings on condo sales related to the COVID-19 crisis at a Las Vegas high-rise condo tower, the month of March and early April signaled a glimmer of hope for Las Vegas real estate. From March 1-April 10, 10 sales totaling more than $3.5 million were closed and seven condos totaling more than $2.6 million in sales went under contract at Juhl in downtown Las Vegas and One Las Vegas on South Las Vegas Boulevard. Both communities are part of a portfolio of condominiums acquired by KRE Capital LLC in partnership with Dune Real Estate Partners in 2013 as DK Las Vegas.

According to Uri Vaknin, a partner at KRE Capital LLC, who oversees the portfolio, COVID-19 may be the last straw for economic and climate refugees who have long fled California for Southern Nevada.

“Californians have historically made up a large percentage of our buyers for all the obvious reasons, including traffic congestion, quality of life, high taxes, pollution and unaffordable housing — all things for which the Golden State is known,” Vaknin said.

“While COVID-19 is everywhere and can’t be escaped, a few of our buyers have mentioned their concern over being in lock-down in homes that are relatively unaffordable long-term and in areas with high taxes and other quality-of-life issues. The new mantra, ‘your home is your sanctuary,’ is driving people to think differently about what they want in a home. And while comfort remains a top priority, affordability and quality of life are increasing in importance during this time of crisis. The last several weeks have proven to be one of the world’s most uncertain times, and yet we still had 10 buyers who wanted to move forward with their condo purchases and seven others who initiated a purchase during the pandemic by putting money down on a condo — to ensure a better quality of life now and in the future.”

Juhl is a 344-residence, loft-style community that spans an entire city block in downtown Las Vegas and is known for its flexible floor plans and industrial chic design aesthetic. Condos at Juhl range from 600 square feet to 2,200 square feet, priced from the low $200,000s. For information, visit or call the leasing center at 353 E. Bonneville Ave., 702-754-6300, juhllv.com.

One Las Vegas is a twin-tower, high-rise condo community on South Las Vegas Boulevard. Two- and three-bedrooms condos are priced from $299,900 to more than $1 million. For more information, call 702-405-9020 or visit the One Las Vegas on-site sales center at 8255 S. Las Vegas Blvd. or at theonelv.com.

Closings, sales and cancellations from March 1-April 10

Closings

  • Juhl: five closings, volume of $1,484,500
  • One Las Vegas: five closings, volume of $2,019,500

Total closed: 10 closings with a volume of $3,504,000

Sales

  • Juhl: four sales, volume of $1,460,600
  • One Las Vegas: three sales, volume of $1,169,700

Total contract volume: seven sales, volume of $2,630,300

Cancellations

  • Juhl: two cancellations: one from a NYC couple whose husband had lost his job; a second from an individual who can’t make payroll now with lost business and needed cash reserves. He originally purchased two condos but only closed on one.
  • One Las Vegas: 0 cancellations

Total cancellations due to COVID-19: two