This website is owned and operated by DK Las Vegas, LLC, a Nevada-based real estate sales company. We operate this website as well as those of our affiliated properties that are all located in the United States. Those websites include https://theonelv.com, https://ogdenlv.com, and https://juhllv.com. DK Las Vegas takes your privacy very seriously. We are committed to protecting and safeguarding the privacy of visitors to our websites including mobile versions of our websites. If you have any questions, comments, or requests regarding this policy or the information practices of DK Las Vegas, please contact us using the contact information below. This website is owned and operated by DK Las Vegas, LLC, a Nevada-based real estate sales company. We operate this website as well as those of our affiliated properties that are all located in the United States. Those websites include https://theonelv.com, https://ogdenlv.com, and https://juhllv.com. DK Las Vegas takes your privacy very seriously. We are committed to protecting and safeguarding the privacy of visitors to our websites including mobile versions of our websites. If you have any questions, comments, or requests regarding this policy or the information practices of DK Las Vegas, please contact us using the contact information below.
If you do not agree to this Policy, please do not use DK LAS VEGAS websites OR PROVIDE DK LAS VEGAS WITH YOUR PERSONAL INFORMATION. Your use of DK Las Vegas websites and/or mobile applications indicates your acceptance of this policy and of the collection and use of your personally identifiable information in accordance with this policy.
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“Do Not Track” Practices
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Social Media and Personal Information
DK Las Vegas uses a variety of social media options to communicate and interact with consumers, and has links to certain social media providers available on its websites. When interacting with a DK Las Vegas presence on those social media websites, you may opt to reveal certain personal information. We may collect the personal information that you make available to us on that page or account, including any information you have made public in connection with that social media service. Any personal information you have chosen to share on any DK Las Vegas social media pages will be visible to persons visiting those pages, and privacy on those pages is governed by the privacy policies of those social media companies. Other than to respond to posts or answer questions, DK Las Vegas will not use personal information provided on its social media pages without permission from you.
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If you are a California resident and have an established business relationship with us, you can request that we provide certain information about our company’s sharing of personal information with third parties for direct marketing purposes. We do not share any California consumer personal information with third parties for marketing purposes without consent. California residents who wish to make this request may contact us using the contact information below.
LAS VEGAS (KSNV) — It’s the other segment that is sizzling, as I saw at Juhl, a condo development in downtown Las Vegas.
Inside, I’m getting a tour from Uri Vaknin, the principal of KRE Capital LLC, whose company owns Juhl and a portfolio of other local properties.
Something’s happening here.
“It’s been incredible,” Vaknin says. “Ever since vaccinations really started rolling out our sales have shot up unbelievably. In the past month and a half we’ve done 16 sales, we have several more contracts in the works, that’s about $7 million worth of condo sales.”
That’s a monthly sales record at this upscale, downtown high rise with more than 340 units. But in the housing market of 2021, not unusual.
We’ve already told you homes are selling fast; so are condos.
Aldo Martinez, with Las Vegas realtors, tells me, for a buyer, it makes sense.
“Once the affordability factor on the single-family residential detached escalates to a point where they can’t afford it, that’s the next housing option for them,” Martinez, LVR’s president, told me.
According to LVR numbers from March, the latest median price of a condo is now $194,000, up about 5% from a year ago. In this market, where the median home price is now $363,000, condos are relative bargains. It’s why condo sales are up 38% from February and up almost 40% from a year ago, a jump higher than single-family homes.
“It becomes your entry-level ‘let me get into homeownership so I can have some equity-type investment,” says LVR’s Martinez.
At Juhl, the model I’m looking at has already been sold. It’s called a “Pen-terrace,” part penthouse, part terrace, 1,500 square feet with a listing price of $499,000. Not cheap, but then Vaknin’s buyers can afford it. 40%, he tells me, come from out of town, and many of them from California, bringing their bank accounts with them.
“40% of our buyers are paying cash, and when you have that many people paying cash, that doesn’t suggest a bubble,” says Vaknin. What it suggests, he says, is a more durable recovery, that could keep this housing market sizzling.
“What I always used to say is you can’t foreclose on cash. So those people aren’t going to give up their homes,” Vaknin says.
“I think condos are selling more now because people are seeing more value in condos right now than they are in the single family house market,” he says.
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