Juhl, the iconic luxury condominium community that spans an entire city block in downtown Las Vegas, is experiencing a rapid increase in sales since the Federal Reserve signaled it would be increasing interest rates throughout 2022. The loft-style condo community, known for its luxurious amenities and urban maintenance-free lifestyle, recently announced that it has fewer than 85 condo-homes available for sale.
According to Shahn Douglas, chief marketing officer for Juhl, homebuyers are eager to achieve the highest value for their investment by locking-in at the lower rates.
“Neither home prices nor interest rates are going back down,” said Douglas. “Indications are that we may have three, perhaps four, rate hikes this year as the Feds take action to curb inflation. That’s making buyers anxious to close on their home purchases while rates are still relatively low. Even those who have been waiting on the sidelines are now reconsidering coming into the homebuying market sooner rather than later.”
The rate on the 30-year fixed mortgage increased to 4.19% the week of February 21 up from 4.00% the previous week according to Bankrate. That’s the highest level since January 2020, according to Freddie Mac, and well above the average of 2.81% a year ago.
With an unremittingly tight single-family housing market, in addition to ongoing buyer migration from California, the Las Vegas condominium real estate market remains hot. From a growing number of millennials to those purchasing vacation condo-homes; from retirees to those who have been priced out of the single-family home market – condo ownership continues to be a popular investment and lifestyle for people across a diverse cross-segment of homebuyers.
According to Douglas, in addition to affordability, the appeal of luxury condominium living is an almost maintenance free lifestyle with no yard work and significantly less upkeep. Furthering the experiential lifestyle, Juhl homeowners enjoy such luxury amenities as full-service concierge and on-site dry cleaning, a two-story fitness center with pool and Strip views, resort pool with cabanas, spa and fire pit, 10th floor vino deck with Strip views, co-op working lounge, alfresco movie theater, private pet walk, summer kitchens and grilling stations, 24-hour security and electric car charging stations.
With a limited number of condo-homes remaining, Juhl’s urban-inspired condos offer dozens of flexible floor plans from the mid-$200,000s to mid $800,000s featuring 700 to 1996 square feet of living space, including one- and two-bedroom flats, two-story brownstones, live-work residences and Penthouses.
Juhl’s lifestyle, which epitomizes modern urban living, is within walking distance of both world-class and neighborhood-centric entertainment, restaurants, art galleries, nightlife and shopping as well as a central location for access to the city’s cultural attractions and Las Vegas’ professional sports venues.