Juhl, a downtown Las Vegas condominium community that spans an entire city block, announced record monthly sales of 13 condos in March.
While strong sales are in line with current national and local residential real estate trends, including a March report showing Las Vegas condominium sales increased nearly 40 percent year over year, Juhl’s record-breaking urban condominium sales contradicts Surrounding downtown Las Vegas the post-COVID “city flight” predicted by many analysts in the early days of the pandemic.
In a December 2020 Forbes article, data was shared that although there was an exodus from some key cities such as New York and San Francisco, the “city flight” was temporary and people are gradually returning.
Uri Vaknin, a partner in KRE Capital LLC, whose company, in partnership with Dune Real Estate Partners, bought Juhl and other high-rise condominium buildings in Las Vegas as DK Las Vegas in 2013, believes strong post-COVID condominium sales are a desire of Shoppers have everything they want and need to socialize – from entertainment to restaurants to cultural activities – just steps from their front door.
“With the introduction of the vaccines, we are seeing a sense of relief and renewed excitement among buyers. People are definitely looking forward to it and planning to do things again, ”said Vaknin. “Predictions of a mass exodus from cities have not reached the expected level as people still want to be close to the heart of the action once COVID is in the rearview mirror. The proof lies in our strong sales. “
Vaknin cites buyers’ desire to seize the opportunity to create personal environments that give them joy and freedom.
“For many, that environment comes in the form of an urban environment like downtown,” said Vaknin. “The Smith Center, numerous restaurants, nightlife and even proximity to the Strip and professional sports are part of the fascination of downtown. Not to mention the low-maintenance lifestyle that comes with living in condominiums. “
According to Vaknin, Juhl buyers are a good mix of locals and shoppers from other states like California fleeing high taxes, traffic jams, and high property prices.
‘This supports what we already know: Las Vegas is highly desirable for many reasons, including no state income tax, less traffic and congestion, more affordable housing and living, and a thriving professional sports scene. In addition, the growing trend of allowing long-term remote working for many national companies means people can live anywhere while keeping their jobs. So why not live in Las Vegas? “
Juhl is a 344-unit loft-style community spanning an entire city block in downtown Las Vegas, known for its flexible floor plans and industrial, chic design aesthetic. The condos in Juhl are between 600 and 2,200 square feet and cost only $ 200,000. For more information, contact the Leasing Center at 353 E. Bonneville Ave., 702-816-5466; juhllv.com.