Four Seasons Private Residences checks into Las Vegas
Four Seasons announced this month it was partnering with Luxus Developments and Azure Resorts and Hotels on Four Seasons Private Residences Las Vegas, a standalone project in MacDonald Highlands, Nevada, located about 15 miles from the Las Vegas Strip. Designed by Wimberly, Allison, Tong & Goo, the luxury enclave will include two towers with 171 condominiums and six single-family villas. If that sounds familiar, that’s because the project was originally announced in February 2022 as Pinnacle Residences.
Now the famed hospitality brand is on board, and the $1 billion project’s completion date has been pushed back to 2026. “We looked at a bunch of luxury brands,” Azure President Jim Reilly told the Las Vegas Review-Journal, “and came to the determination that the only one that would really make sense to delay our project six to nine months to make a few changes was the Four Seasons.”
Owners will have access to Four Seasons service and amenities, their own restaurant and nearby DragonRidge Country Club. Originally announced at $1.5 million when the project was unbranded, prices are now set to start at $3 million.
Fewest existing homes sell in over a decade
In April, the number of sales of previously owned homes showed a staggering 23.2% year-over-year drop, the biggest decline seen since January 2012. Last month, existing homes were sold at a seasonally adjusted annual rate of 4.28 million, according to the National Association of Realtors’ (NAR) latest report, compared to 5.57 million in April 2022. Of the homes that sold, only 27% were on the market for more than a month. (The average length was only 22 days.)
NAR chief economist Lawrence Yun says home sales “are bouncing back and forth.” “The combination of job gains, limited inventory, and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand,” Yun said in a statement.
At the end of April, the supply of unsold homes increased 7.2% from March to 1.04 million, or roughly 2.9 months’ inventory. One year earlier, the inventory was equal to just 2.2 months’ supply. The median sale price last month was $388,800, down 1.7% year-over-year. Regionally, prices dipped in the South and West, while they rose in both in the Midwest and Northeast. “Roughly half of the country is experiencing price gains,” Yun said.
With the warm weather, the market has heated up again, he added. Even areas where prices are typically lower have seen sellers getting multiple offers. Distressed and forced property sales, said Yun, “are virtually nonexistent.”
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