The high-rise condo market recorded its second highest average sales price in history during the second quarter and is off to a strong start in the third quarter with an $8.8 million sale at the Waldorf Astoria, the estate of Elaine Wynn selling her unit in Park Towers for $8.25 million and a condo in the Summit Club selling for $7 million. All three sales were in August.
The Waldorf penthouse on the 41st floor measures 3,980 square feet with three bedrooms and four baths. It was closed Aug. 29 in an all-cash deal. Frank Napoli of Berkshire Hathaway Home Services represented both the buyer and seller.
In marketing the unit, Napoli said it’s a rare corner penthouse that provides views of the Strip and allows the owner to watch the Formula One race.
“Sophisticated en suite bedrooms provide comfort and relaxation, offering a tranquil space for rejuvenation,” Napoli said in the listing. “Designed for entertainment, the spacious floor plan seamlessly connects living spaces, creating the quintessential backdrop for unforgettable moments.”
Napoli said the $8.8 million sale is the second highest sales price in the building to $9.5 million sold in January 2024 in a Napoli listing.
During the second quarter, the Waldorf Astoria had four sales with an average price of $2.69 million or $1,406 per square foot.
“The majority of them were record-breaking numbers for those floor plans,” Napoli said.
The $749,854 average sales price in the second quarter is second only to the $816,717 in the first quarter of 2024, according to research firm Applied Analysis. The price per square foot was $552, second to the $599 in the first quarter of 2024.
The average sales price during the first quarter of 2025 was $611,771 or $510 per square foot.
There were 145 sales during the second quarter, the fewest since there were 134 in the third quarter of 2020 in the midst of the pandemic. There were 148 sales during the first quarter of 2025.
As for the market overall, Napoli said the problem with the drop in sales is availability. In the Waldorf, out of 225 units, there’s no more than two or three available to sell.
“With limited inventory, they are able to achieve a premium for it because of the demand,” Napoli said.
Wynn, the philanthropist and casino executive who died in April, owned two condos at Park Towers. A second is on the market for $3.495 million.
The 17th-floor high-rise that sold measures nearly 5,000 square feet with three bedrooms and five baths and a large office.
Anthony Spiegel with Palm Drive Powered by Lusso real estate represented the buyer and seller.
“Park Towers Unit 1704 is a high-rise condo that represents the absolute apex of inspired aesthetics, sophistication and unbridled quality,” Spiegel said. It was designed by world-renowned interior designer Michael S. Smith.
“The unit is a highly curated sanctuary that required unabashed perfection, possessing the finest finishes one would expect from a literal jewel box. It’s not just remarkable, it’s virtually irreplaceable.”
Good products sell at great prices in any market, Spiegel said of why there were strong average prices in the second quarter. The Wynn unit, however, is in its own category, he said.
“This unit is an outlier so I don’t think it can be explained by any existing micro or macro economic conditions,” Spiegel said. “It happens to be a special unit in a great building. This is a recession-proof asset.”
As for the other top sale, the Summit Club condo measures 1,931 square feet with three bedrooms and three baths.
Kevin Marsh with Summit Club Realty was the listing agent. Anthony Renaud with Summit Club Realty was the buyer’s agent.
Marsh said the condo is a top-floor corner unit with a wrap-around terrace, located in the clubhouse building. There are mountain views to the south and west.
“The great room welcomes you with floor-to-ceiling sliding glass doors, wet bar and fireplace,” Marsh said in the listing. “The sliding doors open to the south and west sides for indoor-outdoor enjoyment. To the left of the great room, the primary suite opens up to the terrace with its own sliding floor-to-ceiling glass doors. The primary suite’s bath features a luxurious soaking tub as well as a rainfall shower and an ample walk-in closet. The secondary bedroom is nestled off the entry, down a hallway from the powder room and separate laundry room.”
Another condo in The Summit Club sold in the third quarter for $6.25 million in July. It measures 1,891 square feet with two bedrooms and three baths.
Marsh represented both the buyer and seller.
“Situated on the first level of the Club Tower, offering sweeping views of the Las Vegas Valley,” Marsh said in the listing. “This location offers proximity to Summit’s Clubhouse. The great room blends a cozy lounge area and dining room. Sliding pocket doors create expanded indoor-outdoor living with a spacious terrace. There’s a wet bar and fireplace in the great room. The primary suite offers floor-to-ceiling sliding glass doors that open onto the terrace overlooking the Las Vegas Valley. The en suite primary bath offers a deep, free-standing soaking tub and double vanity, and walk-in closet. Located near the entry is the second bedroom with en suite bath and walk-in closet. The unit also has a separate laundry room and powder room.”
MGM Signature, the condo hotel, had the most sales during the first quarter at 32. The average price was $370,281.
Palms Place and Turnberry Place were second with 13 sales each. The average price was $622,299 and $1.07 million, respectively.
Turnberry Towers had 11 sales with an average price of $667,682.
Veer Towers had 10 sales with an average price of $615,150.
The Vdarra condo-hotel at CityCenter had the highest price per square foot at $1,415. It had three sales with an average price of $813,300.
Panorama Towers had seven sales with an average price of $772,000 or $500 per square foot.
Trump Las Vegas had six sales with an average price of $417,317 or $562 per square foot.
Park Towers had one sale in the second quarter at $1.2 million or $412 per square foot.