LAS VEGAS-GlobeSt.com has learned exclusively that the Fifield Cos., in a joint venture with CB Richard Ellis-Strategic Partners, ASF Realty and ABF, Inc., has sold the final unit in Allure Las Vegas, a 41-story, 427-unit condominium project on the Strip built in the mid-2000s. The sale price for the last unit was $350 per square foot, and sales prices for many of the units sold in the past 12 months have been in the mid-$200s per square foot.

“The residential market I think in most areas of the country is hot, and Vegas has been one of the last markets to rebound,” John Tippins, CEO of Northcap, the exclusive listing broker for Allure since 2009, tells GlobeSt.com. “It’s rebounding in a positive way. Buyers are comfortable paying a price, and we found a price that worked in the market and that folks were comfortable with paying.” Prior to Northcap taking on the project, the developers were roughly 40% off on their original sales prices, Tippins adds.

In addition to the condo market, the rebound is also manifesting itself in the high-end Las Vegas apartment market. “At least for what we have, the high-end apartment market is as strong as I’ve ever seen it,” Tippins continues. “Most of the condos that have sold in Las Vegas have gone back into a rental pool, and it’s proven that Vegas is a place for high-end rentals. A lot of people thought the market would be flooded with high-end rentals, but people are willing to pay a little more for a nice place to live, and some of these were planned on being rented out.”