Four Seasons condo towers in Henderson reach $963 million in sales as the wider Las Vegas high-rise market slows

What happened

Buyers have signed sales contracts for 148 of the 171 units at Four Seasons Private Residences Las Vegas, a two-tower condo complex under construction in Henderson, the Las Vegas Review-Journal reported. Craig Eddins, the project's executive vice president, told the paper the sales total now stands at $963 million.

The strong sales stand out because high-rise condo sales across Las Vegas have been falling for years. Local real estate agents told the Review-Journal the Henderson project is a separate market from the valley's existing towers. More coverage of the local housing market is on our real estate page.

The project and its buyers

Location and scale

The complex features 24- and 25-story towers in the guard-gated MacDonald Highlands community at Stephanie Street south of Horizon Ridge Parkway. According to the Review-Journal, three firms, Azure Resorts & Hotels, Luxus Developments and Two Roads Development, are developing the roughly $1 billion project in the McCullough Range, and Suffolk Construction Co. is building it. A news release late last year said the developers secured $781 million in construction financing.

Building on a mountainside required extra work. A Suffolk executive previously told the Review-Journal that crews blasted the mountainside and hauled off rock, spending 18 months on the site before the towers began rising. Because of the terrain, one tower sits six stories below the other, Eddins said. Completion is scheduled for the fourth quarter of 2027.

Prices, deposits and HOA dues

Units range from 2,300 to 8,400 square feet, with up to 3,500 square feet of additional exterior space, according to the developers. Eddins said prices now run from $5.2 million to $35.7 million, up from the high $2 million range when sales began in spring 2023. Buyers put down 15 percent at signing and reach a total deposit of 35 percent over the following year, paying the rest when the project is finished.

Monthly homeowners' association dues are $1.15 per square foot of interior space, Eddins said. That works out to more than $2,600 a month for the smallest units and around $9,700 for the largest. The complex will have 56 full-time employees offering services such as valet parking.

Where buyers are coming from

Eddins said buyers are a mix of Southern Nevada residents and out-of-towners. Buyers from Washington state, mainly the Seattle area, have picked up more than two dozen units totaling more than $200 million in sales. He pointed to a new 9.9 percent income tax on Washington households earning more than $1 million a year, which is set to take effect in 2028.

A slower market for other towers

Buyers purchased almost 600 high-rise condo units in the Las Vegas area last year, down from 1,315 in 2021, according to trade group Las Vegas Realtors, as cited by the Review-Journal. "It's a different animal, and it's a different buyer," Savi Realty owner Steven Khalilzadegan told the paper about the Four Seasons project.

Agents cited several reasons for the slowdown, including higher mortgage rates, rising HOA dues, insurance and maintenance costs, aging towers, and competition from new upscale apartment buildings. Agent Randy Char noted that no new residential tower has opened in Las Vegas since Veer Towers debuted on the Strip in 2010.

Other towers in the pipeline

The only other residential tower built in the valley in recent years is the 22-story Capella rental project in Symphony Park, the Review-Journal reported. Developer Southern Land Co. expects tenants to begin moving into the 272-unit building next year. Related projects are tracked on our development page.

Also planned for Symphony Park is Cello Tower, a 32-story condo building with prices starting in the upper $800,000 range. Construction has not started, and developer Patrick Brennan has not closed his purchase of the city-controlled site. City spokesman Jace Radke said officials expect to close the deal early next year, and a developer spokesman said Cello has more than $175 million in residences under contract.

What to watch next

• Four Seasons Private Residences Las Vegas is scheduled to be completed in the fourth quarter of 2027, when buyers pay their remaining balances.
• Southern Land Co. expects tenants to start moving into the Capella tower in Symphony Park next year.
• The city of Las Vegas expects to close the Cello Tower land sale early next year, after granting extensions.