"Penthouse" is the most elastic word in Las Vegas real estate. In one building it means a three-story residence crowning a 45-floor tower. In another it means any unit on the top two floors with upgraded finishes. In a third it is a marketing label on a 2,000-square-foot corner unit with a hotel program attached. The guides that rank for this topic answer it generically, with questions that would apply equally in Miami or Chicago, and none tells you what the top floor of a specific Las Vegas tower actually sold for.
This guide does. Everything with a price on it below comes from Las Vegas MLS data pulled through Repliers on September 19, 2026, covering tower closings from September 19, 2025 through September 18, 2026 and active listings as of September 18, 2026, grouped by the building's recorded plat. Those are our own tabulations, not official Las Vegas REALTORS statistics. I have added the building facts we publish on our Las Vegas high-rise condo pages, the association dues we can verify, the statute that governs your resale package, and the honest version of the investment question.
A Las Vegas penthouse is whatever the building's declaration says it is, so price it by tower, not by label. The top residential tower sales in the 12 months ending September 18, 2026 ran from $2,900,000 at Veer to $11,800,000 at the Waldorf Astoria, and the Summit Club clubhouse penthouse set the city condo record at $21,000,000 in January 2026. Verify warrantability, current dues and the reserve summary before you offer.
- Top tower sales in the year ending September 18, 2026: Waldorf Astoria $11,800,000, One Queensridge Place $9,700,000, Turnberry $6,500,000.
- Waldorf Astoria dues ran a median $3,276 a month on listed residences as of August 26, 2026, before mortgage.
- Hotel-operated towers are ineligible for conventional loans under Fannie Mae's Selling Guide; plan on cash or a portfolio lender.
- $5 million-plus Las Vegas homes took a 64-day median to sell and 38% needed 90 days or more.
- Under NRS 116.4109 you can cancel until midnight of the fifth calendar day after receiving the resale package.
What Does "Penthouse" Actually Mean in Each Las Vegas Tower?
There is no statutory definition of a penthouse in Nevada. The word appears in a building's declaration and marketing, and each developer used it differently, so the first question to ask is not "is this a penthouse?" but "what does this building's declaration call this stack, and what rights come with it?" Here is how the word is used in the towers where our clients most often ask about the top floors, using the building facts we maintain on each tower page.
At Sky Las Vegas, the 45-story North Strip tower completed in 2007 with 409 residences, the penthouse tier is unambiguous: four three-story "SkySuites" crown the building at roughly 5,000 square feet each, and the $5,510,000 sale of unit 4306 on March 27, 2026, at 5,293 square feet, is one of them. At Veer Towers inside CityCenter, the 37-story leaning twin towers completed in 2010 with 670 residences, "penthouse" means the plans of 2,014 to 3,412 square feet on floors 35 and 36 with upgraded finishes; the top Veer sale of the year was $2,900,000.
At Turnberry Place, four guard-gated towers on Paradise Road completed from 2001 with 720 residences, the penthouses are the upper-floor full- and half-floor plans, and they are large: unit 3801 sold for $6,500,000 on February 11, 2026 with 8,205 square feet. At One Queensridge Place, two 20-story towers on Alta Drive completed in 2007 with 219 residences, the upper-floor plans are among the largest condominium floor plates in the valley; unit 1604 closed at $9,700,000 on November 7, 2025 with 6,404 square feet.
At the Waldorf Astoria Residences, the 47-story hotel-and-residence tower completed in 2009 with 225 private residences, "penthouse" refers to the top residential floors in the 40s: unit 4503 closed at $11,800,000 on April 22, 2026 with 3,980 square feet, while unit 4202 closed at $3,750,000 on February 9, 2026 with 2,247 square feet, which shows how much floor position and finish level move the price inside one building. At Panorama Towers, completed in 2006 with 634 residences, the top sale of the year was $3,150,000. At Trump International, the 64-story condo-hotel with 1,282 units, and at Palms Place, the 47-story condo-hotel with 599 units, penthouse is mostly a floor-plan label: the top sales of the year were $850,000 and $695,000, because those buildings trade as hotel-program inventory.
Two more definitions matter for 2026 buyers. In Henderson, the Four Seasons Private Residences inside MacDonald Highlands lists penthouse and junior penthouse plans among its 171 residences, according to the Four Seasons Private Residences Las Vegas sales page, priced from $5,000,000 as of September 2026. And in Summerlin, according to the Las Vegas Review-Journal's April 5, 2025 report, the listing agent described the Summit Club's 4,929-square-foot clubhouse residence as "the only true penthouse" in that community. It closed at $21,000,000 on January 9, 2026, which the Review-Journal reported on January 19, 2026 as the highest price ever paid for a Las Vegas condo.
| Building | Floors and units | What the top tier is | Top sale, 12 months |
|---|---|---|---|
| Waldorf Astoria Residences | 47 floors, 225 residences | Top residential floors (40s), hotel-serviced | $11,800,000 (unit 4503, 3,980 sq ft) |
| One Queensridge Place | 20 floors, 219 residences | Upper-floor plans of 4,700 to 6,400-plus sq ft | $9,700,000 (unit 1604, 6,404 sq ft) |
| Turnberry Place | Four towers, 720 residences | Upper-floor full- and half-floor plans | $6,500,000 (unit 3801, 8,205 sq ft) |
| Sky Las Vegas | 45 floors, 409 residences | Four three-story rooftop SkySuites | $5,510,000 (unit 4306, 5,293 sq ft) |
| Panorama Towers | Two towers, 634 residences | Upper-floor penthouse plans | $3,150,000 |
| Veer Towers | 37 floors, 670 residences | Floors 35 and 36, 2,014 to 3,412 sq ft | $2,900,000 |
| Trump International | 64 floors, 1,282 units | Floor-plan label in a condo-hotel | $850,000 |
| Palms Place | 47 floors, 599 units | Floor-plan label in a condo-hotel | $695,000 |
| Summit Club clubhouse | Three-story clubhouse | Single residence above the clubhouse | $21,000,000 (4,929 sq ft, January 9, 2026) |
What Did the Top Las Vegas Tower Sales Close For in the Past 12 Months?
The penthouse price benchmark in Las Vegas is not a single number; it is the top of each building's ladder, and the ladders are very different heights. Across the 19 tower plats we track, the 12 largest closings in the year ending September 18, 2026 ran from $3,250,000 to $11,800,000, and they were concentrated in four buildings: six at the Waldorf Astoria, three at One Queensridge Place, two at Turnberry Place and one at Sky.
| Closed | Price | Tower | Unit | Sq ft | Price per sq ft |
|---|---|---|---|---|---|
| April 22, 2026 | $11,800,000 | Waldorf Astoria Residences | 4503 | 3,980 | $2,965 |
| February 17, 2026 | $10,100,000 | Waldorf Astoria Residences | 4206 | 3,922 | $2,575 |
| November 7, 2025 | $9,700,000 | One Queensridge Place | 1604 | 6,404 | $1,515 |
| February 11, 2026 | $6,500,000 | Turnberry Place | 3801 | 8,205 | $792 |
| March 27, 2026 | $5,510,000 | Sky Las Vegas | 4306 | 5,293 | $1,041 |
| February 4, 2026 | $3,800,000 | Turnberry Place | 3701 | 5,609 | $677 |
| February 9, 2026 | $3,750,000 | Waldorf Astoria Residences | 4202 | 2,247 | $1,669 |
| September 25, 2025 | $3,510,000 | One Queensridge Place | 1501 | 5,844 | $601 |
| January 21, 2026 | $3,400,000 | Waldorf Astoria Residences | 2808 | 2,910 | $1,168 |
| August 12, 2026 | $3,325,000 | Waldorf Astoria Residences | 2704 | 2,563 | $1,297 |
| January 6, 2026 | $3,300,000 | Waldorf Astoria Residences | 3204 | 2,563 | $1,288 |
| December 29, 2025 | $3,250,000 | One Queensridge Place | 801 | 4,792 | $678 |
Read the price-per-square-foot column and the benchmark becomes clear. The Waldorf Astoria's two top-floor sales cleared $2,575 and $2,965 per square foot, which is roughly double the building's own 12-month average of $1,446 and several multiples of any other tower. One Queensridge Place's top sale was $1,515 per foot against a building average of $531. Turnberry Place's largest residence sold for $792 per foot against a building average of $384. In every case the penthouse premium over the building's average ran between two and three times, and that ratio is the useful benchmark. If a top-floor listing is priced at four or five times the building's average per foot, it is priced for a buyer who has not yet appeared.
The comparison with the broader market puts the tier in context. According to Las Vegas REALTORS' August 2026 report, as covered by VEGAS INC, the valley-wide condo and townhome median was $299,900. The 19 tower plats together closed 535 sales at a $478,000 median in the 12 months ending September 18, 2026, with 88 sales at $1,000,000 or more, the highest count in the three 12-month windows we compared. A penthouse buyer is shopping in a market of roughly 90 transactions a year, and in most buildings the top floor trades two or three times a year, which is why the exact comparable matters more here than anywhere else in Las Vegas real estate; our high-rise market analysis covers the tower-by-tower totals.
How Much Does a Penthouse Cost Relative to the Rest of Its Building?
The most common pricing mistake I see at the top of a tower is anchoring to the building's median. The median tells you what the typical two-bedroom on a mid-floor sells for; it says almost nothing about the top floor, which trades on a different set of buyers, a different financing profile and a comp set of two or three sales. What the median does tell you is the depth of the pool below the penthouse, and that depth is what you will need when you sell.
| Tower | Closings | Median sold | Top sale | Top sale to median | Avg $/sq ft | Median DOM | Active | Months of supply |
|---|---|---|---|---|---|---|---|---|
| Waldorf Astoria Residences | 16 | $2,922,000 | $11,800,000 | 4.0x | $1,446 | 13 | 10 | 7.5 |
| One Queensridge Place | 23 | $1,900,000 | $9,700,000 | 5.1x | $531 | 72 | 11 | 5.7 |
| Turnberry Place | 47 | $775,000 | $6,500,000 | 8.4x | $384 | 68 | 25 | 6.4 |
| Sky Las Vegas | 12 | $590,000 | $5,510,000 | 9.3x | $426 | 88 | 22 | 22.0 |
| Panorama Towers | 50 | $545,000 | $3,150,000 | 5.8x | $435 | 51 | 60 | 14.4 |
| Veer Towers | 45 | $570,000 | $2,900,000 | 5.1x | $678 | 84 | 28 | 7.5 |
| Park Towers | 7 | $1,450,000 | $2,800,000 | 1.9x | $612 | 32 | 1 | 1.7 |
| Vdara | 5 | $825,000 | $1,200,000 | 1.5x | $1,277 | 52 | 9 | 21.6 |
| Trump International | 32 | $300,000 | $850,000 | 2.8x | $534 | 64 | 59 | 22.1 |
| Palms Place | 41 | $213,000 | $695,000 | 3.3x | $325 | 56 | 69 | 20.2 |
The "top sale to median" column is the spread between the penthouse and the building. At the Waldorf Astoria the top sale was 4.0 times the median because the whole building is expensive; at Sky it was 9.3 times because the SkySuites are a different product from the one-bedrooms below them. A wide spread is not a warning sign by itself, but it does mean your resale buyer pool is not "people who buy in this building." It is "people who buy $5,000,000 homes in Las Vegas," and that pool behaves like the estate market.
The months-of-supply column is the other half of the picture. As of September 18, 2026, Sky carried 22 months of supply on 22 active listings, Trump 22.1 months on 59, Vdara 21.6 months on nine, and Palms Place 20.2 months on 69. The Waldorf Astoria carried 7.5 months on ten actives, One Queensridge Place 5.7 months on 11, Turnberry Place 6.4 months on 25, and Park Towers just 1.7 months on a single listing. A penthouse in a building with two years of supply below it will be negotiated against that backdrop, whatever the top floor's scarcity.
What Are the HOA Dues on the Top Floors of a Las Vegas Tower?
Dues are the number that decides whether you can hold a penthouse, and they scale with square footage, which means the top floor pays the top of the building's range. We publish an approximate range only where we can verify it, and we always pull the current assessment on the specific residence before a client offers, because associations reassess and old listing sheets are often wrong.
The building where we have the most complete picture is the Waldorf Astoria. Across the eight residences listed at 3750 Las Vegas Boulevard South as of August 26, 2026, our Waldorf Astoria cost-to-own analysis found association dues running a median of $3,276 a month, with a low of $2,671 and a high of $5,508. On the median that is $39,312 a year before a dollar of mortgage, property tax or insurance, and the $5,508 figure at the top of the range, which is where a 4,000-square-foot penthouse sits, is $66,096 a year. Those dues fund Waldorf Astoria-grade services: concierge, security, housekeeping access, spa and fitness, and building operations. Hotel services beyond the resident allotment are billed separately.
Two residential towers publish approximate ranges on our pages. At Veer Towers, dues run roughly $536 to $1,898 a month depending on unit size and cover building amenities, security, valet, water and sewer and reserves; the penthouse floors sit at the top of that range. At The Martin, a 45-story tower completed in 2008 with 372 residences, dues run roughly $730 to $2,000 a month and cover concierge, security, building maintenance, water, sewer, trash and valet. In the other residential towers, dues vary by tower and residence size and are adjusted often enough that we do not publish a figure; we get it from the association on the specific unit.
Condo-hotels are structured differently. At Trump International, association fees are tiered by unit type and reflect the hotel's operating costs; at Palms Place, hotel services such as housekeeping and room service are billed à la carte on top of resort-style monthly dues; at The Signature at MGM Grand, monthly dues are largely all-inclusive, covering utilities, cable, valet, security, amenities and building insurance. At the top of the market, the Summit Club's clubhouse penthouse comes with a cost stack that has nothing to do with a tower: according to the Las Vegas Review-Journal's December 29, 2024 report, Summit Club membership fees were $250,000 with $110,000 in annual fees, and homeowner association fees were $30,000 a year. The plainest way I know to say it: the dues on a penthouse are a second mortgage that never amortizes.
How Do You Finance a Las Vegas Penthouse?
Financing is where a penthouse purchase most often stalls, and the reason is the building, not the buyer. According to Fannie Mae's Selling Guide section B4-2.1-03, projects that are managed and operated as a hotel or motel, and projects with mandatory rental pooling that gives a management firm control over occupancy, are ineligible project types for conventional conforming loans. That single rule removes Trump International, Palms Place, Vdara, The Signature at MGM Grand and The Platinum from conventional financing, and it complicates branded residences integrated with a hotel, including the Waldorf Astoria, where many buyers use jumbo, portfolio or cash. Residential towers such as Sky, Veer, Turnberry Place, Panorama and One Queensridge Place can be warrantable, but each building's status depends on its owner-occupancy ratio, reserves and litigation history, and it has to be confirmed for the specific project at the time you apply.
The second constraint is size. According to the Federal Housing Finance Agency, the baseline conforming loan limit for a one-unit property in 2026 is $832,750. Every penthouse in the top-12 table above is a jumbo loan by a wide margin, which means bank portfolio underwriting: typically larger down payments, full asset documentation and reserves measured in months of total housing cost, including the association dues. On a non-warrantable building, 30% down is a common floor, and some lenders want more on a condo-hotel.
Here is the arithmetic on a representative purchase. Take the Waldorf Astoria's 12-month median of $2,922,000 with 30% down. The loan is $2,045,400. According to Freddie Mac's Primary Mortgage Market Survey, the average 30-year fixed rate was 6.95% for the week of September 17, 2026, and portfolio jumbo pricing on a non-warrantable building typically runs above that survey rate; at 6.95% the principal-and-interest payment on that loan is about $13,500 a month. Add the building's $3,276 median dues and the carrying cost before taxes and insurance is roughly $16,800 a month, or about $202,000 a year. At the $5,508 top of the dues range, it is about $228,500 a year.
That is why cash is so common at this tier. According to the National Association of REALTORS' August 2026 existing-home sales report, all-cash purchases were 27% of transactions nationally that month, and in our experience the share at the top of a Las Vegas tower runs far higher than the national average, because the buyers who can absorb $16,800 a month often prefer to skip a portfolio lender's project review altogether. If you intend to finance, confirm the building's project status with a lender who has closed there in the past 12 months before you write the offer; the reverse order is how a conventional pre-approval ends up attached to a building that cannot take one.
How Liquid Is a Las Vegas Penthouse When You Sell?
The question competitor guides never answer with data is how long it takes to sell a penthouse, and the answer in Las Vegas is: longer than the building, and about as long as an estate at the same price. The towers themselves are not slow. In the 12 months ending September 18, 2026, the median days on market on closed sales was 13 at the Waldorf Astoria, 32 at Park Towers, 47 at Turnberry Towers, 51 at Panorama, 68 at Turnberry Place, 72 at One Queensridge Place and 84 at Veer. But those medians describe the typical residence, not the top floor.
For the top floor the right benchmark is the price band, because the buyer for a $6,500,000 Turnberry Place penthouse is shopping against $6,500,000 homes in The Ridges and MacDonald Highlands, not against $775,000 residences on the tenth floor. Across all Las Vegas, Henderson, North Las Vegas and Boulder City home closings in the 12 months ending September 18, 2026, the $3,000,000 to $5,000,000 band closed 146 sales at a 44-day median, with 38% closing within 30 days and 28% taking 90 days or more, and a median sale-to-original-list ratio of 95.5%. The $5,000,000-plus band closed 97 sales at a 64-day median and a 100-day mean, with only 29% closing within 30 days, 38% taking 90 days or more, and a sale-to-original-list median of 91.9%.
| Price band | Closings | Median DOM | Closed within 30 days | Took 90-plus days | Sale to original list | Actives | Actives sitting 180-plus days |
|---|---|---|---|---|---|---|---|
| $1,200,000 to $2,000,000 | 839 | 37 | 45% | 24% | 94.4% | 593 | 7% |
| $2,000,000 to $3,000,000 | 286 | 37 | 45% | 23% | 93.8% | 271 | 9% |
| $3,000,000 to $5,000,000 | 146 | 44 | 38% | 28% | 95.5% | 188 | 14% |
| $5,000,000 and up | 97 | 64 | 29% | 38% | 91.9% | 133 | 17% |
The discount side of that table is the part sellers underestimate. Among $1,200,000-plus closings in the same 12 months, homes that sold within 14 days achieved a median 97.8% of original list, a median discount of $44,990; homes that took 91 to 180 days achieved 89.7%, a median discount of $210,000; and homes that took more than 180 days achieved 87.5%, a median discount of $299,000. A penthouse priced for the buyer who has not appeared yet does not just sit; it sits and then sells for less. The practical rule we apply is that a top-floor residence should be priced against the last three sales in its price band across the valley, not against the last three sales in its building, and that the first 30 days are the only window in which the original list price is likely to hold. Our Las Vegas luxury days-on-market analysis has the full bucket-by-bucket data.
When Do Las Vegas Penthouses Actually Trade?
Timing matters more at the top of a tower than anywhere else in the condo market, because the buyer pool is small and it is in town at predictable times. Nine of the 12 largest tower closings in the year ending September 18, 2026 closed between December 29, 2025 and April 22, 2026. The $9,700,000 One Queensridge Place sale closed November 7, 2025, the $11,800,000 Waldorf sale closed April 22, 2026, and the only top-12 sale to close in the summer was the $3,325,000 Waldorf residence on August 12, 2026.
The monthly count across all 19 towers tells the same story from the other direction. Tower closings ran 48 in December 2025, 50 in January 2026, 40 in February, 51 in March, 36 in April and peaked at 53 in May, then fell to 39 in June, 32 in July and 29 in August. For the luxury market as a whole, closings at $1,200,000 and above peaked at 213 in January 2026 and were 62 in August 2026, with median days on market of 33 to 38 from February through July and 42 in August.
If you are selling a penthouse, the listing should be live by the first week of January and priced to close by May, because the buyers who write seven-figure checks for tower residences are in Las Vegas between the holidays and the end of the spring event calendar. If you are buying, the leverage runs the other way from July through October: as of September 18, 2026, actives in the $5,000,000-plus band carried a 40-day median days on market, 36% had sat 90 days or more and 17% had sat 180 days or more, and their sellers are looking at a second winter of carrying costs.
What Must the Resale Package Tell You Under NRS 116.4109?
Every condominium resale in Nevada comes with a statutory disclosure package, and on a penthouse it is the single most valuable document in the transaction, because it tells you what the association's finances look like before you own a share of them. According to NRS 116.4109, the unit's owner must furnish the purchaser, at the owner's expense, a resale package containing: a copy of the declaration (other than plats), the bylaws and the rules or regulations of the association; a statement from the association of the monthly assessment for common expenses and any unpaid obligation currently due from the seller, including management fees, transfer fees, fines, penalties, interest and collection costs; a copy of the current operating budget and the current year-to-date financial statement, which must include a summary of the association's reserves under NRS 116.31152; a statement of any unsatisfied judgments or pending legal actions against the association; a statement of any transfer or transaction fees on resale; a statement of all current and expected fees and charges for the unit; and proof of the insurance policies the association is required to carry.
The right that comes with the package is the one to use. According to NRS 116.4109, the purchaser may cancel the contract by written notice until midnight of the fifth calendar day following receipt of the resale package, without penalty and with all deposits refunded promptly. Five days is enough time to read a reserve summary if you know what you are looking for, and not enough if you are seeing one for the first time, so we read it with the client and put the questions to the association manager on day one.
What we look for in a tower package, in order: the reserve study's percent funded, because a building with a 20-year-old roof, elevators and cooling plant will fund those replacements through dues or through special assessments; any special assessment levied, proposed or discussed in the last two years of board minutes; the litigation statement, which matters for financing as much as for risk; the owner-occupancy ratio, which drives warrantability; the leasing rules and the number of units leased; and the transfer fee. On a top-floor residence we also ask for the declaration's description of the unit's boundaries and any limited common elements assigned to it.
Which Due-Diligence Questions Matter Most on a Top-Floor Residence?
The generic penthouse checklists that rank for this search ask about views and finishes. Those are the easy part. The questions that determine whether a Las Vegas penthouse is worth its premium are about what sits above, beside and below it, and what you actually own. Start with the roof. In many towers the mechanical plant, elevator machine rooms, cooling towers and window-washing rigs sit on the roof directly over the top floor, and the declaration decides whether the association has access rights through your ceiling, whether the noise and vibration are your problem, and whether any roof terrace attached to the unit is part of the unit, a limited common element assigned to it, or a common element you happen to be able to walk onto.
Then the elevator. A private or keyed landing is a genuine amenity on a full-floor plan, but it is also a maintenance and security question: who services the private car, whether it is on the association's reserve schedule, and whether building staff have emergency access. Parking is next. Ask for the exact count and location of assigned spaces, whether they are deeded, assigned by the declaration or allocated by the board, whether valet is mandatory, and the rules on electric-vehicle charging; penthouse buyers are often surprised to find two spaces where they assumed four. The same applies to storage: a deeded storage room is a different asset from a cage the board can reassign.
Then the questions about money and use. What is the current monthly assessment on this exact residence, and what did it cost 12 months ago? Has the association levied or discussed a special assessment? What does the reserve summary say the building will need to replace in the next five years? What are the rental rules, and is there a waitlist or cap on leased units? What is the transfer fee? Is the building warrantable today, and which lenders have closed there this year? Finally, ask what the last three sales on the top two floors closed at and how long they took, because that is your resale comp set. Across the 9,600+ closings we've represented, the tower purchases that went wrong almost always went wrong on one of these questions, not on the view.
Can You Rent Out a Las Vegas Penthouse?
The answer has three layers, and the top layer is the building. Every tower we track governs leasing through its association, and the rules range from prohibition to full hotel programs. Sky Las Vegas prohibits short-term and nightly rentals; monthly and longer leasing is possible subject to association approval. Veer Towers follows CityCenter residential rules that have historically required longer minimum lease terms rather than nightly stays. Allure Las Vegas enforces a 30-day minimum. Turnberry Place, The Martin and One Queensridge Place are residential condominiums with association-governed leasing that favors longer terms. At the Waldorf Astoria, residences are private homes rather than a nightly-rental pool, and longer-term leasing is governed by the association.
The hotel-program towers are the opposite case. At The Signature at MGM Grand, owners may live full-time, lease long-term, self-manage nightly rentals or use the on-site rental program. At Trump International, owners may hold the unit, place it in the on-site hotel rental program or self-manage nightly stays, with revenue-split terms set by the management agreement. At Palms Place, owners may use the unit, lease it or place it in a rental program, and roughly 100 units have been operated by a vacation-rental manager. At Vdara, most of the 1,495 suites are hotel inventory and only about 150 are individually owned, with an optional MGM Resorts rental program. In every one of these, the revenue split is a private contract, it changes, and it is the number to read before you count on rental income.
The second layer is local law. According to the City of Las Vegas, a short-term or vacation rental is the rental of a residential dwelling for 31 consecutive days or fewer, and the city licenses them under its own ordinance with owner-occupancy and conduct rules. According to Clark County's Business License department, a complete application for a short-term rental unit license in unincorporated Clark County, which is where the Strip corridor sits, had to be submitted by August 21, 2023; the window is closed and operating without a license is prohibited. Our Las Vegas short-term rental rules guide walks through all four jurisdictions and is the place to start before you model nightly income. The third layer is practical: a $6,500,000 penthouse in a residential tower is not a rental asset, and the buildings where nightly rental is allowed are the ones where the top sale of the year was $850,000 or less. Buy a penthouse to live in; buy a hotel-program unit to rent.
Are Las Vegas Penthouses a Good Investment?
The honest answer is that a Las Vegas penthouse is a good place to live and an unreliable place to park capital, and the data supports both halves. I am not going to invent a cap rate, because no verifiable rent series exists for top-floor residences in these buildings. What can be measured is price direction, and it is uneven. Across the three 12-month windows ending September 18 of 2024, 2025 and 2026, One Queensridge Place's median rose from $1,175,000 to $1,515,000 to $1,900,000, with 21 of its 23 current-window closings at $1,000,000 or more. Park Towers went $1,350,000 to $2,200,000 to $1,450,000. The Waldorf Astoria went $3,420,000 to $2,075,000 to $2,922,000. Palms Place fell from $345,000 to $298,000 to $213,000, and Trump International went $290,000 to $325,000 to $300,000.
Two things are true at once in those numbers. The luxury residential towers have appreciated over three years, and the count of $1,000,000-plus tower sales rose from 78 to 77 to 88, the highest of the three windows. The hotel-program buildings have not, and their medians moved with the hotel economy rather than the housing market. A penthouse in the first group has held value; a "penthouse" in the second group is a floor-plan label on an asset that trades like a hotel room.
The record trade of the year illustrates the upside and its limits. According to the Las Vegas Review-Journal's April 5, 2025 report, the previous record for a Las Vegas condo was $16,250,000 at The Martin in 2021. The Summit Club clubhouse penthouse was listed at $25,000,000 in April 2025 and, according to the Review-Journal's January 19, 2026 report, closed at $21,000,000 to Hankey Group founder Don Hankey as a primary residence. That is a new record and a 16% discount from the ask after nine months on the market, in a community with one active listing as of September 18, 2026. The lesson is not that prices go up; it is that at the top of the market the comp set is a handful of sales, the marketing time is measured in seasons, and the carrying cost is fixed while the exit price is not. Buy the residence you want to live in, in a building with funded reserves and a confirmed financing path, and plan to hold through a full cycle. If you are buying for a two-year flip, the 91.9% sale-to-original ratio in the $5,000,000-plus band is your warning.
How Does a Penthouse Compare With a Guard-Gated Estate at the Same Price?
Most of our penthouse buyers are also looking at estates, and the comparison is worth doing with the same data. In the 12 months ending September 18, 2026, MacDonald Highlands in Henderson closed 64 homes at a $4,300,000 median and $835 per square foot with a top sale of $17,000,000; The Ridges in Summerlin closed 55 at a $2,799,000 median and $650 per foot with a top sale of $16,000,000; and Ascaya closed 12 at an $8,500,000 median and $1,206 per foot. The Waldorf Astoria's $11,800,000 penthouse bought 3,980 square feet at $2,965 per foot. The same $11,800,000 in MacDonald Highlands bought roughly 14,000 square feet at that community's average, plus land.
That is the trade. A penthouse buys location, service and a lock-and-leave life at two to four times the per-foot price of a guard-gated estate. The estate buys space, privacy and a pool at a lower per-foot price, with the maintenance burden that comes with it. On carrying cost, the comparison is not dues against dues. The Waldorf's $3,276 median monthly assessment looks enormous against a typical guard-gated master association fee, but the fair comparison is against what a large estate costs to keep when nobody is in it: pool service, landscaping, a house-watch and the utilities on 10,000 square feet, which in our experience narrows the gap more than most buyers expect.
On liquidity, the two products converge at the top. Ascaya's 12 closings took a 59-day median, MacDonald Highlands' 64 took 70 days, The Ridges' 55 took 43 days, and the $5,000,000-plus band across the valley took 64 days. Where they diverge is depth: MacDonald Highlands had 68 active listings as of September 18, 2026, at a $5,499,000 median ask and 12.8 months of supply, while the Waldorf Astoria had ten active listings and One Queensridge Place 11, only a few of them on the top floors. Scarcity helps a penthouse seller and hurts a penthouse buyer; supply does the reverse in the gated communities. Our luxury communities and guard-gated communities pages carry the community-by-community numbers, and our new ultra-luxury guide to where Las Vegas's most expensive estates actually trade covers the $10,000,000-plus tier in detail.
What Is Coming Next for Las Vegas Penthouse Buyers?
The existing towers were all completed between 2001 and 2010, so a buyer who wants a new penthouse has had nowhere to go for 15 years. That is changing on two fronts. In Henderson, the Four Seasons Private Residences inside MacDonald Highlands, announced in May 2023 as 171 residences plus six villas by Four Seasons, Azure Resorts and Hotels and Luxus Developments, is marketing from $5,000,000 as of September 2026 with more than 90,000 square feet of amenities on a 12-acre enclave, and its plan mix includes penthouse and junior penthouse residences, according to the project's sales page. The delivery date has moved from the original 2026 target, so confirm it with the sales gallery before you rely on it, but it is the first new penthouse product in the valley since the last cycle and the first that is guard-gated on a mountainside rather than on the Strip.
Downtown, Cello Tower at Origin in Symphony Park is planned as a 32-story, 240-unit condominium from about $700,000; as of March 2026 the developer had not yet closed on the land, so treat it as a proposal until it does. And at the very top, the Summit Club's clubhouse penthouse has now set the ceiling for what a Las Vegas condominium can sell for at $21,000,000.
For a buyer in the fall of 2026, that leaves a clear map. The Strip towers offer the deepest resale market and the most defined penthouse product, with the Waldorf Astoria at the top on price and speed. Queensridge offers the largest floor plates and the strongest three-year appreciation. Turnberry Place offers the most square footage per dollar at the top of a residential tower. Henderson's Four Seasons offers the only new product. And the hotel-program buildings offer entry prices and rental flexibility, with the understanding that "penthouse" on a Trump or Palms Place listing describes a floor plan, not a market.
Frequently Asked Questions
What counts as a penthouse in a Las Vegas high-rise?
Whatever the building's declaration and marketing say, which is why it varies so much. At Sky Las Vegas the penthouses are four three-story rooftop SkySuites of about 5,000 square feet; at Veer Towers they are the plans on floors 35 and 36; at Turnberry Place and One Queensridge Place they are upper-floor plans of 4,700 to 8,200 square feet; at the Waldorf Astoria they are the top residential floors in the 40s; and at Trump International and Palms Place the word is a floor-plan label in a condo-hotel. Ask for the declaration's description of the unit before you pay a premium for the word.
How much does a penthouse cost in Las Vegas in 2026?
It depends entirely on the building. In the 12 months ending September 18, 2026, the top tower sales were $11,800,000 at the Waldorf Astoria, $9,700,000 at One Queensridge Place, $6,500,000 at Turnberry Place, $5,510,000 at Sky Las Vegas, $3,150,000 at Panorama Towers and $2,900,000 at Veer Towers. The Summit Club's clubhouse penthouse set the Las Vegas condo record at $21,000,000 on January 9, 2026. Price per square foot ran from $677 to $2,965 across the 12 largest tower sales.
What are the HOA dues on a Las Vegas penthouse?
Dues scale with square footage, so the top floor pays the top of the building's range. At the Waldorf Astoria, dues on listed residences ran a median of $3,276 a month, from $2,671 to $5,508, as of August 26, 2026. Veer Towers runs roughly $536 to $1,898 a month and The Martin roughly $730 to $2,000, both approximate. Other residential towers reassess often enough that we pull the current figure from the association on the specific unit rather than publish one. Under NRS 116.4109 the resale package must state the current monthly assessment and any unpaid obligations, and you have until midnight of the fifth calendar day after receiving it to cancel.
Can you get a mortgage on a Las Vegas penthouse?
In residential towers, often yes, through a jumbo or portfolio lender, since every top-floor sale of the year exceeded the $832,750 conforming limit that the Federal Housing Finance Agency set for 2026. In condo-hotels, generally no: Fannie Mae's Selling Guide treats hotel-operated projects and mandatory rental pooling as ineligible, so condo-hotels are typically cash or specialty-lender purchases, and branded residences integrated with a hotel such as the Waldorf Astoria often need portfolio financing. Confirm the building's project status with a lender who has closed there this year before you write an offer.
How long does it take to sell a Las Vegas penthouse?
Longer than the typical residence in the building, and about as long as an estate at the same price. In the 12 months ending September 18, 2026, Las Vegas-area sales at $5,000,000 and up took a 64-day median with 38% needing 90 days or more and a median 91.9% of original list price. Homes that sold within 14 days achieved 97.8% of original list; homes that took more than 180 days achieved 87.5%, a median $299,000 discount. Price to the valley-wide band, not the building's median.
Can I rent out a penthouse condo in Las Vegas on a nightly basis?
In the residential towers, no. Sky Las Vegas prohibits short-term rentals, Allure enforces a 30-day minimum, and the other residential towers govern leasing through their associations with longer minimum terms. Nightly rental is allowed in the condo-hotels, including The Signature at MGM Grand, Trump International, Palms Place and Vdara, through hotel programs or self-management, with revenue splits set by private management agreements. Local law adds a second layer: the City of Las Vegas defines a short-term rental as 31 days or fewer, and unincorporated Clark County's license application window closed on August 21, 2023.
Is a Las Vegas penthouse a good investment?
It is a strong place to live and an uneven place to store capital. Over the three 12-month windows ending September 18 of 2024, 2025 and 2026, One Queensridge Place's median rose from $1,175,000 to $1,900,000 and $1,000,000-plus tower sales rose to a three-window high of 88, while Palms Place's median fell from $345,000 to $213,000. No verifiable rent series exists for top-floor residences, so we do not publish a cap rate. Buy the residence you want to live in, in a building with funded reserves and a confirmed financing path, and plan to hold through a full cycle.
Ready to Buy a Las Vegas Penthouse With Nevada Real Estate Group?
The penthouse market is the smallest and least forgiving segment of Las Vegas real estate: two or three sales a year per building, a comp set that fits on an index card, dues that never amortize, and a financing path that depends on the association's reserves and the declaration's fine print. It rewards the buyer who knows the building better than the listing agent does. That is the work our team does before a client writes an offer: the current assessment on the specific residence, the reserve summary and two years of board minutes, the lenders who have closed in the building in the past 12 months, the declaration's treatment of roof rights, elevator access, parking and storage, and a price set against the last three sales in the residence's band across the valley rather than the building's median.
Nevada Real Estate Group is the number one real estate team in Nevada, brokered by LPT Realty, with 150+ licensed agents, 9,061+ verified five-star reviews and 16+ years in this market. Across the 9,600+ closings we've represented and $4.85 billion-plus in volume, including 789 homes and $440 million-plus in 2025 alone, the tower purchases that went well were the ones where the diligence was done before the offer, not during the five-day cancellation window. If you are considering a top-floor residence, from a $2,900,000 Veer penthouse to a $11,800,000 Waldorf Astoria residence or the next Four Seasons release in Henderson, call (702) 637-1759 or visit us at 8945 W Russell Rd, Suite 170, Las Vegas, NV 89148.
We will send you the building's own numbers before you decide: the last three top-floor sales and how long they took, the current dues on the exact unit, the reserve position, the leasing rules and the financing options that fit the project. If you own a penthouse, we will run the same analysis on your stack, because the seller who prices to the band in January is the one who closes in the spring.
Which Sources Inform This Las Vegas Penthouse Guide?
- Las Vegas MLS data pulled through Repliers on September 19, 2026: tower-plat closings for the 12 months ending September 18, 2026, actives as of September 18, 2026, three 12-month windows ending September 18 of 2024, 2025 and 2026, and days-on-market by price band. Our own tabulations, not official Las Vegas REALTORS statistics.
- Nevada Real Estate Group tower pages: floors, unit counts, penthouse tiers, approximate HOA ranges at Veer Towers and The Martin, leasing rules and condo-hotel program notes.
- Nevada Revised Statutes 116.4109: resale package contents and the five-calendar-day cancellation right.
- Fannie Mae Selling Guide B4-2.1-03, Ineligible Projects: hotel-operated projects and mandatory rental pooling as ineligible project types.
- Federal Housing Finance Agency, 2026 conforming loan limit values: $832,750 baseline one-unit limit.
- Freddie Mac Primary Mortgage Market Survey: 6.95% average 30-year fixed rate for the week of September 17, 2026.
- National Association of REALTORS, Existing-Home Sales, August 2026: 27% all-cash share of transactions.
- Las Vegas REALTORS August 2026 report, as covered by VEGAS INC: $299,900 condo and townhome median.
- Las Vegas Review-Journal, January 19, 2026: $21,000,000 Summit Club clubhouse penthouse sale, reported as the highest price ever for a Las Vegas condo.
- Las Vegas Review-Journal, April 5, 2025: the $25,000,000 listing, the 4,929-square-foot description and the prior $16,250,000 record at The Martin.
- Las Vegas Review-Journal, December 29, 2024: Summit Club membership fees of $250,000 with $110,000 annual fees and $30,000-a-year association fees.
- City of Las Vegas, Short-Term Rentals: definition of a short-term rental as 31 consecutive days or fewer.
- Clark County Business License, Short-Term Rentals: August 21, 2023 application deadline and prohibition on operating without a license.
- Four Seasons Private Residences Las Vegas: 171 residences from $5,000,000, penthouse and junior penthouse plans, more than 90,000 square feet of amenities.
- News 3 Las Vegas, May 9, 2023: original Four Seasons announcement, developers and timeline.
- Hoodline, March 27, 2026: Cello Tower at Origin plans and land status.
