New high-rise condo player in Las Vegas.

While the overall Southern Nevada real estate market is definitely limping along these days, the one segment that is largely holding its own is the luxury end of it. Single-family home sales, new and resales, are down and many condo projects have withered away. Several luxury high-rise developments, though, are being built on schedule and others are given the green light to proceed.

Las Vegas Sands, the parent company of the Venetian, just joined the high-rise club by announcing its own condo undertaking. And without the blink of an eye it's reaching for the top. Let me explain. Not with the number of units or the number of floors. It'll consist of only 300 condominiums. But with the price per square foot. That's their aim. Become the Strip's most exclusive high-rise address.

The Sands believes they can sell these residences for between $1,500 and $2,000 a sq. ft. A lot of money. A comparison is in order now. Before that, however, one thing has to be clarified. There can be a large difference when we compare pure condos, which are residential only, with condo-hotels, which double as residences and hotel rooms.

Condos at the Veer Towers at the MGM's CityCenter, a pure product, are expected to go for $880 to $1,500 per sq. ft. Trump International, a condo-hotel product, is accepting reservations for its second tower at $1,400 to $1,500 per sq. ft. One more. Units at non-casino locations like Turnberry Towers and Panorama attract prices between $500 and $700.

Based on the above, if Sands gets its estimated price, it'll be the most expensive place in town. Until another developer comes along with a little bit more to offer.