Las Vegas High Rise News - February 2017
The decline in inventory in our high rise buildings has ended. Today we have 424 condos for sale in our top buildings. Up from 395 last month.
Sales volume also increased slightly last month. We sold 44 condos in the top buildings in February. Up from 38 in January. Most popular building was Palms Place with 8 condos sold. MGM Signature used to be one of our busiest Condotels but they only sold 2 condos last month. Of course, the number of condos listed at MGM is down to only 18.
Turnberry Place and Veer Towers tied for third place with 6 condos sold in each of those communities. Both of those communities have a variety of inventory. Turnberry Place has 66 condos listed for sale. Veer Towers has 48 listed in the MLS.
Price Per Square Foot Trends
The prices in our top high rise buildings are staying strong. We sold 9 condos at more than $500/sf in February. Top price was unit 3903 at Mandarin Oriental for $702/sf. Mandarin Oriental's unit 3603 came in second at $666/sf. Third place was also in CityCenter with unit 50022 at Vdara which closed at $618/sf.
We're still seeing some condos closing for less than $200/sf. Four sold for less last month. Lowest price was unit 1404 in Turnberry Place Tower 3. It closed at $183/sf. In the same tower, unit 403 sold for $187/sf. Newport Lofts also had two bargain closings. Unit 1410 sold for $193/sf and 1211 closed for $199/sf.
Las Vegas High Rise Condos SOLD in February 2017
Las Vegas High Rise News - January 2017
Inventory continues to decline in our top high rise buildings! We are down to 395 luxury condos listed without offers. A drop from 422 last month, 447 the month before and 536 in October. In February 2016 there were 529 high rise condos for sale. It's the first month we've reported under 400 listed for sale.
Sales volume also took a dive in January, dropping to only 38 condos sold. That was compared to 82 in December. Part of the drop was probably due to the end of year rush to close. In January 2016 we only sold 35 high rise condos. We expect sales volume to pick up as we get into Spring.
Most popular buildings in January were Turnberry Place and SKY. Both communities had six condos that changed hands. Trump and MGM Signature tied for second place with 5 closings each. Sales activity does seem to be up at Trump post election.
Seven condos closed for more than $500/sf. The top 3 prices were all at The Mandarin Oriental. Unit 4501 sold for $1143/sf. The penthouse offered 2126 sf of living space with 2 bedrooms and 3 baths. Unit 4601, one floor higher was second most expensive. It sold for $858/sf with only one day on the market. Unit 2707 closed for $726/sf. That one was the smaller 1583 sf plan with 1 bedroom and 2 baths.
Las Vegas High Rise News - December 2016
Inventory continues to decline! The number of luxury high rise condos listed for sale has dropped again. There are only 422 listed without offers this month. That's compared to 447 last month and 536 the month before. In January 2016, there were 500 options for high rise buyers.
Inventory is down but sales activity is up. We sold 82 luxury condos in December. A nice jump from 58 the month before and 61 in December 2015.
Highest number of sales was at MGM Signature in December with 14 condos sold. The popular Palms Place dropped to second with 11 closings. Panorama Towers came in third with 8 units sold.
Most expensive condo sold in December was at ONE Queensridge Place, Tower 2. Unit 1102 was listed for $2.295M and sold for $2.12M or $550/sf. Highest price per square foot was Unit 2806 at Veer Towers West. It closed for $612/sf.
Las Vegas High Rise Condos SOLD December 2016
Las Vegas High Rise Update - SOLD November 2016
We’ve seen a drop in the number of high rise condos listed for sale in our top buildings. This month we only have 447. That’s down from 536 last month and 549 a year ago.
We sold 58 luxury high rise condos in November. That’s up from only 36 last month. In November 2015 we sold 68 condos in the high rise buildings we follow.
The drop in inventory is encouraging. If we continued selling 58 units per month, the current inventory would be absorbed in 8 months. That’s the lowest absorption rate we’ve had in over a year but the high rise market still favors buyers.
High Rise Trends
Palms Place continues to take first place for number of units sold. There were 8 closings in that building last month. MGM Signature came in second with 7 condos sold.
Third place was a tie between Trump, The Ogden and Veer Towers. All three properties sold six condos in November.
Palms Place and MGM Signature Condotel properties continue to have the highest sales volume. The activity is driven by investors picking up the lower priced units.
Las Vegas High Rise Condos SOLD in November 2016
Las Vegas High Rise Update - SOLD October 2016
Las Vegas Luxury High Rise buildings currently have 536 options for buyers to consider. That’s a bit of a jump from the 515 listed a month ago.
The bad news is we only sold 36 units in the buildings we follow last month. Down considerably from the last several months when we sold between 54 and 69 units per month over the past three months. The drop could be seasonal but we sold 49 condos in these same buildings in October 2015. We do have 111 high rise condos in contract. The majority of those should be closing within 30-60 days. That’s a good indicator for the next month or two.
The highest number of sales in October was 6 units at Veer Towers. It was followed by 5 units at MGM Signature and 4 condos sold at Palms Place.
High Rise Trends
The high rise market continues to have more units than buyers looking to purchase them. We will be keeping an eye on it as we get into the holidays and events like the Rodeo where we find buyers who like high rise vacation homes coming back into town.
Out of the 34 Luxury High Rise Condos sold last month, six of them sold for more than $500/sf. Top price was $1402/sf for unit 4206 at Mandarin Oriental. It was followed by Unit 3001 in Veer Towers West. That one closed at $939/sf. Unit 3002 at Mandarin Oriental closed at $642/sf, followed by #2512 at Veer Towers East for $637/sf. Fifth place was #1912 at Veer Towers East for $527/sf and #2407 at Veer Towers West for $500/sf.
The Mandarin Oriental and Veer Towers have established themselves as the top luxury high rise buildings in town. They consistently see the highest price per square foot of our high rise buildings.
Las Vegas High Rise Update - SOLD September 2016
Las Vegas top high rise buildings have 515 options for today’s buyers to pick from. That’s a slight decline from the 521 available last month. We sold 54 condos in those same buildings in September. That’s also down from the 58 sold in August.
Palms Place remained the sales leader in September with 10 units sold. That's a drop from the past few months when they sold 21 in August and 23 in July. They were followed by Veer Towers with 8 condos sold. MGM Signature was third with 7 closings. Panorama Towers sold 6 units. The Martin and SKY tied for fifth place with 5 units sold in each of those buildings.
Palms Place remained the sales leader in September with 10 units sold. That’s a drop from the past few months when they sold 21 in August and 23 in July. They were followed by Veer Towers with 8 condos sold. MGM Signature was third with 7 closings. Panorama Towers sold 6 units. The Martin and SKY tied for fifth place with 5 units sold in each of those buildings.
Five Luxury High Rise Condos Sold for $1 Million plus. Highest price paid was unit 4102 at the Mandarin Oriental. Listed for $3.075M, it sold for $2.93 M with only 4 days on the market. Second most expensive condo sold was also at The Mandarin Oriental. Unit 3108 was listed for $2.99M. It closed for $2.75M with only 20 days on the market.
Third place was unit 3501 at Veer Towers. List price was $2.095M. It sold for $1.75M after 227 days on the market. Two condos at ONE Queensridge Place rounded out the five most expensive closings.
High Rise Trends
The high rise market continues to have more supply than demand. Today’s listings would last 9.5 months if no new condos came on the market. That’s an improvement over the last few years but still favors buyers. The sales volume at the South Strip buildings (Veer, Mandarin Oriental, Panorama Towers and The Martin) may be a sign that buyers like being within walking distance of the new T-Mobile Arena. We sold 22 condos in those buildings last month. That’s 41% of the total sales volume in September.
Las Vegas High Rise Condos Sold September 2016
Las Vegas High Rise Update SOLD - August 2016
Las Vegas High Rise Buyers have 521 options in our best high rise building today. We sold 59 high rise condos through the Las Vegas MLS last month. Down from 67 in July and 67 in June.
Palms Place continues to be the top seller with 21 condos sold in August and 23 in July. MGM Signature has claimed second place in both August and July with 7 units sold in each of those months. Palms Place and MGM Signature are condotel properties. These are the buildings where one can still find studios for under $200K.
The top selling residential building was Veer Towers. Veer sold 6 luxury condos in both August and July. Panorama Towers tied Veer in July with 6 units sold. Turnberry Place came in second in August with 5 condos sold.
Five Luxury High Rise Condos closed for more than $1 Million in August. Highest price paid was ONE Queensridge Place, Building 1. Unit 401 closed for $2.256M. The Mandarin Oriental took second place with unit 3106 fetching $2 Million.
Third place was a tie with unit 3304 in Turnberry Place Tower 3 and unit 1202 in Veer Towers East. They both closed for $1.35M. The Veer condo fetched $727/sf with Turnberry Place going for $366/sf. Fifth place was also ONE Queensridge Bldg 1 with unit 603 closing for $1.125M.
High Rise Trends
We continue to see a larger supply of high rise condos than demand for them. We are seeing movement in Palms Place and MGM. Investors are snapping up the more affordable condotel units in those buildings. The newer, more luxurious buildings are the other market segment that is moving. That's reflected in the number of $1M plus units selling and the consistent numbers sold at Mandarin Oriental, Veer Towers and ONE Queensridge Place.
Las Vegas High Rise Condos Sold - June 2016
Las Vegas HIgh Rise Buyers have 529 options in our top high rise buildings. We sold 67 units in these buildings in June. That’s an improvement over the monthly average of 48.
Palms Place recorded the most deals again in June with 17 condotel properties sold. Veer Towers took second place with 12 Luxury Condos sold.
Veer Towers took the top spot for highest price per square foot. Unit 2606 in Veer Towers East closed at $727/sf. Unit 2605 in Veer Towers East closed at $696/sf. The Mandarin claimed the third highest price with $624/sf for unit 2810.
Three luxury condos closed for $1 Million or more. The highest price paid was #1002 at Park Towers. This condo was listed for $1.995M and closed for $1.9M. Unit 2606 at Veer Towers East was listed for $1.32M and closed for $1.2M. Unit 3106 in Veer Towers West was listed for $1.05M and sold for $1M.
High Rise Trends
The number of condos available for sale continues to be a drag on the market. With an average of 48 units closing per month, this is an 11 month supply of high rise condos. Investors are showing a preference for the moderately priced, newer units at Palms Place. Affluent buyers are paying for the great location found at Veer Towers and the Mandarin Oriental.
Las Vegas High Rise Condos Sold - May 2016
Summer is heating up but the Las Vegas High Rise market continues to move at a sluggish pace. We have 498 luxury condos listed in our top high rise buildings. That’s down from the 537 listed last month and 534 listed this time last year.
High Rise Condos - SOLD in May
We sold an incredible 69 luxury condos in May. Twenty of them were at Palms Place. It seems buyers were happy to hear that Station Casinos has bought the Palm Hotel and Casino. Veer Towers was close behind with 11 units sold through the MLS. That doesn’t include units the sales office sold without putting them into the MLS.
Highest Price Per Square Foot - Buyers may have picked up more condos than usual, but they seemed to be after good prices more than luxury. Only two of the high rise condos closed for more than $400/sf in May. Unit 2603 at Veer Towers fetched $488/sf for second place. Veer Towers Unit 1407 took first place at $553/sf.
The Highest Price paid in May was $2.4 Million for unit 1401 in Park Towers. This 3515 sf residence offered 2 beds, 3 baths. It was listed for $2.995M and was on the market 235 days. Second most expensive closing was Unit 3404 at The Mandarin. Listed for $2.15M, it sold for $2M after 258 days on the market.
High Rise Trends
Palms Place continues to lead the pack with sales activity. They sold 20 units in May. They were followed by Veer Towers with 11 units. The Ogden showed 6 closings in May. The remaining buildings sold from zero to five units each.
Las Vegas High Rise Condos - SOLD in May 2016
Las Vegas High Rise Condos Sold - April 2016
May is starting off with 537 high rise condos available in Las Vegas luxury high rise buildings. That's down from 553 as we started April. It's a jump from the 474 that were listed in May 2015.
Distress Sales - We still have 8 short sales available this month. One of the short sales is a new listing. Unit 39307 at Palms Place hit the market for $174K on 4/5/16. The other seven have been listed for a few months. We only have one foreclosure. The foreclosure is the 3100 sf condo with 3 beds and 4 baths at ONE Queensridge Place. This one had a price reduction. On 4/13/16 they dropped from $1.65M to $1.595M.
Bargain hunters have 8 condos available for $200/sf or less. Six of the bargains are at Allure. Allure boasts the lowest price per square foot with unit 2011. Listed at $180K, the one bedroom condo is priced at $165/sf. Turnberry Place Tower 1 and SOHO Lofts are where we find the other two bargain prices.
High Rise Condos - SOLD in April
We sold 44 condos in our top buildings last month. Down slightly from the monthly average of 49. There were no short sales involved in the units sold last month. Two of the closings were with foreclosed condos. Listed at $175K, Allure’s unit 2003 sold for $162K. Listed at $173,200, Sky’s unit 3505 sold for $152K.
Highest Price Per Square Foot - Veer Towers and The Mandarin continue to dominate this market. There were 5 condos that sold for more than $500/sf. Four of the top prices were at Veer and one at The Mandarin. Most expensive price per sq ft was Unit 2606 at the Mandarin. The 1 bedroom, 2 bath plus den condo closed at $836/sf. Total price was $1.4M.
The highest total price paid was unit 3602 in Veer Towers West. The 3 bedroom, 3.5 bath condo was listed for $2.995M. It closed for $2M after 76 days on the market.
High Rise Trends
Palms Place had the highest sales activity in April. The condotel sold 13 units in the month. It was followed by 7 at MGM Signature. Veer Towers was the busiest Residential high rise with 5 condos sold. These were the units that sold through the MLS. There were likely more sold directly out of the sales center.
The high rise market continues to be sluggish except the most popular buildings. Veer Towers and The Mandarin continue to command the highest prices. Both buildings have a steady stream of sales. Investors continue to favor Palms Place and MGM Signature. Trump is currently offering one year of paid HOA fees for select condos.
Las Vegas High Rise Condos Sold - March 2016
We’re starting April with 553 high rise condos for sale in our top buildings. That’s compared to 554 in early March and 505 options in April 2015. The large supply is great for buyers, not so great for sellers.
Distress Sales - We continue to see fewer distress sales. This month there are 8 short sales and 2 foreclosures. Lowest price for a short sale is the same studio unit #318 at MGM Signature from last month.
Only one of the short sales is a new listing. Unit 2901 in Panorama Towers has been on the market for 8 days. The remaining short sales have been listed from 98 days to 439 days. The two foreclosures have been listed 48 and 67 days.
Bargain hunters will find 9 condos listed at less than $200/sf. Allure has six of the bargains, two at Turnberry Place and one at SOHO Lofts. Lowest price per square foot is unit 309 at Allure. The 999 sf, 1 bed/1 bath condo is listed for $168,000 or $168/sf.
High Rise Condos - SOLD in March
We sold 49 luxury high rise condos in March. That’s an average month for this market segment. Only one of the condos sold was a short sale. Unit 3020 at Trump Las Vegas was a 534 sf studio. Listed at $200K, it closed at $180K after 324 days on the market.
One of the condos that sold was a foreclosure. Unit 803 at Metropolis was a 2732 sf 2 bed/2 bath condo. Listed at $399,900 it closed at $399,900 after 210 days on the market.
Highest prices per square foot continue to be found at CityCenter. Five condos closed for more than $600/sf. Three were at The Mandarin and two were at Veer Towers. Top price at Veer Towers was $781/sf. Unit 1708 in the East Tower offered 1408 sf of living space. It closed for $1.1M.
Top price for all buildings was The Mandarin’s Unit 3005. The 2998 sf residence offered 2 beds, plus den and 2.5 baths. Listed at $3.3M it closed at $3,177,999. Final price was $1,060/sf.
Las Vegas High Rise Trends
The 553 condos available would last 11.3 months if no new condos became available. The high rise market still has great options for today’s buyers. Veer Towers continues to be the most active for residential sales with 8 condos sold. That doesn’t count the developer units sold by the onsite sales office. Veer and Mandarin have already established themselves as prime locations. The new stadium will only make them more popular.
Las Vegas Luxury High Rise Condos Sold in February 2016
March has started off with 554 options for Las Vegas high rise buyers. This is the third month in a row where the inventory of listings in our high rise buildings has increased. It’s up from 529 last month, 500 the month before and 549 in December. At this time last year, we had 516 options available.
The MLS includes some but not all the “developer” units. Our sales rep at Veer Towers tells us they only have 15% of their inventory remaining. Veer Towers sold 115 condos in 2015. At that rate, the sales office could be out of inventory by the end of this year. We expect Veer and South Strip properties to see increased demand after T Mobile Arena opens next month. Buyers who want to call Veer Towers home, should act sooner rather than later.
Eight of the current listings are short sales and five are foreclosures. Short sales start at $165K for a 520 sf studio at MGM Signature. The most expensive short sale is $1.305M for unit 3303 at Turnberry Place Tower 2. The lowest price for a foreclosure is unit 409 at Allure. The 1 bedroom, 1 bath condo is listed for $144,900. The highest price for a foreclosure is unit 1204 at ONE Queensridge Place Bldg 2. This 3 bedroom 4 bath, luxury condo is listed for $1.65M.
Bargain hunters will find 12 options priced at less than $200/sf again this month. Eight of those are at Allure. Two are at Turnberry Place. There’s one each at Metropolis and SOHO Lofts. Some of these “bargains” have been on the market for awhile. Allure’s Unit 501, priced at $196/sf has only been listed for a few days. The remaining bargains have been listed between 46 days and 509 days.
What Sold In February 2016?
Forty six condos closed escrow in February. That’s not too bad considering it’s a short month with a holiday thrown in. It’s better than the 35 sold in January but lower than the yearly average of 52 units. It’s just under the 48 condos sold in February 2015.
Only one of the condos that sold in February was a short sale. Unit 2605 at MGM Signature Tower 3 was listed for $191,950 and closed for $197K. It was a 520 sf studio unit.
Three of the condos sold in February were foreclosures. Lowest price was unit 1706 at SKY Las Vegas. This one was a 778 sf one bedroom condo. Listed for $165K and sold for $165K. Unit 2207 at SKY was a 2 bedroom, 2 bath unit. Listed for $265K, it closed for $235K. Unit 2908 at Panorama Towers, Tower 2 was a 2 bedroom, 2 bath condo. Listed for $329,900 it sold for $320K.
Top Prices Per Square Foot included six condos that sold for more than $500/sf. The top price was Penthouse 4303 at The Mandarin. This corner suite with a wrap around balcony closed at $1030/sf or $4.1M. Second place was also at The Mandarin. Unit 2504 closed at $585/sf. Third place went to ONE Queensridge Place where unit 1402 in Bldg 1 closed at $571/sf. The remaining condos that closed above $500/sf were at Veer Towers.
Las Vegas High Rise Trends
The 554 luxury condos listed for sale would last 10.6 months if no new high rise condos came on the market. This doesn’t include developer units not listed in the MLS. By the end of this year we should be seeing a shift in the high rise market as most "developer" units get sold.
MGM Signature had the highest sales volume in February. They sold 12 units in the three buildings. Second place was a tie. ONE Queensridge Place, The Martin and Veer Towers each sold 5 condos. Veer Towers sold developer units not entered in the MLS. We feel it’s safe to say they were the best selling residential tower in February.
Las Vegas Luxury High Rise Condos - What SOLD in January 2016
The current options include ten short sales and six foreclosures. The lowest price for a short sale is a one bedroom condo at Panorama Towers. Unit 702 in Tower 2 is listed for $189,888. The most expensive short sale is unit 3303 at Turnberry Place Tower 2. This 4007 sf residence is listed at $1.35M. Bottom price for a foreclosure is unit 409 at Allure. The one bedroom condo is listed for $164,900. Most expensive foreclosure is unit 1204 at ONE Queensridge Place Tower 2. The 3100 sf residence is listed for $1.65M. It sold for $2.175M in 2007 when it was new. The Turnberry Place and ONE Queensridge Place distressed listings offer luxury at a discount.
Bargain hunters will find 12 options that are listed at less than $200/sf. Lowest price per square foot is unit 803 at Metropolis. This one is listed for $146/sf or $399,900. This one has been on the market 175 days. Original list price was $467K but it’s lingered at the current price since mid-October. The second and third lowest prices per square foot are found at Allure. The lowest priced foreclosure, unit 409 is priced at $165/sf or $164,900. It’s followed by unit 309 at $179/sf or $179K. That one is a traditional sale.
What SOLD in January 2016?
The number of high rise condos sold in January was only 35 units. Over the past year we’ve averaged 52 units sold per month in the top buildings. 35 units is disappointing after we closed 61 units in December. The drop is likely seasonal since we only sold 31 units in January 2015.
One of the condos sold in January was a short sale. Unit 3704 at SKY Las Vegas featured 2 bedrooms, 2 baths in 1100 sf. It was listed at $280K and closed for $260K.
Only one of the condos that sold in January was a foreclosure. Studio unit 1820 at Palms Place was listed for $164,900 and sold for $162,182. The condo was sold furnished.
Top prices per square foot in January were paid at Veer Towers. Two units topped the $500/sf price and one fetched $628/sf. Unit 3209 in Veer Towers East was listed for $465K and closed for $450K for the 716 sf one bedroom, one bath suite. Units 2905 and 2207 in Veer Towers West closed for $515/sf and $514/sf.
The most expensive condos sold last month include two residences that topped $2 Million. Unit 1201 at ONE Queensridge Place Bldg. 1. The 4792 sf residence was listed at $2.475M and closed for $2.36M. Top price was paid for the 12,940 sf penthouse shell on the top floor of The Martin. Listed for $4.5M it closed for $4.25M. Sold as a shell, it did include the plans for building out with 6 beds/6 baths/ 3 half baths plus a steam room. It has the potential to be an incredible residence for the lucky owners.
Las Vegas High Rise Market Trends
Today’s listings would last ten months if no new condos came on the market. The high rise market still favors buyers. If the January slump continued, the current supply would take even longer to absorb.
Palms Place had the highest sales volume in January with nine condos sold. They were followed by 7 condos at Panorama Towers and 5 a MGM Signature. Bear in mind, these numbers are based on units that are sold through the Las Vegas MLS. It doesn't include many of the "developer" units which don't make it into the MLS. It is more useful in looking at what to expect if you are buying or selling a resale condo.
Debbie Drummond is a Full Time Realtor with over ten years experience in the Las Vegas Real Estate Market. She and her team of Real Estate Pros offer the highest level of service. If you’re buying or selling a Las Vegas home, call (702)354-6900 or email Debbie@LVHomePro.com. They’ll be happy to assist you in your move.