Las Vegas High Rise Condo Market

Posted by Debbie Drummond on Wednesday, September 6th, 2017 at 12:55pm.

Las Vegas High Rise News - August 2017

Veer Towers High Rise CondosIf you’re looking to buy a high rise condo you have 386 units for sale in our top buildings.  Up slightly from the 373 available last month.  We sold 66 luxury condos in August.  That’s down from the 79 in July and the 84 sold in June.  

Top sellers in August - Veer Towers had the highest number of closings with 12 condos sold.  It was followed by MGM Signature with 10 units closing.  Third place was a tie between Palms Place and ONE Las Vegas with each development selling 7 condos in August.

Las Vegas High Rise Price Trends

August was a good month for luxury condo sellers.  Seven high rise condos sold for more than $1 Million with three closing above $2 Million.  Most expensive was unit 4002 at The Mandarin.  Listed at $2.75M the 2753 sf residence closed for $2.34 M after 100 days on the market.  Second Place went to ONE Queensridge with unit 1202 in Building 2 closing for $2.2M.  Listed for $2,299,900 the condo was only on the market 39 days. Third place was also at The Mandarin.  Unit 4307 was listed for $2.35M and closed for $2.15M after 192 days on the market.   

Lowest prices were at JUHL and Allure.  Two studios sold at JUHL for $169,900 and $179,900.  A studio sold at Allure for $169,975.  Otherwise, all the high rise condos sold in August were over $200K.

Las Vegas High Rise News - July 2017

 Inventory in Las Vegas top high rise buildings is at 373 condos for sale today.  That's up from last month when we reported 346 condos for sale.  Part of the jump is due to a change in the buildings we track for this report.  Until this month, we haven't included ONE Las Vegas and JUHL.  These buildings were turned into rentals during the recession.  In fact, the few owners who had closed on units in these buildings had difficulty selling the condos once so many of them were turned into rentals.  The investors in control of them are now selling the condos as tenants move out.  Therefore, we've added them to our reporting.

We sold 79 luxury high rise condos in July.  That's a drop from the 84 we sold in June, especially since the June figure didn't include the two newly added buildings.  ONE Las Vegas sold 11 units during the month.  JUHL sold 2.  Without their transactions, we would have only sold 66.  That's about even with the 67 we sold in the same month last year.

Top Sellers in July - Panorama Towers and ONE Las Vegas tied for highest sales volume with 11 units changing hands in both communities.  Signature at MGM was second with 8 units sold.  Palms Place and The Ogden tied for third with 7 units sold in each complex.

Las Vegas High Rise Price Trends

Only 3 luxury condos sold for $1 Million or more in July.  Most expensive deal was Turnberry Place Tower 2, Unit 3301.  This penthouse was listed for $5.5M and closed for $4.5M after 341 days on the market.  The Mandarin Oriental took second place for total sales price with unit 3807.  Listed for $1.475M, it sold for $1.275M.  While the total price paid was lower, the Mandarin condo fetched $805/sf.  The Turnberry Place penthouse was close at $779/sf.  Third place was ONE Queensridge Place, Bldg 1 Unit 601.  Listed at $2.35M, it closed for $2.235M or $466/sf. 

Las Vegas High Rise News - June 2017

Inventory in Las Vegas' Top High Rise Towers is down to 346 today.  That's a big improvement in the high rise market.  That's a drop from 370 last month and from 34% from the 529 luxury condos listed in July 2016.  

Sales volume is up too.  We sold 84 luxury high rise condos in June.  Up from 64 in May and 67 in June 2016.  The increased sales volume over the past few months has brought our monthly average up to 76 units for the past year.  If sales continue at that rate, today's 346 condos would be absorbed in less than five months.

Turnberry Towers Las Vegas Luxury High RiseTop Sellers in June - Turnberry Towers was the top seller last month, with 9 luxury condos sold.  Second place was a four way tie between Palm's Place, MGM Signature, The Ogden and Veer Towers with 8 transactions in each of those buildings.  The Martin took third place with six condos sold.

Las Vegas High Rise Price Trends

The surplus inventory that has plagued our high rise market for years is finally being absorbed and prices are staying strong.  While the market is beginning to favor sellers, units that are priced at market value are selling quicker and for better prices.  An example is unit 808 at SOHO Lofts.  It was my listing and the seller was realistic.  Only three condos have sold in SOHO over the past year, including this one.  We used nearby Newport Lofts and JUHL to arrive at our price of $269K.  Within two days, we had two offers.  It sold for $270K cash and the buyer contributed to the seller's closing costs.  The building has eight units currently listed for sale.  They've sat on the market between 35 and 203 days.  

We sold seven high rise condos for $1 Million or more.  Four of the top prices were between $2M and $3.4M.  Three out of the top four were at Mandarin Oriental.  Unit 3808 with 2910 sf closed at $3.4M.  Park Towers had the second highest price.  Unit 1503 with 4903 sf closed at $3.375M.

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.

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