High Rise Market Update September 2013
The high rise market continues to absorb inventory. The Martin just announced that it has now sold 80% of the building's units. Owners are now in charge of the Homeowner's Association and with the majority of the residences being purchased with cash and/or a minimum of 10% down when financed, we feel this building is on strong ground financially.
Veer Towers is also selling quickly. Sales Broker, Jim Navarro was interviewed by local NBC News and reported that Veer Towers has sold 72 condos from Feb. 2013 through the end of July 2013. Considering the property only sold 11 units in all of 2012, this is quite impressive. Good news for owners at Veer Towers - a Judge has granted MGM's request to demolish the Harmon Hotel. While the Harmon would have been a nice amenity had it been completed, having it out of the way will enhance views for many of the units.
Current High Rise Listings
As of today, September 5, 2013, we have 394 high rise units listed in our buildings that were built after 2000 with at least 10 floors. Ten of the units listed are short sales and ten of them are foreclosures. Lowest price for a high rise condo is a studio at MGM Signature which is listed at $150,888. Highest price is $8,888,888 for an 8205 sf penthouse in Tower 4 at Turnberry Place. The penthouse is one of the foreclosed properties.
Condos sold in August
In the month of August we had 51 closings in the buildings covered here. That is lower than the 57/month average for the past year. We suspect the July heat may have kept some of the typical high rise buyers out of town. We're also seeing a lack of the bargain basement prices that attracted the investors over the past few years. With 51 closings per month, our current inventory is a seven month supply. More than six months supply is generally tilted in favor of the buyers, but seven months of inventory is much better than the 3 years we had at the worst point in the market.
Only four of the high rise condos that sold in August were short sales. One foreclosure sold at SKY. Cash is still King in the high rise market. Only ten of the high rise condos that sold in August were purchased with financing. This included developer condos at the Martin, ONE Queensridge and Turnberry Towers. One condo at SKY Las Vegas and another at Palms Place were purchased with conventional loans. The remaining 38 condos were purchased with cash.
Summary of activity in each of the Major High Rise Towers
Allure has 28 condos listed for sale. Prices range from $219,900 for unit 2312 - a 974 sf 1 bedroom/2 bath. Most expensive residence at Allure is unit 4002, a 4237 sf penthouse with 3 beds/3 baths. One condo sold at Allure in August.
- Unit 3311 was listed for $222,900 when it closed for $220K. It offered 1090 sf with 1 bed/1 bath.
Cosmopolitan currently has one suite available. Unit 3189 is listed for $1,315,000. It offers 1260 sf of living space with 1 bedroom and 1 baths. No units were sold in Cosmopolitan during August.
Mandarin Oriental has 17 units available in the MLS. Prices range from $785K for a 1 bed/2 bath suite with 1105 sf of space to $5,900,000 for a 5628 sf penthouse with 3 bedrooms and 5 baths. One residence sold in August.
- Unit 4107 offered 2167 sf of space with 2 beds/2.5 baths. It was listed for $771,888 and sold for $770K. This one was sold using "Owner Will Carry" financing.
The Martin has 22 condos listed for sale. Prices range from $299,800 for unit 706 to $1,499,000 for unit 1707 (the 3090 sf 3 bed/3 bath custom suite that was designed for Tobey Maguire). Six condos were sold at the Martin in August, helping them reach their 80% SOLD status.
- Unit 1910 listed for $826,546 Sold for $768K. Featured 1962 sf, 2 beds/3 baths
- Unit 1109 Listed for $569,160 Sold for $529K. 1652 sf with 2 beds/2 baths
- Unit 3301 Listed for $442,627 Sold for $411K 1052 sf with 2 beds/2 baths
- Unit 3802 Listed for $411,188 Sold for $381K 1111 sf with 2 beds/2 baths
- Unit 3506 Listed for $410,267 Sold for $372,808 1111 sf with 2 beds/2 baths
- Unit 500 Listed for $327,500 Sold for $322K 1035 sf with 1 bed/1 bath
Metropolis has two condos for sale. Unit 1006 offers 2704 sf with 2 beds/2 baths for $467,500. Unit 1903 offers 4614 sf with 3 beds/4 baths on the top floor of the building. One residence closed in August.
- Unit 805 was listed for $599K when it closed for $515K. It featured 3101 sf of living space with 2 beds and 3 baths.
MGM Signature has 63 options for buyers. Prices range from $150,888 for a studio to $625K for a 1 bedroom with the adjacent studio. There were 13 sales at MGM during August. SOLD prices ranged from $159K for a studio on the 7th floor of Tower 3 with Mountain views to $400K for two adjacent studios on the 27th floor of Tower 3 with Strip views.
- Unit 2715 & 2717 Tower 3 Listed for $458,888 Sold for $400K Combo of 2 adjacent studios with Strip view
- Unit 2801 Tower 1 Listed for $349,900 Sold for $320K 874 sf 1 bed/2 bath with Strip view
- Unit 2121 Tower 2 Listed for $279,888 Sold for $250K 874 sf 1 bed/2 bath Strip view
- Unit 2120 Tower 1 Listed for $259,888 Sold for $235K 874 sf 1 bed/2 bath Mountain view
- Unit 2315 Tower 2 Listed for $199,500 Sold for $195K 520 sf Studio with Strip view
- Unit 2603 Tower 1 Listed for $197,500 Sold for $190K 520 sf Studio with Strip view
- Unit 1005 Tower 1 Listed for $197,500 Sold for $190K 520 sf Studio with Strip view
- Unit 3316 Tower 3 Listed for $180K Sold for $170,500 520 sf Studio with Mountain view
- Unit 1109 Tower 1 Listed for $179K Sold for $175K 520 sf studio with Strip view
- Unit 2118 Tower 3 Listed for $179K Sold for $175K 520 sf studio with Mountain view
- Unit 811 Tower 3 Listed for $169K Sold for $164K 520 sf studio with Mountain view
- Unit 404 Tower 1 Listed for $165K Sold for $150K 520 sf studio with Mountain view
- Unit 718 Tower 3 Listed for $159K Sold for $159K 520 sf studio with Mountain view
Newport Lofts has four condos available. Lowest prices is $189,900 for unit 901, a 911 sf studio. Highest price is $599K for unit 2102, a 2 story penthouse with 1904 sf, 2 beds and 2 baths. No condos closed escrow at Newport during July.
ONE Queensridge Place has 22 residences listed for sale. Lowest price is $699K for a 1990 sf 2 bed/3 bath villa overlooking the courtyard. Highest price is $3.349M for 5074 sf of luxury with 3 beds and 4 baths. Three residences closed escrow at ONE Queensridge Place in August.
- Unit 1407 in Tower 2 Listed for $975K Sold for $930K. Featured 2271 sf with 2 beds and 3 baths
- Unit 704 in Tower 2 Listed for $1.379M Sold for $1.379M Featured 3100 sf with 3 beds/4 baths
- Unit 1603 in Tower 1 was listed for $3.35M Sold for $3,050,000. Featured 4968 sf of living space with 4 beds and 5 baths
Palms Place has 21 suites available. Prices start at $179,900 for a studio on the 34th floor. Highest list price is $2.49M for a penthouse on the 56th floor with 3300 sf of living space. Five suites sold at Palms Place in August.
- Unit 1921 Listed for $314,900 Sold for $310K 1220 sf 1 bed/1 bath
- Unit 3204 Listed for $219K Sold for $192,500 615 sf Studio
- Unit 3206 Listed for $219K Sold for $192,500 615 sf Studio
- Unit 35305 Listed for $199,800 Sold for $195K 615 sf Studio
- Unit 3919 Listed for $194K Sold for $194K 615 sf studio that was only on the market one day
Panorama Towers currently has 33 condos available. Lowest price is unit 1202 in Tower 1 with 775 sf, 1 bedroom and 2 baths. Highest price is $995K for Unit 2701 with 2469 sf, 2 beds/3 baths. Five condos were sold during August.
- Unit 2407 Tower 1 Listed for $525K Sold for $470K 1613 sf, 2 bed/3 baths with Strip views
- Unit 1412 Tower 1 Listed for $520K Sold for $495K 2189 sf, 2 bed/3 bath with Strip & Mountain views
- Unit 2012 Tower 2 Listed for $495K Sold for $495K 2173 sf, 2 bed/3 bath with Strip & Mountain views
- Unit 2-105 Loft by the Pool Listed for $370K Sold for $345K 1815 sf 2 bed/2 bath with Pool views
- Unit 706 Tower 1 Listed for $269K Sold for $260K with 1372 sf, 2 beds/2 baths & Mountain Views
Park Towers has nine residences listed for sale. Priced from $825K for unit 304 with 2126 sf and 3 bedrooms. Most expensive residence currently available is unit 1003 with 4903 sf, 3 beds/6baths for $3.65M. One residence was sold at Park Towers in August.
- Unit 502-A was listed for $990K and sold for $960K. It featured 2055 sf with 2 beds/3 baths and was only on the market 9 days.
SKY has 19 condos listed for sale. Prices range from $209,900 for 1807, a 2 bed/2 bath, 1100 sf condo. High price is Penthouse 4305 with 5184 sf, 3 beds/5 baths for $5.6M. Two properties sold.
- Unit 805 was listed for $185K and sold for $179,300 with 1 bed/1 bath in 778 sf.
- Unit 511 was listed for $214K and sold for $212K with 986 sf, 1 bed/1 bath.
SOHO Lofts has three condos listed for sale. They range from unit 814 listed for $214,900 for 1277 sf to unit 712 for $369,900. Unit 712 is a corner unit with 1785 sf. One condo sold at SOHO in August.
- Unit 706 was listed for $298K and sold for $295K with 1590 sf and 2 bed/2 baths.
Trump LV has 43 suites listed for sale. Lowest price is studio #1616, listed for $204,500. Highest price is Penthouse #6003 listed for $2.65M. This one offers 3340 sf with 3 beds/4 baths. Four suites were sold in August.
- Unit 5426 Listed for $600K Sold for $413K 910 sf 1 bed/2 bath with South Strip Views
- Unit 5504 Listed for $349K Sold for $345K 533 sf Studio with South Strip Views
- Unit 2708 Listed for $234,900 Sold for $230K Studio with South Strip Views
- Unit 2523 Listed for $225K Sold for $220K Studio with City Views
Turnberry Place has 41 homes available for sale. Lowest price is #408 in Tower 4. Listed at $299,900 this is a 1 bedroom/2 bath condo with 1179 sf. Highest price is Penthouse 3801 in Tower 4. Listed at $8,888,888 it features 8205 sf, 5 beds/9 baths and is a foreclosure. Only 3 condos sold at Turnberry Place in August.
- Unit 1602 in Tower 2. Listed for $675K it sold for $650K. This is the 2805 sf 3 bed/3 bath plan.
- Unit 1003 in Tower 2 Listed for $449,950 Sold for $453K 2195 sf, 2 bed/3 baths
- Unit 404 in Tower 1 was listed for $435K and sold for $426,300. It is the 2050 sf plan with 2 beds/2.5 baths.
Turnberry Towers has 17 condos listed for sale in the MLS. Prices start from $235K for unit 305, a 1 bedroom condo. Highest price is Penthouse 4307 at $874,500. This is the 1657 sf, 2 bed/2 bath with den plan. Three condos sold at Turnberry Towers in August.
- Unit 3505 West Tower listed for $670K and sold for $655K. This one is the 1646 sf, 3 bed/2.5 bath plan.
- Unit 1207 West Tower Listed for $550K, Sold for $512K This is the 1657 sf 2 bed + den/2 bath end unit with floor to ceiling windows
- Unit 806 West Tower listed for $242K and sold for $235K 814 sf, 1 bed/2 baths
Vdara has 19 suites available for sale. Starting price is unit 7039 with 608 sf, listed for $299K. Highest price is a 1 bedroom, unit 52001 listed for $989K. No units were sold at Vdara in August.
Veer Towers has 30 residences listed for sale in the MLS. Prices start at $284,100 for #1010, a 558 sf studio. Highest list price is $2,980,000 for a 6050 sf penthouse with 5 beds and 7 baths. This one is a grey shell penthouse that will need finishing. There were two that sold through the MLS in August (although we believe more developer owned units were sold that were not entered in the MLS).
- Unit 1402 was a 1013, 1 bed/2 bath condo listed for $492,879 and sold for $419K.
- Unit 1511 an 825 sf 1 bedroom residence. It was listed for $369,888 and sold for $350K.
This monthly housing update is provided by Debbie Drummond with Simply Vegas Real Estate. Debbie is an expert in the Luxury Home and High Rise Market. To buy and sell your high rise condo, call (702)354-6900 or email [email protected]