High Rise Update - November 2013

Posted by Debbie Drummond on Friday, November 8, 2013 at 2:50 AM By Debbie Drummond / November 8, 2013 Comment

What's available? Inventory of units for sale in the major high rise buildings has remained stable over the past month. In last month's update, we had 389 options. Today we have 391. This only includes the units available in the MLS without accepted offers. Of the current listings, only 15 of the available units are short sales. Foreclosures account for only 11 of the current listings. Distressed Sales only make up 6.6% of the current high rise market.

New and interesting for high rise - The most interesting development for high rise owners relates to Turnberry Place. The Stirling Club was the crowning jewel of the Turnberry Place community until it closed last year. It has become something of an eyesore as it sits there vacant and unused. The Stirling Club finally went to auction. Rumored to have been purchased for $10.5M, there is very little info on the new owners and what plans they have for the property. As soon as more info is available we'll be reporting it. In the meantime, this is the latest article in the local press regarding the auction.

Closings - In October we closed 47 units through the MLS. This is a lower number than we have seen in recent months. We feel the declining number of closings is more a reflection of the limited inventory and seasonal slow down than any sort of major market downturn. Many buyers are sitting on the fence now that the distress sale bargains are becoming more rare. Only one of the units sold in October was a foreclosure and only two were short sales.

Cash purchases continue to dominate this market, however, 14 of the high rise condos which sold in October were financed. The Martin, Veer and Turnberry Towers do have financing available for their unsold inventory. The most expensive high rise deal in October was unit 3702 in Tower 1 at Turnberry Place. It sold for $4.6M with the seller carrying $4,069,000 in "owner will carry" terms. We are beginning to see a couple of lenders who are financing purchases in this sector of the market.

With 47 units sold in the month, the current inventory translates into an 8.3 month supply of units for sale. This is leaning slightly towards buyers but it is far from a buyer's market. Especially for those who want a condo with views.

The Martin continues to hold the position of most units sold per month with 10 closings. This month Turnberry Place came in a close second with 7 closed escrows. Turnberry Place took the prize for the highest prices recorded with two penthouses that sold for $4.2M and $4.6M in Tower 1 of the community.

Summary of Closings for High Rise Buildings in October:

Allure - No units closed escrow at Allure during the month. There are twelve condos currently available in this building. Low price starts with $210K for unit 2806 a one-bedroom condo with 867 sf of living space. On the high side we have unit 4002, a penthouse with 4237 sf, 3 beds and 4 baths for $1,999,998.

Cosmopolitan - No closings and only one unit currently listed for sale. Listed at $1,315,000, Unit 3189 offers 1260 sf of space with one bedroom and two baths.

The Mandarin Oriental had one closing in October -

- Unit 3508 was the same plan with 2 beds/3 baths. It was listed for $2.098M and sold for $2.041M

Currently there are 18 residences at the Mandarin in the MLS. Prices range from $680K for unit 2810 a 1 bedroom with 1105 sf to $4.999M for 4506 with 3922 sf, 3 beds and 4 baths.

The Martin - continues to be a quick selling building. Ten condos were sold in this building through the MLS:

- Unit 307 was the 2 bed/2 bath 1111 plan. Listed for $230K it sold for $230K

- Unit 2002 was the 1111 sf 2 bed/2bath plan. Listed for $364,900 it sold for $355K

- Unit 2800 with 1035 sf, 1 bed/1 bath and balcony was listed for $389K and sold for $375K

- Unit 3706 was 1111sf 2 bed/2 bath. Listed for $406K it sold for $369K

- Unit 3405 also the 1111 sf plan. List price of $421,245 it sold for $383K

- Unit 2307 was 2 beds/2 baths with 1437 sf. Listed for $446,645 and sold for $414K

- Unit 1807 was 2 beds/2 baths with 1437 sf. List price of $456,077 closed for $415K

- Unit 2407 offered 1437 sf of space. List price $460,719. Sold for $419K

- Unit 3007 offered 1437 sf of space. List price $492,052 closed for $448K

- Unit 1409 was the 1652 sf "B" plan with balcony. List price of $569,800 sold for $519,500

These units were all previously unsold units. Currently there are 23 units listed in the MLS. Prices range from $324,888 for unit 307 with 1111 sf to $1.25M for unit 3310 with 1962 sf.

Metropolis had no closings for the month. It has one residence currently listed in the MLS. Penthouse 1903 offers 3 bedrooms/4 baths in 4614 sf is available for $4.499M.

MGM Signature - 9 units closed in October:

- Unit 909 in Tower 3 was a studio unit. List price $174,888 sold for $164K

- Unit 1519 in Tower 2 was a studio. Listed at $178,900 sold for $176,500

- Unit 3318 in Tower 3 was a studio. Listed at $189,500 sold for $168K

- Unit 1509 in Tower 2 was a studio. Listed for $189,900 sold for $170K

- Studio Unit 2105 in Tower 1 was listed for $205K. Sold for $202,500

- Studio Unit 2809 in Tower 1 was listed for $209K. Sold for $200K

- 1 bedroom unit 2608 in Tower 1 was listed for $245,888. Sold for $230K

- 1 bedroom unit 3620 in Tower 1 was listed for $299K. Sold for $280K

- Units 3701 & 3703 combined for 1394 sf were listed for $650K. Sold for $640K

There are 67 units currently available at Signature-MGM. Lowest price is Studio #416 in Tower 2 for $150K. Highest price is the combo #3301 & 3303 in Tower 2 with 1394 sf, listed for $695K.

Newport Lofts - One closing and four current listings:

- #807 with 1077 sf was listed for $194,500 and sold for $190K

Currently listed #801 a studio with 911 sf is listed for $151,100. Penthouse #2102 with 1904 sf is listed for $599K.

ONE Queensridge Place only had one sale for the month:

- #1107 features 2 beds/3 baths in 2271 sf. List price of $969K, sold for $910K

Currently there are 20 units available in the MLS. Starting with 806 in Tower 2 with 2137 sf for $930K. High price is 1801 in Tower 1 with 15691 sf of living space for $12.9M.

Palms Place saw a bit more activity with 3 units that sold in October.

- #22316 was a studio listed at $183K. It sold for $177,400

- #3020 was also a studio. Listed at $199,999, sold for $185K

- #57306 was a penthouse with 2 beds/3 baths and 2038 sf. Listed for $1.275M it sold for $1.125M.

There are 23 units currently available in the MLS. Prices range from $169,900 for studio #1220 to $2.49M for penthouse 5604 with 3300 sf.

Panorama Towers has been one of our more active communities in recent years. In October, four units were sold in these two towers:

View of the back of Bellagio from Panorama Towers

- #901 in Tower 1 was a 1 bedroom/2 bath condo with 923 sf. Listed for $245,800 it sold for $245K

- #508 in Tower 1 was 2 beds/2 baths with 1446 sf. Listed for $279,900 it sold for $265K

- #101 was one of the town homes by the pool. It featured 2 beds/2 baths in 1770 sf. Listed for $425K, it sold for $425K

- #1012 in Tower 1 was an end unit with Strip and Mountain views with 2 beds/2 baths in 1406 sf. It was listed for $425K and sold for $410K

There are currently 33 condos listed in the two towers at Panorama. Prices start with 1 bedroom unit 1202 in Tower 1 at $194,900. High price is unit 2701 with Strip views, 2469 sf, 2 beds/3 baths in Tower 1 for $995K.

Park Towers had one closing -

- Unit 404 featured 2 bedrooms/3 baths in 2126 sf List price of $895K sold for

There are currently five homes available in this community. Unit 304 offers 2 beds/3 baths in 2126 sf for $825K. Unit 1003 features 3 beds/6 baths in 4903 sf for $3.65M.

SKY Las Vegas sold four condos -

- 1 bedroom #705 with 778sf was listed for $259K and sold for $260K

- 2 bedroom/3 bath with 1467 sf #1203 was listed for $319,900 and sold for $290K

- 2 bed/2 bath with 1467 sf #1503 was listed for $319,900 and sold for $315K

- 2 bed/3 bath with 1766 sf #4008 was listed for $549K and sold for $495K

There are now 21 homes available at SKY. Lowest price is #2207 with 1100 sf for $255K. Highest price is #4305 with 5184 sf, 3 beds/5 baths for $5.6M.

SOHO Lofts had one closing -

- Unit 712 offered 1785 sf of space was listed for $369,900. It sold for $345K

There are currently no condos available at SOHO.

Trump LV had three closings in October -

- Studio unit #2515 was listed for $219K and sold for $180K

- Studio #3312 was listed for $269K and sold for $245K

- Studio unit #4112 was listed for $275K and sold for $265K

There are now 43 suites available at Trump. Lowest price is $204,500K for studio #1616. Highest price is $2.65M for penthouse 6003 with 3340 sf, 3 beds/4 baths

Turnberry Place had seven sales -

- #408 was a 1 bed/2 bath residence with 1179 sf in Tower 4. Listed for $299K it sold for $280K

- #1405 in Tower 4 with 2 beds/2 baths in 1556 sf was listed for $360K and sold for $367,500

- #802 in Tower 4 offered 2 beds/3 baths in 1595 sf for $400K. It sold for $375K

- #603 in Tower 1 was 2 beds/3 baths in 2195 sf for $450K. It sold for $425K

- #3102 in Tower 4 with 3 beds/3 baths in 2805 sf was listed for $957,900 and sold for $938K - This one was sold furnished

- #3701 in Tower 1 featured 5 beds/6 baths in 5591 sf for $4.5M. It sold for $4.2M

- #3702 in Tower 1 with 3 beds/5 baths in 6421 sf of penthouse living was listed for $5.25M and sold for $4.6M

There are currently 33 residences available in the four towers at Turnberry Place. Lowest price is #705 in Tower 3 with 1556 sf, 2 beds/2 baths for $290K. Highest price is penthouse 3801 in Tower 4 with 5 beds/9 baths in 8205 sf for $8,888,888. This one is also our most expensive foreclosure.

Turnberry Towers sold one condo through the MLS (the developer may have sold more units which were not listed in the MLS) -

- Unit 908 in the East Tower was the 1657 sf 2 bed/2 bath with den plan. Listed for $475K it sold for $450K.

There are currently 18 options available at Turnberry Towers in the MLS. Lowest price is 1403, a 1bed/1.5 bath with 814 sf for $284K. Highest price is 2208 the 1657 sf 2bed/2 bath with den plan in the East Tower for $788K.

Vdara reported no sales last month. There are currently 17 units listed for sale. Lowest price is Studio #9037 for $299K. Highest price is #43001 with 2 beds/3 baths in 2055 sf for $899,900.

Veer Towers reported one sale in October through the MLS (this does not include units sold directly by the developer that were not entered in the MLS). Unit 3604 in the West Tower featured 2 beds/3 baths in 2177 sf. Listed for $1.219M this one sold for $869K.

There are 25 residences listed for sale in the MLS. Prices start at $270,300 for studio unit 710 in the East Tower. High price is $1,794,975 for unit 3502 in the East Tower with 3 beds/4 baths in 3419 sf.

The monthly high rise update is provided by Debbie Drummond, a full time Realtor with more than 10 years experience in the Las Vegas high rise market. Each month we report on the buildings that are over 10 stories and built in 2000 or later. For more information on the high rise market or a specific property, call (702)354-6900 or email [email protected].