Las Vegas High Rise Condo Market

Posted by Debbie Drummond on Tuesday, November 7th, 2017 at 3:19pm.

Las Vegas High Rise News - October 2017

Las Vegas top luxury high rise buildings have 371 condominium homes listed for sale today.  Only a few less than the 379 available last month.  We sold 78 homes in those building in October.  Up from 55 in September and 66 the prior month.

Top sellers in October - ONE Las Vegas had the highest sales volume with 11 condos sold.  It was followed by Signature at MGM with 10 condos sold in the three buildings.  Veer Towers placed third with 9 closings.

The Ogden came in fourth place with 7 units sold.  The Martin, Panorama Towers, SKY and Palms Place tied for the fifth place.  Each sold 6 units in October.

Las Vegas High Rise Price Trends - Only two luxury condos sold for more than $1 Million in October.  Most expensive was Penthouse 6301 at Trump.  Listed for $1.85M, it closed for $1.638M after only 5 days on the market.  The 1735 sf penthouse was furnished and featured panoramic views of the Strip.

Veers Towers unit 3504 was listed for $1.695M and sold for $1.5M after 194 days on the market.  With floor to ceiling windows, it offered a view of the Bellagio fountains in 2216 sf of living space.

Top price per square foot - 14 condos sold for more than $500/sf.  7 of them topped $600/sf.  The top prices per sf were all at The Mandarin Oriental.  Unit 2505 went for $706/sf.  Unit 3801 sold for $692/sf.  Unit 2602 closed at $688/sf.  The Mandarin has established itself as "The" luxury residence in the heart of it all.

Lowest prices - two high rise condos sold for less than $200K.  Unit 218, a studio in MGM Signature's Tower 1 was listed for $189,888 and sold for $180K.  Unit 702 in Panorama Towers, Tower 2 was listed for $179,888 and closed for $180K.  The MGM condo was a traditional sale but the Panorama Towers condo was a short sale.

Only one high rise condo sold for less than $200/sf in October.  Unit 1015 at SOHO Lofts closed for $199/sf.

High Rise Condos SOLD - October 2017

Las Vegas High Rise News - September 2017 

Looking to buy a Las Vegas high rise condo?  As of today, you have 379 options in our top buildings.  That’s only a slight decrease from 386 last month.  We sold 55 luxury condos in September compared to 66 last month. 

Top sellers in September - Veer Towers took the lead again with 9 condos sold.  Buyers who are interested in that location should make their move sooner rather than later.  A few weeks ago when I was there, the on-site sales office was down to only 15 condos left.  By now, it’s probably fewer.  

ONE Las Vegas was second place with 8 condos sold.  Third place was a tie between Turnberry Place, Turnberry Towers, Signature at MGM, Panorama Towers and The Mandarin.  Each of those buildings had five condos that sold.

Las Vegas High Rise Price Trends - Only three condos sold for more than $1 Million last month.  The two top prices were at The Mandarin.  Penthouse 4306 was listed at $4.995M and sold for $4.6M.  Unit 3306 was listed for $2.05M and sold for $2M.  ONE Queensridge Place took third place.  Unit 404 was listed for $1,297,900 and sold for $1.1M.

Lowest prices were at MGM Signature where two studio units sold for $187,500 and $198K.  Those were the only units to close for less than $200K in September.  While their prices were under $200K, their price per square foot was still a nice $361 and $381.  

Lowest prices per square foot were at Turnberry Place.  Unit 401 closed at $165/sf and unit 703 sold for $169/sf.  Highest prices per square foot were at The Mandarin Oriental.    Unit 3401 closed at $692/sf.  Unit 4306 fetched $1173/sf.  Unit 3306 went for $1194/sf.

 

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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