Las Vegas High Rise News - April 2018
The Greater Las Vegas MLS currently has 445 condos in our top high rise buildings for sale. Up from 412 last month. We’ve seen a steady increase over the 319 condos for sale at this time last year.
We sold 62 condos in those same buildings. A slight increase from the 58 we sold in March. Down from 70 in April of last year.
Top Sellers in April - Palms Place took the lead with 10 condos sold. It was followed by 8 closings at MGM Signature. ONE Queensridge Place and Turnberry Towers tied with 5 closings each.
Las Vegas High Rise Prices - Sales volume may be a little sluggish but prices are strong. We sold 9 luxury condos priced above $1 Million in April. In fact, 6 of them were above $2M and 3 above $3M.
Top price paid was Turnberry Place Tower 1 #3703. Listed at $4.499M it sold for $4.15M after 152 days on the market. The penthouse included 4 bedrooms, 6 baths in 6401 sf. It featured a deck with double fireplace and swimming pool.
Waldorf Astoria #2605 was second most expensive high rise closing. Listed at $3.99M, it sold for $3.6M after 83 days on the market. The residence offered 2 beds/3 baths in 2998 sf.
Trump Penthouse 6303 was listed for $3.2M and sold for $2.9M with only 1 day on the market. This furnished penthouse offered 3 bedrooms and 4 baths.
Price Per Square Foot - All three of the highest prices per square foot were at CityCenter. Top price was Waldorf Astoria’s Residence 2605. It closed at $1201/sf.
Second highest price was square foot was Veer Towers West #2502. It sold for $892/sf. Third place was Vdara #50012. The furnished condole sold for $874/sf.
Lowest Prices - The condos that sold last month were all over $200K. Lowest price paid was for Studio #2724 at Trump. Listed for $215K it sold for $215K in only 6 days. Palm’s Place #16-30 was listed at $235K and sold for $225K after 28 days on the market.
Lowest Price Per Square Foot - The lowest prices per square foot continued to be found at Allure. Unit 3311 closed for $218/sf. Unit 3711 closed for $229/sf. Unit 809 at SOHO tied Allure’s #3711 at $229/sf.
SOLD in April 2019:
Las Vegas High Rise News - March 2019
Las Vegas High Rise News - February 2019
The number of luxury high rise condos for sale continues to increase. We have 398 listed for sale in the buildings we follow here. That’s up from 385 last month and 357 the month before. It’s a huge jump from 313 a year ago.
We only sold 38 high rise condos in our top buildings last month. That’s down from 42 last month, 45 the month before and 52 in November. A pattern of steady decline while inventory is increasing. We sold 62 high rise condos last February.
Top Sellers in February - Trump International had the highest number of closings. Six units sold in that tower last month. Second place was Turnberry Place with four closings. Turnberry Towers, Palms Place, Panorama Towers and Allure tied for third place. Each of those buildings recorded 3 closings.
Las Vegas High Rise prices - We did sell three high rise condos priced above $1 Million. Top price was Veer Towers West #2601. Listed at $1,988,888, it sold for $1.835M after 117 days on the market. Second was Waldorf Astoria #2506. Listed at $1.85M, it sold for $1.65M after 168 days on the market. Third was ONE Queensridge Place Building 1, #1203. Listed for $1.299M, it sold for $1.2M after 28 days on the market.
Price per Square Foot - The three highest prices per square foot were all in the CityCenter complex. Top price was Waldorf Astoria #2506. This 1675 sf residence was sold as an unfinished “grey shell”. It closed at $985/sf.
Second highest price per square foot was Veer Towers West #2601. This one closed at $879/sf. Vdara #16040 closed at $594/sf.
Lowest Price - Once again, Allure took the prize for lowest price. Unit 803 was listed for $219,900. It closed for $212K with 28 days on the market. Also at Allure, #2112 was listed for $219,880 and closed for $217K after 87 days on the market. Trump was third with #2415. Listed for $225K the studio sold for $220K after 34 days on the market.
Lowest Price Per Square Foot - Allure had the lowest price per square foot in February. Unit 2112 closed at $223/sf. Turnberry Place Tower 1, #2104 was close behind at $227/sf. Newport Lofts #1211 came in third at $232/sf.
Las Vegas High Rise News - January 2019
SOLD in January 2019:
Las Vegas High Rise News - December 2018
Las Vegas High Rise News - November 2018
Las Vegas High Rise News - October 2018
Buyers have 343 options available in our top high rise buildings. That’s a jump from 320 last month but lower than the 363 luxury condos in our top building last year.
We sold 70 high rise condos in our top buildings last month. That’s up from 54 last month but lower than the 83 we averaged over the three months of Summer. It ties the 70 units sold in October 2017.
Top Selling High Rise Buildings in October - Juhl led our high rise buildings with 13 units sold. All but one of the 13 units sold were developer units that sold with zero days on the market. MGM Signature was second with 11 units sold. Third place was ONE Las Vegas with 7 closings. Five of those seven were previously unsold “developer” units that had zero days on the market.
Most Expensive Deals - Five high rise condos sold for $1 Million or more, with three closing at more than $2.4M. All three of the top sellers were at Waldorf Astoria. It would seem that the change from Mandarin Oriental to Waldorf Astoria has not discouraged affluent buyers.
Most expensive was unit 4102. This 2247 sf residence had 2 bedrooms, 3 baths. It was listed for $3.69M and closed for $3.6M after 51 days on the market. Second place was 3604. This 2563 sf home offered 2 bedrooms and 3 baths. It was listed for $3.15M and sold for $3M after only 6 days on the market. Third place was 3509. It offered 2 bedroom, 3 baths in 2094 sf. Listed at $2.72M, it sold for $2.45M after 63 days on the market.
Highest Price Per Square Foot - The three highest prices paid also took the honors of the three highest prices per square foot. Unit 4102 came in at an incredible $1602/sf. Unit 3604 closed at $1171/sf. Unit 3509 was a very close third at $1170/sf. Waldorf Astoria continues to fetch the highest price per square foot of our high rise buildings.
Lowest Prices - We actually had two condos that sold for less than $200K last month. Lowest price was unit 3509 at Allure. Listed for $190K, it sold for $188K after 16 days on the market. Second lowest price was 818 at Juhl was a developer unit. It sold for $190,900 with zero days on the market. Juhl #427 was third lowest price at $210,900 with zero days on the market.
Lowest Price Per Square Foot - Lowest price per square foot was unit 604 at Allure. This one closed at $203/sf. It was followed by unit 1501 also at Allure. It closed for $211/sf. Third place was #1218 at ONE Las Vegas. It closed at $220/sf.
Las Vegas High Rise News - September 2018
Las Vegas High Rise News - August 2018
SOLD in August 2018
Las Vegas High Rise News - July 2018
Las Vegas High Rise News - June 2018
Today’s High Rise buyers have 311 high rise options available in our top high rise buildings. That’s up from 293 last month.
We sold 85 luxury condos in those same buildings. That was a nice increase over 70 the month before and 66 the month before that. If we continued selling 85 per month (which isn’t likely), today’s inventory would be gone in less than 4 months.
Top Selling Communities in June - ONE Las Vegas takes first place for the second month. This month they sold 13, 3 less than in May. Prices ranged from $289,900 to $509,900.
JUHL came in second with 10 units sold. Closing prices there ranged from $178,900 to $423,900.
Turnberry Place came in third with 9 units sold. Prices ranged from $325K to $1,385,000. Turnberry Towers, across the Street was 4th with 8 condos sold. Closing prices started at $250K up to $638K.
Signature at MGM was 5th place with 7 units sold. Prices started at $258K up to $349K. ONE Queensridge Place was next with 6 condos sold. Prices here started at $907K and went up to $4.15M. ONE Queensridge Place continues to rival the Mandarin Oriental for top prices.
Highest Price - Nine high rise condos closed at more than $1 Million. Top price was for unit 1501 at ONE Queensridge Place Tower 2. List price was $4.5M when it closed for $4.15M. Also at ONE Queensridge Place, unit 602 was second most expensive with a list price of $2.3M and closing price of $2.3M. Third place was unit 103 at ONE Queensridge. It was listed for $2,499,000 and sold for $2.25M. Six more high rise properties sold between $1-$2M in June.
Highest Price Per Square Foot - Veer Towers West unit 3603 closed at $844/sf. It was followed by unit 1501 at ONE Queensridge Place which fetched $710/sf. Veer Towers East #2404 was third highest at $684/sf.
Bargains in Las Vegas High Rise Market - Lowest price per square foot was Turnberry Place Tower 3 Unit 302. This one closed for only $175/sf. The other condo that sold for less than $200/sf was Allure. Unit 1011 sold for $197/sf.
Only two high rise condos closed for less than $200K. Both were 566 sf, 1 bed/1 bath condos at JUHL. Unit 381 sold for $178,900 and unit 918 closed for $190K. These were both previously unsold developer units.
Other High Rise News - The Mandarin Oriental brand is leaving Las Vegas. MGM Resorts announced that Waldorf Astoria is buying the Mandarin Oriental. It will accept Hilton Honors points and the domain WaldorfAstoriaLasVegas.com has been registered. Property values should continue to be strong whether it's called Mandarin Oriental or Waldorf. It offers a terrific location with luxury finishes. It is rumored that Waldorf will be spending $50 Million to renovate the property. Another reason we don't expect any negative impact on property values.
Owners at Turnberry Place had good news as well. The moth-balled Fontainebleau structure has been sold. The NY Hotelier who bought it will be working with Marriot to finish the structure and open The Drew. No date has been announced for the completion but it will definitely be more appealing when lights are on.
Renovations are moving along at The Stirling Club in the midst of Turnberry Place. Latest newsletter says the pool has been resurfaced. Restoration of the tennis courts is almost complete. Stirling Club will be partnering with Starbucks to open a coffee shop. New owners have already invested more than $1 million for repairs and renovations. It should be back to its old grandeur in no time.
Las Vegas High Rise News - May 2018
Buying a Las Vegas High Rise? Today there are only 293 units available in the top buildings we follow for this report. That’s the first time we’ve been below 300 high rise condos in years.
We sold 70 condos in the same buildings last month. Up from 66 last month. If we continued to sell 70 per month, today’s inventory would be gone in just over 4 months. Even in the high rise market, we’re beginning to see dwindling inventory. With less than a 6 month supply of inventory, even the luxury high rise market is beginning to favor sellers.
Top Selling Communities in May - ONE Las Vegas sold 16 condos. Prices ranged from $288,754 for a 2 bedroom, 2 bath 1338 sf unit on the 8th floor to $949,900 for a 3 bed/4 bath 2872 residence on the 18th floor.
Second place was Trump with 8 unit sold. Closing prices started at $228K for a 533 sf studio on the 45th floor. Top price was $490K for a 910 sf one bedroom condo on the 50th floor.
Third place was The Ogden with 7 units sold. Lowest closing price was $279,900 for a 1 bedroom/2 bath 847 sf condo on the 12th floor. Highest price was $574,900 for 3 beds/3 bath 1847 sf on the 16th floor.
Highest Price - only one luxury condo closed for more than $1 Million in May. Unit 2404 at Turnberry Place Tower 2 sold for $1,060,000. The 4103 sf residence featured 4 bedrooms, 5 baths. It was listed for $1.2M and had been on the market for 30 days.
Price Per Square Foot - Top price per sf was at Vdara. Unit 16001 closed for $676/sf. Second place was unit 5027 at Trump closed for $556/sf. Third most expensive price per sf was also at Trump. Unit 5026 closed for $538/sf.
Bargains in the High Rise Market - Lowest prices per square foot were found at Allure where two condos closed for less than $200/sf. Unit 209 closed at $193/sf. Unit 2011 closed for $196/sf.
Las Vegas High Rise News - April 2018
Looking to buy a luxury high rise? You have 319 options available as of today. Down from 322 last month but up from 313 the month before. We sold 66 high rise condos in the top Las Vegas buildings last month. Down from 71 last month but up from the previous two months.
Top Sellers in April - Five buildings tied for first place. Top sellers for April: Turnberry Towers, Turnberry Place, Trump, SKY and MGM Signature. Each of those properties had six transactions in April.
This is the first time that Mandarin Oriental and Veer Towers weren’t leading the pack. Sales activity at Mandarin has been high in recent months. We reported that 20 units sold there in February. There are currently 13 condos listed for sale at The Mandarin and one that is in contract. Veer Towers only had four closings in April, down from 11 in March.
Four luxury condos closed for more than $1 Million. Top price was unit 3503 at Turnberry Place Tower 2. The 4007 sf residence was listed for $2.95M and sold for $2.7M after 223 days on the market. Unit 3301 in Turnberry Place Tower 1 was listed for $2,108,888 and closed for $1,944,500 after 61 days on the market. This residence was 5779 sf with 4 bedrooms and 7 baths.
One Queensridge Place Tower 2, Unit 403 was third most expensive deal. Listed at $1.250M the 2638 sf condo sold for $1.175M after 52 days on the market. Unit 301A at Park Towers was fourth place. Listed for $1.195M, it sold for $1.1M.
Top prices per square foot - The Mandarin Oriental consistently gets the highest price per square foot. Since no units changed hands at Mandarin in April, the field opened up a bit. Vdara, also in CityCenter recorded the highest price per square foot. Unit 50014 closed at $824/sf.
Surprisingly, Turnberry Place, Tower 2 Unit 3503 came in second at $674/sf. Veer Towers took 3rd and 4th with unit 1406 at $670/sf and unit 906 at $635/sf. In all, there were 11 high rise condos that fetched over $500/sf. It included units 3117 and 2911 at MGM Signature which closed at $596/sf and $572/sf.
Bargains in the High Rise Market - Only one high rise condo closed for less than $200/sf in April. Allure's Unit 2010 closed for $188/sf. The other bargain in April was MGM Signature Tower 3. Unit 904 was the only high rise to close for less than $200K. Lucky buyers picked the 520 sf studio up for $189K. This was still a respectable $363/sf.
Las Vegas High Rise News - March 2018
High rise buyers have 322 luxury condos available today. Up slightly from 313 last month. We sold 71 high rise condos in the buildings we follow in March. Up from 62 in February and 58 in January.
Top Sellers in March - Veer Towers had 11 closings for the month. The CityCenter complex seems to be gaining in popularity. The Mandarin Oriental had 20 closings in February but was down to 5 closings in March. Both properties are ideally located and offer terrific amenities.
Veer was followed by MGM Signature and Trump. They tied with 8 closings in each of those communities. The Ogden was fourth with 7 condos sold.
Four high rise condos closed for $1 Million or more. The highest priced closing was unit 1704-E at Park Towers. The 4903 sf residence sold for $632/sf. It was followed by Mandarin Oriental’s Residence 3103. Listed for $1.95M and closed for $1.95M with zero days on the market.
Veer Towers East Unit 1508 was third most expensive. Listed for $1.213M it closed for $1.119M. Residence 3710 at The Mandarin Oriental was listed for $1.2M and closed for $1.1M.
Highest price per square foot continues to be found at Mandarin Oriental. Unit 3103 fetched $1180/sf. Unit 3710 sold for $995/sf. Unit 3211 sold for $873/sf.
Bargains are still to be found - Five condos sold for less than $200/sf. The lowest price was unit 405 at Metropolis. It went for $187/sf. It was followed by Unit 1602 at Allure which closed for $193/sf. Unit 1408 at Allure and unit 501 in Tower 2 at Turnberry Place both closed at $194/sf. Unit 407 at Allure came in at $196/sf.
Las Vegas High Rise News - February 2018
Las Vegas High Rise Condos SOLD February 2018
Las Vegas High Rise News - January 2018
Las Vegas High Rise News - December 2017
We have 354 high rise condos for sale in Las Vegas top buildings. Down from 363 last month and 371 the month before. It appears the high rise inventory is gradually being absorbed. We sold 77 high rise condos in December, up from 70 in November.
Top Sellers in December - Trump and Veer Towers tied for most sold with 8 closings in each community. Advantage to Trump since it’s only one tower while Veer is two. Third place was Turnberry Place with 7 condos sold in its four towers. Fourth place was a tie between The Martin, Mandarin Oriental and Palms Place.
Las Vegas High Rise Prices - Eleven of the condos sold in December closed for more than $1 Million. In fact, 3 closed for more than $3 M with 5 closing in the $2-$3M price range.
Top prices continue to be at The Mandarin Oriental. Unit 4702 was listed for $3.25M and closed for $3.35M Cash with only one day on the market. Unit 3808 at The Mandarin was listed for $3.5M and sold for $3.3M with 37 days on the market. Third highest price was at Veer Towers West. Unit 3602 was listed for $3.6M and sold for $3.1M after 108 days on the market. All the $1M plus sales were located in either The Mandarin Oriental (four units), Veer Towers (four units) and ONE Queensridge Place with 3 $1M+ closings.
Price Per SF - 20 luxury condos sold for more than $500/sf. Half of those topped $700/sf. 4 of them were over $900/sf. Top three prices were unit 4702 at The Mandarin Oriental which closed at $1491/sf. Unit 4601 at The Mandarin Oriental came in second at $1199/sf. Unit 3808 at The Mandarin Oriental was third with $1134/sf. The Mandarin Oriental has established itself as the top high rise in town for luxury buyers.
Lowest prices - Only 3 high rise condos were sold for less than $200K. Lowest price was unit 577 at JUHL. It closed for $182,900. Unit 1906 at SKY closed for $195K. Unit 631 at JUHL closed at $197,900.
We had four condos that sold for less than $200/sf. Unit 1202 at Turnberry Place, Tower 3 closed at $169/sf. after 745 days on the market. Unit 304 at Turnberry Place Tower 3 came in at $180/sf. Unit 710 at SOHO Lofts came in at $186/sf.
Las Vegas High Rise News - November 2017
The Las Vegas MLS has 363 Luxury High Rise Condos listed for sale. A slight but steady decline from 371 last month and 379 the month before. We sold 70 high rise condos in November, down from 78 in October but still a good month, especially when you consider price trends.
Top Sellers in November - ONE Las Vegas maintained the lead with 11 condos sold. It was followed by a tie between Veer Towers and The Ogden with 8 closings in each of those communities.
Las Vegas High Rise Price Trends - Five high rise condos sold for $1.6M or higher. Three topped $2 Million. All three of the most expensive were at The Mandarin Oriental. Unit 3206 closed for $2.1M, Unit 4607 sold for $2.55M and unit 3808 closed for $2.9M. The other two high priced condos were at Trump and Veer Towers.
Top price per square foot - 18 of the condos that sold went for more than $500/sf, up from 14 in October. Three of the condos sold for more than $990/sf.
All three were the $2M plus deals at The Mandarin Oriental. Unit 3206 closed at $1254/sf. Unit 4607 sold for $1177/sf and 3808 was $997/sf. The Mandarin continues to fetch the highest price per square foot of our high rise buildings.
Lowest prices - No high rise condos sold for less than $200K last month. The lowest prices were at Palms Place where three units came in for $212K and two at $220K. All three were studio units.
Only two high rise condos closed for less than $200/sf. Unit 804 in Turnberry Place Tower 2 closed for $180/sf. Unit 205 at Allure sold for $178/sf.
High Rise Condos SOLD - November 2017
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.
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
If 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.
Top 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.