Las Vegas High Rise Condos Sold in November 2014
There are 453 condos listed for sale in Las Vegas' top high rise buildings. This is up a little from the 433 that were available in early November. This does include The Ogden which is now selling "developer" units. We sold 39 in November. Four of those were at the Ogden. That's a big drop from the 55 we sold in October. We did have a shorter month in November. It started and ended on a week-end. We had Veteran's Day and Thanksgiving day. Banks, Title companies and the County Recorder's office were only open 17 days in November.
Las Vegas High Rise Condos For Sale
Out of the current listings of high rise condos for sale, six are short sales. Four are foreclosures. There are 35 condos listed for less than $200K. All but one of the lower priced condos are studio units at MGM Signature or Palm's Place. There is one condo listed on the third floor of Allure for $185K. The one bedroom, one bath unit offers 999 sf of living space.
Which High Rise Condos Sold in November?
Only 2 of the condos that sold in November were short sales. Two others were foreclosed properties. The remainder were traditional sales and developer units in the buildings that still have them.
Price Trends for High Rise Condos Sold in November
Three high rise condos sold for more than $650/sf in November. The highest price per square foot was for a 610 sf studio unit at The Cosmopolitan. Only a few of the units at this property were sold as condominiums. It makes it rare to see them become available. When they do, they tend to fetch a nice price. Unit 2215 offered a view of the Bellagio Fountains and the Eiffle Tower. It was listed for $799K and sold for $675K. At $1107 per square foot, this was the highest price in November.
The Mandarin Oriental took second highest price per square foot with unit 4602. The 2 bed, 2.5 bath penthouse closed for $769/sf. The third place for price per square foot was the most expensive high rise that sold in November. Unit 103 in Building 1 at ONE Queensridge Place was listed for $2.699M. It sold for $2.57M or $662/sf. While this unit was on the first floor, it is one of the rare residences that offers a nice courtyard and detached casita.
Only 2 high rise condos sold for less than $200/sf in November. Unit 1206 at Metropolis closed for $168/sf or $455K. This is the first unit that has sold in this building in 2014. There are several others listed with prices of more than $200/sf. So far nothing has broken the $200/sf price barrier in the building. Turnberry Place was the other bargain. Unit 604 in Building 1 closed for $176/sf.
Days On Market
Sixteen of the condos that sold last month were listed for less than 30 days. Only four of those were traditional sales. The remainder were "developer" units at The Ogden, Turnberry Towers, Palms Place, Veer Towers and ONE Queensirdge Place. Average days on the market for traditional/non-developer units was 100.
Cash was used in 31 of the 39 high rise purchases.