Las Vegas High Rise Condos Update - December 2013
What's available this month? As we enter December there are 395 condos for sale in the most popular high rise buildings. Only fourteen of those are short sales and seven are foreclosures. Of course, the foreclosures include unit 3801 in Tower 4 at Turnberry Place. This 8205 sf penthouse is waiting for the right buyer who see the $8,888,888 value in this one of a kind residence. At this point, distressed sales only account for 5% of the current listings in our high rise buildings.
What sold in November? Only 36 units closed which is a considerable drop from previous months. Sales have been averaging over 45 per month. We suspect this drop is a combination of several factors. The first factor is seasonal. We do notice a slight drop in high rise activity after Labor Day until Thanksgiving. More important, we feel the market is responding to fewer condos that are considered "bargains". The lowest priced units available in most of our high rise buildings is considerably higher than the deals the scavengers have gobbled up over recent years. When we look at MGM Signature where buyers used to grab studio units for as little as $118K to $150K, the lowest price recorded in November was $174K for an 18th floor studio.
The good news, eight condos sold for $1 Million plus in November. Highest price for the month was $3.1 Million at ONE Queensridge Place.
Distressed Sales - Five of the high rise condos that closed in November were short sales. This included unit 1604-E at Park Towers. The 4903 sf penthouse was listed for $2,875,000 and sold for $2,028,000 on 11/15/03. Only three of the condos sold in November were foreclosures. Prices ranged from $174K for a studio at MGM Signature to $269,500 for a 2 bed/2 bath condo on the 5th floor at Panorama Towers.
Days on Market - surprisingly only ten of the units that closed last month were listed for less than 30 days. This is another sign that we're seeing fewer of the homes coming on the market at bargain prices. The nice thing is, condos that aren't steals are selling, even if it takes a little longer.
Cash purchases still account for the majority of the condos sold in our high rise buildings with 25 of the transactions in November purchased with cash. Conventional financing was used for seven of last month's escrows.
Summary of Units Sold by Building:
- Unit 608 with 2 beds/2 baths in 1563 sf was listed for $293K and sold for $291K
- Unit 3506 with 1 bed/1 bath in 867 sf was listed for $159,500 and sold for $169,500
- Unit 2810 with 1 bed/2 baths in 1105 sf was listed for $680K and sold for $650K
- Unit 2009 with 2 beds/2 baths in 1652 sf was listed for $721,050 and sold for $663,500
- Unit 706 with 2 beds/2 baths in 1111 sf was listed for $299,800 and sold for $289,900
- Unit 3714 in Tower 2 with 1 bed/2 baths in 847 sf was listed for $270K and sold for $275K
- Unit 2215 in Tower 3 was a studio listed for $214,888 and sold for $193K
- Unit 1605 in Tower 1 was a studio, listed for $210K and sold for $199K
- Unit 717 in Tower 2 was a studio, listed for $186,888 and sold for $175K
- Unit 1819 in Tower 2 was a studio, list price of $184,537 sold for $174K
- Unit 3716 was a studio, listed for $160K and sold for $195K This one was only on the market 1 day!
- Unit 1702 in Bldg 1 had 3 beds/4 baths with 5074 sf. List price of $3.349M Sold price of $3.1M
- Unit 103 in Bldg 2 with 3 beds/3 baths in 3317 sf. List Price $2.49M, Sold Price of $2.25M
- Unit 1202 in Bldg 1 with 3 beds/4 baths in 3856 sf. List price of $1.999M, Sold Price of $1.875M
- Unit 202 in Bldg 1 with 3 beds/4 baths in 3856 sf. List price of $1.599M, Sold price of $1.5M
- Unit 604 in Bldg 1 with 3 beds/4 baths in 3100 sf. List price of $1.375M, Sold price of $1.35M
- Unit 803 in Bldg 2 with 2 beds/3 baths in 2638 sf. List price of $1.095M, Sold price of $1.050M
- Unit 3102 with 1 bed/2 baths in 1220 sf. List price $469K/Sold price $405K
- Unit 2807 in Tower 2 with 3 beds/3 baths in 1612 sf. List Price $539,900, Sold price $490K
- Unit 1609 in Tower 2 with 2 beds/3 baths in 1724 sf. List price $425K, Sold price $425K
- Unit 1205 in Tower 2 with 2 beds/2 baths in 1212 sf. List price $400K, Sold price $375K
- Unit 511 in Tower 2 with 2 beds/2 baths in 1128 sf. List price $279K, Sold price $269,500
- Unit 801 in Tower 2 with 1 bed/2 baths in 955 sf. List price of $249K, Sold price of $235K
- Unit 601 in Tower 1 with 1 bed/2 baths. List price $249K, Sold price $240K
- Unit 1604 E with 2 beds/5 baths in 4903 sf. List Price $2.875M, Sold price $2.028M
- Unit 2405 with 1 bed/1 bath in 778 sf. List price $217K, Sold Price $205K
- Unit 1807 with 2 beds/2 baths in 1100 sf. List price of $209,900, Sold price $232,500
- Unit 711 with 1 bed/2 baths in 1590 sf. List price $309,900, Sold Price $303,950
- Unit 5316 - 520 sf studio. List price $299K, Sold price $285K
- Unit 3105 in Tower 4 with 2 beds/2 baths in 1556 sf. List price $450K, Sold price $440K
- Unit 903 in Tower 4 with 2 beds/3 baths in 2195 sf. List price $448K, Sold price $448K
- Unit 405 in Tower 2 with 2 beds/2 baths. List price $370K, Sold price $370K
- Unit 705 in the East Tower with 1 bed/2 baths. List price $272,500, Sold price $260K
- Unit 2801 in East Tower with 3 beds/3 baths in 2040 sf. List Price $1,234,500, Sold Price $1,075,000
- Unit 2108 in East Tower with 1 bed/1 baths in 1092 sf. List Price $578,900, Sold Price $490K
- Unit 1010 in West Tower is a studio with 558 sf. List price $284,100, Sold Price $284,100
Buildings with no closings in November included: Cosmopolitan, Metropolis, Newport Lofts and Vdara.
This monthly updated is courtesy of Debbie Drummond, a full time Realtor with over 10 years experience in the Las Vegas Market. If you're thinking of selling your high rise, call Debbie at (702)354-6900 or email [email protected]