Las Vegas High Rise Market Update - July 2013

Las Vegas High Rise Market Update - July 2013 - Las Vegas high rise condos are still lagging behind the traditional housing market but they are also picking up steam.  As of today, we have 413 high rise condos available for sale in the Las Vegas MLS.  Click here to see all the condos currently available for sale.  In June, we sold 70 high rise condos through the MLS.  That translates into a six month supply of high rise condos for sale, which is a balanced market.

Only 16 of the current high rise condos are listed as short sales.  We currently have 7 high rise foreclosures for sale.  This includes a luxurious 8205 sf penthouse on the top floor of Tower 4 at Turnberry Place  with a price tag of $8,888,888.

More than the number of months of inventory and the declining number of distressed sales in the high rise buildings, we are now seeing increases in prices.  Among the units being sold by developers, The Martin has officially ended their "Spring" pricing.  Considering that they are more than 75% sold, we are not surprised.  We expect to start seeing slight increases with Turnberry Towers and Veer as their sales continue through the Summer.  Resale units are also pricing themselves higher.

We attended the Re-Opening party at Veer Towers last month.  When Pordes Residential took over Veer Towers, we heard they were going to "soften" the decor by adding art work into the hallways.  They lived up to their word.  They also showcased new models with designer interiors.  Our favorite was the Donna Karan two bedroom suite in the West Tower.  With a glass of wine and appetizers at Wolfgang Puck Pizzeria and Cucina before the party, guests got to experience how convenient it is to have go shopping or dining in Crystals and walk home within two minutes.  Veer Towers has the best location for those who want to live within a few minutes walk to great dining and shopping.

Las Vegas High Rise Market Update - July 2013 Summary of High Rise Condos Sold over the past month:

Allure - Unit 2602 with 1295 sf, 2 bed/2 baths - listed for $290K and sold for $285K

The Martin - Sold 15 condos.  Lowest price was unit 306 with 1111 sf, 2 bed/2 baths that was lsited for $233,400.  It sold for $225K.  Highest price was the 44th floor penthouse shell with 3227 sf listed for $1.43M.  The penthouse shell sold for $1,307,500.

MGM Signature sold 9 condos.  Lowest price was unit 916 in Tower 2.  This studio was listed for $164,900 and sold for $160K.  Highest price was a 1 bedroom penthouse #3808 that was listed for $324,999.  It sold for $315K.

The Mandarin Oriental - two units were sold.  3709 with 2094 sf, 2 beds/3 baths was listed for $1.361M and sold for $1.36M.  This penthouse was sold by the developer.  Unit 3505 with 2998 sf was listed for $2.1M and sold for $1.97M.  This was a resale penthouse that had originally sold for $3.156M in 2010.

ONE Queensridge Place sold four condos in June.  Lowest price was #807 with 2271 sf, 2 beds/3 baths and listed for $859K.  It sold for $840K.  Highest price was #1601 with 5844 sf, 3 beds/4 baths and list price of $3.499M.  This one sold for $3.3M.

Palms Place had three closings in June.  Lowest price was studio unit 912 listed for $170K and sold for $165K.  Highest price was 1 bedroom unit 10302, listed for $355K and sold for $327K.

Panorama Towers had three closings.  Lowest price was unit 1805 in Towers 2 with 1226 sf, 2 beds/2 baths.  This was a short sale listed for $315K that closed for $285K.  The investors who purchased this one have re-listed it for sale with a price of $367K.  The highest price was unit 2007 in Tower 1 with 1640 sf, 2 beds/3 baths.  It was listed for $495K and sold for $485K.

Park Towers had one sale with unit 608.  This one offered 2913 sf with 2 beds/4 baths and was listed for $1.199M.  It sold for $1.05M

SKY Las Vegas had three closings.  Lowest price was unit 2301 with 2 beds/3 baths in 1329 sf.  This was a foreclosure that was listed for $299,900.  It closed at $305K.  Highest price was a short sale unit #4101 with 1476 sf, 2 beds/2 baths.  It was listed for $335K and sold for $340K.

SOHO Lofts sold one condo #1415 with 1590 sf, 2 bed/2 baths.  It was listed for $286K and sold for $276K.

TRUMP LV sold four suites.  Lowest price was studio unit #2104 with a list of $245K and closing of $235K.  Highest price was another studio, unit 3128 with a list price of $330,307 and closing price of $300,001.  This one was one of Trump's previously unsold units.

Turnberry Place had five sales in June.  Lowest price was Tower 3 #1806.  This 1712 sf, 2 bed/2 bath condo was listed for $299,900 and sold for $300K.  Highest price was Tower 2, #2801.  This 2805 sf, 3 bed/3 bath suite was listed for $750K and sold for $636K.

Turnberry Towers sold three condos through the MLS in June.  Lowest price was a 1 bedroom unit 905 in the East Tower.  Listed as a short sale for $198K and sold for $198K.  Highest price was unit 1607 in the West Tower.  This 1657 sf, 2 bed/2 bath plan was listed for $549,900 and sold for $500K.

Veer Towers sold one condo through the MLS.  Unit 803 was listed for $278,379 and sold for $246K.  This was a 537 sf studio unit.

The Las Vegas High Rise Market Update - July 2013 is provided by Debbie Drummond, an experienced Las Vegas High Rise Realtor.  If you would like additional info on How to Buy or Sell your Las Vegas High Rise Condo, feel free to contact Debbie directly.