Las Vegas High Rise Market Update - June 2013
Las Vegas High Rise Market Update - June 2013 Click here to see all current high rise condos and penthouses listed for sale.
As we enter into June, I'm beginning to sound like a broken record as the number of high rise condos listed for sale continues to decline. We currently have 383 units listed today. In the month of May, we sold 83 units thru the MLS. That brings the current inventory down to a 4.5 month supply of units. The high rise market has lagged behind the Las Vegas traditional housing market in its transition to a seller's market. With less than a six month supply, the high rise segment has also moved into a seller's market.
We do still find unsold units at Turnberry Towers, Veer, the Mandarin Oriental, Trump and the Martin. However, those buildings have been reporting brisque sales as well. The Martin recently announced that they are now 75% sold. This is very good news for those owners who were brave enough to buy in the beginning when everyone was concerned about whether the HOA was solvent.
Other good news for high rise owners is the number of distress sales has definitely declined. Only seven of the units sold last month were short sales. Foreclosures only accounted for four of the units sold. Of the current high rise condos listed for sale, only 19 are short sales. Six of the high rise condos for sale are foreclosures. This is a much lower per centage of the high rise market than we've had for the past few years. It is safe to say that at this point the high rise buildings have been through the worst of the foreclosure crisis and the majority of owners now have some real equity in the game.
Las Vegas High Rise Market Update - June 2013 Breakdown of units sold in May:
Allure - six units sold through the MLS in May. Prices ranged from $130K for a 662 sf studio on the 35th floor to $359K for an 1828 sf unit on the 7th floor.
Mandarin Oriental sold one unit through the MLS. Unit 3804 offered 2563 sf and was listed for $1.8M when it closed for $1.75M.
Marie Antoinette sold one condo. Unit 307 was 1296 sf with a list price of $94,900 when it sold for $89K.
The Martin recorded eleven closings in May. Prices ranged from $260K for unit 1705, an 821 sf 1 bedroom unit. High price was $418,500 for unit 2508 with 1437 sf.
MGM Signature had eight transactions in May. Lowest price was $150K for unit 1203, a studio that was listed for $125K when it went into contract. Highest price was $549,988 for unit 3620 and 3618, a combo of a one bedroom and adjacent studio unit on the corner of the 36th floor.
Newport Lofts had two units that sold in May. Prices were $175K for unit 810 a 1059 sf floorplan. Unit 1510 was listed for $199,900 and sold for $195K with 1059 sf.
ONE Queensridge Place sold ten condos through the MLS in May. Lowest price was Unit 12 in Tower 2 with 2046 sf. List price was $699K and closing price was $685K. Highest price was Unit 1703 in Tower 1 with 4879 sf. That one was listed for $2,999,000 and sold for $2,875,000.
Palms Place sold five units in May. Low price was studio unit 28312 which was listed for $203,999 and sold for $198,500. Highest price was 1 bedroom unit 3202. It was listed for $365K and sold for $335K.
Panorama Towers only sold five units in May. This is a very popular community but inventory is limited. Lowest price was unit 3211 in Tower 2. This 1126 sf 2 bed/2 ba condo was listed for $242K and sold for $250K. The highest price was unit 2507 in Tower 2. The 1612 sf, 2 bed/3 ba condo was listed for $475K and sold for $470K after 723 days on the market.
Platinum sold three units. Prices ranged from $199K for unit 1507 with 750 sf to $137,500 for unit 1610 with 931 sf.
Regency Towers sold six units. Lowest price was unit 16F listed at $103k and sold for $100K with 1534 sf. Highest was unit 15G with 1856 sf. That one was listed for $565K and sold for $525K.
SKY Las Vegas sold two condos. Unit 2805 was listed for $185K and sold for $185K. This was a 1 bedroom, 778 sf condo. Unit 601 with 1329 sf was listed for $275K and sold for $270K.
Trump recorded five units sold in May. All five were studios. Lowest price was unit 1617 which was listed for $205K and sold for $200K. High price was unit 2516 listed for $255K and sold for $235K.
Turnberry Place sold four units in May. Lowest price was unit 406 in Tower 2. This 1712 sf plan was listed for $364999 and sold for $325K. Highest price was unit 1801 in Tower 4 with 5809 sf. It was listed for $1,115,500 and sold for $850K.
Turnberry Towers recorded five closings. Lowest price was unit 1206 in the East Tower. This one bedroom condo was listed for $205K and sold for $205K. Highest price was unit 1401 in the East Tower. The 1405 sf, 2 bed/2 ba was listed for $307,500 and sold for $295K.
Veer Towers sold three condos through the MLS in May. Lowest price was 1 bedroom unit 306 with 987 sf. This one was listed for $356,900 and sold for $347,900. Highest price was unit 802. The 1402 sf, 2 bed/2 ba was listed for $581,900 and sold for $535K.
This is the Las Vegas high Rise Market Update - June 2013. Buildings not listed did not post any closings through the MLS in May.