Las Vegas High Rise Market Update - May 2013

Las Vegas Luxury Homes & High Rise Market - May 2013

As we enter May, the number of high rise condos for sale in Las Vegas continues to decline.  We are down to only 388 units listed in the MLS.  This is just under a six month supply of high rise condos should no additional properties come onto the market.  To see the high rise residences that are currently available, click here.

Over the past year, number of high rise condos sold per month has averaged 69.  In April our MLS reports 86 "high rise" condos sold.  Closing prices ranged from a low of $90,000 for a 1296 sf 2 bedroom condo in the Marie Antoinette building.  This condo was on the sixth floor and offered 2 beds/1.75 baths.  The building is one of our older high rise properties, built in 1976.  Final sales prices was $69/sf.

The highest closing price was $3.9 Million for a penthouse on the 34th floor of Panorama Towers, building two.  This penthouse suite offers 14,176 sf of enclosed space.  It includes six bedrooms, 7 full, 1 three quarter and 1 half bath.  It also included five parking spaces on the first level of the building.  This penthouse offers panoramic views of the entire valley.

Las Vegas High Rise Market Update - May 2013 - Below is  a summary of April's activity in our favorite high rise buildings:

Allure - 2 closings.  Unit 2009 with 662 sf was the low with a list price of $155K and closing price of $129,900 after 171 days on the market. Unit 3311 with 1090 sf was listed for $154,700 and closed for $185K after 245 days on the market. This unit was a short sale which explains the lengthy time on the market as well as the large difference between list and closing price.  We have noticed a trend of banks countering at higher prices on short sale listings.

Mandarin Oriental - Sold two residences through the MLS.  Unit 3604 with 2583 sf was listed for $1.65M and closed for $1.65M.  Unit 4203 with 3980 sf was listed for $3.184M and closed for $3.1M.

The Martin sold nine condos through the MLS.  Prices ranged from $227K for unit 304 with 1111 sf.  This unit had a list price of $249,700.  The high was unit 3309 with 1652 sf.  This unit was listed for $702,900 and closed for $642K.

MGM Signature - 17 units sold.  Lowest closing price was a studio unit #205 in Tower 1.  List price of $125K and closing price of $125K.  High price for Signature in April was $525K for units 3621 & 3619 in Tower 2.  This was a combo of a 1 bedroom and studio corner unit that offered 1394 sf.  List price was $599K with the property showing 34 days on the market.

ONE Queensridge Place - Six homes sold through the MLS in April.  The lowest price was unit 207 with 2271 sf which was listed for $789K and sold for $789K.  Highest price was unit 101 with 2609 sf which was listed for $2.899M and sold for $2.5M.

Palms Place had five closings.  Lowest price was unit 2807, a studio which was listed for $160K and sold for $152K after 102 days on the market.  Highest price was unit 55302 with 3905 sf at list price and closing price of $1.65M after 100 days on the market.

Panorama Towers had 11 closings in April with a low of $199K for both the list price and Sold Price for unit 1011 in Tower 1.  This unit had 1134 sf and was on the market 21 days.  Highest price was unit 3401 for $3.9M and 14176 sf.  This residence had been on the market 811 days.

Park Towers had one transaction.  Unit 1001D was listed for $2.15M and Sold for $1M with only one day on the market.

SKY had four closings.  Lowest price was unit 2805 with 778 sf.  This unit was listed for $148,200 and sold for $125K with only six days on the market.  Highest price in the building was unit 3603 with 1467 sf.  This one was listed for $377K and sold for $370K after 3 days on the market.

Trump Las Vegas had five closings in April.  Lowest price was a studio, unit 1614 with a list price of $197K.  The studio sold for $196K after 63 days on the market.  The highest price was a one bedroom corner, suite with 974 sf.  Unit 5207 was listed for $700K and sold for $700,001 after 108 days on the market.

Turnberry Place had six closings in the four Towers.  Lowest price was unit 2605 in Tower 4.  This 2 bedroom, 1556 condo was listed for $269K and sold for $370K after 316 days on the market.  This one was a short sale.  Highest sale was unit 803 in Tower 2.  This 2 bedroom, 2195 sf condo was listed for $399,999 and sold for $405K after 3 days on the market.

Turnberry Towers had one closing in April.  Unit 501 was the 1405 sf plan.  It listed for $250K and sold $245K.

Several of our popular buildings, like Veer Towers did have closings that weren't reported in the MLS.  If your favorite building isn't covered above, feel free to email [email protected] for  Las Vegas High Rise Market Update -May 2013 for your specific building.

The Las Vegas High Rise Market Update - May 2013 contains info on properties that have been listed and sold through the MLS.  This does not include the "new" inventory that's available in a few of our remaining high rise buildings.  If you would like more detailed info on our high rise market, don't hesitate to email [email protected] or call (702)354-6900.