Las Vegas High Rise News - October 2013
Currently listed - We've entered the final quarter of the year and we currently show 389 units available in the major buildings with more than ten floors. We continue to see buyers having trouble finding units on the higher floors with great views for the lower prices that became routine over the past few years. Of the current listings, only 13 are short sales and 9 are foreclosures. Distressed sales are only accounting for 5.6% of this specific market segment.
Financing has been difficult in the high rise market due to litigation and high tenant occupancy in most buildings. Nevada State Bank now has a portfolio lender who is able to finance in buildings that have been off limits to buyers who couldn't pay cash. The financing is only available to those who meet the specific credit requirements of the lender.
Closings - During the month of September, we sold 47 residences in the buildings included in this report. That's a slight drop from the 51 sold in August and a big drop from the average of 57.9 units per month we averaged over the past year. Hopefully, the slight slow down is more seasonal than a reaction to prices which have been pushed up.
The Martin won the contest for most sales with ten units sold in September. ONE Queensridge Place was second with 7 closings but they
claimed the spot for highest price paid with a 6404 sf residence in Tower 1 which closed for $4.5M.
Of the units sold in September, only four were short sales and two were foreclosures. The majority of the high rise closings were purchased with cash. Only ten included financing.
The following is a breakdown of activity in each of the buildings we follow on a monthly basis:
Allure - Currently has 28 condos for sale. Five condominiums were sold in the building in September:
- Unit 1004 listed for $254K Sold for $245K with 2 beds/2 baths and 1233 sf
- Unit 2811 listed for $245K sold for $229K with 1 bed/1 bath and 1090 sf
- Unit 1710 listed for $240k and sold for $231K with 1 bed/1 bath and 1090 sf
- Unit 2906 listed for $192,900 sold for $186K with 1 bed/1 bath and 867 sf
- Unit 503 listed for $154,900 sold for $154,900 with 1 bed/1 bath and 867 sf
Cosmopolitan - Currently has 1 condo for sale and no closings in September.
Mandarin Oriental has 17 suites listed for sale. Five were sold in September:
- Unit 4106 was listed for $3.1M and sold for $3.1M This one had 3 beds/4 baths in 3922 sf
- Unit 3908 was listed for $1,892,000 and sold for $1,863,000 with 2 beds/3 baths and 2910 sf
- Unit 4607 was listed for $928K and sold for $812,65 with 2 beds/3 baths and 2167 sf
- Unit 3001 was listed for $680K and sold for $655K with 1 bed/1 baths and 1084 sf
- Unit 2802 was listed for $680K and sold for $650K with 1 bed/2 baths and 1090 sf
The Martin has 21 residences available for sale. 10 Sold in September:
- Unit 3609 was listed for $867,845 and sold for $793,500 with 2 beds/2 baths and 1652 sf plus balcony
- Unit 2110 was listed for $865,095 and sold for $789K with 2 beds/3 baths and 1962 sf plus balcony
- Unit 1909 listed for $620,400 sold for $566K with 2 beds/2 baths in 1652 sf plus balcony
- Unit 4108 list at $596,484 sold for $556K with 2 beds/2 baths and 1437 sf
- Unit 2607 listed for $482,163 sold for $439K with 2 beds/2 baths in 1437 sf
- Unit 3801 listed for $477,202 sold for $434K with 2 beds/2 baths in 1052 sf plus balcony
- Unit 4100 listed for $438K sold for $435K with 1 bed/1 bath in 1035 sf plus balcony
- Unit 3604 listed for $412,676 sold for $375,160 with 2 beds/2 baths in 1111 sf
- Unit 3606 listed at $408,859 sold for $379K with 2 beds/2 baths in 1111 sf
- Unit 807 listed at $376,002 sold for $357K with 2 beds/2 baths in 1437 sf
Metropolis has two residences available, including the 4614 sf penthouse on the top floor that's listed for $4,499,000. One unit sold:
- Unit 1008 was listed for $575K and sold for $525K. It featured 3 beds/3 baths in 2911 sf
MGM Signature has 65 suites listed for sale and five closed transactions in September:
- Unit 3314 in Tower 2 was listed for $289,888 and sold for $235K. It was the 847 sf 1 bedroom/2 bath plan
- Unit 1920 in Tower 3 listed for $259,368 and sold for $247,500. It was the 874 sf 1 bed/2 bath plan
- Unit 421 in Tower 1 was listed for $249,888 and closed for $225K. It was the 874 sf 1 bed/2 bath plan.
- Unit 3003 in Tower 2 listed for $214,888 sold for $200K. It was a studio.
- Unit 1403 in Tower 1 listed for $175K sold for $173K. This was also a studio
Newport Lofts has 3 condos for sale. No units closed escrow in this building in September
ONE Queensridge Place has 23 homes listed in the MLS. They sold 7 thru the MLS in September:
- 1604 in Tower 2 was listed for $4,995,000 and sold for $4.5M. It featured 4 beds/5 baths in 6404 sf
- 1003 in Tower 2 was listed for $1,099,000 and sold for $1,092,000. It offers 2 beds/3 baths in 2638 sf
- 507 in Tower 2 was listed for $999K and sold for $985K. The condo has 2 beds/3 baths in 2137 sf
- 1206 in Tower 1 was listed for $939K and sold for $939K with 2 beds/3 baths in 2137 sf
- 907 in Tower 1 listed for $900K sold for $875K with 2 beds/3 baths in 2271 sf
- 1106 in Tower 2 listed for$850K sold for $825K with 2 beds/3 baths in 2137 sf
- 307 in Tower 1 listed for $849K sold for $825K with 2 beds/3 baths in 2271 sf
Palms Place currently has 24 suites available for sale. Only one condo sold here in September:
- Unit 1822 was listed for $369K and sold for $343K. This was the 1 bed/2 bath plan in 1220 sf
Panorama Towers has 31 homes available in the MLS. Four units sold in September:
- 907 in Tower 2 listed for $409,950 sold for $374,500 with 2 beds/3 baths in 1612 sf
- 2205 in Tower 1 listed for $349,900 sold for $338,300 with 2 beds/2 baths in 1189 sf
- 611 in Tower 1 listed for $278K sold for $250K with 2 beds/2 baths in 1134 sf
- 1000 in Tower 1 listed for $265K sold for $265K with 2 beds/2 baths in 1582 sf
Park Towers has 8 residences available with no sales in September.
SKY Las Vegas has 23 condos for sale and 3 sold last month:
- 1108 was listed for $309K and sold for $302K with 2 beds/3 baths in 1467 sf
- 4006 was listed for $285K and sold for $285K with 2 beds/2 baths in 1100 sf
- 1904 was listed for $250K and sold for $250K with 2 beds/2 baths in 1100 sf
SOHO Lofts has only one home listed for sale and no units closed in September.
Trump LV has 44 suites listed in the MLS and one sold in September:
- Unit 4010 was listed for $489K and sold for $465K. This was the 1 bed/2 bath in 974 sf corner unit plan
Turnberry Place has 35 homes listed for sale in the four towers of the community. Only one sold in September:
- 2901 in Tower 2 was listed for $1,075,000 and sold for $1 Million. This was the 3 bedroom with 3 bath floor plan with 2805 sf
Turnberry Towers has 20 condos available in the MLS. One unit sold in September:
- 2007 in the East Tower was listed for $535K and sold for $460K. This one featured 2 beds/2 baths plus a den in 1657 sf
Vdara has 16 suites available and no sales were posted in September.
Veer Towers has 28 homes listed for sale. Three units closed in September:
- Units 3502 & 3501 in the East Tower had a list price of $2,980,000 and sold for $2,329,250. This was a 5 bed/7 bath "Grayshell" 6050 sf penthouse
- 3501 in East Tower listed at $1,128,000 and sold for $1,012,935 with 3 beds/4 baths in 2631 sf This was another "Grayshell"
- 3504 in the West Tower was listed for $945K and sold for $853,160 with 2 beds/3 baths in 2216 sf. This one was also a "Grayshell" penthouse
The monthly update is courtesy of Debbie Drummond, a Realtor with over 10 years experience in the Las Vegas Real Estate market. For more info on buying or selling your home, contact [email protected] or call (702)354-6900.