Las Vegas High Rise Market Update - August 2013
The Strip high rise market is showing signs of catching recovery fever. If we look at activity in our most popular high rise buildings (built after 2000 with at least 10 floors), we sold 53 condos through the Greater Las Vegas MLS during the month of July. In the same buildings, we currently have 341 condos listed for sale without offers. That is just over a six month supply which meets the National Association of Realtor's guidelines for a "balanced" market that doesn't favor buyers or sellers.
Veer Towers has recently reported the sale of 70 high rise condos during the first half of 2013 as reported in the Las Vegas Review Journal. The most interesting part of the RJ's article, "But there’s a twist in this submarket revival: Cash buyers — read: investors — continue to dominate among suburban buyers, making up nearly 60 percent of purchases. On the Strip, just 15 percent to 25 percent are investors, depending on the project. At Veer, for example, 75 percent are buying a vacation home rather than a place to rent out for cash flow, Navarro said." The higher number of buyers who are purchasing condos for their own use is a turnaround from the bottom of the market when investors were snapping up condos at bargain basement prices.
We also see this as a positive sign for long term market stability. The higher ratio of owner occupied vs tenant occupied is one reason we have a preference for buildings like The Martin which didn't get hit with as many foreclosures and short sales. This kept the values higher in the building and discouraged the investors who were snapping up bargains to turn them into rentals. This is also one reason The Martin can now qualify for FHA financing.
Out of the 53 high rise condos which sold through the MLS in July, 45 or 85% were purchased with cash. The eight condos which involved financing included five at The Martin which is now FHA approved, two at ONE Queensridge Place and one at Mandarin Oriental. ONE Queensridge and Mandarin do have financing available.
Another promising trend, only ten of the condos which sold in July were listed for 90 days or longer. Eleven of the high rise condos that sold in July were listed between 30 and 90 days. The majority of the condos that sold, 33 or 62% were listed for 30 days or less. In fact, 22 condos sold with 10 days or less on the market. This is a good indication that buyers are watching the listings in their favorite buildings and snapping up the condos that come on the market at the right price.
Over the past month, our best selling high rise was ONE Queensridge Place, followed by The Martin. Highest priced sale was Park Towers with an $8 Million closing.
Here's a recap of activity in our most popular high rise buildings this past July:
Allure - No escrows closed in Allure during July. There are currently 28 condos listed for sale in the building. Prices start at $158K for 1 bed, 867 sf on the second floor. Highest list price is a 4237 sf penthouse with 3 beds/4 baths on the 20th floor at $2,199,998.
Cosmopolitan - We don't see a lot of activity in this condolel since most of the condos were turned into traditional hotel rooms rather than sold. On 7/5/13, unit 5691, a furnished 1 bed/1 bath suite with 599 sf closed escrow. It was listed for $699,990 and sold for $675K. There is currently one 1280 sf suite with 1 bed/2 baths listed for $1,390,000. The unit is on the 31st floor.
Mandarin Oriental sold five residences during July. The lowest closing prices was unit 4207 with 2 beds/3 baths in 2167 sf. This one was listed for $920,975 and sold for $770K. Highest price was unit 4008 with 2910 sf, 2 beds/3 baths. It was listed for $1.892M and closed for $1,848,500. Currently there are 19 residences listed in the MLS. Lowest price - $758K for unit 3810 with 1105 sf, 1 bed/2 baths. Highest current price is 3904. This penthouse boasts 5628 sf with 3 beds/5 baths.
The Martin had eight sales in July. Lowest closing price was unit 1201, a 2 bed/2 bath condo with 1052 sf. Highest closing price was a penthouse on the 39th floor. Listed at $1,069,200, the 2 bed/3 bath 1962 sf home closed at $989K with only 23 days on the market. Twelve condos are currently available at The Martin. Prices start at $376,002 for a 2 bed/2 bath, 1437 sf condo on the 8th floor. Highest list price is unit 1707. This is a one of a kind residence. Located on one of the transition floors in the building, it boasts higher ceilings than the other floors, 3090 sf of living space with 3 beds/3 baths with a large balcony and incredible views.
Metropolis - no condos sold in Metropolis in July. There are currently three condos listed for sale in the building. Lowest price is 1006 with 2704 sf, 2 beds/2 baths. Highest price is a 19th floor penthouse with 4614 sf, 3 beds/4 baths, listed for $4,999,999.
MGM Signature had four closings in July. Lowest price was a unit 809 in Tower Three. This studio was lsited for $168,888 and closed for $164,500. Highest price was a penthouse combo of studio and adjacent one bedroom. Unit 3701 and 3703 offered a combined 1394 sf with 2 beds/3 baths. They were listed for $649,900 and sold for $625K. There are currently 60 units listed for sale. Prices range from $150,888 for a studio on the 23rd floor of Tower 1 to $625K for another 1 bed & studio combo on the 32nd floor of Tower 3.
Newport Lofts - Two residences sold during July. Unit 1610 with 1059 sf was listed for $184K and sold for $188K. Penthouse 2105 with 2015 sf, 2 beds/2 baths on two floors was listed for $500K and sold for $500K with only 5 days on the market. Six condos are currently available in Newport. Prices range from $189,900 for 911 sf studio on the 9th floor to $599K for 1904 sf, 2 bed/2 bath, 2 story penthouse on the 21st floor.
ONE Queensridge Place - Sold nine luxury condos through the MLS. Lowest price was $929K for unit 1107 with 2 beds/3 baths. Highest price was unit 1601 with 5844 sf, 3 beds/4 baths. It was listed for $3.6M and sold for $3.3M. There are currently 21 residences listed at ONE Queensridge. Starting price is $699K for a 2 bed/2 bath, 1990sf home on the first floor. Highest price is $3.35M for a 4968 sf, 4 bed/5 bath penthouse on the 16th floor.
Palms Place only sold one condo in July. Unit 39321 was a 1 bedroom suite, listed for $314,900 and sold for $310K. There are currently 20 suites available. Starting price is $204,500 for a 30th floor studio. Highest price is 56th floor penthouse with 3300 sf, 2 beds/3 baths listed for $2.49M.
Panorama Towers sold five condos in July. Lowest price was $245K for unit 1201 a 944 sf 1 bed/2 bath in Tower 1. Highest price was $492,500 for a 2181 sf, 2 bed/3 bath end unit on the 29th floor of Tower 1. There are currently 20 condos available at Panorama Towers. Prices start at $249,900 for a 1 bed/2 bath Strip facing condo on the 4th floor. Highest price is unit 2712, a 2173 sf, 2 bed/3 bath end unit in Tower 2 that is listed for $800K.
Park Towers had the highest priced sale in July. The 19th floor penthouse was listed for $9.8M when it sold for $8M. This luxurious penthouse offers 10,398 sf of living space with 4 bedrooms, 3 dens and 7 baths. There are currently 8 residences available in this exclusive building. Prices range from $825K for a 2126 sf home with 2 beds/3 baths on the 3rd floor to $3.495M for a 4903 sf, 4 bed/6 bath residence on the 10th floor.
Platinum - No recorded sales in July. Currently has 11 suites for sale, ranging from $114,900 for a 1 bedroom on the 2nd floor to $168,888 for 1 bedroom on the 15th floor.
SKY Las Vegas sold four condos in July. Lowest price was unit 3405. This 778sf 1 bed/1 bath unit was listed for $185K and sold for $175K after only 5 days on the market. Highest price was unit 3408 with 1467 sf, 2 beds/3 baths. It was listed for $375K and sold for $435K after only 7 days on the market.
SOHO Lofts had no closings in July. Two units are currently listed. Unit 711 is 1 bed/2 baths in 1590 sf, priced at $314,900. Unit 712 is 2 baths with 1785 sf of living space listed for $369,900.
Trump LV sold three units in July. Lowest price was $215K for a 33rd floor studio. Highest price was #5025 a one bedroom suite listed for $710,785 and sold for $638,950. There are currently 39 units listed for sale. Starting price is 1616, a studio for $204,500. Highest price is 6003, a penthouse with 3340 sf, 3 beds/4 baths for $2.65M.
Turnberry Place had five closings in July. Lowest price was unit 306 in Tower 4. This 2 bed/ 2 bath condo had 1712 sf and was on the market 96 days when it sold for $330K. Highest price was unit 1002 in Tower 2 with 2805 sf, 3 beds/3 baths and listed for 16 days when it sold for $623K. There are currently 37 condos to choose from at Turnberry Place. Prices range from $290K for a 2 bed/2 bath, 1556 sf condo on 7th floor of Tower 3 to $8,888,888 for a penthouse in Tower 4 that boasts 8205 sf with 5 beds and 9 baths.
Turnberry Towers sold four condos through the MLS. Lowest price was $234,900 for a 1 bedroom on the 31st floor of the East Tower. Highest price was $330K for a 2 bed/2 bath, 1405 sf condo on the 7th floor of the East Tower. There are 18 units listed in the MLS with prices starting at $238k for a 1 bedroom condo on the 23rd floor of the East Tower. Highest list price is a penthouse on the 43rd floor of the East Tower. The penthouse is the 1657 sf, 2 bed/2 bath floor plan.
Vdara had no closings in July. There are 19 suites listed for sale at Vdara. Prices range from $299K for a studio on the 9th floor to $989K for a 1 bedroom suite on the 52nd floor.
Veer Towers - One condo was sold through the MLS in July at Veer Towers. This was a resale unit with 1475 sf, 2 beds/2 baths. Listed for $549K that sold for $525K. There are 31 condos listed for sale in the MLS at Veer Towers. Many of the condos listed for sale are listed with the on site sales office. Unfortunately, the sales office seems to remove the listings from the MLS when they go into contract, making it difficult to track the actual closings within the building.
The Las Vegas High Rise Market Update - August 2013 is courtesy of Debbie Drummond, a full time Las Vegas Realtor with over 10 years experience in the Las Vegas High Rise Market. For more info on buying or selling your high rise property, call Debbie at (702)354-6900 or email Debbie@LVHomePro.com.
Debbie Drummond is a Full Time Realtor with over ten years experience in the Las Vegas Real Estate Market. She and her team of Real Estate Pros offer the highest level of service. If you’re buying or selling a Las Vegas home, call (702)354-6900 or email Debbie@LVHomePro.com. They’ll be happy to assist you in your move.