Las Vegas High Rise Update - January 2014

A review of Las Vegas High Rise Condo buildings for the month of December shows a typical slowdown over the holidays.  We've started the New Year with 441 high rise condos available in our most popular buildings.

We sold 40 high rise condos through the MLS in December.   We've averaged 53 units per month over the past year.  This is typically a slow time of year with fewer conventions bringing high rise buyers into town.

Of the condos that sold in December, prices have been good.  Seven of the condos that closed in December sold for more than $1 Million.  Top price paid was at Park Towers where an 11th floor condo sold for $2.3M.

Type of Sale:

Only 4 of the high rise condos sold in December were foreclosures.  Only three of the high rise condos sold last month were short sales.  Of the 441 listings currently available, 10 are short sales and 7 are foreclosures.  The distress sales continue to be a smaller per cent age of the high rise market.

Sold Price Per Square Foot - Eight condos sold for less than $200/sf.  Two units tied for the lowest price per square foot.  At Metropolis, unit 503 with 2110 sf of living space closed for $330K or $156/sf.  At Newport Lofts, unit 801 with 911 sf of living space sold for  $142K or $156/sf.  Six condominiums sold for more than $500/sf.  Highest price per square foot was unit 3708 at the Cosmopolitan.  This penthouse offered 1260 sf of living space and sold for $1,040,000 or $825/sf.  Three units at the Mandarin Oriental closed for more than $600/sf.

Cash buyers continue to rule the high rise market.  Thirty two of the units sold in December were cash purchases.  Six used traditional/convention financing.  Two of the purchases involved private financing or "Owner Will Carry".

Days on Market: 

In addition to seeing the number of units sold slow down a bit, we're seeing a higher number of units that stay on the market more than 30 days.  Out of the 40 condos that sold in December, 29 were on the market more than 30 days.  Out of the 11 that sold in less than 30 days, 10 of those sold in under 15 days on the market.

Want to see what sold in your building? Here's the breakdown of the buildings we follow each month:

Allure had three sales in December

Unit 602 had 2 bedrooms, 2 baths and a bonus room in 1295 sf.  It was listed for $227K and sold for $235K.

Unit 1107 was also the 1295 sf floor plan with 2 beds/2 baths and a bonus room.  It sold for $241K.

Unit 3903 was the 1233 sf plan with 2 beds/2 baths.  It was listed for $325K and sold for $285K.

Cosmopolitan had one closing:

Unit 3189 featured 1 bedroom, 2 baths in 1260 sf.  It was listed for $1.315M and sold for $1.040M.

Mandarin Oriental had five sales in December:

Unit 2711 with 1106 sf, 1 bed/2 baths was listed for $694K and sold for $660K

Unit 4307 with 2167 sf was listed for $920,975 and sold for $866,800

Unit 3907 with 1583 sf of space, 1 bed/2 baths was listed for $1.029M and sold for $1.029M

Unit 3303 with 1 bed/3 baths in 1652 sf was listed for $1.074M and sold for $1.074M

Unit 3208 with 2 beds/3 baths in 2910 sf of living space was listed for $1.892M and sold for $1.835M

The Martin only sold two units in December:

Unit 3806 with 2 beds/2 baths in 1111 sf was listed for $411,257 and sold for $381,500

Unit 908 with 2 beds/2 baths in 1437 sf was listed for $419,265 and sold for $382K

Metropolis sold two condos

Unit 503 with 2 beds/2 baths in 2110 sf was listed for $379,999 and sold for $330K

Unit 1006 with 2 beds/2 baths in 2704 sf was listed for $467,500 and sold for $449K

MGM Signature sold 9 condos

Unit 304 in Tower 3 was a studio.  Listed for $124,900 it sold for $124,900.  This one was also a foreclosure.

Unit 2407 in Tower 3 was a studio.  Listed for $160K, it sold for $170K

Unit 2919 in Tower 2 was a studio.  Listed for $179,888 it sold for $175K

Unit 2709 in Tower 2 was a studio.  Listed for $190K, it sold for $172K.

Unit 808 in Tower 1 was a 1 bedroom with 847 sf.  Listed for $230K it sold for $220K

Unit 3305 in Tower 1 was a studio.  Listed for $230K, it sold for $232,500

Unit 2702 in Tower 2 was a 1 bedroom with 874 sf.  Listed for $269,888 it sold for $259,800

Unit 1821 in Tower 2 was 1 bedroom with 874 sf.  Listed for $271,320, it sold for $264K

Unit 3820 in Tower 3 was 1 bedroom and 874 sf.  It was listed for $314,900 and sold for $310K.

Newport Lofts had three sales.

Unit 801 was a 911 sf studio.  List price of $151,100 and sold for $142K

Unit 902 was also a 911 sf studio.  Listed at $192,500, it sold for $165K

Unit 2009 was a 1645 sf corner unit with 2 bedrooms/2 baths.  Listed for $389K, it sold for $385K

ONE Queensridge Place only sold two condos in December.

Unit 1005 in Tower 1 was 3355 sf with 2 beds/3 baths.  It was listed for $1,599,000 and sold for $1,538,000

Unit 1405 in Tower 1 was also 3355 sf with 3 bedrooms/4 baths.  It was listed for $1,699,000 and sold for $1.65M

Palms Place had two closings in December

Unit 32310 was a studio.  Listed at $150K, it sold for $150K

Unit 1216 was also a studio.  Listed at $172K, it sold for $165K

Panorama Towers only sold one condo in December.

Unit 504 was 2 beds/2 baths in 946 sf.  It was listed for $244K and sold for $239K

Park Towers had one closing.

Unit 1104 was 3 beds/5 baths in 4903 sf of living space.  It was listed for $2.495M and sold for $2.3M

SKY Las Vegas had two sales.

Unit 2807 with 2 beds/2 baths in 1100 sf was listed for $269,999 and sold for $245K

Unit 602 with 2 beds/3 baths in 1780 sf was listed for $389,900 and sold for $369K.

Trump Las Vegas sold 3 units.

Unit 2724 was a studio.  It was listed for $235K and sold for $216K

Unit 3828 was also a studio.  It was listed for $308,888 and sold for $295K

Unit 3422 was a 974 sf, 1 bed/2 bath suite.  Listed at $450K, it sold for $425K

Turnberry Place sold two condos.

Unit 601 in Tower 3 offered 3 beds/3 baths in 2805 sf of living space.  Listed for $598K, it sold for $550K.

Turnberry Towers sold one condo.

Unit 1508 in the West Tower was the 2 bed/2 bath plus den in 1657 sf floor plan.  Listed for $510K, it sold for $468K

Vara at CityCenter sold one unit.

Unit 43001 was a 2 bed/3 bath in 2055 sf plan.  It was listed for $899,900 and sold for $885K

This monthly report covers the buildings completed in 2000 and later, and that are at least 10 floors high.  If you do not see your building listed, it is one that we don't follow or there were no transactions that closed through the MLS during the month.