Las Vegas Luxury High Rise Condos Sold in November 2015
Las Vegas High Rise Condos For Sale
Las Vegas High Rise Condo buyers have 549 condos listed for sale in our top buildings. Basically the same as last month's 545. Last year at this time we were down to 453 luxury condos for sale. Some of this is due to the "developer" units that have come on the market. You'll find them at Palm's Place, Veer Towers, The Ogden and Turnberry Towers. It would be worse if The Martin and Allure hadn't sold all their developer units.
Seven of today's listings are short sales. This includes a 1 bedroom unit in Tower 2 at Panorama Towers that's listed for $200K. It also includes unit 3304 in Tower 3 at Turnberry Place. This 4103 sf, 3 bed, 4 bath residence is listed for $1.35M. The sellers purchased the home as a "grey shell" for $1.895M in 2004. It's been highly upgraded and features spectacular Strip views.
Bargain hunters will find nine foreclosures available. The foreclosures start with unit 509 at MGM Signature Tower 2. The studio is listed for $152,900. Larger options include unit 2908 in Panorama Towers Bldg 2. Listed for $329,900 it offers 2 beds/2 baths in 1463 sf. Unit 803 at Metropolis offers 2732 sf with 2 beds/2 baths for $399,900. This one is only $146/sf but buyers have left it on the market 116 days.
Best Bargains in Las Vegas High Rise Buildings - This month's options include seven condos priced at $200/sf or less. On top of the Metropolis unit, five of the bargains are at Allure and one is at Turnberry Place in Building 4. Metropolis #803 is the lowest price per square foot in any of the buildings.
Las Vegas Luxury High Rise Condos
There are 16 penthouse suites listed for more than $1000/sf. This includes nine options at the Mandarin and one at Palm's Place. Four penthouse suites are listed at Trump. One penthouse Turnberry Place and another at Park Towers top $1000/sf. The "Founder's Penthouse" at Palm's Place continues to claim the top Trophy Residence spot. The 6230 sf penthouse is listed at $29M or $4655/sf.
What Sold in November?
The high rise buildings we follow showed a jump in sales in November with 68 units closing. That's up from 49 that sold in October and 39 in November 2014. Seventeen of the units that sold in November were developer units at The Ogden.
Two of the units that closed last month were short sales. Studio unit 5108 at Trump was listed for $200K and closed for $207K. Unit 3806 at SKY was listed for $299K and closed for $287K. None of the units that closed last month were foreclosures.
Three condos sold for less than $200/sf. Lowest price was unit 1204 at Turnberry Place, Tower 1. This unit sold for $183/sf. Unit 1204 in Turnberry Place Tower 3 closed for $195/sf. Unit 1205 at Allure also closed for $195/sf.
Top prices continue to be found at City Center. Three luxury condos topped the $600/sf price in November and one of those topped $1K/sf. Unit 1407 at Veer Towers closed at $621/sf. Unit 1007 at Veer Towers fetched $943/sf. This one was sold furnished. The Mandarin took top price per square foot with unit 4506 which closed at $1071/sf.
We sold 7 high rise condos for more than $1M in November. Five of those were above $2M and unit 4506 at the Mandarin came in at $4.2M. Three of the highest prices paid were at ONE Queensridge Place. One at the Mandarin, one at Veer Towers, one at Turnberry Place Building 3 and one penthouse at Trump.
Las Vegas High Rise Market Trends
We've averaged 51.6 condos sold per month over the past twelve months. Today's inventory is a 10.6 month supply of condos for sale. That's still tilted towards buyers. If we could continue moving 68 units per month, the current inventory would be gone in 8 months. That would move the high rise market closer to a balanced market.
Out of the units that sold last month, 17 were developer units at The Ogden. That building has become aggressive with their marketing campaign. The average days on market for the remaining units soared to 335. This was due to the closings of several units that had been listed for a year or more.
The highest number of units sold was found at The Ogden. 18 units were sold there last month. It was followed by Palms Place with 12 condos sold and MGM signature with 10 condos. Palms Place and MGM Signature are both condo hotels.