1Q Las Vegas High Rise Condo Market Report
The general consensus is that the Las Vegas economy is finally starting to rebound with the majority of our economic indicators showing signs of improvement. If you compare Feb 2012 to Feb 2011, Las Vegas improved in the following areas
Visitor Volume +6.4%
Average Daily Room Rate +10.5%
Total Room Nights Occupied +6.3%
Gaming Revenue +5.5%
Gaming Revenue Bolder Strip (indicator of the locals market) +22.9%
The following is a brief news update for projects that have had significant news/events.
Panorama Towers recently resolved their construction defect litigation which allow them to fix defects and make much needed improvements to the buildings. The lack of litigation will also open up financing so it should increase buyer demand and help values.
The Martin, which was formally Panorama Tower North has been rebranded and offers (new) two bedroom residences starting in the low $200k’s with financing available. The Martin benefits from being only 600 steps from the amenities included at CityCenter and Cosmopolitan Resort Casino. The Martin has some of the lowest HOA’s at .47/sf and has one of the best ratios of purchase price versus rental rates that can be found for investors in the Las Vegas high-rise market.
Allure Las Vegas sold out of their developer inventory so going forward the only inventory available will be resale condos. The Allure will benefit to a small casino which is planned for next door and the re-opening of the Sahara Casino in late 2013.
City Center Residential (which includes Mandarin Oriental and Veer Towers,) is now discounting developer inventory by 10%, and then offering another 15% concessions. These concessions can be allocated towards closing costs, taxes, or association dues. We are seeing increased rents at CityCenter due to a lack of supply.
Turnberry Towers West- is rolling out a new promotion offering up to 18 months of homeowners association dues paid when purchasing a new residence from the developer. Turnberry Towers is offering 1bds in the low $200’s and 2bds in the low $400’s and will finish out the residences per the clients specifications.
Turnberry Place- the Stirling Club at Turnberry Place could close in May if a buyer for the luxury condominium community’s centerpiece can’t be found. This will obviously have a negative effect on values at the property because the Stirling Club houses most of the projects amenities. There have been talks of 3rd parties purchasing the club but as of yesterday, the club is set to close on May 18th.
http://www.lvrj.com/business/stirling-club-at-turnberry-place-faces-may-closure-139257658.html
Cosmopolitan Las Vegas now has a limited selection of resale condos… for current listings, please visit http://www.mylvcondosales.com/cosmopolitan-condos/
Rental Market-In 2011, we saw many of the projects decide to lease out their unsold inventory which added about a years’ worth of supply to the market. Since the majority of this inventory has been absorbed and actually grew the high-rise rental market, we should see improvements in rents over the next 12 to 18 months.
Below is a summary of 1st quarter sales and a breakdown for each building. This data comes from our MLS and may not include developer sales.
Las Vegas Condo Market- Total
Number of Properties Sold -187
Avg Sale Price -$235,837
Avg SP/SqFt- $213
Avg Days on Market- 127
# of Units Currently On Market-385
For current Listings, visit http://www.mylvcondosales.com/
Allure Las Vegas
Number of Properties Sold – 10
Avg Sale Price – $174,625
Avg SP/SqFt- $154
Avg Days on Market-113
# of Units Currently On Market- 15
Lowest Priced Condo Available Now-$125,000
For current Listings, visit http://www.mylvcondosales.com/allure-las-vegas/
Mandarin Oriental
Number of Properties Sold – 0
Avg Sale-0
Avg Sale Price/Foot- 0
Avg Days on Market- 0
# of Units Currently On Market- 0
Lowest Priced Condo Available Now- $999,000
For current Listings, visit http://www.mylvcondosales.com/mandarin-las-vegas/
MGM Signature Condo/Hotel
Number of Properties Sold -44
Avg Sale-$224,787
Avg Sale Price/Foot-$327
Avg Days on Market-140
# of Units Currently On Market-83
Lowest Priced Condo Available Now-$112,955
For current Listings, visit – http://www.mylvcondosales.com/mgm-signature-las-vegas/
Newport Lofts
Number of Properties Sold – 7
Avg Sale Price – $165,286
Avg Sale Price/Foot- $138
Avg Days on Market- 124
# of Units Currently On Market- 3
Lowest Priced Condo Available Now. – $209,900
For current Listings, visit http://www.mylvcondosales.com/newport-lofts-las-vegas/
Palms Place Condo/Hotel
Number of Properties Sold – 15
Avg Sale Price – $160,667
Avg Sale Price/Foot- $240
Avg Days on Market- 153
# of Units Currently On Market- 33
Lowest Priced Condo Available Now- $129,900
For current Listings, visit http://www.mylvcondosales.com/palms-place-las-vegas/
Panorama Towers
Number of Properties Sold – 15
Avg Sale Price- $280,750
Avg Sale Price/Foot-$186
Avg Days on Market-85
# of Units Currently On Market-20
Lowest Priced Condo Available Now-$164,000
For current Listings, visit http://www.mylvcondosales.com/panorama-towers-las-vegas/
The Martin (formerly Panorama North)
Number of Properties Sold – 5
Avg Sale- $293,360
Avg Sale Price/Foot- $276
Avg Days on Market- 6
# of Units Currently On Market-15
Lowest Priced Condo Available Now-$228,800
For current Listings, visit http://www.mylvcondosales.com/martin-condos/
Sky Las Vegas
Number of Properties Sold -19
Avg Sale-$218,495
Avg Sale Price/Foot-$173
Avg Days on Market-81
# of Units Currently On Market-18
Lowest Priced Condo Available Now-$134,999
For current Listings, visit http://www.mylvcondosales.com/sky-las-vegas-condos/
Turnberry Place
Number of Properties Sold -13
Avg Sale-$675,412
Avg Sale Price/Foot-$232
Avg Days on Market-171
# of Units Currently On Market-40
Lowest Priced Condo Available Now-$184,900
For current Listings, visit http://www.mylvcondosales.com/turnberry-place-las-vegas/
Turnberry Towers
Number of Properties Sold -10
Avg Sale-$271,390
Avg Sale Price/Foot-$239
Avg Days on Market- 58
# of Units Currently On Market- 26
Lowest Priced Condo Available Now- $214,900
For current Listings, visit http://www.mylvcondosales.com/turnberry-towers-las-vegas/
Trump Condo/Hotel
Number of Properties Sold – 9
Avg Sale- $245,167
Avg Sale Price/Foot- $332
Avg Days on Market- 282
# of Units Currently On Market- 13
Lowest Priced Condo Available Now- $209,900
For current Listings, visit http://www.mylvcondosales.com/trump-towers-las-vegas/
Vdara Condo/Hotel
Number of Properties Sold -0
Avg Sale- 0
Avg Sale Price/Foot- 0
Avg Days on Market- 0
# of Units Currently On Market- 17
Lowest Priced Condo Available Now- $389,000
For current Listings, visit http://www.mylvcondosales.com/vdara-citycenter-las-vegas/
Veer Towers
Number of Properties Sold – 0
Avg Sale-0
Avg Sale Price/Foot-0
Avg Days on Market-0
# of Units Currently On Market-20
Lowest Priced Condo Available Now-$395,000
For current Listings, visit http://www.mylvcondosales.com/veer-citycenter-las-vegas/
All Data Deemed Reliable but Not Guaranteed *****
Positive Press for Las Vegas-
Analyst: Trade show and conference bookings helping boost MGM’s outlook
http://www.vegasinc.com/news/2012/mar/16/analyst-trade-show-and-conference-bookings-helping/
Vegas single-family home sales up 18 percent
http://www.lasvegassun.com/news/2012/mar/08/nv-home-sales-vegas/
Reports indicate improvements in Las Vegas real estate market
http://www.vegasinc.com/news/2012/mar/14/reports-indicate-improvements-las-vegas-real-estat/
Las Vegas visitor traffic sees uptick in January
http://www.vegasinc.com/news/2012/mar/08/las-vegas-visitor-traffic-january/
States Hardest Hit by Housing Collapse Lead U.S. Jobs Recovery
Toll Brothers has best spring sales in 5 years, Lennar orders up 33%
Vegas home sales surge as cash buyers flood market
http://www.latimes.com/business/money/la-fi-mo-vegas-home-sales-20120328,0,3278002.story
Why Vegas is a True Start-Up City #VegasTech
They’re back: Core gamblers are helping Las Vegas gaming industry recover
http://www.lasvegassun.com/news/2012/apr/15/theyre-back-core-gamblers-are-helping-las-vegas-ga/
Our team at Award Realty now has a point person solely focused on High-Rise Property Management so if we can help you buy, sell, lease or manage, please let us know.
Take care
Anthony J. Phillips
Award Realty Las Vegas
Luxury Real Estate Partners
3015 S Jones Blvd Las Vegas, NV 89146
P: 702.482.8885 | F: 702-873-9072
Property Management http://www.lvluxpm.com
Las Vegas Condos For Sale 
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