Las Vegas High-Rise Condo Market Report | MyLvCondos.com

2013 Q1 Las Vegas High-Rise Condo Market Report | MyLvCondoSales.com

The Las Vegas high-rise condo market continues to see significant improvements for the second year in a row.  If we compare yearly average sale price per square foot from the 1st Quarter 2012 ($213) to 1st Quarter 2013 ($299) we see in increase of avg price/sf of 29%.

Here is a brief summary of significant events:

Both Mandarin Oriental Residences and Veer Towers have sold more residences in the quarter then they had in the previous 2 years combined. The investment group which purchased the remaining residences at Veer has put some residences back on the market at very attractive price points. They currently have a 3rd floor 2bd residence for $458,000, contact us for details.

Trump Tower is the new hot property in the condo-hotel segment due to its quality and the announcement of Genting’s new $5 billion project being built next door. See link for details:

http://www.vegasinc.com/news/2013/mar/05/new-genting-mega-resort-expected-be-big-boost-stri/

Along with the Genting group’s project, the SLS is going into the old Sahara site and the LVCA just approved at $2.5 billion overhaul of its facilities. Our team is already working with the SLS team for housing their executives at Turnberry Towers. These projects will especially benefit the north strip properties of Turnberry Towers, Sky Las Vegas, Allure Las Vegas and Trump.

Turnberry Towers has 1bd residences with views of the new SLS starting at $220,000 with tenants in place paying $1500’s per month- Contact us for details.

http://slshotels.com/lasvegas/

http://www.vegasinc.com/news/2013/feb/26/lvcva-approves-first-phase-25-billion-convention-c/

We have added an investment page on our website which shows both sales/leasing data for the majority of the high-rise projects, please visit http://www.mylvcondosales.com/investments/

Las Vegas Condo Stats

Number of Properties Sold – 179

Avg Sale Price – $449,253

Avg Sale Price/SqFt- $299

Avg Days on Market – 76

Current Inventory on MLS – 371

Allure Las Vegas

Number of Properties Sold – 7

Avg Sale Price –   $313,714

Avg Sale Price/SqFt- $209

Avg Days on Market – 149

Current Inventory on MLS – 22

For current inventory, please visit:

http://www.mylvcondosales.com/las-vegas-strip-area-condos/allure-las-vegas/

Mandarin Oriental

Number of Properties Sold – 6 (some developer sales are not reflected in this data)

Avg Sale Price – $1,407,323

Avg Sale Price/SqFt- – $693

Avg Days on Market   – 21

Current Inventory on MLS – 17

For current inventory, please visit:

http://www.mylvcondosales.com/las-vegas-strip-area-condos/mandarin-las-vegas/

MGM Signature

Number of Properties Sold – 20

Avg Sale Price – $208,625

Avg Sale Price/SqFt- – $336

Avg Days on Market – 81

Current Inventory on MLS – 50

For current inventory, please visit:

http://www.mylvcondosales.com/las-vegas-strip-area-condos/mgm-signature-las-vegas/

Newport Lofts

Number of Properties Sold – 1

Avg Sale Price – $410,000

Avg Sale Price/SqFt- $150

Avg Days on Market – 10

Current Inventory on MLS – 4

For current inventory, please visit:

http://www.mylvcondosales.com/downtown-vegas-condos/newport-lofts-las-vegas/

Palms Place

Number of Properties Sold – 10

Avg Sale Price – $188,500

Avg Sale Price/SqFt- $257

Avg Days on Market -50

Current Inventory on MLS – 21

For current inventory, please visit:

http://www.mylvcondosales.com/las-vegas-strip-area-condos/palms-place-las-vegas/

Panorama Towers

Number of Properties Sold – 10

Avg Sale Price – $399,550

Avg Sale Price/SqFt-   $243

Avg Days on Market – 53

Current Inventory on MLS – 20

For current inventory, please visit:

http://www.mylvcondosales.com/las-vegas-strip-area-condos/panorama-towers-las-vegas/

The Martin

Number of Properties Sold – 26

Avg Sale Price – $414,019

Avg Sale Price/SqFt-    $311

Avg Days on Market – 30

Current Inventory on MLS – 18

For current inventory, please visit:

http://www.mylvcondosales.com/las-vegas-strip-area-condos/martin-condos/

One Queensridge Place

Number of Properties Sold – 15

Avg Sale Price –   $1,187,533

Avg Sale Price/SqFt-    $368

Avg Days on Market – 55

Current Inventory on MLS -20

For current inventory, please visit:

http://www.mylvcondosales.com/summerlin-condos/one-queensridge-place/

Sky Las Vegas

Number of Properties Sold- 21

Avg Sale Price –   $256,984

Avg Sale Price/SqFt-    $215

Avg Days on Market – 97

Current Inventory on MLS – 9

For current inventory, please visit:

http://www.mylvcondosales.com/las-vegas-strip-area-condos/sky-las-vegas-condos/

Turnberry Place

Number of Properties Sold – 13

Avg Sale Price – $583,462

Avg Sale Price/SqFt- $215

Avg Days on Market – 73

Current Inventory on MLS – 27

For current inventory, please visit:

http://www.mylvcondosales.com/las-vegas-strip-area-condos/turnberry-place-las-vegas/

Turnberry Towers

Number of Properties Sold – 8

Avg Sale Price – $315,081

Avg Sale Price/SqFt-    $260

Avg Days on Market – 56

Current Inventory on MLS -17

For current inventory, please visit:

http://www.mylvcondosales.com/las-vegas-strip-area-condos/turnberry-towers-las-vegas/

Trump Towers (some developer sales are not reflected in this data)

Number of Properties Sold – 16

Avg Sale Price – $380,538

Avg Sale Price/SqFt- $494

Avg Days on Market – 59

Current Inventory on MLS- 31

For current inventory, please visit:

http://www.mylvcondosales.com/las-vegas-strip-area-condos/trump-towers-las-vegas/

Veer CityCenter (some developer sales are not reflected in this data)

Number of Properties Sold- 3

Avg Sale Price- $386,667

Avg Sale Price/SqFt- $460

Avg Days on Market- 158

Current Inventory on MLS- 23

For current inventory, please visit:

http://www.mylvcondosales.com/las-vegas-strip-area-condos/veer-citycenter-las-vegas/

If our team can help you buy, sell, lease or manage a Las Vegas high-rise condo, please give us a call/email.
Thanks,

Anthony J. Phillips

Owner/Realtor
Luxury Real Estate Management
3960 Howard Hughes Parkway Suite 500, Las Vegas, NV 89169
P: 702.482.8885 | F: 702-302-4486
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Data provided by the MLS and is deemed reliable but not guaranteed.