Q3 Las Vegas Condo Market Report | MyLvCondoSales.com

The Las Vegas condo market continues to improve with the projects of Mandarin, Veer, The Martin, One Queensridge Place and Mira Villa all selling beyond what we expected at the beginning of the year.

We are also seeing some new and exciting projects planned which should boost visitor traffic and create new jobs. Below is a partial list of new developments:

Zappos moved downtown and their CEO Tony Hsieh has created the Downtown Project which will allocate $350 million to aid in the revitalization of Downtown Las Vegas. This will ultimately benefit the Soho, Newport, Juhl and Ogden condo buildings. More information can be found at:http://downtownproject.com/

Additional Projects Currently Open Now Or Under Development:

Downtown Grand is now open (formerly Lady Luck site)

Genting Group’s Resorts World across from Wynn/Encore (approx. $5b)

The LINQ, an open-air retail, dining and entertainment district, anchored by the world’s tallest observation wheel, known as the High Roller.

The remodel of Bills Gambling Hall on Flamingo/LVBD

SLS Las Vegas (former Sahara Hotel)

New York-New York/Monte Carlo Entertainment District and 20,000 seat arena.

Shops at Summerlin

Tivoli Village in Summerlin (Phase 2) Next to One Queensridge Place

Various Condo Deals Currently Being Offered:

Up to 18 months of paid HOA’s on developer condos at Turnberry Towers.

Vdara has a 43rd floor 2bd at $899k or $437/sf For info, Click Here

Mandarin has only one remaining developer Penthouse (never lived in) at $3.495m

The Martin is offering $30k discounts on select residences in November.

Palms Place has strip view studio residences starting at $174k

Condos Stats for Q3

Allure Las Vegas

Number of Properties Sold -5
Avg Sale Price – $169,080
Avg SP/SqFt- $182.57
Avg Rent Price-$1595
Avg Rent PPSF-1.36
Avg Rental Days on Market-38

For residences currently available please visit Allure

Mandarin Oriental

Number of Properties Sold -16
Avg Sale Price -$1,202,309.69
Avg SP/SqFt-$571.38 (Many were Grey Shell/unfinished)
Avg Rent Price-$4,023
Avg Rent PPSF-$2.63
Avg Rental Days on Market-48

For residences currently available please visit: Mandarin

The Martin

Number of Properties Sold – 25
Avg Sale Price -$491,618.72
Avg SP/SqFt- $349.64
Avg Rent Price- $2183
Avg Rent PPSF Avg -$1.87
Avg Rental Days on Market- 41

For residences currently available please visit: Martin

Metropolis

Number of Properties Sold -3
Avg Sale Price – $454,538
Avg SP/SqFt-   $154.96
Avg Rent Price- $2719
Avg Rent PPSF- $1.00
Avg Rental Days on Market-71

For residences currently available please visit: Metropolis 

MGM Signature

Number of Properties Sold – 25
Avg Sale Price -$226,476.96
Avg SP/SqFt-$339.81
Avg Rent Price-$1665
Avg Rent PPSF -$2.47
Avg Rental Days on Market- 33

For residences currently available please visit: MGM Signature

Mira Villa

Number of Properties Sold -25
Avg Sale Price -$532,840
Avg SP/SqFt-$217.86
Avg Rent Price-$3100
Avg Rent PPSF-$1.24
Avg Rental Days on Market-22

For residences currently available please visit: Mira Villa

Newport Lofts

Number of Properties Sold -1
Avg Sale Price -$188,000
Avg SP/SqFt- $177.53
Avg Rent Price- $1760
Avg Rent PPSF – $1.33
Avg Rental Days on Market -29

For residences currently available please visit: Newport Lofts

One Queensridge Place

Number of Properties Sold -21
Avg Sale Price -$1,293,712.33
Avg SP/SqFt – $400.91
Avg Rent Price- $6459
Avg Rent PPSF -$2.04
Avg Rental Days on Market- 40

For residences currently available please visit: OQR

Palms Place

Number of Properties Sold -6
Avg Sale Price -$296,500
Avg SP/SqFt – $398
Avg Rent Price- $1838
Avg Rent PPSF – $2.42
Avg Days on Market- 85

For residences currently available please visit: Palms Place

Panorama Towers

Number of Properties Sold – 11
Avg Sale Price – $402,889.45
Avg SP/SqFt – $251.84
Avg Rent Price – $2092
Avg Rent PPSF -$1.65
Avg Rental Days on Market – 48

For residences currently available please visit: Panorama Towers

Park Towers

Number of Properties Sold -1
Avg Sale Price -$960,000
Avg SP/SqFt – $467
Avg Rent Price – 0
Avg Rent PPSF – 0
Avg Rental Days on Market – 0

For residences currently available please visit: Park Towers

Sky Las Vegas

Number of Properties Sold – 10
Avg Sale Price – $212,428.50
Avg SP/SqFt – $189.20
Avg Rent Price – $1835
Avg Rent PPSF – $1.58
Avg Rental Days on Market – 50

For residences currently available please visit: Sky Las Vegas

Trump Towers

Number of Properties Sold – 16
Avg Sale Price -$278,906.25
Avg SP/SqFt – $478.56
Avg Rent Price – 0
Avg Rent PPSF – 0
Avg Rental Days on Market – 0

For residences currently available please visit: Trump

Turnberry Place

Number of Properties Sold -10
Avg Sale Price – $558,630.00
Avg SP/SqFt -$242.71
Avg Rent Price -$2477
Avg Rent PPSF – $1.26
Avg Rental Days on Market – 77
Stirling club has been sold but no updates yet on when it will re-open**** 

For residences currently available please visit: Turnberry Place

Turnberry Towers

Number of Properties Sold – 18
Avg Sale Price – $380,803.39
Avg SP/SqFt – $288.90
Avg Rent Price – $1999
Avg Rent PPSF – $1.74
Avg Rental Days on Market – 70

For residences currently available please visit: Turnberry Towers

Veer Towers

Number of Properties Sold – 23
Avg Sale Price – $419,861.48
Avg SP/SqFt – $470.27
Avg Rent Price – $1878
Avg Rent PPSF – $2.19
Avg Rental Days on Market – 38

For residences currently available please visit: Veer Towers 

Data from tax records and deemed reliable but not guaranteed ****

Our team will be opening an office in Summerlin in the first quarter of 2014 so if we can assit in condo or subdivision sales/managment,  please let us know.

Thanks,

Anthony J. Phillips
Owner/Realtor
Luxury Real Estate Advisors
Luxury Real Estate Management
3960 Howard Hughes Parkway Suite 500, Las Vegas, NV 89169
P: 702.482.8885 | F: 702-302-4486
MyLvCondoSales.com | MyLvHomeSales.com
High-rise Blog MyLvCondos.com

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