2013 Las Vegas Condo Market Report

2013 Las Vegas Condo Market Report

The Las Vegas real estate market continues to rebound with significant improvements in the $400k+ market with the bulk of the high end sales closing at Mandarin, Veer, The Martin and One Queensridge Place.

2013 Las Vegas Condo Market Report

2011-$270,721        2012-$313,084        2013-$524,961

Our team is pleased to announce that Brad Winston, CPA and prior CFO of CityCenter Residential (Mandarin, Veer, Vdara) and Tiffany Jones, the top Sales Executive from CityCenter Residential have joined our office and will be opening an office atTivoli Village in Summerlin on March 1st to expand our business into the Summerlin single family and condo segments. Collectively we have over $400mm in luxury sales and over 800 luxury leases so we are uniquely qualified to help you buy/sell or manage luxury properties.

Here is a brief summary of significant events and current promos:

  • Many of the grey shell penthouses that were purchased at Mandarin are now being finished and we anticipate approx 10 to come to market. Contact us for more information. If you are thinking on buying at Mandarin, now is probably the best timethe developer is selling out and raising prices by $50/sf on select residences and the new penthouses will be priced at $1000+ per square foot so current condos on the resale market are probably priced at the lowest point we will see at Mandarin Las Vegas.

  • The Martin is offering up to $50,000 off select developer residences.

  • Turnberry Towers West (developer) is offering to pay HOA’s for 12m and has residences with tenants in place starting in the $200k’s.

  • One Queensridge Place has now six terrace homes which are priced in the $600k’s.

  • Veer Towers has various promotions with condos that have tenants in place, email us for specifics.

  • The Stirling Club was recently purchased which should be a positive for Turnberry Place. (Although specific plans for its opening have not been announced)

  • The downtown properties of Juhl and Ogden were sold, but the new owners strategy/pricing has not been announced. I will try and get an update for our 1st quarter 2014 update.

  • SLS announced it will open labor day weekend. Our opinion is that this will be great for the north strip properties of Turnberry Towers, Turnberry Place, Allure and Sky. We are already placing SLS executives in these buildings and the influx of jobs should improve rental prices and ultimately sale prices. If you are interested in a multi-residence purchase with tenants in place, contact us for details. We have 10 unit-condo packages starting in the $2mm range.

Full Year 2013 Las Vegas Condo Data
Number of Properties Sold -692
Avg Sale Price –  $497,801
Avg Sale Price/Sq Ft- $302.70
Avg Days on Market – 73
Current Inventory on MLS -426
Avg. Rent-2,450

Allure Las Vegas
Number of Properties Sold -27
Avg Sale Price –  $248,061
Avg Sale Price/Sq Ft- $199
Avg Days on Market – 110
Current Inventory on MLS – 34
Avg. Rent-$1537
Click here for current condos for sale at Allure

Mandarin Oriental (some developer sales may not be reflected in this data)
Number of Properties Sold -89
Avg Sale Price –  $1,125,711
Avg Sale Price/Sq Ft- $513 (40 grey-shells lowers the PPSF) Finished condos are in the $650-$750/sf range.
Avg Days on Market – 38
Current Inventory on MLS -14
Avg. Rent-$3767
Click here for current condos for sale at Mandarin

MGM Signature
Number of Properties Sold -100
Avg Sale Price –  $222,369
Avg Sale Price/Sq Ft- $328
Avg Days on Market – 85
Current Inventory on MLS -67
Avg. Rent-$1699
Click here for current condos for sale at MGM Signature

Newport Lofts
Number of Properties Sold -7
Avg Sale Price –  288,571
Avg Sale Price/Sq Ft- 191
Avg Days on Market – 57
Current Inventory on MLS -2
Avg. Rent-$1584
Click here for current condos for sale at Newport Lofts

Palms Place
Number of Properties Sold-36
Avg Sale Price-$236,100
Avg Sale Price/Sq Ft-$288
Current Inventory on MLS-27
Avg. Rent-$2122
Click here for current condos for sale at Palms Place

Panorama Towers
Number of Properties Sold -56
Avg Sale Price –  $412,503
Avg Sale Price/Sq Ft- $238
Avg Days on Market – 100
Current Inventory on MLS -35
Avg. Rent-$2193
Click here for current condos for sale at Panorama Towers

The Martin
Number of Properties Sold -97
Avg Sale Price –  $450,193
Avg Sale Price/Sq Ft- $324
Avg Days on Market – 59
Current Inventory on MLS -13
Avg. Rent-$2360
Click here for current condos for sale at The Martin

One Queensridge Place (some developer sales may not be reflected in this data)
Number of Properties Sold -63
Avg Sale Price –  $1,486,016
Avg Sale Price/Sq Ft- $438
Avg Days on Market – 56
Current Inventory on MLS -19
Avg. Rent- $6203
Click here for current condos for sale at One Queensridge Place

Sky Las Vegas
Number of Properties Sold -47
Avg Sale Price – $269,589
Avg Sale Price/Sq Ft- $222.87
Avg Days on Market – 67
Current Inventory on MLS -19
Avg. Rent- $1855
Click here for current condos for sale at Sky Las Vegas

Trump Tower
Number of Properties Sold -213
Avg Sale Price – 301,803
Avg Sale Price/Sq Ft- 353
Avg Days on Market
Current Inventory on MLS -44
Avg. Rent-$0
Click here for current condos for sale at Trump Tower

Turnberry Place
Number of Properties Sold -49
Avg Sale Price –  $654,292
Avg Sale Price/Sq Ft- $236
Avg Days on Market – 65
Current Inventory on MLS -36
Avg. Rent-$2310
Click here for current condos for sale at Turnberry Place

Turnberry Towers (some developer sales may not be reflected in this data)
Number of Properties Sold -72
Avg Sale Price –  $357,364
Avg Sale Price/Sq Ft- $358
Avg Days on Market – 75
Current Inventory on MLS -23
Avg. Rent-$1998
Click here for current condos for sale at Turnberry Towers

Veer CityCenter (some developer sales may not be reflected in this data)
Number of Properties Sold -101
Avg Sale Price –  $491,807
Avg Sale Price/Sq Ft- $477
Avg Days on Market – 125
Current Inventory on MLS -29
Avg. Rent-$1998
Click here for current condos for sale at Veer CityCenter

Vdara
Number of Properties Sold- 2
Avg Sale Price-$589,500
Avg. Sale Price/Sq Ft.-$458
Avg. Days on Market-120
Current Inventory on MLS-16
Avg, Rent-$2106
Click here for current condos for sale at Vdara

 

If you are thinking on purchasing a developer owned condo, you should always have agent representation. Our office will share ALL comps with you and provide a realistic expectation of values/rental rates/ROIs.

 

Feel free to email us with any questions and we look forward to working with you in 2014.

Anthony Phillips
Partner/Realtor
Luxury Real Estate Advisors
Luxury Real Estate Management
6671 Las Vegas Blvd S #210, Las Vegas, NV. 89119
LvLra.Com | MyLvCondoSales.Com | 702.482.8885

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