anthonylasvegas

July 31, 2013

Cosmopolitan condo sets record for most expensive resale – VEGAS INC

A 599-square-foot condo on the 56th floor of the Cosmopolitan’s east tower recently sold for $675,000, or $1,126.88 per square foot.The deal, recorded July 5, is perhaps the most expensive resale per square foot in state history for any home, condo or otherwise, according to Luxury Real Estate Management co-owner Anthony Phillips, who sold the property.By comparison, the median price per square foot of previously owned single-family homes sold in Southern Nevada in June was $96, according to the Greater Las Vegas Association of Realtors.The one-bedroom condo on the Strip has a private terrace, telescoping doors, and a bathroom with marble tile and a Japanese soaking tub. The condo has views of the Bellagio, the Veer Towers condo complex and the Aria.

via Cosmopolitan condo sets record for most expensive resale – VEGAS INC.

July 30, 2013August 18, 2013

BLM auction another possible sign of housing recovery – VEGAS INC

Las Vegas Valley homebuilders bought at least 74 acres of public land at auction this week, another sign of the region’s increased appetite for new housing.The Bureau of Land Management on Tuesday offered about 134 acres of land through a sealed bid auction and sold 109 acres for $21.4 million. The remaining land did not receive bids.The property sold is undeveloped desert in the southwest valley near the Mountain’s Edge master-planned community, said the BLM’s Karla Norris, assistant district manager for the Southern Nevada Public Land Management Act.Homebuilders snapped up at least 73.75 acres: D.R. Horton bought 51.25 acres for $9.4 million and Pardee Homes got 22.5 acres for $4.6 million, according to the BLM.

via BLM auction another possible sign of housing recovery – VEGAS INC.

July 29, 2013

Luxury Real Estate Management’s Listing at Mandarin Oriental #3910

Mandarin Oriental Las Vegas #3910 – Resort Style Living From This 1Bd Residence

This one bedroom residence offers views of Aria/west Mountains, hardwood floors and Thermador and Bosch appliances. Mandarin Oriental Las Vegas condos combine the prestige of an internationally-renowned brand, unparalleled amenities, spectacular Strip views, and dramatic design with Mandarin Oriental’s celebrated world-class, five-star hotel service.

Mandarin Oriental Las Vegas condo residents are treated as permanent guests of the Mandarin Oriental Las Vegas and enjoy privileged access to all the amenities and services of this ultra-luxury landmark hotel. Mandarin Oriental residents have 24-hour access to gourmet cuisine, doorman, housekeeping, valet services, and a concierge service, as well as an array of dining, entertainment and well-being facilities, including a 27,000-square-foot spa and 8^th Floor pools and decks.

July 28, 2013August 19, 2013

Taxable sales increase for 35th consecutive month in Nevada – Las Vegas Sun News

CARSON CITY —

Taxable sales in Nevada, one indicator of business activity, grew by 6.1 percent in May, the 35th consecutive month of an increase.

The state Taxation Department reported Friday taxable sales reached $3.9 billion compared with $3.7 billion in May 2012. Some of the major increases were in car sales, up 10.9 percent, and the furniture business, which jumped 10.1 percent.

Sales in Clark County totaled $2.8 billion in May, 4.7 percent higher than May 2012.

The department said sales rose in 13 of 17 Nevada counties. A drop in taxable sales hit Eureka County, down 15.5 percent; Lander County, off 32.1 percent; Lincoln County, down 0.1 percent; and White Pine County, off 21.6 percent.

via Taxable sales increase for 35th consecutive month in Nevada – Las Vegas Sun News.

LV Condos

July 25, 2013

Luxury Real Estate Management’s Listing at Veer Towers #311W

Veer Towers #311-Strip Views From This Corner Residence 2Bd/2Ba

Stunning 2bd corner residence at Veer Towers with views of the Cosmopolitan and Planet Hollywood. Veer Towers at City Center enjoy world class dining, gaming, spa, entertainment, and are just steps from the Las Vegas strip.

For more information, please email us at Anthony@mylvcondosales.com

July 25, 2013August 19, 2013

The luxury housing market rebounds: This years most expensive real estate deals in Las Vegas – VEGAS INC

Las Vegas’ housing market is on a hot streak, thanks to cash investors who are buying cheap homes in bulk to rent out.But the valley’s luxury sector also is picking up speed.There were 85 local sales of million-dollar homes during the three months ending March 31, up from 39 deals during the same period last year, according to Redfin, a real estate listing service.If sales continue at that pace, 2013 will be the best year by volume for Southern Nevada’s high-end housing market since the economy bottomed out.

via The luxury housing market rebounds: This years most expensive real estate deals in Las Vegas – VEGAS INC.

Turnberry Towers

July 24, 2013August 19, 2013

Las Vegas home values still posting big increases – VEGAS INC

Las Vegas home prices kept rising last month even though the valley’s inventory shortage, a key reason for the market’s turnaround, showed signs of easing.The median price of a previously owned single-family home sold in Southern Nevada in June was $175,000, up 33 percent from almost $132,000 a year earlier, according to a report out Tuesday from the Greater Las Vegas Association of Realtors.Overall, inventory remains relatively tight. A total of 13,750 single-family homes were up for sale on the GLVAR’s listing service at the end of June, down 19 percent from a year earlier. However, more homes were available for sale without any kind of offer attached to them.By the end of June, 3,828 single-family houses were listed without an offer, up 4 percent from a year earlier. There were 1,464 such condos and townhomes, up 35 percent from a year ago.

via Las Vegas home values still posting big increases – VEGAS INC.

Las Vegas High Rise Condo

July 23, 2013

Luxury Real Estate Management’s Newest Listing at Panorama Towers

Panorama Towers #2-105/ Two Story Townhome Overlooking Pool Area

Two-story townhome overlooking the pool at Panorama Towers. Panorama amenities include 24h guard gate, pool/spa, fitness center and complimentary limo service. Panorama Towers is located just steps from the Las Vegas Strip.

July 17, 2013

Penthouse Listing at Turnberry Towers Las Vegas #4508

Turnberry Towers Penthouse #4508 – Golf Course, Strip & City Views

This 2+Den/2Ba Penthouse residence offers views of the LV Country Club, Strip, Downtown and surrounding valley/mountains. Turnberry Towers Las Vegas’ high-end amenities are situated on 12+ acres of lush grounds and include resort style pools with multiple waterfalls, tennis court, putting green, dog park and 24hr guard gated security.

For more information, please visit:

http://www.mylvcondosales.com/las-vegas-condos-for-rent/featured-rentals/

July 17, 2013

2013 1st and 2nd Quarter Las Vegas Condo Market Report | MyLvCondoSales.com

Significant Improvements in the Las Vegas Market | MyLvCondoSales.com Market Report

The Las Vegas high-rise condo market continues to see significant improvements this year. Yearly average sale prices increased from $313,084 (2012) to $451,382 (2013 TYD) , and inventory continues to tighten in the majority of high-rise projects.

I have added a full market report spreadsheet to the following link.https://mylvcondos.com/2013/07/12/las-vegas-real-estate-market-data/

Our team at Luxury Real Estate Management also sold its Cosmopolitan re-sale listing at a record setting $1126/sf and holds the price/sf leasing records at Mandarin, Veer, Vdara and The Martin.

If you are thinking on purchasing a developer owned condo, you should always have agent representation. Our office will share ALL comps with you, provide a realistic expectation of rental rates/ROIs and we can often get additional concessions beyond what developers say is “bottom line pricing”.

Here is a brief summary of significant events:

Mandarin sold almost all of their grey shell inventory and a significant amount of finished residences. The developer is now offering up to 2 years of tax and HOA credits on Mandarin 1bds if purchased within the next 30 days, please email us for more information.

Veer Towers is offering a new program called “The Carefree Veer Life Leasing Program” where buyers can purchase condos with tenants in place and Veer will guarantee a fixed rent payment up to 2 years. Contact us for inventory and program details.

MGM has also announced that they are partnering with entertainment promoter AEG to build a retail district/stadium behind the NY-NY/Monte Carlo which should be a positive for Mandarin, Veer and Vdara. http://news.yahoo.com/mgm-aeg-develop-20k-seat-las-vegas-strip-171928652.html

Trump Tower is the new hot property in the condo-hotel segment due the announcement ofGenting’s new $5 billion project being built next door. In my opinion, there is upside potential on north facing residences because the Genting project will significantly improve North views.

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

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 from Jan through May***

Allure Las Vegas
Number of Properties Sold – 18
Avg Sale Price – $248,995
Avg Sale Price/SqFt- $194
Avg Days on Market – 128
Current Inventory on MLS – 23
Avg. Rent Year- $18,864
Avg. Rental Income- $1557
Avg. Days on Market-62
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/allure-las-vegas/

Mandarin Oriental
Number of Properties Sold – 42
Avg Sale Price – $1,095,025
Avg Sale Price/SqFt- – $459 –most of these sales were unfinished so they had lower $PPSF ***
Avg Days on Market – 50
Current Inventory on MLS – 15
Avg. Rent Year-$43,380
Avg. Rental Income-$3615
Avg. Days on Market-74
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/mandarin-las-vegas/

MGM Signature
Number of Properties Sold – 60
Avg Sale Price – $237,183
Avg Sale Price/SqFt- $380
Avg Days on Market – 83
Current Inventory on MLS – 68
Avg. Rent Year-$19,776
Avg. Rental Income-$1648
Avg. Days on Market-61
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/mgm-signature-las-vegas/

Newport Lofts
Number of Properties Sold – 7
Avg Sale Price – $268,571
Avg Sale Price/SqFt- $171
Avg Days on Market – 93
Current Inventory on MLS – 6
Avg. Rent Year-$16,236
Avg. Rental Income-$1353
Avg. Days on Market-86
For current inventory, please visit:
http://www.mylvcondosales.com/downtown-vegas-condos/newport-lofts-las-vegas/

Palms Place
Number of Properties Sold – 24
Avg Sale Price – $262,094
Avg Sale Price/SqFt- $299
Avg Days on Market -61
Current Inventory on MLS – 18
Avg. Rent Year- $29,400
Avg. Rental Income- $2450
Avg. Days on Market-52
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/palms-place-las-vegas/

Panorama Towers
Number of Properties Sold – 42
Avg Sale Price – $496,397
Avg Sale Price/SqFt- $239
Avg Days on Market – 123
Current Inventory on MLS – 21
Avg. Rent Year- $26,916
Avg. Rental Income- $2243
Avg. Days on Market- 52
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/panorama-towers-las-vegas/

The Martin
Number of Properties Sold – 41
Avg Sale Price – $407,893
Avg Sale Price/SqFt- $311
Avg Days on Market – 46
Current Inventory on MLS – 17
Avg. Rent Year- $28,920
Avg. Rental Income- $2410
Avg. Days on Market-60
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/martin-condos/

One Queensridge Place
Number of Properties Sold – 32
Avg Sale Price – $1,442,740
Avg Sale Price/SqFt- $400.89
Avg Days on Market – 50
Current Inventory on MLS -24
Avg. Rent Year- $69,540
Avg. Rental Income- $5795
Avg. Days on Market- 26
For current inventory, please visit:
http://www.mylvcondosales.com/summerlin-condos/one-queensridge-place/

]

Sky Las Vegas
Number of Properties Sold- 29
Avg Sale Price – $256,509
Avg Sale Price/SqFt- $214
Avg Days on Market – 79
Current Inventory on MLS – 16
Avg. Rent Year- $21,696
Avg. Rental Income- $1808
Avg. Days on Market-69
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/sky-las-vegas-condos/

Turnberry Place
Number of Properties Sold – 30
Avg Sale Price – $481,339
Avg Sale Price/SqFt- $193
Avg Days on Market – 62
Current Inventory on MLS -32
Avg. Rent Year- $26,364
Avg. Rental Income-$2197
Avg. Days on Market- 65
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/turnberry-place-las-vegas/

Turnberry Towers
Number of Properties Sold – 24
Avg Sale Price – $333,954
Avg Sale Price/SqFt- $259
Avg Days on Market – 67
Current Inventory on MLS – 19
Avg. Rent Year- $24,240
Avg. Rental Income- $2020
Avg. Days on Market- 67
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/turnberry-towers-las-vegas/

Trump Tower (some developer sales are not reflected in this data)
Number of Properties Sold – 45
Avg Sale Price – $330,333
Avg Sale Price/SqFt- $481
Avg Days on Market – 59
Current Inventory on MLS- 35
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- 40
Avg Sale Price- $520,164
Avg Sale Price/SqFt- $446
Avg Days on Market- 80
Current Inventory on MLS- 24
Avg. Rent Year- $25,512
Avg. Rental Income- $2126
Avg. Days on Market- 25
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 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
Property Management LvLuxPm.com

Data provided by the MLS and is deemed reliable but not guaranteed.

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