Author: anthonylasvegas

It looks as though the Las Vegas High-Rise condo market is finally starting to rebound.

When comparing the 1^st and 2^nd quarters of this year, average price per square foot increased from $213 to $256 and the length of time it takes to sell a condo reduced from 127 to 72 days. We are seeing inventory shrinking at the majority of the projects which should improve pricing in the 2^ndhalf of the year. We are also seeing banks start to loan on at least ½ of the condo projects which will increase the buyer pool/demand over the next 12 months.

Rental inventory is continuing to shrink and there has been an average of a $100-$400 increase in rents in almost all properties depending on the size of the residence.

I have added some informative data to the new Investments page on our website which includes condo development statistics and all Las Vegas High Rise condo leases over the prior 12 months. Please visit http://www.mylvcondosales.com/investments/

The following is a brief update for projects that have had significant news/events.

Panorama Towers recently won its construction defect lawsuit is using the proceeds to make significant improvements to their common areas. Enhancements to the front, porte-cochere, pool areas and dog parks are expected by the end of year and there are some tenants planned to take over the retail space at the front of the building.

The Martin, which was formerly Panorama Tower North, continues to see increased sales and our team recently leased a 1bd residence at $2250 which was the highest non/Mandarin 1bd lease in the last 12 months.

Allure Las Vegas recently sold out of their developer inventory so the resale market will be the only option when purchasing.  New casino plans have been announced for the small lot next to Allure and the re-opening of the Sahara in early 2014 should help the area.

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 has closed which has had a significant impact on values. I think there is upside at Turnberry Place if the club is re-opened and the projects that are stalled or being re-opened are finished, (Fontainebleau, Sahara)

Below is a summary of 2nd quarter sales and a breakdown for each building. This data comes from our Multiple Listing Service and may not include all developer sales.

Las Vegas Condo Market– Total

Number of Properties Sold -198

Average Sale Price -$293,858

Average Sale Price /SqFt- $256

Average Days on Market- 72

# of Units Currently On Market-404

For current Listings, visit http://www.mylvcondosales.com/

 

Allure Las Vegas

Number of Properties Sold – 17

Average Sale Price – $250,121

Average  Sale Price/SqFt- $191

Average Days on Market-31

# of Units Currently On Market- 19

Lowest Priced Condo Available Now-$140,000

For current Listings, visit http://www.mylvcondosales.com/allure-las-vegas/

Mandarin Oriental

Number of Properties Sold – 2

Average Sale-$2,399,500

Average Sale Price/Foot- $939

Average Days on Market-

# of Units Currently On Market- 17

Lowest Priced Condo Available Now- $1,093,000

For current Listings, visit http://www.mylvcondosales.com/mandarin-las-vegas/

MGM Signature Condo/Hotel

Number of Properties Sold -44

Average Sale-$183,111

Average Sale Price/Foot-$300

Average Days on Market-96

# of Units Currently On Market-60

Lowest Priced Condo Available Now-$144,900

For current Listings, visit – http://www.mylvcondosales.com/mgm-signature-las-vegas/

Palms Place Condo/Hotel

Number of Properties Sold – 11

Average Sale Price – $195,845

Average Sale Price/Foot- $253

Average Days on Market- 75

# of Units Currently On Market 23

Lowest Priced Condo Available Now- $140,000

For current Listings, visit http://www.mylvcondosales.com/palms-place-las-vegas/

Panorama Towers

Number of Properties Sold – 10

Average Sale Price- $269,443

Average Sale Price/Foot-$195

Average Days on Market-81

# of Units Currently On Market-20

Lowest Priced Condo Available Now-$192,500

For current Listings, visit http://www.mylvcondosales.com/panorama-towers-las-vegas/

The Martin (formerly Panorama North)

Number of Properties Sold – 29

Average Sale- $336,490

Average Sale Price/Foot- $275

Average Days on Market-12

# of Units Currently On Market-32

Lowest Priced Condo Available Now-$218,900

For current Listings, visit http://www.mylvcondosales.com/martin-condos/

Sky Las Vegas

Number of Properties Sold -14

Average Sale-$202,571

Average Sale Price/Foot-$178

Average Days on Market-76

# of Units Currently On Market-14

Lowest Priced Condo Available Now-$168,000

For current Listings, visit http://www.mylvcondosales.com/sky-las-vegas-condos/

Turnberry Place

Number of Properties Sold -11

Average Sale-$287,364

Average Sale Price/Foot-$157

Average Days on Market-65

# of Units Currently On Market-43

Lowest Priced Condo Available Now-$199,000

For current Listings, visit http://www.mylvcondosales.com/turnberry-place-las-vegas/

Turnberry Towers

Number of Properties Sold -10

Average Sale-$351,490

Average Sale Price/Foot-$272

Average Days on Market- 53

# of Units Currently On Market- 27

Lowest Priced Condo Available Now- $195,000

For current Listings, visit http://www.mylvcondosales.com/turnberry-towers-las-vegas/

Trump Condo/Hotel

Number of Properties Sold – 17

Average Sale- $261,838

Average Sale Price/Foot- $397

Average Days on Market- 46

# of Units Currently On Market- 24

Lowest Priced Condo Available Now- $185,000

For current Listings, visit http://www.mylvcondosales.com/trump-towers-las-vegas/

Vdara Condo/Hotel

Number of Properties Sold -0

Average Sale- 0

Average Sale Price/Foot- 0

Average Days on Market- 0

# of Units Currently On Market- 18

Lowest Priced Condo Available Now- $370,000

For current Listings, visit http://www.mylvcondosales.com/vdara-citycenter-las-vegas/

Veer Towers

Number of Properties Sold -2

Average Sale-$396,550

Average Sale Price/Foot-$474

Average Days on Market-2

# of Units Currently On Market-18

Lowest Priced Condo Available Now-$392,000

For current Listings, visit http://www.mylvcondosales.com/veer-citycenter-las-vegas/

All Data Deemed Reliable but Not Guaranteed *****

The Las Vegas economy continued to see improvements

Gaming Rev up Strip +5.4%

Downtown +8.9%

Visitor Volume +2.4%

Average Daily Room Rates +3.4%

Convention Business +27.5

Average Daily Auto-Traffic to LV +7.1

Airline Traffic at McCarran +3%

There are $3.5 Billion in new projects or property remodels currently underway or planned for 2012 with another $800m planned for 2013.

For more information visit http://www.lvcva.com/stats-and-facts/visitor-statistics/

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 a residence, 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

http://www.mylvcondosales.com

Property Management http://www.lvluxpm.com