Author: anthonylasvegas

1Q Las Vegas High Rise Condo Market Report

The general consensus is that the Las Vegas economy is finally starting to rebound with the majority of our economic indicators showing signs of improvement. If you compare Feb 2012 to Feb 2011, Las Vegas improved in the following areas

Visitor Volume +6.4%

Average Daily Room Rate +10.5%

Total Room Nights Occupied +6.3%

Gaming Revenue +5.5%

Gaming Revenue Bolder Strip (indicator of the locals market) +22.9%

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

Panorama Towers recently resolved their construction defect litigation which allow them to fix defects and make much needed improvements to the buildings. The lack of litigation will also open up financing so it should increase buyer demand and help values.

The Martin, which was formally Panorama Tower North has been rebranded and offers (new) two bedroom residences starting in the low $200k’s with financing available. The Martin benefits from being only 600 steps from the amenities included at CityCenter and Cosmopolitan Resort Casino. The Martin has some of the lowest HOA’s at .47/sf and has one of the best ratios of purchase price versus rental rates that can be found for investors in the Las Vegas high-rise market.

Allure Las Vegas sold out of their developer inventory so going forward the only inventory available will be resale condos. The Allure will benefit to a small casino which is planned for next door and the re-opening of the Sahara Casino in late 2013.

City Center Residential (which includes Mandarin Oriental and Veer Towers,) is now discounting developer inventory by 10%, and then offering another 15% concessions. These concessions can be allocated towards closing costs, taxes, or association dues. We are seeing increased rents at CityCenter due to a lack of supply.

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 could close in May if a buyer for the luxury condominium community’s centerpiece can’t be found. This will obviously have a negative effect on values at the property because the Stirling Club houses most of the projects amenities. There have been talks of 3^rd parties purchasing the club but as of yesterday, the club is set to close on May 18^th.

http://www.lvrj.com/business/stirling-club-at-turnberry-place-faces-may-closure-139257658.html

Cosmopolitan Las Vegas now has a limited selection of resale condos… for current listings, please visit http://www.mylvcondosales.com/cosmopolitan-condos/

Rental Market-In 2011, we saw many of the projects decide to lease out their unsold inventory which added about a years’ worth of supply to the market. Since the majority of this inventory has been absorbed and actually grew the high-rise rental market, we should see improvements in rents over the next 12 to 18 months.

Below is a summary of 1^st quarter sales and a breakdown for each building. This data comes from our MLS and may not include developer sales.

Las Vegas Condo Market- Total

Number of Properties Sold -187

Avg Sale Price -$235,837

Avg SP/SqFt- $213

Avg Days on Market- 127

# of Units Currently On Market-385

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

Allure Las Vegas

Number of Properties Sold – 10

Avg Sale Price – $174,625

Avg  SP/SqFt- $154

Avg Days on Market-113

# of Units Currently On Market- 15

Lowest Priced Condo Available Now-$125,000

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

Mandarin Oriental

Number of Properties Sold – 0

Avg Sale-0

Avg Sale Price/Foot- 0

Avg Days on Market- 0

# of Units Currently On Market- 0

Lowest Priced Condo Available Now- $999,000

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

MGM Signature Condo/Hotel

Number of Properties Sold -44

Avg Sale-$224,787

Avg Sale Price/Foot-$327

Avg Days on Market-140

# of Units Currently On Market-83

Lowest Priced Condo Available Now-$112,955

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

Newport Lofts

Number of Properties Sold – 7

Avg Sale Price – $165,286

Avg Sale Price/Foot- $138

Avg Days on Market- 124

# of Units Currently On Market- 3

Lowest Priced Condo Available Now. – $209,900

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

Palms Place Condo/Hotel

Number of Properties Sold – 15

Avg Sale Price – $160,667

Avg Sale Price/Foot- $240

Avg Days on Market- 153

# of Units Currently On Market- 33

Lowest Priced Condo Available Now- $129,900

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

Panorama Towers

Number of Properties Sold – 15

Avg Sale Price- $280,750

Avg Sale Price/Foot-$186

Avg Days on Market-85

# of Units Currently On Market-20

Lowest Priced Condo Available Now-$164,000

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

The Martin (formerly Panorama North)

Number of Properties Sold – 5

Avg Sale- $293,360

Avg Sale Price/Foot- $276

Avg Days on Market- 6

# of Units Currently On Market-15

Lowest Priced Condo Available Now-$228,800

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

Sky Las Vegas

Number of Properties Sold -19

Avg Sale-$218,495

Avg Sale Price/Foot-$173

Avg Days on Market-81

# of Units Currently On Market-18

Lowest Priced Condo Available Now-$134,999

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

Turnberry Place

Number of Properties Sold -13

Avg Sale-$675,412

Avg Sale Price/Foot-$232

Avg Days on Market-171

# of Units Currently On Market-40

Lowest Priced Condo Available Now-$184,900

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

Turnberry Towers

Number of Properties Sold -10

Avg Sale-$271,390

Avg Sale Price/Foot-$239

Avg Days on Market- 58

# of Units Currently On Market- 26

Lowest Priced Condo Available Now- $214,900

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

Trump Condo/Hotel

Number of Properties Sold – 9

Avg Sale- $245,167

Avg Sale Price/Foot- $332

Avg Days on Market- 282

# of Units Currently On Market- 13

Lowest Priced Condo Available Now- $209,900

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

Vdara Condo/Hotel

Number of Properties Sold -0

Avg Sale- 0

Avg Sale Price/Foot- 0

Avg Days on Market- 0

# of Units Currently On Market- 17

Lowest Priced Condo Available Now- $389,000

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

Veer Towers

Number of Properties Sold – 0

Avg Sale-0

Avg Sale Price/Foot-0

Avg Days on Market-0

# of Units Currently On Market-20

Lowest Priced Condo Available Now-$395,000

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

 

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

Positive Press for Las Vegas-

Analyst: Trade show and conference bookings helping boost MGM’s outlook

http://www.vegasinc.com/news/2012/mar/16/analyst-trade-show-and-conference-bookings-helping/

Vegas single-family home sales up 18 percent

http://www.lasvegassun.com/news/2012/mar/08/nv-home-sales-vegas/

Reports indicate improvements in Las Vegas real estate market

http://www.vegasinc.com/news/2012/mar/14/reports-indicate-improvements-las-vegas-real-estat/

Las Vegas visitor traffic sees uptick in January

http://www.vegasinc.com/news/2012/mar/08/las-vegas-visitor-traffic-january/

States Hardest Hit by Housing Collapse Lead U.S. Jobs Recovery

http://www.bloomberg.com/news/2012-03-09/states-hardest-hit-by-real-estate-collapse-lead-u-s-labor-market-recovery.html

Toll Brothers has best spring sales in 5 years, Lennar orders up 33%

http://agbeat.com/real-estate-news-events/toll-brothers-has-best-spring-sales-in-5-years-lennar-orders-up-33/

Vegas home sales surge as cash buyers flood market

http://www.latimes.com/business/money/la-fi-mo-vegas-home-sales-20120328,0,3278002.story

Why Vegas is a True Start-Up City #VegasTech

http://searchenginewatch.com/article/2165125/Why-Vegas-is-a-True-Start-Up-City-VegasTech?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+sewblog+%28Search+Engine+Watch+Blog%29&utm_content=Google+Reader

They’re back: Core gamblers are helping Las Vegas gaming industry recover

http://www.lasvegassun.com/news/2012/apr/15/theyre-back-core-gamblers-are-helping-las-vegas-ga/

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, 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