Category: Mandarin Residences

 

2012 Las Vegas High-Rise Condo Market Report | MyLvCondoSales.com

The Las Vegas high-rise condo market continues to see significant improvements for the second year in a row.  If we compare yearly average sale prices in 2010 ($231,100), 2011 ($270,721) and 2012 ($313,048) we see in increase of avg sale price by 27%.

Our team at Award Realty continues to be the #1 office in regards to sales and leasing in the high-rise segment and hold the records for the highest resale price/sf at Vdara and Veer.  In addition, my team also holds the record for highest leasing price/sf in the city for 2012. (Mandarin 2bd at $6500/month).

Here is a brief summary of significant events:

CityCenter Residential sold the remaining residences at Veer towers which totaled 427 condos for roughly $120 million. The new investment group plans on putting 100 of these residences back on the resale market at reduced prices and many are tenant occupied and can provide immediate cash flow. For more information on Veer, please email us.

ST Residential, owners of Juhl, Ogden, Loft 5 and One Las Vegas will be putting these (entire) buildings up for sale in the next 30 days so I anticipate the new ownership groups will start adding inventory to the resale market. Currently, ST has only offered leasing at these buildings but we think there is significant sale demand especially at Juhl and Ogden which are located Downtown.

Turnberry Place continues to see significant challenges due to the Stirling Club being closed and the Fountainblue casino project next door being stalled. The price/sf at Turnberry Place is attractive and there could be upside potential at this project if Stirling opens or if any of the north strip casino projects get completed.

Trump Tower sold 300 residences to the Hilton chain and is outperforming the other condo hotels from a price/sf basis.

The Martin sold 89 residences in 2012 which was the highest of any condo project other than MGM Signature. The Martin continues to be a popular property due to its low homeowner’s association dues, high rental demand, and its close proximity to CityCenter.

Panorama Towers resolved its construction defect litigation and put a significant amount of cash back into the property by improving the valet and common areas. The resolution of litigation should open the building back up for financing so I anticipate Panorama will have a good year in 2013.

Las Vegas Condo Stats

Number of Properties Sold –  708
Avg Sale Price  –  $305,174
Avg Sale Price/SqFt-    $261
Avg Days on Market  –  83
Current Inventory on MLS  – 361

We have a breakdown of specific buildings including average rental rates on our new investment page, please visit:
http://www.mylvcondosales.com/investments/

Allure Las Vegas

Number of Properties Sold – 53
Avg Sale Price  –   $206,524
Avg Sale Price/SqFt-  $175
Avg Days on Market  – 74
Current Inventory on MLS – 20
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/allure-las-vegas/

Mandarin Oriental

Number of Properties Sold    –  4
Avg Sale Price  – $1,837,250
Avg Sale Price/SqFt-  –  $815
Avg Days on Market   – 130
Current Inventory on MLS – 18
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/mandarin-las-vegas/

MGM Signature

Number of Properties Sold  –  161
Avg Sale Price –  $193,552
Avg Sale Price/SqFt-  –  $295
Avg Days on Market  – 106
Current Inventory on MLS – 18
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 – $143,914
Avg Sale Price/SqFt-  $101
Avg Days on Market – 101
Current Inventory on MLS  – 7
For current inventory, please visit:
http://www.mylvcondosales.com/downtown-vegas-condos/newport-lofts-las-vegas/

Palms Place

Number of Properties Sold – 52
Avg Sale Price – $181,859
Avg Sale Price/SqFt-  $253
Avg Days on Market – 112
Current Inventory on MLS – 18
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/palms-place-las-vegas/

Panorama Towers

Number of Properties Sold – 53
Avg Sale Price –  $269,833
Avg Sale Price/SqFt-   $194
Avg Days on Market –  73
Current Inventory on MLS – 29
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/panorama-towers-las-vegas/

The Martin

Number of Properties Sold  –  89
Avg Sale Price  –  $348,470
Avg Sale Price/SqFt-    $282
Avg Days on Market –  19
Current Inventory on MLS  –  24
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/martin-condos/

One Queensridge Place

Number of Properties Sold – 13
Avg Sale Price  –   $1,119,307
Avg Sale Price/SqFt-    $330
Avg Days on Market – 219
Current Inventory on MLS -18
For current inventory, please visit:
http://www.mylvcondosales.com/summerlin-condos/one-queensridge-place/

Sky Las Vegas

Number of Properties Sold-  57
Avg Sale Price –   $216,460
Avg Sale Price/SqFt-    $181
Avg Days on Market –  80
Current Inventory on MLS – 18
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/sky-las-vegas-condos/

Turnberry Place

Number of Properties Sold – 53
Avg Sale Price – $424,542
Avg Sale Price/SqFt-  $184
Avg Days on Market  – 114
Current Inventory on MLS – 25
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/turnberry-place-las-vegas/

Turnberry Towers

Number of Properties Sold – 34
Avg Sale Price  – $332,141
Avg Sale Price/SqFt-    $262
Avg Days on Market – 66
Current Inventory on MLS -19
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/turnberry-towers-las-vegas/

Trump Towers

Number of Properties Sold – 65
Avg Sale Price – $267,276
Avg Sale Price/SqFt-  $409
Avg Days on Market – 71
Current Inventory on MLS-  27
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/trump-towers-las-vegas/

Veer CityCenter

Number of Properties Sold-  4
Avg Sale Price-  $392,750
Avg Sale Price/SqFt-  $447
Avg Days on Market- 33
Current Inventory on MLS- 15
For current inventory, please visit:
http://www.mylvcondosales.com/las-vegas-strip-area-condos/veer-citycenter-las-vegas/

Anthony Phillips
702-482-8885
Anthony@mylvcondosales.com

 

 

 

 

 

 

 

 

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