The U.S. casino industry captured $37.3 billion in gaming revenues in 2012, a 4.8 percent increase from 2011.
That growth rate is largest since the recession swept through the industry in 2008, according to an annual report released today by the American Gaming Association.
The AGA’s “State of the States” survey — a national snapshot of the casino industry based on economic data and public opinion — targets 22 states with commercial casinos and racetracks.
Frank J. Fahrenkopf, the AGA’s president and CEO, said this year’s data is a major bright spot in an industry marred by a recession that hemorrhaged workers and construction projects through the recession.
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
The NAR reports: August Existing-Home Sales and Prices Rise
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 7.8 percent to a seasonally adjusted annual rate of 4.82 million in August from 4.47 million in July, and are 9.3 percent higher than the 4.41 million-unit level in August 2011.
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Total housing inventory at the end August rose 2.9 percent to 2.47 million existing homes available for sale, which represents a 6.1-month supply at the current sales pace, down from a 6.4-month supply in July. Listed inventory is 18.2 percent below a year ago when there was an 8.2-month supply.
Allure is one of the best-selling high rise community in Las Vegas outside of CityCenter for good reason. If you’re looking for a higher standard in luxury living – along with an outstanding value – you’ll find both at Allure.
Allure Las Vegas offers contemporary spaces that include over-sized Italian porcelain tile flooring, nine-foot ceilings, spacious master suites, large walk-in closets, European-style cherry cabinets, granite counter-tops, designer faucets, stainless steel appliances, an advanced wiring network, safety systems and exceptional sound attenuation between residences for a relaxing sanctuary away from the hustle and bustle of the Strip.
Just some of the amenities that come with an Allure Las Vegas condo include a private outdoor pool and cabanas, club room with catering kitchen, state-of-the-art fitness facility, business center, media room, secure parking, 24-hour doorman, valet service, and a unique program called Allure Now™ – a signature five-star concierge service available exclusively to Allure condo owners.
Residences are available to own or lease with a choice of floor plans that include studio, one-, two- and three-bedroom homes, ranging in size from 670 to 4,400 square feet.
This residence features glass doors that open to an expansive wraparound private terrace. With panoramic views of the Vegas skyline, this condo boasts a sleek, modern kitchen featuring Sub-Zero refrigerator, microwave and stove.
Allure Las Vegas sold 17 residences in the second quarter with an average selling price of $250,121 with an average price per foot of $191. Allure Las Vegas condos were on the market for an average of 31 days and there are currently 19 condos on the market with $140,000 being the lowest priced condo currently available.
Allure Las Vegas had an average rental price of $1363 for the second quarter with an average of 53 days on the market.
Allure Las Vegas sold 10 residences in the first quarter with an average selling price of $174,625 with an average price per foot of $154.
Allure Las Vegas condos were on the market for an average of 113 days and there are currently 15 condos on the market with $125,000 being the lowest priced condo currently available.
Allure Las Vegas had an average rental price of $1361 for the first quarter with an average of 70 days on the market.
Allure Las Vegas sold 3 residences in February with an average selling price of $236,167 with an average price per foot of $188. Allure Las Vegas condos were on the market for an average of 93 days and there are currently 26 condos on the market with $144,900 being the lowest priced condo currently available.
Allure Las Vegas had an average rental price of $1435 for the month of February with an average of 54 days on the market.
Allure Las Vegas raises luxury condominium living to new heights above the dynamic Las Vegas metropolis, while remaining surprisingly down to earth with its home prices.
This vibrant, 41-story, Las Vegas uptown condominium community on West Sahara Avenue is just steps from Las Vegas Boulevard. Allure in Las Vegas offers you striking views of the Las Vegas Strip and surrounding mountain ranges, all beautifully framed by your home’s floor to ceiling glass walls and spacious private balconies. Inside, the view is equally impressive with Allure’s modern living floorplans, exceptional finishes, and exquisite designer touches.
Allure is the best-selling high rise community in Las Vegas outside of CityCenter for good reason. If you’re looking for a higher standard in luxury living – along with an outstanding value – you’ll find both at Allure.
Allure Las Vegas offers contemporary spaces that include oversized Italian porcelain tile flooring, nine-foot ceilings, spacious master suites, large walk-in closets, European-style cherry cabinets, granite countertops, designer faucets, stainless steel appliances, an advanced wiring network, safety systems and exceptional sound attenuation between residences for a relaxing sanctuary away from the hustle and bustle of the Strip.
Just some of the amenities that come with an Allure Las Vegas condo include a private outdoor pool and cabanas, club room with catering kitchen, state-of-the-art fitness facility, business center, media room, secure parking, 24-hour doorman, valet service, and a unique program called Allure Now™ – a signature five-star concierge service available exclusively to Allure condo owners.
Las Vegas Allure condos are available to own or lease with a choice of floorplans that include studio, one-, two- and three-bedroom homes, ranging in size from 670 to 4,400 square feet.
Our team of Las Vegas real estate specialists is ready to provide you with our unique market insights and personalized service to help you feel completely confident about your next real estate transaction. Please contact us today.702.482.8885
Allure Las Vegas sold 2 residences in November with an average selling price of $247,450 with an average price per foot of $179. Allure Las Vegas condos were on the market for an average of 91 days and there are currently 18 condos on the market with $129,900 being the lowest priced condo currently available.
Allure Las Vegas had an average rental price of $1514 for the month of November with an average of 65 days on the market.
Allure is the best-selling high rise community in Las Vegas outside of CityCenter for good reason. If you’re looking for a higher standard in luxury living – along with an outstanding value – you’ll find both at Allure.
Allure Las Vegas offers contemporary spaces that include oversized Italian porcelain tile flooring, nine-foot ceilings, spacious master suites, large walk-in closets, European-style cherry cabinets, granite countertops, designer faucets, stainless steel appliances, an advanced wiring network, safety systems and exceptional sound attenuation between residences for a relaxing sanctuary away from the hustle and bustle of the Strip.
Just some of the amenities that come with an Allure Las Vegas condo include a private outdoor pool and cabanas, club room with catering kitchen, state-of-the-art fitness facility, business center, media room, secure parking, 24-hour doorman, valet service, and a unique program called Allure Now™ – a signature five-star concierge service available exclusively to Allure condo owners.
Las Vegas Allure condos are available to own or lease with a choice of floorplans that include studio, one-, two- and three-bedroom homes, ranging in size from 670 to 4,400 square feet.
Our team of Las Vegas real estate specialists is ready to provide you with our unique market insights and personalized service to help you feel completely confident about your next real estate transaction. Please contact us today.702.482.8885
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