Tag: Las Vegas Condos

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/

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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.