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 price per square foot from the 1st Quarter 2012 ($213) to 1st Quarter 2013 ($299) we see in increase of avg price/sf of 29%.
Here is a brief summary of significant events:
Both Mandarin Oriental Residences and Veer Towers have sold more residences in the quarter then they had in the previous 2 years combined. The investment group which purchased the remaining residences at Veer has put some residences back on the market at very attractive price points. They currently have a 3rd floor 2bd residence for $458,000, contact us for details.
Trump Tower is the new hot property in the condo-hotel segment due to its quality and the announcement of Genting’s new $5 billion project being built next door. See link for details:
Along with the Genting group’s project, the SLS is going into the old Sahara site and the LVCA just approved at $2.5 billion overhaul of its facilities. Our team is already working with the SLS team for housing their executives at Turnberry Towers. These projects will especially benefit the north strip properties of Turnberry Towers, Sky Las Vegas, Allure Las Vegas and Trump.
Turnberry Towers has 1bd residences with views of the new SLS starting at $220,000 with tenants in place paying $1500’s per month- Contact us for details.
We have added an investment page on our website which shows both sales/leasing data for the majority of the high-rise projects, please visithttp://www.mylvcondosales.com/investments/
Las Vegas Condo Stats
Number of Properties Sold – 179
Avg Sale Price – $449,253
Avg Sale Price/SqFt- $299
Avg Days on Market – 76
Current Inventory on MLS – 371
Allure Las Vegas
Number of Properties Sold – 7
Avg Sale Price - $313,714
Avg Sale Price/SqFt- $209
Avg Days on Market – 149
Current Inventory on MLS – 22
For current inventory, please visit:
Mandarin Oriental
Number of Properties Sold – 6 (some developer sales are not reflected in this data)
Avg Sale Price – $1,407,323
Avg Sale Price/SqFt- – $693
Avg Days on Market - 21
Current Inventory on MLS – 17
For current inventory, please visit:
MGM Signature
Number of Properties Sold – 20
Avg Sale Price – $208,625
Avg Sale Price/SqFt- – $336
Avg Days on Market – 81
Current Inventory on MLS – 50
For current inventory, please visit:
Newport Lofts
Number of Properties Sold – 1
Avg Sale Price – $410,000
Avg Sale Price/SqFt- $150
Avg Days on Market – 10
Current Inventory on MLS – 4
For current inventory, please visit:
Palms Place
Number of Properties Sold – 10
Avg Sale Price – $188,500
Avg Sale Price/SqFt- $257
Avg Days on Market -50
Current Inventory on MLS – 21
For current inventory, please visit:
Panorama Towers
Number of Properties Sold – 10
Avg Sale Price – $399,550
Avg Sale Price/SqFt- $243
Avg Days on Market – 53
Current Inventory on MLS – 20
For current inventory, please visit:
The Martin
Number of Properties Sold – 26
Avg Sale Price – $414,019
Avg Sale Price/SqFt- $311
Avg Days on Market – 30
Current Inventory on MLS – 18
For current inventory, please visit:
One Queensridge Place
Number of Properties Sold – 15
Avg Sale Price - $1,187,533
Avg Sale Price/SqFt- $368
Avg Days on Market – 55
Current Inventory on MLS -20
For current inventory, please visit:
Sky Las Vegas
Number of Properties Sold- 21
Avg Sale Price - $256,984
Avg Sale Price/SqFt- $215
Avg Days on Market – 97
Current Inventory on MLS – 9
For current inventory, please visit:
Turnberry Place
Number of Properties Sold – 13
Avg Sale Price – $583,462
Avg Sale Price/SqFt- $215
Avg Days on Market – 73
Current Inventory on MLS – 27
For current inventory, please visit:
Turnberry Towers
Number of Properties Sold – 8
Avg Sale Price – $315,081
Avg Sale Price/SqFt- $260
Avg Days on Market – 56
Current Inventory on MLS -17
For current inventory, please visit:
Trump Towers (some developer sales are not reflected in this data)
Number of Properties Sold – 16
Avg Sale Price – $380,538
Avg Sale Price/SqFt- $494
Avg Days on Market – 59
Current Inventory on MLS- 31
For current inventory, please visit:
Veer CityCenter (some developer sales are not reflected in this data)
Number of Properties Sold- 3
Avg Sale Price- $386,667
Avg Sale Price/SqFt- $460
Avg Days on Market- 158
Current Inventory on MLS- 23
For current inventory, please visit:
If our team can help you buy, sell, lease or manage a Las Vegas high-rise condo, please give us a call/email.
Thanks,
Thanks,
Anthony J. Phillips
Owner/Realtor
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
HighRise Blog MyLvCondos.com
Property Management LvLuxPm.com
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
HighRise Blog MyLvCondos.com
Property Management LvLuxPm.com
Data provided by the MLS and is deemed reliable but not guaranteed.
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