Las Vegas High-Rise Residential Market

Q2 - 2013 Las Vegas Market IQ High-Rise Report

Summary

2013 is turning out to be a strong year for the high-rise market relative to the prior several years. The Martin continues to have strong closings. The project is 70% closed. Strong closings at Mandarin Oriental and One Queensridge Place has demonstrated a desire exists for homes in the top end of the market. In condo-hotels, Trump Las Vegas is leading price strength in that se tor with closings as high as $700 per square-foot. Several buildings have multiple months of stabilized prices and a handful have clear upward trends. We have identified multiple likely short sale candidates. Despite this, some may be slow to replenish the resale supply. A large number of homes are now utilized as rentals. We understand that leasing continues to be respectable relative to other housing types. This is a stabilizing factor for the market. Based on contract signing activity in the second quarter, the outlook for the third quarter of 2013 is bright.

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High-Rise Residential - Las Vegas, NV

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www.lasvegashomes.com

AUTHOR

John McClelland, Vice President, Research

CONTACT Coldwell Banker Premier Realty Strategic Services Phone: 702-939-5128 Email: [email protected] Web. www.lasvegashomes.com 8290 W. Sahara Ave, Suite 200 Las Vegas, NV 89117

Las Vegas Valley High-Rises

www.lasvegashomes.com Coldwell Banker Premier has facilitated a multitude of high-rise transactions in Las Vegas. We draw on this experience and information obtained from local government and the Greater Las Vegas multiple listing service. The information is deemed reliable but is not guaranteed. Market IQ analytics and consulting.

I-15

215

215

95

515

I-15

CityCenter -Mandarin Oriental -Veer Towers -Vdara

Sky Las Vegas

Allure

One Las Vegas

Boca Raton

Panorama I & II

The Martin

One Queensridge Place Newport Lofts

Soho Lofts

Juhl

The Ogden

Turnberry Towers

Regency Tower

Signature (Turnberry MGM)

Trump

Palms Place

Turnberry Place

Platinum

Condominium

Condo-Hotel

Metropolis Park Towers


Timeline of High-Rises by Approximate Date Closings Began

www.lasvegashomes.com Coldwell Banker Premier has facilitated a multitude of high-rise transactions in Las Vegas. We draw on this experience and information obtained from local government and the Greater Las Vegas multiple listing service. The information is deemed reliable but is not guaranteed. Market IQ analytics and consulting.

1975

Allure

Palms Place

One Las Vegas

StreamlineThe Martin

CityCenter-Mandarin-Vdara-Veer

1st Wave of High-Rise Development

2nd Wave of High-Rise Development

3rd Wave of High-Rise Development

1980 1985 1990 1995 2000 2005

Regency Towers

2010

Turnberry Place 1

Turnberry Place 2

Metropolis

Panorama 1

Turnberry Place 4

Turnberry MGM 1

Turnberry MGM 2

Turnberry MGM 3

Platinum

Soho Lofts

Newport

Park Towers

Boca Raton

Panorama 2

Turnberry Towers East

Turnberry Towers West

One Queensridge

Trump

Juhl

Turnberry Place 3

The Cosmopolitan


Update on the Las Vegas High-Rise Condominium Market

While we see each high-rise project as a market unto itself, for brevity, we occasionally refer to the “market” for high-rises. In 2008 and 2009, the high-rise market segment was nearly left for dead and many questioned where the bottom of the market was. 2011 and 2012 saw a lot of the dis-tressed component leave the market and we are observing prices gradually ratchet up in several buildings. Further, Las Vegas area fundamentals are much better, with visitor volume expanding to record levels in 2012. Retail sales and gaming revenues are also far off of their lows and Las Vegas appears to once again be in a positive migration sce-nario. In this report we examine both building level and overall market news and closing data. We should also note that we perceive condo-hotels to be a distinct product from tradi-tional condominiums and treat them separately in this report. This segment has also experienced a rebound in sales from the lows of 2008 and 2009. In 2010 and 2011, Sig-nature at MGM experienced brisk sales and in 2012. Trump has also been very strong in that sector and has commanded some of the highest prices per-square foot in the sec-tor.

From Stability to Clear Improvement In 2011 we began to see some evidence of stabilization in pricing. This trend has been confirmed in the 2012-2013 period for sev-eral buildings including Allure, Sky Las Vegas, Panorama Towers, Turnberry Towers, Boca Raton and within Palms Place, The Plati-num and Signature at MGM (Turnberry MGM). With some caution regarding trends within buildings with units that vary substan-tially in price by floor and view, we note general upward trends in Panorama Tower I & 2, Soho and Newport Lofts in the down-town submarket. In the condo-hotel category, Trump Las Vegas has a very clear upward trend in price on strong volume. The Martin continues to be strong in condominium sales and sales at One Queensridge Place and Mandarin Oriental, which has recently posted a very high number of closings, has proven that there is an appetite for product in the high-end of the market. Veer at CityCenter has also been successful in closing homes and has been heavily promoting the property. Leasing has been a bright spot in the market for the last couple of years with solid occupancies reported in the downtown buildings as well as several on the strip and south strip. This has gone a long way towards clearing up the distress in the market. Additionally, renting is a great option for many individ-uals and families that work in the hospitality industry, require a second residence or for corporate housing purposes. The Downtown leasing market continues to tighten with Juhl leasing very quickly and will very likely be full before the close of 2013. The Ogden remains near capacity as well. With more Zappos employees and other firms moving Downtown, we expect the Downtown submarket to outperform for a long time. At some point, what has occurred in the leasing market may point towards reasonable sales velocities for for-sale product downtown and in the south strip within the next couple of years. Strip properties have already shown strong improvement.

High-Rise Closings by Size and Price - Q2, 2013

Year-Over-Year Comparisons—MLS

Prices have firmed in many buildings within this sector. While there is a lot of variation between towers, height and the mix of product sold, the market has clearly seen price increases. Marketing times have dropped substantially as well. Some of the increased listing activity occurring in condominiums is also due to builder marketed inventory being placed on the MLS. Source: Mlxchange.

Condominium Key Stats Q2 ' 2013 Y-O-Y Change Q2 ' 2012

Average Sale Price $580,664 48% $391,579

Average $/Sq.ft.* $280 14% $245

Median Sale Price $351,950 30% $270,000

Avg. Square Feet 1,854 25% 1,488

DOM 72.0 14% 63.2

Sales % of List 95.7% 1% 94.5%

Number of Sales 149 37% 109

Listed Inventory 217 -9% 239

Condo-Hotel Key Stats Q2 ' 2013 Y-O-Y Change Q2 ' 2012

Average Sale Price $252,483 23% $206,103

Average $/Sq.ft.* $329 1% $325

Median Sale Price $200,000 8% $185,000

Avg. Square Feet 764 19% 644

DOM 78.0 -1% 79.0

Sales % of List 96.0% 1% 95.0%

Number of Sales 50 -31% 72

Listed Inventory 140 61% 87

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

$2,000,000

0 500 1,000 1,500 2,000 2,500 3,000

Sale

Pri

ce

Sq.Ft.

ALLURE JUHL NEWPORT LOFTS

ONE LAS VEGAS ONE QUEENSRIDGE PLACE BOCA RATON

PALMS PLACE (Condo-Hotel) THE MARTIN PANORAMA TOWER 1

PANORAMA TOWER 2 PARK TOWERS THE PLATINUM (condo-hotel)

REGENCY TOWER MANDARIN ORIENTAL - CITYCENTER SKY LAS VEGAS

SOHO LOFTS TRUMP (condo-hotel) TURNBERRY MGM - SIGNATURE (condo-hotel)

TURNBERRY PLACE TURNBERRY TOWERS VEER TOWERS - CITYCENTER

Source: Clark County, Coldwell Banker Premier Realty. Note 1: In order to see the largest portion of the sale population, size shown is restricted to 3,000 sq.ft. Note 2: We have observed a wide disparity of sale prices within the same buildings, much of this is due to building floor and grey shell versus fully complete.


Bulk sales continue to be a factor in the Las Vegas High-Rise market. In 2011 279 homes at Turnberry Towers traded to CIM Group. More re-cently, Trump Las Vegas has sold units to Hilton Grand Vacations to be used as timeshares. Also, In late 2012, Ladder Capital bought 427 units at Veer Towers within CityCenter for around $300 per square foot. Of these homes, nearly 320 were reported to be leased.1 CityCenter Resi-dential is focusing efforts at The Residences at Mandarin Oriental, a project that we consider to be a competitor in the Super-Premium mar-ket. Sales at both Mandarin Oriental and Veer have lifted substantially. Based on estimates of replacement cost, buyers appear to be obtaining solid deals in the CityCenter buildings and several of the other strip properties. The ST Residential national portfolio has also been in play. A winning bidder should be identified soon. It is uncertain as to whether there will be any specific re-trading of assets that may influence Las Vegas. Distressed Inventory—A Relatively Small Component

Since ST Residential has been managing the buildings from the failed Corus Bank portfolio, large blocks of bank owned inventories has great-

ly diminished. Additionally, trustee deeds (homes in the name of a lender, i.e foreclosed homes) represent less than one percent of the existing market. We note just seven bank owned (REO) homes available on the multiple listing service (MLS). Part of the disparity between non-performing loans and what we see in the foreclosure pipeline is due to legal issues including (but not completely) assembly bill 284, which requires an affidavit that states the signatory has first hand knowledge of all of the required documents in order to foreclose. Further, as several of the major banks were attempting to comply with the National Foreclosure Settlement, we have observed inventories for all home types decline. This is not just a Nevada occurrence but is found to be a national issue as well. Finally, many banks prefer the short sale process to foreclosures. Currently, we note ten short sale condominiums and one condo-hotel in the MLS that are not under contract. Despite the lack of a wide pipeline in foreclosed homes, negative equity remains an issue in Las Vegas housing and in the high-rise segment. Our data exposes nearly 421 homes in high-rise condominiums that are estimated to be in a negative equity position. 841 REO’s and 904 Short Sale high-rises have traded through the MLS since 2009. This is nearly 15% of the Las Vegas high-rise universe and nearly 24% of the homes that would be considered a retail transaction. These transactions, combined with bulk transfers to solid owners, have gone a long way towards removing distress in the market. We should note that homes in a negative equity position could become active inventory as a short sale or ultimately as REO and is a noted risk in some buildings. However, we are also finding that the spread between REO, Short Sale and equity sales has diminished. Our Perspective 2013 has seen a very respectable resurgence in interest in high-rise living, as manifested in two of the strongest quarters for closings in years. Our role in working with investors has revealed some willingness to overlook weak yields in anticipation of price appreciation and as we noted, the in-creases observed in some buildings have been a trigger for some investors. Secondly, many buyers, investors and owner-occupants alike, recognize that many units can still be purchased below replacement cost. One factor that has been holding back sales is a wide bid-ask spread. With these frictions, it has been hard to measure the effective demand for high-rise product. However, with the reset in pricing at Veer Towers and prior, The Martin, sales have picked up markedly. Mandarin Oriental and One Queensridge Place have also set realistic prices and the response in the market has been very favorable. Finally, strong sales at Trump have proven the market for that product segment and we believe that there is some value in the condo-hotel sector, predicated on a continuance of strong occupancies in strip properties that remain firmly ahead of recession levels. Recent construction activity on the strip, such as Linq and Desert Blue (a timeshare project that recently trade), the Genting purchase of the Echelon site, recent MGM Resorts International development proposals and the proposed convention center expansion, is also helping to generate interest in owning property in the region. Further, on a comparative basis with upper-end vertical living spaces on the west coast, Las Vegas pricing appears to be attractive to many. Our view on this sector is increasingly positive, especially since we have observed many months of positive trends in several aspects of the market and the past two quarters of 2013 have reinforced this view. Closings at The Martin has passed seventy percent (and received Fannie Mae approval) and with the inventory under contract, the remaining availability is likely less than 20%. Trump, one of the few buildings with the original sponsor in place, is also seeing the results of a strong sales effort. One Queensridge, Veer and Mandarin Oriental are posting some strong velocities as well. Coming on the back of a relatively strong close-out at Allure, this reinforces our view that the high-rise sector deserves the attention it has recently been getting. For sellers, the low level of active inventory in several buildings and price ranges may imply that today is a good time to list a home on the market. The lack of financing and somewhat high association fees in a few projects is a drag on purchasing interest, however we are increasingly engaged with buyers that understand that association fees include more than just amenities and that high-rise buildings are basically machines that require significant maintenance. The lifestyle is often enough for some to view the size of association fees as necessary for that lifestyle.

Source: Ticor Title. Note: Based on automated estimates and not appraised values. May not be comprehensive due to possible gaps in loan level data.

Number of Homes in a Negative Equity Position

1.http://www.vegasinc.com/news/2012/dec/21/veer-towers-virtually-sold-out-bulk-sale/


3 4

811 11 12

14 14 14

22 21 2225

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66

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Condominium Condo-Hotel

Price Range Listed Q1 Sold

Months-of-

Supply Listed Q1 Sold

Months-of-

Supply

Less than $100,000 0 2 - - 1 -

$100,000 - $150,000 0 6 - 9 9 3.0

$150,000 - $200,000 12 14 2.6 34 23 4.4

$200,000 - $250,000 16 18 2.7 26 18 4.3

$250,000 - $300,000 20 13 4.6 18 5 10.8

$300,000 - $350,000 12 21 1.7 - 5 -

$350,000 - $400,000 16 16 3.0 13 - -

$400,000 - $450,000 15 5 9.0 8 1 -

$450,000 - $500,000 15 8 5.6 8 - -

$500,000 - $750,000 29 16 5.4 12 4 9.0

$750,000 - $1,000,000 24 10 7.2 5 - -

$1,000,000 - $2,000,000 33 14 7.1 3 1 9.0

$2,000,000 - $3,000,000 11 3 11.0 4 - -

$3,000,000 - $4,000,000 4 3 4.0 - - -

$4,000,000 - $5,000,000 4 - - - - -

$5,000,000 6 - - - - -

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$452 $439

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$473

$315

$485

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High-Rises Closings and Sale Prices Per Square Foot - Q2, 2013

Absorption Rates of MLS Listed Supply - Q2, 2013

Source: GLVAR.

Source: Clark County, Coldwell Banker Premier Realty. Note: Reflects traditional sales, not the recent bulk transactions.


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Historical Sales Activity in the High-Rise Sector—Includes builder sales and resales

Supply Additions and Cumulative Supply

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Condominium New Deliveries Condo-Hotel New Deliveries

Cumulative Condo Supply Cumulative Condo-Hotel Supply

Note: Based on year built date per Clark County. Source: Clark County.

Source: Clark County Assessor. Note: Excludes recent bulk sales.


*Includes Inventory Under Contract **Either owned by the developer or a new owner of multiple homes such as ST Residential or CIM. Further, the bulk sale of Veer is still considered in the developer owned category. Total Closed refers to all closings that occurred from project start date to the end of the current quarter that traded on a retail or resale basis. ***This figure increased from last quarter due to several deed in lieu of foreclosure transfers. Note: Much of the supply of developer owned homes are in the rental stock. Examples include One Las Vegas, The Ogden and Juhl.


Submarket/Property Units

Total

Closed

For Sale

MLS*

Developer

Owned**

Lender

Owned

South Strip

Boca Raton 378 176 2 202 3

One Las Vegas 359 64 3 295 -

Total 737 240 5 497 3

Resort Corridor

Allure 427 427 28 - -

Sky Las Vegas 409 334 20 75 3

CityCenter-Mandarin Oriental 225 116 19 109 -

CityCenter-Veer Towers 670 296 24 374 -

Total 1,731 1,173 91 558 3

Adjacent Strip

Metropolis 71 71 5 - 1

Park Towers 84 84 8 - -

Regency Tower 274 274 17 - 1

Turnberry Place 777 777 42 - 1

Turnberry Towers 635 386 19 249 3

Panorama Towers I & II 650 650 33 - 6

The Martin 372 259 29 113 -

Total 2,863 2,501 153 362 12

Suburban

One Queensridge 218 178 26 40 1

Total 218 178 26 40 -

Downtown

Juhl 341 35 3 306 -

Newport Lofts 168 168 9 - -

Soho Lofts 120 120 4 - -

The Ogden (formerly Streamline) 275 27 1 248 -

Total 904 350 17 554 -

Grand Total 6,453 4,442 292 2,011 18

Condo-Hotel

CityCenter-Vdara 1,496 148 20 1,348 -

Palms Place*** 599 385 21 214 2

Trump 1,282 501 41 781 1

The Platinum 255 239 11 16 1

Turnberry MGM (Signature) 1,729 1,641 88 88 5

Grand Total 5,361 2,914 181 2,447 9

Sales and Pricing

Strip Corridor

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Sky Las Vegas


Time period begins at 2005 which is when several condominiums became active.

Adjacent Strip

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Panorama Tower I


Continued Note: Prices can vary substantially between sample periods. Prices reflect view and floor premiums and may also vary by finish level.

Note: Does not include the recent bulk transactions

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Adjacent Strip—Continued

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Panorama Tower II


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Turnberry Place Phase I


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J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

tTurnberry Place Phase II


0

1

2

3

4

5

6

$0

$100

$200

$300

$400

$500

$600

$700

$800

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

Turnberry Place Phase III


0510152025303540455055606570758085

$0

$100

$200

$300

$400

$500

$600

$700

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

Turnberry Place Phase IV



Adjacent Strip—Continued

0

10

20

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40

50

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90

100

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130

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150

$0

$100

$200

$300

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$500

$600

$700

$800

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

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Turnberry Towers


South Strip

0

5

10

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30

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40

$0

$100

$200

$300

$400

$500

$600

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

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Boca Raton


0

2

4

6

8

10

12

14

16

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

One Las Vegas


0

5

10

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30

35

40

$0

$100

$200

$300

$400

$500

$600

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

Metropolis


0

1

2

3

4

5

6

7

8

$0

$100

$200

$300

$400

$500

$600

$700

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

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M-1

3

Clo

sin

gs

$/S

q.f

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Regency



Downtown

0

5

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30

$0

$100

$200

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J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

Soho Lofts


0

1

2

3

4

5

6

7

8

9

10

$0

$100

$200

$300

$400

$500

$600

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

The Ogden


0

1

2

3

4

5

6

7

8

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

Juhl


0

5

10

15

20

25

30

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

Newport Lofts


Suburban

0

5

10

15

20

25

30

35

40

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

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One Queensridge Place



Condo-Hotel

0

20

40

60

80

100

120

$0

$200

$400

$600

$800

$1,000

$1,200

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

Palms Place


0

5

10

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20

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30

35

40

45

50

$0

$100

$200

$300

$400

$500

$600

$700

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

Platinum


0

50

100

150

200

250

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

Turnberry MGM (Signature)


0

10

20

30

40

50

60

70

80

90

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

tTrump


0

10

20

30

40

50

60

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

J-05

M-0

5

S-0

5

J-06

M-0

6

S-0

6

J-07

M-0

7

S-0

7

J-08

M-0

8

S-0

8

J-09

M-0

9

S-0

9

J-10

M-1

0

S-1

0

J-11

M-1

1

S-1

1

J-12

M-1

2

S-1

2

J-13

M-1

3

Clo

sin

gs

$/S

q.f

t

Vdara - CityCenter


Note: Trump has sold units in bulk and those are not reflected here. The above exhibit corresponds to traditional arms-length (retail or resale) transactions.


Allure Closings Began: Dec -07 Percent Closed: 100% Percent on MLS: 6.6% Percent Lender Owned: 0.0% Q2, 2013 avg PPSF: $192

Closed

Developer owned (may be rental)

Lender owned

On MLS

Boca Raton Closings Began: Jun-07 Percent Closed: 47% Percent on MLS: .5% Percent Lender Owned: .8% Q2, 2013 avg PPSF: $149

City Center Mandarin Oriental Closings Began: Jan-10 Percent Closed: 52% Percent on MLS: 8.4% Percent Lender Owned: 0% Q2, 2013 avg PPSF: $439 Note: Still being market-ed by the original spon-sor.

City Center Veer Towers Closings Began: May-10 Percent Closed: 44% Percent on MLS: 3.6% Percent Lender Owned: 0% Q2, 2013 avg PPSF: $476

Juhl Closings Began: Feb-09 Percent Closed:10% Percent on MLS: .9% Percent Lender Owned: 0% Q2, 2013 avg PPSF: $249

Metropolis Closings Began: Oct-05 Percent Closed: 100% Percent on MLS: 7% Percent Lender Owned: 1.4% Q2, 2013 avg PPSF: N/A


Closed


Newport Lofts Closings Began: Jun-07 Percent Closed: 100% Percent on MLS: 5.4% Percent Lender Owned: 0% Q2, 2013 avg PPSF: $175

Lender owned

On MLS

One Las Vegas Closings Began: Mar–08 Percent Closed: 18% Percent on MLS: .8% Percent Lender Owned: 0% Q2, 2013 avg PPSF: $130

Park Towers Closings Began: Jul-00 Percent Closed:100% Percent on MLS:9.5% Percent Lender Owned: 0% Q2, 2013 avg PPSF: $452

Panorama Towers 1 & 2 Closings Began: Sep-06 & Jul-07 Percent Closed:100% Percent on MLS: 5.1% Percent Lender Owned: .9% Q2, 2013 avg PPSF: $228

One Queensridge Closings Began: Sep-07 Percent Closed: 82% Percent on MLS: 11.9% Percent Lender Owned: 0.5% Q2, 2013 avg PPSF: $465

Soho Lofts Closings Began: Jun-06 Percent Closed:100% Percent on MLS:3.3% Percent Lender Owned: 0% Q2, 2013 avg PPSF: $174


City Center Vdara Closings Began: Mar– 10 Percent Closed: 10% Percent on MLS:1.3% Percent Lender Owned: 0% Q2, 2013 avg PPSF: $485

Palms Place Closings Began: Feb– 08 Percent Closed: 64% Percent on MLS: 3.5% Percent Lender Owned: .3% Q2, 2013 avg PPSF: $300

Trump Closings Began: Feb-08 Percent Closed: 39% Percent on MLS: 3.2% Percent Lender Owned: 0.1% Q2, 2013 avg PPSF: $473

The Platinum Closings Began: Sep-06 Percent Closed: 94% Percent on MLS: 4.3% Percent Lender Owned: .4% Q2, 2013 avg PPSF: $134

Turnberry MGM (signature) Closings Began: May–06 Percent Closed: 95% Percent on MLS: 5.1% Percent Lender Owned: 0.3% Q2, 2013 avg PPSF: $315

Closed


Lender owned

On MLS


Turnberry Towers Closings Began: July–07 Percent Closed: 61% Percent on MLS: 3.0% Percent Lender Owned: .5% Q2, 2013 avg PPSF: $259

The information and opinions in this report are believed to be reliable and has been obtained from sources believed to be reliable. Coldwell Banker Premier Realty makes no representation as to the accuracy or completeness of such information. The opinions expressed in the report constitute the judgment of the authors only and may not reflect the opinion of Coldwell Banker Premier Realty. This report is provided for informational purposes only and does not constitute investment advice. This report not be circulated or copied without our prior written consent.

Copyright © 2013 Coldwell Banker Premier Realty.

www.lasvegashomes.com

AUTHOR

John McClelland, Vice President, Research CONTACT Coldwell Banker Premier Realty Strategic Services Phone: 702-938-1375 Email: [email protected] Web. www.lasvegashomes.com 8290 W. Sahara Ave, Suite 200 Las Vegas, NV 89117


Documents

Las Vegas High-Rise Residential Market