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MGM Sig nature had the hig he st activity inMarch with 11 c lo s ing s.
Las Vegas High Rise Condo Update – April 2014thelasvegasluxuryhomepro.com /las-vegas-high-rise-condo-update-april-2014/
We’ve entered April with a bit more inventory in our high risebuildings. There are currently 446 high rise condos availablein the top buildings in town.
In March, we sold 40 condos in these buildings. If no newhigh rise condos came on the market, the current inventorywould be gone in 11 months. More than six months is abuyer ’s market and the buyers still have some options in thissegment of the Las Vegas housing market.
Days on Market - Sixteen of the condos that closed inMarch were on the market f or 30 days or less. This isskewed with the developer units at Mandarin and ONEQueensridge. Those are of ten entered into the MLS the dayit goes into contract. Days on market f or the units thatlingered more than 30 days ranged f rom 40 to 373. Averagedays on market f or high rise condos sold in March was 79.
The high rise market has regained some of its lostequity but remains favorable to buyers. Most unitslinger on the market more than 30 days. Buyers have more than six months worth ofinventory to choose from with prices below replacement cost. The newly opened HighRoller and soon to open SLS may help high rise values as employees at those propertieslook for condos to rent or buy near their jobs.
What Sold in March? Only one of the condos that sold in March was a short sale. Unit 814 at SOHOLof ts listed f or $214,900 and closed f or $220K. Three of the condos that closed were f oreclosures.Unit 3805 at Allure listed f or $199,900 and closed f or $201K. Unit 2215 in Tower 2 at MGM Signaturelisted f or $209K and closed f or $200K. Unit 2811 in Tower 3 at MGM Signature listed f or $185K andclosed f or $180,500.
The current listings include 12 f oreclosures. Prices of the f oreclosures start at $174,900 f or studiounit 1103 in Tower 1 at MGM Signature. Most expensive f oreclosure is $8,888,888 f or penthousesuite #3801 in Tower 4 at Turnberry Place. Only 7 of the current listings are short sales.
SOLD Price per Square Foot – Five of the high rise condos that sold in March went f or $200/sf orless. Only one of the condos that sold f etched more than $700/sf in March.
Lowest price was unit 207 at Allure. This 1 bedroom, 1 bath condo f eatured 867 sq f t and closed f or$158K.
Highest price was unit 4503 at the Mandarin Oriental. This 3980 sf , 2 bed/4 bath penthouse listed f or$3.495M and closed f or $3,030,000 or $761/sf .
CASH is still king in the high rise marke t. The majority, 34 of the 40 units sold in March werepurchased with cash. This includes the most expensive unit sold, #4503 at the Mandarin Oriental.
The Las Vegas High Rise Condo Update is a monthly report by Debbie Drummond. For more inf o onthe high rise market, call (702)354-6900 or email [email protected].
