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Nearby h igh r is e bu i ld ings , l i ke Al lu re s hou ld do wel l wi th theopening o f SLS Res or t.
Las Vegas High Rise Condo Update – February 2014thelasvegasluxuryhomepro.com /las-vegas-high-rise-condo-update-f ebruary-2014/
When looking at the Las Vegas High Rise condo buildings we follow, the MLS has 415 condos listed for sale. That’sdown considerably from the 441 units that were available when we started the year.
In January, we sold 32 condos. On average we sold 51.5 highrise condos per month over the past year. The holidays likelyaccount for part of the drop but the higher prices are alsoseeing a decline in the number of investors who are picking uprental properties. If the sales volume picks up as we enter theSpring selling season, and we return to an average of 51 unitssold per month, the current inventory would only be an 8 monthsupply. If it continues at 32 units per month, we’re back to aone year supply of condos.
Best news for owners near the old Sahara Hotel & Casinois that SLS Resort and Casino has announced a LaborDay opening. This will be an enhancement to propertyvalues for Allure, SKY, Turnberry Place and TurnberryTowers – all within an easy walk to the resort.
What Sold in January? Distress Sales: Only one of the closings in January was a short sale. Unit 2500 at Trump was listed for $150K and sold for$195K. Another good example of how the banks are now countering lower purchase prices with something closer to whatthey believe is the current value. Five of the condos sold in January were foreclosures. The 415 listings that are currentlyavailable includes 13 short sales and 12 foreclosures. The remainder of the current listings are traditional sales.
SOLD Price Per Square Foot : Only 3 high rise condos sold for less than $200/sf. Panorama Towers Bldg 2, unit 1806was the lowest at $181/sf. It was followed by unit 1104 in Tower 1 at Turnberry Place which closed for $183/sf. This wasa unit which faced the parking garage at Fontainebleau.
The 3 highest prices per square foot were all at CityCenter. Mandarin Oriental sold unit 3606 for $750/sf for the topprice. It was followed by unit 3204 at $640/sf. Veer Towers came in third with unit 1006 in the East Building which closedat $511/sf.
Cash is St ill KING. Out of the 32 high rise condos sold in January, 24 were cash purchases, including four of the fivecondos that sold for more than $1 Million. Eight of the condos sold with conventional financing. This included new unitsat ONE Queensridge Place, The Martin and Veer Towers along with resale at MGM Signature, SKY and PanoramaTowers.
Days on Market :
Nine of the condos sold were listed for 90 days or more. Only 11 of the condos that closed in January were listed for 30days or less with five that sold in less than 10 days.
The Mart in has again claimed the Tit le of high rise building with most closings with seven closings in January.The following chart lists all transactions reported in the MLS in January.
Las Vegas High Rise Condo Update – February 2014
The Las Vegas High Rise Condo Update – February 2014 is courtesy of Debbie Drummond, a top Las VegasRealtor in the luxury home and high rise market. If you’re thinking of buying or selling, call (702)354-6900 or [email protected].
This report does not include units sold directly by the developers that did not get entered in the MLS. In addition,we only cover the following buildings in this report: Allure, Cosmopolitan, Mandarin, The Martin, Metropolis, NewportLofts, MGM Signature, ONE Queensridge Place, Palms Place, Panorama Towers, SKY, SOHO Lofts, Trump, TurnberryPlace, Turnberry Towers, Vdara and Veer Towers.
