MGM Signature had the highest activity in
March with 11 closings.
Las Vegas High Rise Condo Update – April 2014
We’ve entered April with a bit more inventory in our high rise
buildings. There are currently 446 high rise condos available
in the top buildings in town.
In March, we sold 40 condos in these buildings. If no new
high rise condos came on the market, the current inventory
would be gone in 11 months. More than six months is a
buyer’s market and the buyers still have some options in this
segment of the Las Vegas housing market.
Days on Market - Sixteen of the condos that closed in
March were on the market f or 30 days or less. This is
skewed with the developer units at Mandarin and ONE
Queensridge. Those are of ten entered into the MLS the day
it goes into contract. Days on market f or the units that
lingered more than 30 days ranged f rom 40 to 373. Average
days on market f or high rise condos sold in March was 79.
The high rise market has regained some of its lost
equity but remains favorable to buyers. Most units
linger on the market more than 30 days. Buyers have more than six months worth of
inventory to choose from with prices below replacement cost. The newly opened High
Roller and soon to open SLS may help high rise values as employees at those properties
look 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 SOHO
Lof 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 Signature
listed f or $209K and closed f or $200K. Unit 2811 in Tower 3 at MGM Signature listed f or $185K and
closed f or $180,500.
The current listings include 12 f oreclosures. Prices of the f oreclosures start at $174,900 f or studio
unit 1103 in Tower 1 at MGM Signature. Most expensive f oreclosure is $8,888,888 f or penthouse
suite #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 or
less. 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
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 market. The majority, 34 of the 40 units sold in March were
purchased 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 on
the high rise market, call (702)354-6900 or email Debbie@LVHomePro.com.