The Las Vegas High Rise Update is out. Find out what's currently listed for sale and what sold in August. Includes highest and lowest price per square foot. Which building sold the most condos for the month and the latest high rise trends for Las Vegas.
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Las Vegas High Rise Condos Sold in August 2014
1. Las Vegas High Rise Condos Sold in August 2014
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Debbie Drummond
We’re starting Fall with 424 high rise condos listed
for sale. We sold 47 condos in our high rise
buildings in August. Down slightly from the 50 we
sold in July and from the 51 we sold in August of
2013. At the current rate of sales, we have a nine
month supply of high rise condos for sale. With
more than six months of inventory, it is still
something of a buyer’s market in the high rise
sector.
High Rise Related News In Brief:
Investors continue to pick up lower priced condos at MGM Signature
The SLS held it’s grand opening and is getting favorable reviews. The opening included the typical Vegas
touches of fireworks and celebrities. The Review Journal covered the story.
An arena has been proposed for the vacant lot between the SLS and Turnberry Place/Fontainebleau.
We’ve heard several proposals for this lot before so we’re not holding our breath on this one. If it does
happen, it could be a great addition to the SLS and the City of Rock Las Vegas that’s scheduled to open
next year.
Fashion Show Mall has announced plans for an expansion. The expansion will add 22,000 sf and five
additional restaurants. This will be a great amenity for owners at Trump who already enjoy great shopping
at Fashion Show.
The other big news for our High Rise Market is in the Downtown area. The Ogden was originally
developed as Streamline Tower. It was completed in 2008 and stands right on the corner of Las Vegas
Blvd and Fremont Street. Only a small per cent age of the condos were sold. The building eventually
changed hands and was turned into a rental property. It has benefited from the relocation of Zappos to the
downtown area. Recently it was announced that they will begin selling the units as condos this fall.
Details on pricing haven’t been announced, but we will be covering them as they go on the market.
Las Vegas High Rise Trends -
Three of the condos that sold in August went for more than $500/s.f. Top three based on price per
square foot included two units at Veer Towers and one at Trump. Unit 1807 at Veer Towers East was the
highest price per square foot. This one bedroom condo closed for $595/sf. It was followed by a 2
bedroom unit 3404 in Veer Towers West that closed for $539/sf. Trump rounded out the top three with unit
6007. This 1529 sf penthouse closed for $513/sf.
Only one high rise condo sold for over $1 Million in August. Unit 3003 in Turnberry Place Tower 3
closed for $1.4M. While this was the most expensive transaction last month, the price per square foot was
only $349.
Two of the condos that sold in August closed at less than $200/sf. Unit 1104 at Turnberry Place
2. Tower 2 closed for $194/sf. The record low price was unit 811 at Allure. It closed for an incredible $172/sf.
Both of these were traditional sales. We have five condos currently listed at less than $200/sf. That’s
down from 8 last month.
What’s For Sale in Our Las Vegas High Rise Buildings?
Out of the 424 units we have listed for sale, five of them are short sales. There are no foreclosures listed
in the buildings we cover.
Bargain hunters looking to stay under $200K still have a selection of studios at MGM Signature and Palms
Place. There are currently two one bedroom condos listed for less than $200K, one is at SKY and the
other is at Allure.
What SOLD in August?
Six units that sold in August were short sales. Two were foreclosures. The remainder of the units sold
were traditional sales.
MGM Signature had the highest number of units sold in August. Twelve units changed hands in the three
towers. The majority of the units that sold at MGM were studios priced under $200K. Only two larger units
closed in August.
Three buildings tied for second place. Trump, The Martin and Turnberry Towers each sold five condos last
month. The units sold at the Martin included three of the model units on the 22nd floor.
Days On Market - More than half the single family homes, condos and town homes sold this year went
into contract in 30 days or less. In the high rise market, only 36 per cent go into contract with less than 30
days on the market. 51% of the condos that sold last month were on the market 60 days or more. In fact,
44% lasted 90 days or more and 23% of the condos that sold were listed for 180 days or longer. If you’re
listing your high rise condo for sale, be prepared to carry it for awhile unless you’re prepared to price it low.
Cash is still used in most of the high rise purchases. In August, 72% of the condos that sold were
purchased with cash. Twelve were purchased with a mortgage. One used alternative financing.
Las Vegas High Rise Condos Sold in August 2014
Debbie Drummond has over ten years experience in the Las Vegas Real Estate Market. She specializes in
luxury homes and high rise condos. If you’re buying or selling your Las Vegas home, call (702)354-6900
or email Debbie@LVHomePro.com. We’ll be happy to assist you in your move.