ANNUAL REPORT 2014 YEAR END
2 0 1 5
VEGAS
LUXURYSKYRISE
r e t r o s p e ct 2 015
The future is looking bright for Las VegasThis past year has seen a considerable amount of change in Las Vegas with much more on the horizon. While our highrise market didn’t have as much total sales volume this year as we saw in 2013, we did see the median sales price in the majority of the properties go up. Much of this can be attributed to the active market over the past two and a half years, which has worked through most of the distressed inventory bringing more stability to this segment of the market. Although pricing still remains well below the peak, we are much further into our recovery. Given the low number of high-rise developments and the length of time before any new construction comes forth there is likely to be an opportunity for strong price appreciation. Some of this year’s highlights included welcoming the world’s tallest observation wheel, The High Roller, to the newly developed LINQ restaurant and retail corridor. In two stunning redevelopments, the legendary Sahara became the SLS Hotel Resort & Casino and what was once the Barbary Coast Hotel & Casino became the Cromwell Luxury Boutique Hotel & Casino. Off the Strip, the first phase of the 106-Acre Downtown Summerlin office, entertainment and retail complex opened with great fanfare. There is a lot to be excited about 2015 and beyond, including MGM’s new development, The Park, with construction already underway to include a 20,000-seat arena and complex of bars and restaurants connecting New York-New York and Monte Carlo resorts expected to be complete in 2016. This development will definitely benefit the CityCenter properties, Mandarin Oriental, Veer Towers and Vdara. Farther down the Strip the Grand Bazaar Shops outside Bally’s will offer an outdoor mall with more than 150 stores. For four days in May Las Vegas will be home to Rock in Rio, one of the largest outdoor concert events in the world. It is a great time to be a part of Las Vegas. The data on the following pages will provide insight into select highrise properties in the Las Vegas valley. You can always access all current listings and information at VegasVerticals.com. Our team of professionals is always here to answer any questions and when you are ready to find that perfect property above the skyline or showcase your property, like the masterpiece that it is, please give us a call, we welcome the opportunity to earn your business.
45
$500
40
$450
$400
$350
30
$300 25 $250 20 $200
AVERAGE $/SF SOLD
*RESIDENTIAL SALES SOLD
35
15
10
LAS VEGAS RESIDENTIAL HIGHRISE MARKET TREND CHART
$100
5
$50
0
DEC
$150
$
JAN 2014
FEB
SALES
MAR
APR
AVG $/SF
MAY
JUNE
JULY
AUG
LINEAR AVG $/SF
SEPT
OCT
NOV
DEC
*Does not include mid-rise properties
25
$400
$350 20
$250
15
$200
10
$150
LAS VEGAS CONDOTEL MARKET TREND CHART
AVERAGE $/SF SOLD
*CONDOTELS SOLD
$300
$100
5 $50
$
0
DEC
DEC
JAN 2014
SALES
FEB
MAR
AVG $/SF
APR
MAY
JUNE
JULY
AUG
SEPT
OCT
NOV
DEC
LINEAR AVG $/SF
VegasLuxurySkyRise.com
16
6
Fashion S Mirage / TI Caesars Palace
Gold Coast Rio
Palms
5 4
2
3
Cosmopolitan
Bally’s Paris
City Center
Planet Hollywood
Monte Carlo NewYork NewYork
MGM Grand
Excalibur Tropicana Luxor e
sV
La
s ga
Palazz
Bellagio
VD
BL
Mandalay Bay
McCarran International Airport
1
14
13
Stratosphere
Sahara
Circus Circus
9
Wynn / Encore
Fontainebleau Riviera
Fashion Show Mall e / TI Venetian Palazzo
Downtown
12
11
8
15
Hilton
Las Vegas Country Club
10
Las Vegas Convention Center Wynn Golf Course
Sands Convention Center
7
Harrahs Imperial Palace Flamingo Bill’s
UNLV Thomas & Mack Center
1. 2. 3. 4.
MGM Signature Mandarin Oriental Veer Towers Panorama Towers
5. 6. 7. 8.
The Martin Palms Place Park Towers Trump
9. 10. 11. 12.
Metropolis Regency Towers Sky Allure
13. 14. 15. 16.
Turnberry Place Newport Lofts Soho Lofts One Queensridge
ONE QUEENSRIDGE PLACE Dedicated to the most discriminating owners, One Queensridge Place serves as one of the very finest luxury residences in Las Vegas. With the majority of the remaining developer inventory having now been sold, we expect the turnover in the building to slow down as it did in 2014 and settle to a more stable number annually, but seeing price appreciation due to the limited number of units in the building.
Sales Avg Price Median Price Max Price Min Price Avg $/SF
2014
2013
35 63 1,557,100 1,486,016 1,355,000 1,200,000 3,875,000 4,500,000 625,000 600,000 452 439
∆ (28) 71,084 155,000 (625,000) 25,000 13
PARK TOWERS These two towers continue to serve as one of the most distinctive and exclusive highrise addresses, home to many of the most influential Las Vegas residents. This property doesn’t traditionally have much in the way of turnover, as evidenced by this year’s sales.
Sales Avg Price Median Price Max Price Min Price Avg $/SF
2014
2013
∆
2 9 (7) 1,575,000 2,320,889 (745,889) 1,575,000 2,000,000 425,000 2,000,000 8,000,000 6,000,000 1,150,000 850,000 300,000 482 480 2
MANDARIN ORIENTAL As the most prestigious residential address on the Las Vegas Strip, The Residences at the Mandarin Oriental sets the standard for luxury highrise living. It is the residential jewel of CityCenter. There remains but a few opportunities with the initial developer inventory, so the sales volume is down from the previous year, but pricing continues to go up.
Sales Avg Price Median Price Max Price Min Price Avg $/SF
2014
65 1,193,995 1,074,000 3,195,000 227,062 632
2013
89 1,059,143 770,000 3,100,000 295,000 591
∆ (24) 134,852 304,000 95,000 (67,938) 41
VEER TOWERS The iconic architecture and contemporary design of the Veer towers set these towers apart on the Las Vegas Strip. As a part of CityCenter, they enjoy all of the benefits of their location and MGM’s new development, The Park, along with the new arena, making their appeal that much more in the coming years. They are having record sales as they move into the last phase of the developer inventory and pricing is going up.
Sales Avg Price Median Price Max Price Min Price Avg $/SF
2014
2013
119 102 518,368 490,495 425,000 424,478 1,425,000 1,630,000 225,000 201,388 483 431
∆ 17 27,873 522 (205,000) 23,612 52
VegasLuxurySkyRise.com
MGM SIGNATURE MGM Signature continues to be the predominant property of interest in the condotel market.
There
are still opportunities to make key purchases in the three towers and will likely see more interest as the new arena and restaurant complex across the street comes online in 2016.
Sales Avg Price Median Price Max Price Min Price Avg $/SF Avg Days on Mkt
2014
2013
85 202,430 182,500 525,000 145,000 333 128
102 221,735 190,000 640,000 124,900 329 85
∆ (17) (19,305) (7,500) (115,000) 20,100 4 43
PALMS PLACE Hip and modern is definitely the theme of Palms Place and it is getting more attention from buyers this year over last with more than twice as many sales as 2013. With the average sales price having gone up 7% over the past year, it is definitely a hot spot for those who want to own a bit of Las Vegas.
2014
Sales 57 Avg Price 293,722 Median Price 173,500 Max Price 1,755,000 Min Price 139,000 Avg $/SF 286 Avg Days on Mkt 55
2013
37 274,314 192,500 1,650,000 120,000 292 73
∆ 20 19,408 (19,000) 105,000 19,000 (6) (18)
TRUMP TOWER This classic and luxuriously appointed condotel is now coming into its own and reached a more steady sales turnover than in years prior. International buyers continue to show active interest in the property. There are still great options on developer inventory for those who are still looking for luxury at an opportunistic price in the heart of the Strip.
Sales Avg Price Median Price Max Price Min Price Avg $/SF Avg Days on Mkt
2014
2013
25 44 311,560 336,876 240,000 237,000 784,000 1,605,000 195,000 180,000 469 490 147 78
∆ (19) (25,316) 3,000 (821,000) 15,000 (21) 69
VDARA With direct access to Aria and the Bellagio resorts, Vdara at CityCenter is poised to be one of the most desired condotels in the Las Vegas Strip corridor. Branded as a non-gaming, non-smoking luxury hotel, it was the first choice for visitors seeking a quiet retreat with direct access to some of the finest restaurants, entertainment, and shopping in all of Las Vegas. Demand for these units is likely to increase as Las Vegas visitor volumes continue to break records.
Sales Avg Price Median Price Max Price Min Price Avg $/SF Avg Days on Mkt
2014
4 315,500 306,000 375,000 275,000 517 322
2013
2 589,500 589,500 885,000 294,000 458 121
∆ 2 (274,000) (283,500) (510,000) (19,000) 59 202
VegasLuxurySkyRise.com
TURNBERRY PLACE The four towers of this prestigious enclave continue to be one of the premier residences of the Las Vegas Strip. While sales volume was down over the same time last year by almost 30%, the median price remained relatively steady. The re-development of what will be the Westgate and the SLS Hotel & Casino is improving the surrounding area benefitting this development.
2014 2013 ∆ Sales 36 49 (13) Avg Price 524,817 655,129 (130,312) Median Price 402,500 395,000 7,500 1,400,000 4,600,000 (3,200,000) Max Price Min Price 210,000 264,000 (54,000) 228 237 (9) Avg $/SF Avg Days on Mkt 115 62 53
TURNBERRY TOWERS The sister project to Turnberry Place overlooks the Las Vegas Country Club golf course as well as offering some amazing Strip views. Sales volume was down and there are still some developer units to be had, so value opportunities are still available. The redevelopment of the neighboring Westgate and the recent opening of the SLS Hotel & Casino is likely to benefit the property.
2014
2013
∆ Sales 34 49 (15) Avg Price 407,041 655,129 (248,088) Median Price 377,500 395,000 (17,500) Max Price 689,000 4,600,000 (3,911,000) Min Price 224,900 264,000 (39,100) Avg $/SF 317 267 50 Avg Days on Mkt 75 72 3
SKY LAS VEGAS With the opening of the new SLS Hotel & Casino this year and MGM’s new outdoor festival grounds coming online with Rock in Rio coupled with moving through all of their distressed inventory, Sky is well positioned for additional price appreciation. This year the average price was up almost 20%. Sales volume is leveling off reflecting stability.
2014
Sales Avg Price Median Price Max Price Min Price Avg $/SF Avg Days on Mkt
28 316,264 292,500 485,000 205,000 247 68
2013
46 267,515 257,500 495,000 125,000 223 65
∆ (18) 48,749 35,000 (10,000) 80,000 24 3
ALLURE This highrise tower saw an increase in sales volume as well as pricing over the last year, benefitting from the new SLS Hotel & Casino adjacent to it on the Las Vegas Strip and the new outdoor festival complex hosting Rock in Rio. This is still one of the most affordable highrise opportunities on the Strip and people are starting to take notice.
Sales Avg Price Median Price Max Price Min Price Avg $/SF Avg Days on Mkt
2014
32 253,006 $231,625 415,000 125,000 214 117
2013
27 248,061 224,000 845,000 129,000 200 110
∆ 5 4,945 7,625 (430,000) (4,000) 14 7
VegasLuxurySkyRise.com
PANORAMA TOWERS The
twin
towers
overlooking
the
world-class
architecture of CityCenter saw a slight decrease in sales relative to the same time last year. The median pricing has increased as we have reached the end of the distressed sales in the building. MGM’s new arena and development between New York – New York and Monte Carlo will certainly benefit owners of Panorama Towers due to its close proximity.
2014 2013 ∆ Sales 47 57 (10) Avg Price 400,457 445,617 (45,160) Median Price 345,000 335,000 10,000 1,600,000 3,900,000 (2,300,000) Max Price Min Price 179,900 169,000 10,900 269 242 27 Avg $/SF Avg Days on Mkt 100 105 (5)
THE MARTIN The sister project of Panorama Towers has reached the final phase of their developer inventory with only a dozen units left. The decrease in sales volume can be attributed to the limited amount of inventory, which also resulted in an uptick in pricing.
2014
2013
Sales 51 99 Avg Price 487,167 440,752 Median Price 437,000 375,000 Max Price 1,200,000 1,307,500 Min Price 273,900 199,000 Avg $/SF 340 322 Avg Days on Mkt 57 43
∆ (48) 46,415 62,000 (107,500) 74,900 18 14
METROPOLIS Overlooking the prestigious Wynn golf course, these Art Deco inspired lofts have not had much activity as most owners have been holding on to them. With only two sales, pricing has remained relatively steady.
Sales Avg Price Median Price Max Price Min Price Avg $/SF Avg Days on Mkt
2014
2 407,500 407,500 455,000 360,000 169 25
2013
9 420,444 425,000 525,000 330,000 150 143
∆ (7) (12,944) (17,500) (70,000) 30,000 19 (118)
REGENCY TOWERS These
long-standing
Vegas
residential
towers,
located within the Las Vegas Country Club, has seen a minor decrease in sales over the same time last year. Now that there are no longer any significant amount of distressed sales, the volume of sales will remain relatively steady.
2014
Sales 15 Avg Price 197,837 Median Price 182,000 Max Price 317,000 Min Price 70,000 Avg $/SF 114 Avg Days on Mkt 63
2013
18 253,917 182,750 885,000 100,000 123 182
∆ (3) (56,080) (750) (568,000) (30,000) (9) (119)
VegasLuxurySkyRise.com
NEWPORT LOFTS These contemporary lofts are the highlight of the downtown residential scene.
With initial steps in
the renaissance of the downtown area completed successfully, the demand for these units are likely to get better as the redevelopment efforts continue.
Sales Avg Price Median Price Max Price Min Price Avg $/SF Avg Days on Mkt
2014
18 253,917 182,750 885,000 100,000 123 182
2013
12 271,250 242,500 500,000 142,000 187 73
∆ 6 (17,333) (59,750) 385,000 (42,000) (64) 109
SOHO LOFTS Leading the way in the downtown redevelopment, this loft development continues to play an iconic role in the next phase of the downtown renaissance. Sales volume is on the rise and the median sales price is up.
Sales Avg Price Median Price Max Price Min Price Avg $/SF Avg Days on Mkt
2014
6 303,583 320,000 345,000 220,000 209 86
2013
4 304,988 299,475 345,000 276,000 186 130
∆ 2 (1,405) 20,525 (56,000) 23 (44)
THE OGDEN Bordering the newly redeveloped Fremont East Entertainment
District,
this
development
has
been home to the majority of Zappos employees whose owner, Tony Hsieh, initially spearheaded the Project Downtown efforts. As downtown Las Vegas continues to evolve as the new epicenter for high tech businesses as well as special events and cultural activities, we anticipate interest in this highrise to increase as buyers attempt to capitalize on early pricing opportunities. Prices start in the $200’s.
When you are ready to buy or sell, put our local expertise and Sotheby’s global reach to work for you.
Isaac Moore • 702.306.5866 Ike@Synergysir.com
Note: This report is focused on highrise properties in Las Vegas and does not include standard or mid-rise properties. Data Sources: MLS, Public Records, and CoreLogic. All information deemed reliable but not guaranteed. If your property is currently listed for sale this is not a solicitation. Copyright 2015 The Kuhl Group
Isaac Moore 702.306.5866 • VegasLuxurySkyRise.com