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VEGAS
LUXURYSKYRISE
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VegasLuxurySkyRise.com
Mid-Year Review 2012
As we look back at the first six months of 2012 and assess how the market has performed relative to the same time last year we find that sales volume is down slightly, but pricing in many of the towers has gone up. Much of this can be attributed to a very active high rise market over the past two years which has worked through much of the distressed inventory and now supply is shoring up and with the continued demand we are seeing some upward pricing pressure and value building. As we continue to move past the real estate bubble, there is now a sense of optimism and we are seeing more and more vacation- and retirement-home buyers, looking not only to capitalize on the value opportunities, but for luxury properties to spend time enjoying the entertainment capital of the world. While the number of bank-owned properties has gone down, short sales continue to be a part of the collective inventory and are likely to continue for the remainder of the year. International investments are still a significant portion of sales capitalizing on historically low pricing and leveraging currency positions. The data on the following pages will provide insight into select highrise properties in the Las Vegas valley. Please call us if you require any additional information on a specific property.
Isaac Moore 702.306.5866 Ike@SynergySIR.com
VegasLuxurySkyRise.com
16
6
Fash Mirage / TI Caesars Palace
Gold Coast Rio
Palms
5
P
Bellagio
4
2
3
Cosmopolitan
Bally’s Paris
City Center
Monti Carlo NewYork NewYork
Planet Hollywood
1
MGM Grand
Excalibur Tropicana Luxor
D
LV
eg
sV
La
B as
Mandalay Bay
McCarran International Airport
14
Downtown
12
11
8
15
13
Stratosphere
Sahara
Circus Circus
9
Wynn / Encore
Fontainebleau Riviera
Hilton
hion Show Mall
Las Vegas Country Club
10
Las Vegas Convention Center
Venetian Palazzo Sands Convention Center
Wynn Golf Course
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 Queens ONE QUEENSRIDGE PLACE Dedicated to the most discriminating owners, One Queensridge Place serves as one of the very finest luxury residences in Las Vegas. There is soon to be a new opportunity with a release of developer inventory, which will provide some great units at great prices. Contact us for more details.
sridge Place
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 4 1,008,750 25% 75% 2012MidYear 7 1,132,571 14% 57% Δ 3 123,821
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 1,700,000 2,700,000 1,000,000
550,000 684,000 134,000
355 543 188
242 254 12
VegasLuxurySkyRise.com 2012 - TIME Nevada, LLC
CityCenter MANDARIN ORIENTAL As the most prestigious residential address on the Las Vegas Strip, Mandarin Oriental sets the standard for luxury highrise living.
There are still a few
opportunities with the initial developer inventory, but very few resales have come to market.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 1 3,034,000 0% 0% 2012MidYear 2 2,399,500 0% 0% Δ 1 (634,500)
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 3,034,000 2,874,000 (160,000)
3,034,000 1,925,000 (1,109,000)
1,012 959 (53)
1,012 919 (93)
VEER TOWERS The iconic architecture and contemporary design of the Veer towers set these towers apart on the Las Vegas Strip. While
there continues to be little activity in resales there is still an active market with new inventory.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 2 1,068,000 0% 0% 2012MidYear 2 396,550 0% 0% Δ (671,450)
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 1,180,000 407,000 (773,000)
956,000 386,100 (569,900)
748 488 (260)
689 461 (228)
PALMS PLACE Hip and modern is definitely the theme of Palms Place and it is getting more attention from buyers this year over last. The average sales price for Palms Place has gone up over the same time last year and the volume of transactions is up over 60%.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 16 169,906 6% 63% 2012MidYear 26 175,550 8% 19% Δ 10 5,644
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 190,000 380,000 190,000
140,000 113,000 (27,000)
309 341 32
228 184 (44)
TRUMP TOWER This classic and luxuriously appointed condotel is now seeing more attention, primarily from international buyers. The number of sales has more than doubled from the same time last year and the pricing has notched up as well. There are still great options on developer inventory for those who are still looking for luxury at an opportunistic price.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 12 229,750 0% 58% 2012MidYear 26 256,067 0% 35% Δ 14 26,317
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 382,000 480,000 98,000
145,000 155,000 10,000
468 563 95
272 271 (1)
R E S I D E N C E S PARK TOWERS These two towers continue to serve as one of the most distinctive and exclusive highrise addresses, home to many of the most influential Las Vegas residents. This property doesn’t traditionally have much in the way of turnover, but we did see two discounted sales earlier in the year.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 3 2,486,667 0% 0% 2012MidYear 3 1,761,667 0% 0% Δ (725,000)
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 3,750,000 2,750,000 (1,000,000)
1,710,000 785,000 (925,000)
765 561 (204)
389 269 (120)
TURNBERRY PLACE The four towers of this prestigious compound continue to be one of the premier residences of the Las Vegas Strip. While sales volume was down over the same time last year of over 30%, the pricing has been stronger.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 37 400,215 35% 30% 2012MidYear 24 497,556 17% 25% Δ (13) 97,341
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 1,170,000 1,526,067 356,067
160,000 175,000 15,000
321 381 60
122 96 (26)
R E S I D E N C E S ALLURE After closing out the last of the developer inventory earlier this year, the building has remained steady in resales, but the average price is up over 40% from the same time last year. This is still one of the most affordable highrise opportunities on the Strip and people are starting to take notice.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 25 157,848 48% 32% 2012MidYear 27 222,159 26% 11% Δ 2 64,311
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 328,900 700,000 371,100
73,500 89,000 15,500
180 278 98
74 89 15
SKY LAS VEGAS With some promising news of development for the old Sahara site, there has been an increased interest leading to over 25% increase in sales volume and average pricing edging up slightly.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 26 209,052 35% 58% 2012MidYear 33 211,739 39% 30% Δ 7 2,687
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 298,000 485,000 187,000
136,500 119,000 (17,500)
205 256 51
133 136 3
R E S I D E N C E S PANORAMA The two towers overlooking the world-class architecture of CityCenter saw a significant decrease in sales relative to the same time last year. This is primarily due the high demand of investors and second homebuyers over the past two years. The pricing has increased slightly and is likely to continue as the majority of the building gets turned over from distressed sales.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 62 231,069 42% 37% 2012MidYear 26 271,353 27% 38% Δ (36) 40,284
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 655,000 700,000 45,000
100,000 110,000 10,000
244 271 27
97 129 32
THE MARTIN The sister project of Panorama Towers has some excellent options in both resale and in developer inventory. As they have worked out the distressed sales, the project was recently re-launched and has a number of incentive opportunities for second home buyers and investors alike.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 15 420,160 87% 0% 2012MidYear 34 330,147 0% 0% Δ 19 (90,013)
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 771,900 1,040,000 268,100
251,000 217,500 (33,500)
393 355 (38)
226 196 (30)
R E S I D E N C E S METROPOLIS Overlooking the prestigious Wynn golf course, these lofts have not had much activity as most owners have been holding on to them over the past year. With only one sale, it is showing pricing increases over what we saw last year.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 5 281,620 20% 80% 2012MidYear 1 375,000 0% 100% Δ (4) 93,380
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 350,000 375,000 25,000
245,000 375,000 130,000
137 119 (18)
98 119 21
REGENCY TOWERS These long-standing Vegas residential towers, located within the Las Vegas Country Club, has seen a 50% increase in sales over the same time last year. This was due in part to some significantly discounted bank-owned sales.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 7 181,571 29% 0% 2012MidYear 14 156,207 36% 7% Δ 7 (25,364)
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 425,000 425,000 -
52,000 59,900 7,900
122 192 70
67 38 (29)
Downtown NEWPORT LOFTS These contemporary lofts are the highlight of the downtown residential scene. With Zappos.com moving their headquarters to downtown Las Vegas, the demand for these units is strong and will continue as the redevelopment efforts continue.
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 12 172,792 25% 17% 2012MidYear 7 165,286 0% 14% Δ (5) (7,506)
# of Average Sales Price % REO % Short Sales Transactions ($) 2011MidYear 9 160,767 22% 22% 2012MidYear 5 251,000 0% 100% Δ (4) 90,233
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 379,500 330,000 (49,500)
100,000 110,000 10,000
139 200 61
97 104 7
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min) 185,000 625,000 440,000
125,000 140,000 15,000
136 135 (1)
89 88 (1)
Condotels
This segment of the market has shown resurgence in the last two years as the prices have dropped dramatically and have provided an excellent opportunity for people looking for a luxury vacation property while getting a financial offset through various rental programs.
MGM SIGNATURE MGM Signature continues to be the predominant property of interest in the condotel market. With sales volume down more than 25% from the same time last year, it is primarily due to the lack of inventory rather than demand for the units. There are still opportunities to make key purchases in the three towers, but with so much interest at these prices over the past two years we are definitely seeing the tide turn and upward pressure on pricing. # of Average Sales Price Transactions ($)
REO
Short Sales
Sales Price (Max) Sales Price (Min) Sales $/SF (Max) Sales $/SF (Min)
2011MidYear
123
175,293
13%
46%
461,000
112,500
527
158
2012MidYear Δ
89 (34)
203,613 28,320
9%
18%
545,000 84,000
95,159 (17,341)
808 281
183 25
Isaac Moore
702.306.5866
• VegasLuxurySkyRise.com
®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned And Operated, Except Offices Owned And Operated By NRT Incorporated. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully.