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VEGAS

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VERTICALS


Retrospect 2012


This past year has continued to see steady demand in our highrise segment of the market. However, we are now starting to see more challenges in available inventory as some of these properties have had a considerable amount of activity over the past three years with the economic downturn. We continue to see a significant number of foreign investors looking to capitalize on the pricing we have, which in many cases is far below the construction costs of the properties themselves. The bank-owned properties have diminished considerably over the past twelve months and the vast majority of properties are now traditional sales. Given the levels of activity over the past three years, and if we continue at the rate of activity we are seeing now, it is very likely we will see continued pricing increases across the board in the next twelve months. This means that the best buying opportunities are most likely going to occur in the near term. The data on the following pages will provide insight into select highrise developments in the Las Vegas Valley. Visit VegasVerticals.com for all current listings and information. Please give us a call when you are ready to own your piece of Las Vegas. Don Kuhl 702.234.2121 don.kuhl@sothebysrealty.com

VegasVerticals.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

Dedicated to the most discriminating owners, One Queensridge Place serves as one of the very finest luxury residences in Las Vegas. With unparalleled amenities and finishes, this is lifestyle is for those who genuinely appreciate the finer things in life. The last of the developer units have now been released and offer one of the best opportunities to own one of these incredible residences.


sridge Place » click for more information«

2011

2012

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

26

1,366,725

1,015,850

14

12

1,091,531 (275,194)

1,077,850

14%

(62,850)

-10%

4%

50%

15%

-35%

2,000,000

3,200,000 1,200,000

Sales Price (Min)

514,900

637,000

122,100

Sales $/SF Sales $/SF (Max) (Min) 434

568

134

206

246 40

VegasVerticals.com


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

» click for more information«

The popularity of this condotel property over the past few years is now reflected in the more limited amount of inventory available for sale. Sales volume is down over 25% from the previous year and is primarily due to the reduced inventory resulting in higher average sales price.

# of Transactions

Average Sales Price

Median Sales Price REO Short Sales

Sales Price (Max)

Sales Price Sales $/SF (Min) (Max)

Sales $/SF (Min)

2011

210

178,767

160,000

11%

47%

497,000

110,500

569

158

2012

155

203269

165,000

6%

22%

5455,000

95,159

808

183

(55)

24,502

15,000

-6%

-25%

48,000

15,341

239

25


PALMS PLACE Hip and modern is definitely the theme of Palms Place and it is getting more attention from buyers this year over last (sales volume is up 33%). Prices are still offering great value and will continue to be in demand well into 2013. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

40

185,023

164,000

5%

65%

460,000

119,000

377

188

2012

53

181,258

165,000

9%

23%

380,000

113,000

407

184

13

(3,765)

1,000

4%

-42%

(80,000)

(6,000)

30

(4)

TRUMP TOWER This classic and luxuriously appointed condotel is now seeing significantly more attention, primarily from international buyers. The number of sales has more than doubled from last year, resulting in some upward pricing pressure. There are still great opportunities on developer inventory for those who are still looking for luxury on the Strip with opportunistic pricing. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

25

262,866

250,000

0%

48%

900,000

145,000

525

257

2012

65

267,276

245,000

0%

29%

612,000

150,000

628

271

40

4,410

(5,000)

0%

-19%

288,000

5,000

103

14


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 year. This property doesn’t traditionally have much in the way of turnover, but we did see an increase in activity this year. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

4

2,050,000

1,855,000

0%

0%

3,750,000

740,000

765

348

2012

7

1,615,000

1,610,000

0%

0%

2,750,000

785,000

561

269

3

(435,333)

(245,000)

0%

0%

(1,000,000)

45,000

(204)

(79)

TURNBERRY PLACE The four towers of 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 the prices are still getting stronger. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

67

401,865

324,500

36%

30%

1,250,000

149,000

321

178

2012

56

485,510

334,550

21%

23%

1,526,067

175,000

381

96

(11)

56,545

10,050

-14%

-7%

276,067

26,000

60

(82)


R E S I D E N C E S ALLURE With the last of the developer inventory being sold earlier in the year, the building has remained steady in resales, but the median sales price is up from the previous year. This is still one of the most affordable highrise opportunities on the Strip. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

44

160,243

148,500

41%

36%

350,000

73,500

202

74

2012

54

160,243

197,500

22%

11%

700,000

89,000

278

89

21

-

49,000

-19%

-25%

350,000

15,500

76

15

SKY LAS VEGAS There has been increased interest in this residence on the Strip as news of development on the Sahara property will be underway in 2013. Sales volume is up over 20% along with the average sales price. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

50

211,711

210,000

32%

56%

380,000

126,500

217

133

2011

61

231,988

193,000

33%

31%

650,000

119,000

217

133

11

20,277

(17,000)

1%

-25%

3,700,000

(7,500)

42

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 volume over 2011. This is primarily due to the high demand of investors and second homebuyers over the past two years. The pricing has shown an increase on average and is likely to continue now that the majority of distressed properties have been turned over. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

121

248,041

214,000

30%

43%

655,000

100,000

244

97

2012

54

273,726

255,150

19%

48%

700,000

100,000

286

128

(67)

25,685

41,150

-11%

5%

45,000

10,000

42

31

THE MARTIN As an independent property from its sister project Panorama Towers, The Martin continues to sell its developer inventory. On the resale side, sales have increased over 2010 while maintaining a slight increase in the median sales price. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

21

396,225

317,500

62%

0%

771,900

251,000

393

226

2012

91

350,307

315,000

0%

1%

1,040,900

200,000

383

192

70

(45,918)

(2,500)

-62%

1%

268,100

51,000

(20)

(34)


R E S I D E N C E S METROPOLIS Overlooking the Wynn Resort Golf Course, the Metropolis saw less significantly less sales activity than in 2011, showing some pressure on average pricing from 2011 levels. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

7

282,229

281,250

29%

57%

350,000

245,000

137

98

2012

1

375,000

375,000

100%

0%

375,000

375,000

119

119

(6)

(59,371)

93,750

71%

-57%

25,000

130,000

(18)

21

REGENCY TOWERS These long-standing Vegas residential towers, located within the Las Vegas Country Club, has seen over a 40% increase in sales volume over 2011. Many are looking to these as a great value and their location to the Las Vegas Strip makes them a very attractive option.

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

17

158,876

127,000

41%

12%

425,000

52,000

122

48

2012

25

150,382

126,500

20%

24%

425,000

52,000

192

38

8

(8,494)

(500)

-21%

12%

-

7,900

70

(10)


Downtown NEWPORT LOFTS These

contemporary

downtown the

residential

downtown

lofts

are

scene.

redevelopment

the

highlight

With

the

efforts,

of

advent

sponsored

the of by

Tony Hsieh of Zappos.com, these units are in demand and pricing is going up. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

121

248,041

214,000

30%

43%

655,000

100,000

244

97

2012

54

273,726

255,150

19%

48%

700,000

100,000

286

128

(67)

25,685

41,150

-11%

5%

45,000

10,000

42

31

SOHO LOFTS The first of our downtown residential lofts is still a favorite with its Art Deco flair and proximity to the arts district. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price Sales Price REO Short Sales (Max)

Sales Price (Min)

Sales $/SF Sales $/SF (Max) (Min)

2011

21

396,225

317,500

62%

0%

771,900

251,000

393

226

2012

91

350,307

315,000

0%

1%

1,040,900

200,000

383

192

70

(45,918)

(2,500)

-62%

1%

268,100

51,000

(20)

(34)


CityCenter MANDARIN ORIENTAL As the most prestigious residential address on the Las Vegas Strip, Mandarin Oriental sets the standard for luxury highrise living with its unparalleled service. There are now some great opportunities with developer inventory and new pricing. Now is the time to take advantage of these remarkable residences. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price REO Short Sales

Sales Price (Max)

Sales Price Sales $/SF (Min) (Max)

Sales $/SF (Min)

2011

2

2,103,500

2,103,500

0%

0%

3,034,000

1,173,000

1,061

1,012

2012

3

1,491,667

1,612,000

0%

0%

1,925,000

1,250,000

919

597

1

(611,833)

(491,500)

0%

0%

(1,109,000)

77,000

(142)

415

VEER TOWERS The

iconic

architecture

and

contemporary

design

of

the Veer towers set them apart from all other buildings on the Las Vegas Strip. As part of a recent investment, the remaining inventory was purchased from the Developer and will be again coming to market at new and favorable pricing. » click for more information«

# of Transactions

Average Sales Price

Median Sales Price REO Short Sales

Sales Price (Max)

Sales Price Sales $/SF (Min) (Max)

Sales $/SF (Min)

2011

2

1,068,000

1,068,000

0%

0%

1,180,000

956,000

748

689

2012

4

509,360

419,900

0%

0%

860,400

358,800

488

413

2

(558,640)

(648,100)

0%

0%

(319,600)

(597,200)

(260)

(276)


Don Kuhl 800.925.0451 • VegasVerticals.com

2012 Las Vegas Highrise Market Annual Report  

2012 Las Vegas Highrise Market Annual Report brought to you by VegasVerticals.com - Synergy | Sotheby's International Realty

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