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VEGAS

VERTICALS 2016 Q1 Highrise Market Report


A look at 2016 Q1 The first quarter of 2016 brought with it more progress and growth on the Las Vegas Strip. This growth is setting the stage for another phase of evolution of Las Vegas. While the sales volume was down over the previous year’s quarter, it can be attributed to the closing out of developer operations at many of our towers both condotel and residential alike, leaving the majority of sales to be resale only.

When you are ready to buy or sell, put our local expertise and Sotheby’s global reach to work for you.

With the opening of the T-Mobile Arena and its associated outdoor restaurant / retail space aptly named, The Park, the hub of the Strip at Harmon and the Las Vegas Boulevard continues to grow in demand. In addition to another top tier venue for entertainment, the T-Mobile arena is still in the running to be the home of a National Hockey League expansion team, which would bring the Las Vegas community one step closer to having a professional sports franchise.

Don Kuhl 702.324.2121 Don.Kuhl@SothebysRealty.com

This could be a huge benefit to the highrise community in the near vicinity including The Mandarin Oriental, Veer Towers, Vdara, Panorama Towers, The Martin, and MGM Signature. Moving towards the central Strip, Resorts World, the new Chinese-themed resort is underway with its 87-acre project. In addition, the Alon Resort, will begin construction this year where the Frontier once stood. Trump Tower should be the biggest benefactor with the arrival of these two new resorts. On the north end of the Strip, the Lucky Dragon boutique Resort & Casino is only months away from its opening slated for August of 2016 and is located next to the Allure residential high-rise property. The world-famous Riviera Resort and Casino was sold to the Las Vegas Convention and Visitor Authority (LVCVA) and will be demolished this summer making way for an expanded presence for the Las Vegas Convention Center. This growth will benefit all of the high-rise properties at the north end of the Strip, including Sky Las Vegas whose remaining 64 developer units have been sold in a bulk sale and are anticipated to be coming to market in the second quarter of this year. Between Sky LasVegas and the incentives ongoing at Turnberry Towers there are great opportunities for buyers now. Given the low number of high-rise developments and the length of time before any new construction comes forth there continues to be an opportunity for strong price appreciation in the long-term. 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 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 put our expertise and Sotheby’s global network to work for you.

Isaac Moore 702.306.5866 Ike@synergysir.com

Michael Mitchell 702.580.2236 Michael@KuhlGroup.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 2016 The Kuhl Group


70

$500

$450 60

50

$350

$300

40

$250 30

$200

AVERAGE $/SF SOLD

*RESIDENTIAL SALES SOLD » 2015

$400

$150

20

LAS VEGAS RESIDENTIAL HIGHRISE MARKET TREND CHART

$100

10 $50

$

0

FEB

MAR

APR

SALES

MAY

JUNE

JULY

AVG $/SF

AUG

SEPT

OCT

NOV

LINEAR AVG $/SF

DEC

JAN 2016

FEB

MAR

*Does not include mid-rise properties

50

$400

45

$350

40 $300

LAS VEGAS CONDOTEL MARKET TREND CHART

30

$250

$200

25

20

$150

AVERAGE $/SF SOLD

*CONDOTELS SOLD

35

15 $100 10 $50

5

0

$

FEB

MAR

SALES

APR

MAY

JUNE

AVG $/SF

JULY

AUG

SEPT

OCT

NOV

DEC

JAN 2016

FEB

MAR

LINEAR AVG $/SF

VegasVerticals.com


15 16 13

12

9 7

Circus Circus

Stratosphere

10

Wynn / Encore Fashion Show Mall Mirage / TI Caesars Palace Palazzo Venetian Sands Bellagio Convention Center

Gold Coast Rio

Palms

6

5

3

4

Hilton

Riviera

Las Vegas Country Club

11

Las Vegas Convention Center Wynn Golf Course

8

Imperial Palace

City Center

NewYork NewYork

14

Sahara

Harrahs

Cosmopolitan Bally’s Paris

Monte Carlo

16

Downtown

2

Planet Hollywood

Flamingo Bill’s

MGM Grand

Excalibur UNLV

Tropicana Luxor

as

eg

sV

La

D LV

B

Thomas & Mack Center

Mandalay Bay

McCarran International Airport

1

1. 2. 3. 4. 5.

ONE Las Vegas MGM Signature Mandarin Oriental Veer Towers Panorama Towers

6. 7. 8. 9. 10.

The Martin Palms Place Park Towers Trump Metropolis

11. 12. 13. 14. 15.

Regency Towers Sky Allure Turnberry Place Newport Lofts

Q1 - Condotel Sales

Q1 - Residential Highrise Sales

80

200

73

160

60 40

120

122

135 97

40

2012

2013

2014

2015

0

2012

Q1 - Condotel Average $/SF

311

2014

2015

$400

368

358 $300

2013

Q1 - Residential Average $/SF

$400

302

$400 $300

$200 $200 $100

$0

137

80

35

20

0

54

48

16. Soho Lofts 17. The Ogden 18. One Queensridge

403

422

394

285

$100

2012

2013

2014

2015

$

2012

2013

2014

2015


LAS VEGAS CONDOTEL SALES Platinum Vdara Cosmopolitan Trump Tower MGM Signature Palms Place 0

5

10

15

20

25

30

35

40

45

50

45

50

LAS VEGAS RESIDENCE TOWER SALES Park Towers One Las Vegas Metropolis Newport Lofts Soho Lofts Regency Towers Sky Las Vegas Allure One Queensridge Panorama Turnberry Towers The Ogden Turnberry Place The Martin Mandain Oriental Veer Towers 0

5

10

15

20 2015

25

30

35

2016

40

VegasVerticals.com


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ONE QUEENSRIDGE PLACE

PARK TOWERS

Nestled in an exclusive neighborhood in the sought after community of Queensridge, One Queensridge is truly peerless. That which impresses in other properties is but the beginning for One Queensridge. The residences at One Queensridge are known for gracious living with individual properties ranging from two to five-bedrooms and up to 15,000 square feet. One Queensridge defies expectations as it fuels the imagination. Each residence comes with a private locker in the climate-controlled wine cellar and tasting area. Owners enjoy the use of an intimate lounge, a private dining room featuring a kitchen designed event catering and an outdoor terrace boasting the best views of the Las Vegas Strip and the Badlands Golf Course. Located close to the very best golf courses in the city; it is ideal for the relaxed yet active life.

2016 Q1

Sales 8 Avg Price 1,468,125 Max Price 2,360,000 Min Price 800,000 Avg $/SF 461 Avg Days on Mkt -

2015 Q1

8 2,149,375 7,700,000 8 70,000 453 -

∆ ( 681,250) (5,340,000 (70,000) 8 -

The height of exclusivity. Limited to only 84 residences, Park Towers is limitless in every other way. Situated within minutes of the Las Vegas Strip, Park Towers is the apex for those who are accustomed to refinement and rarity. Built with an absolute obsession to detail, every residence asserts itself through grand proportions and lavishness unseen in other properties. Park Towers is truly a world unto itself, for it is an environment where the amenities outnumber the residents.

2016 Q1

Sales 2 Avg Price 975,000 Max Price 1,100,000 Min Price 850,000 Avg $/SF 456 Avg Days on Mkt 229

2015 Q1

- - - - - -

∆ 2 9 75,000 1,100,000 8 50,000 456 229


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MANDARIN ORIENTAL

VEER TOWERS

An International reputation and local acclaim.

A signature architectural achievement at the center of the Las Vegas Strip!

A truly rare find in Las Vegas, Mandarin Oriental soars over 47 stories above The Strip while towering over other high-rise properties. Mandarin Oriental offers two distinct floor plan collections and one well-refined characteristic, an unmatched level of personal service residents experience on a daily basis. From the Sky Lobby, residents get a first glimpse of the difference life at Mandarin Oriental provides. Once settled in, the difference is astounding with an elevated pool, fitness and yoga facility, tea lounge and in-room meal service.

2016 Q1

2015 Q1

Sales 5 1 7 Avg Price 2,440,600 1,811,338 Max Price 4,100,000 5,400,000 Min Price 700,000 670,000 Avg $/SF 844 734 Avg Days on Mkt - -

∆ ( 12) 629,262 ( 1,300,000) 30,000 1 10 -

No other residential condominium has the location and access of Veer Towers. These two Helmut Jahn-designed opposing towers sit at the core of CityCenter and rise high above the Crystals retail district. Here you will find worldclass amenities such as subterranean valet parking, a business center, and a rooftop complex that features a pool & spa, fitness center and theatre. Prices start under $300,000 and include a wide range of unique views. Veer Towers also has other unique benefits; it is just an elevator ride to the world’s best night life at Aria, Bellagio, the Crystals and the Cosmopolitan. If you are looking for contemporary design, direct access to the most exotic entertainment, dining and shopping on the Las Vegas strip, then Veer Towers might be the best address for you.

2016 Q1

Sales 2 2 Avg Price 525,232 Max Price 1,100,000 Min Price 235,000 Avg $/SF 524 Avg Days on Mkt -

2015 Q1

31 7 64,413 2,249,000 2 45,000 498 -

∆ ( 9) ( 239,181) (1,149,000) (10,000) 26 -

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MGM SIGNATURE

PALMS PLACE

Sign on to a lavish lifestyle.

Own the high roller lifestyle.

Signature boasts three towers set just off the most exciting corner of the world-famous Las Vegas Strip, The Signature raises the limits on condominium-hotel living.

Lavish is the only word to describe Palms Palace. Rising 50 stories, Palms Palace is situated adjacent to the Palms Casino & Resort. And, you don’t have to worry about the walking distance as a moving walkway glides you to the casino.

A richness of choice for ownership begins with a 500 square foot deluxe suite and continues up to 1,500 square foot twobedroom balcony suites. All create the ideal retreat with flawless amenities and spectacularly unreal views. The Signature takes personal service to precise perfection. From drinks in the private lounge to a private poolside cabana or the ease of using the concierge to provide you access to all you desire, The Signature is the name for luxury.

2016 Q1

Sales 26 Avg Price 227,130 Max Price 610,000 Min Price 150,000 Avg $/SF 330 Avg Days on Mkt 77

2015 Q1

15 212,885 400,000 160,000 350 184

∆ 11 14,245 210,000 (10,000) (20) (107)

The tower provides 600 square foot studios, 1,200 square foot one-bedrooms and several 7,000 square foot penthouse residences, all with amenities designed for celebrities. Owners have full use of five Palms’ restaurants, spa, pool and nightclubs.

2016 Q1

Sales 2 3 Avg Price 223,747 Max Price 900,000 Min Price 145,000 Avg $/SF 275 Avg Days on Mkt 102

2015 Q1

45 246,931 1,260,000 151,000 310,000 36

∆ ( 22) ( 23,184) ( 360,000)) (6,000) ( 309,725) 66


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TRUMP TOWER

VDARA

New York chic lands in Las Vegas.

Vdara is the only condo hotel property within CityCenter.

Sheathed in gold windows from top to bottom, Donald Trump’s first Las Vegas project is situated slightly off the Las Vegas Strip across from the Fashion Show Mall and The Wynn Las Vegas.

This 55-story Rafael Viñoly-designed tower consists of 1,535 rooms and suites. This property features all the services and amenities you would expect to find at a luxury hotel. There is a café & convenience store, a bar and lounge, and a conference and business center. This property is a unique attraction for visitors who want to be away from casinos but within walking distance of great attractions. Vdara is the only condo hotel that has direct connectivity to two world-class casinos (Aria & the Bellagio). If you desire modern design and styling, luxury hotel services, within walking distance of great gaming, dining and shopping, then Vdara might be the condo hotel for you.

The 64-story tower, reminiscent of Trump’s New York tower offers 880 studio units, 352 one-bedroom models and 50 superior penthouse suites of one, two and three bedrooms spanning the top four floors. Each of the properties is lavishly appointed in true Trump style. Personal amenities abound at Trump Tower with 24-hour concierge services, a calming day spa, heating swimming pool, a full service business center and dining choices, whether Michelin-rated or poolside.

2016 Q1

Sales 4 Avg Price 185,000 Max Price 220,000 Min Price 165,000 Avg $/SF 347 Avg Days on Mkt 196

2015 Q1

9 306,611 ( 501,000 212,000 430 100

∆ ( 5) 121,611) (281,000) (47,000) ( 83) 96

2016 Q1

Sales Avg Price Max Price Min Price Avg $/SF Avg Days on Mkt

1 - - - - -

2015 Q1

1 399,800 399,800 399,800 636 9

∆ -) -

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TURNBERRY PLACE

TURNBERRY TOWERS

Take your turn living in paradise.

An elegant off-strip retreat

Fortune smiles on the privileged few who reside at Turnberry Place. Luxuriously cosmopolitan, words can on provide a glimpse of an environment unmatched for gracious living within its four towers.

Turnberry Towers features two sleek modern towers with refined amenities located just off the Las Vegas Strip. This condo community was purchased by the Los Angeles-based CIM Group in 2011 has survived the downturn in the economy like many other communities by a combination of modest sales and leasing. To set itself apart from older condos in this area, Turnberry Towers will complete renovation of pool amenities and social room by early 2016. There are four basic floor plans that start at just under $300,000. If you enjoy modern styling, spacious balconies, beautiful amenities, all within walking distance of the Strip and Las Vegas Convention Center, then Turnberry Towers might be the right community for you.

Turnberry Place extends the idea of living well to an extreme few can imagine with residences of up to 5-bedrooms tastefully appointed by only the finest materials from the world over. Life at Turnberry Place begins with a 30,000 square foot European spa and fitness center and then continues on with indoor and outdoor pools, casual and fine dining restaurants and a full staff on call to provide service with practiced ease.

2016 Q1

Sales 2 Avg Price 508,500 Max Price 567,000 Min Price 450,000 Avg $/SF 239 Avg Days on Mkt 35

2015 Q1

11 488,455 900,000 265,000 242 130

∆ (9) 20,045 (333,000) 185,000 (3) (95)

2016 Q1

Sales 4 Avg Price 620,375 Max Price 667,000 Min Price 580,000 Avg $/SF 374 Avg Days on Mkt 133

2015 Q1

4 398,750 625,000 260,000 323 55

∆ 221,625 4 2,000 320,000 51 78


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SKY LAS VEGAS

ALLURE

Enjoy luxury in the rarefied air of Sky.

A Situation that is quite alluring.

Sky Las Vegas redefines the concept of high-rise living. Sophisticatedly modern, Sky blends social and recreational amenities seamlessly.

Allure is a visually striking 41-tower high-rise condominium tower boasting views that start from the beginning of the world-famous Las Vegas Strip.

The residences at Sky Las Vegas run the gamut of wellappointed comfort. From the 870 square foot ultra suite to the 5,000 square foot, three-story penthouse, Sky Las Vegas reaches for the heavens for opulence.

Allure offers a multitude of floor plan options for one, two and three-bedroom condominiums, all offering floor to ceiling windows and the majority of the residences have balconies to soak up the sun and the views. Each residence is finished with granite countertops, upgraded appliances and Italian cabinetry.

Amenities surround you in a way unexpectedly reassuring. From the first floor concierge and dry cleaning service, to the private lounge and rooftop garden, Sky Las Vegas is an oasis in the sky.

2016 Q1

Sales 5 Avg Price 210,500 Max Price 260,000 Min Price 165,500 Avg $/SF 218 Avg Days on Mkt 73

2015 Q1

3 243,333 270,000 210,000 266 174

∆ 2 ( 32,833) ( 10,000) (44,500) (48) (101)

Allure’s central location ensures anything you desire is close at hand even before you leave the property. Allure’s concierge service will handle reservations and more to keep your time just that, your time.

2016 Q1

Sales Avg Price Max Price Min Price Avg $/SF Avg Days on Mkt

- - - - - -

2015 Q1

4 3 60,750 6 35,000 2 03,000 235 164

∆ -

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PANORAMA TOWERS

THE MARTIN

A work of art sculpted for living.

Elegance is now fully modern.

Towering over the Las Vegas Strip like an aqua blue wave, Panorama Towers provides discriminating buyers a unique opportunity to live well in a more intimate environment.

The Martin’s 400-foot tower overlooks City Center and the Las Vegas Strip though its foundation is built on unsurpassed amenities.

Panorama Towers offers a wealth of options in one and twobedroom residences that range from 750 to 14,000 square feet and offer spectacular views of the Strip to the east and colorful beauty of Red Rock Canyon to the west.

Each floor at The Martin is a journey of complete refinement. Starting with the City Collection and rising to the Penthouse Collection, space and layouts may change, but magnificence is built in to every residence.

Panorama Towers is a world unto itself featuring his and hers spa facilities, a resort style pool with lounge areas, yoga and Pilates studio, indoor racquetball court and, best of all, 24-hour concierge service.

The common areas at The Martin are anything but common. Life at The Martin blends the best aspects of resort life with unparalleled ownership ease. Pool cabanas recall the most exotic vacation spots, while the Garden Lounge tranquility can only be matched in the yoga studio.

2016 Q1

Sales 14 Avg Price 399,679 Max Price 789,000 Min Price 210,000 Avg $/SF 246 Avg Days on Mkt 168

2015 Q1

9 334,250 437,000 198,000 248 105

∆ 5 65,429 352,000 12,000 (2) 63

2016 Q1

Sales 8 Avg Price 897,438 Max Price 4,250,000 Min Price 281,000 Avg $/SF 329 Avg Days on Mkt 119

2015 Q1

12 391,875 675,000 267,300 331 51

∆ (4) 5 05,563 3 ,575,000 1 3,700 (2) 68


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METROPOLIS

REGENCY TOWERS

Located just off the Las Vegas Strip on Desert Inn overlooking the Wynn Las Vegas golf course. Designed with loft living in mind, this Art Deco designed Las Vegas High Rise community offers soaring ceilings and flats with uncompromising finishes and spectacular views of the Las Vegas valley.

Located within the historic Las Vegas Country Club, these elegantly appointed residences offer panoramic views of the golf course, the Strip and the Red Rock Mountains. The community is flush with amenities; including guard gated 24-hour security, pool, spa, sauna and two tennis courts. It’s central location makes it perfect vacation or second home being just a short trip to the Strip and to McCarran International Airport.

2016 Q1

Sales 2 Avg Price 444,950 Max Price 490,000 Min Price 399,900 Avg $/SF 170 Avg Days on Mkt 122

2015 Q1

2 501,500 555,000 448,000 201 95

∆ (56,550) (65,000) (48,100) (31) 27

2016 Q1 Q3

Sales 4 Avg Price 165,750 Max Price 230,000 Min Price 9 3,000 Avg $/SF 120 Avg Days on Mkt 119

2015 Q1 Q3

3 2 71,000 3 30,000 2 28,000 146 51

∆ 1 (105,250) (100,000) (135,000) ( 26) 68

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NEWPORT LOFTS

SOHO LOFTS

A life lived well aloft.

Live artfully.

Newport Lofts sits in the cultural epicenter of Las Vegas marking it a place for the refined creative soul.

Centered in the Downtown Arts District, Soho Lofts recall life in an east coast urban environment.

While Newport Lofts is the epitome of loft living, it is the surrounding area that makes it so desirable. Out of the way restaurants, a multitude of art galleries and at it’s very heart a place to refuel artistic passions.

The first floor of Soho Lofts is dedicated to retail including a grocery, a salon, and more on the way. While individual lofts provide a perfect canvas for work and living.

2016 Q1

Sales Avg Price Max Price Min Price Avg $/SF Avg Days on Mkt

- - - - - -

2015 Q1

2 313,000 381,000 245,000 238 3

∆ -

All around Soho Lofts, the creative community flourishes with art galleries, unique shops and a very artistic spirit.

2016 Q1

Sales 2 Avg Price 247,500 Max Price 270,000 Min Price 225,000 Avg $/SF 182 Avg Days on Mkt 143

2015 Q1

2 304,275 345,000 263,550 193 49

∆ (56,775) (75,000) (38,550) ( 11) 94


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THE OGDEN

ONE LAS VEGAS

Downtown’s Elevated Lifestyle Experience

Where value, quality and location merge

The Ogden Las Vegas is a 25-story art deco-styled residential condominium located in the Downtown Las Vegas Redevelopment corridor. With a commitment from business and political leaders, the Ogden sits at the epicenter of a grand effort to transform downtown into a livable, walkable, professional urban lifestyle community. Downtown Las Vegas has also become the social hub for several concerts and cultural events such as the “Life Is Beautiful Festival”. If you are looking for a condo within walking distance of nostalgic old Las Vegas such as the Fremont Experience and the Mob Museum, the Ogden might be the right address for you.

One Las Vegas is located on the world-famous Las Vegas Boulevard just south of McCarran International Airport. This condo community has just gone through a multi-million dollar renovation featuring a multi-floor fitness center, an owner’s lounge and social area, and an elegant pool and spa complex. These condos feature bright and warm finishes and offer generous balconies. If you are looking for great value, spacious living areas, balconies and close proximity to the Las Vegas Strip corridor and airport then One Las Vegas might be an attractive opportunity for you.

2016 Q1

Sales 8 Avg Price 342,163 Max Price 479,900 Min Price 241,900 Avg $/SF 278 Avg Days on Mkt 83

2015 Q1

6 400,333 649,900 226,500 291 8

∆ 2 ( 58,170) ( 170,000)0 15,400 (13) 75

2016 Q1

Sales 615 Avg Price 300,417 Max Price 397,900 Min Price 180,000 Avg $/SF 216 Avg Days on Mkt 31

2015 Q1

399,800 399,800 399,800 636 9

(99,383) (1,900) 219,800) ( 420) 22

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Las Vegas Highrise Real Estate Report 2016 Q1  
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