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VEGAS

2 0 1 4

VERTICALS FIRST QUARTER


Perspective 2014


As we look upon the highrise market for the first quarter of 2014, we saw reductions in sales volume for both residences and condotels, while we saw gains in average sales price for condotels and some reduction for residences overall. Foreign investors continue to be a large part of the market, looking to capitalize on current market pricing, which in many cases is far below the pricing of similar caliber products in other markets. With attractive pricing in some of our premier towers, the response was strong as evidenced by the activity at Mandarin Oriental and Veer Towers. However, we are now down to the last of the developer inventory at Mandarin Oriental, The Martin, and One Queensridge, which will have an effect on supply by the end of the year. With many of the major new developments on the Strip now open or underway, including the opening of the LINQ and the world’s tallest observation wheel, “The High Roller”, Las Vegas once again finds itself in the spotlight. This additional attention is likely to translate into additional demand and with the existing inventory being reduced we are likely to see price increases over the remainder of the year. 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. When you are ready to buy or sell, put our local expertise and global reach to work for you.

Don Kuhl 702.234.2121 don.kuhl@sothebysrealty.com

* All information from sources deemed to be reliable although not warranted or guaranteed by The Kuhl Group or Sotheby’s International Realty®

VegasVerticals.com


16

6

Fash Mirage / TI Caesars Palace

Gold Coast Rio

Palms

5

P

Bellagio

3

4

2

Cosmopolitan

Bally’s Paris

City Center

Monti Carlo NewYork NewYork

1

Planet Hollywood 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 lifestyle is for those who genuinely appreciate the finer things in life. There are only a few developer units left after a very strong year, so the majority of future inventory will be resale.


# of Transactions

Average Sales Price

Sales Price (Max)

Sales Price (Min)

Sales $/SF (Max)

Sales $/SF (Min)

2013 QTR1

20

$208,625

$485,000

$130,000

$549

$224

2014 QTR1 Δ

21 1

$194,323 -$14,302

$300,000 -$185,000

$152,000 $22,000

$433 -$116

$235 $11

# of Transactions

Average Sales Price ($)

Sales Price (Max)

Sales Price (Min)

Sales $/SF (Max)

Sales $/SF (Min)

2013 QTR1 2014 QTR1

10 7

$188,500 $423,464

$314,000 $1,755,000

$120,000 $159,000

$309 $449

$195 $254

Δ

-3

$234,964

$1,441,000

$39,000

$140

$59

2013 QTR1 2014 QTR1 Δ

# of Transactions 15 3 -12

Average Sales Price $392,107 $264,333 -$127,774

Sales Price (Max) $1,605,000 $375,000 -$1,230,000

Sales Price (Min) $186,900 $195,000 $8,100

Sales $/SF (Max) $925 $418 -$507

Sales $/SF (Min) $350 $365 $15

2013 QTR1 2014 QTR1 Δ

# of Transactions 7 5 -2

Average Sales Price $313,714 $195,400 -$118,314

Sales Price (Max) $845,000 $288,000 -$557,000

Sales Price (Min) $180,000 $125,000 -$55,000

Sales $/SF (Max) $343 $236 -$107

Sales $/SF (Min) $104 $182 $78

2013 QTR1 2014 QTR1 Δ

# of Average Sales Transactions Price 5 $1,338,788 » click23 for more information« $872,701 18 -$466,087

Sales Price (Max) $2,100,000 $3,030,000 $930,000

Sales Price (Min) $1,076,440 $400,010 -$676,430

Sales $/SF (Max) $700 $761 $61

Sales $/SF (Min) $680 $362 -$318

2013 QTR1 2014 QTR1 Δ

# of Transactions 5 0 -5

Average Sales Price $393,000 $0 -$393,000

Sales Price (Max) $510,000 $0 -$510,000

Sales Price (Min) $335,000 $0 -$335,000

Sales $/SF (Max) $155 $0 -$155

Sales $/SF (Min) $119 $0 -$119

2013 QTR1 2014 QTR1 Δ

# of Transactions 15 10 -5

Average Sales Price $1,187,533 $1,337,850 $150,317

Sales Price (Max) $2,000,000 $2,225,000 $225,000

Sales Price (Min) $600,000 $850,000 $250,000

Sales $/SF (Max) $450 $481 $31

Sales $/SF (Min) $264 $366 $102

2013 QTR1 2014 QTR1 Δ

# of Transactions 11 9 -2

Average Sales Price $572,318 $325,962 -$246,356

Sales Price (Max) $2,300,000 $430,000 -$1,870,000

Sales Price (Min) $169,000 $185,000 $16,000

Sales $/SF Sales $/SF (Max) (Min) $470 $181 $306 $181 -$164 $0 VegasVerticals.com

# of Transactions

Average Sales Price

Sales Price (Max)

Sales Price (Min)

Sales $/SF (Max)

sridge Place

Sales $/SF (Min)


Condotels MGM SIGNATURE

» click for more information«

Serving as the most popular condotel property on the Strip, MGM Signature has remained steady in their sales volume and pricing relative to the same time last year. It appears a balance has been struck, for the moment, between buyers and sellers providing some “normalcy”, but pricing is still far off from the peak and should be considered a good deal.

# of Transactions

Average Sales Price

Sales Price (Max)

Sales Price (Min)

Sales $/SF (Max)

Sales $/SF (Min)

2013 QTR1

20

$208,625

$485,000

$130,000

$549

$224

2014 QTR1 Δ

21 1

$194,323 -$14,302

$300,000 -$185,000

$152,000 $22,000

$433 -$116

$235 $11


PALMS PLACE Hip and modern is definitely the theme of Palms Place and continues to get a lot of attention from buyers. Sales volume is down slightly from the same time last year primarily due to a lack of inventory. Prices are still offering great value and will likely continue to be in demand for the foreseeable future. » click for more information«

# of Transactions

Average Sales Price

Sales Price (Max)

Sales Price (Min)

Sales $/SF (Max)

Sales $/SF (Min)

2013 QTR1

20

$208,625

$485,000

$130,000

$549

$224

2014 QTR1 Δ

21 1

$194,323 -$14,302

$300,000 -$185,000

$152,000 $22,000

$433 -$116

$235 $11

# of Transactions

Average Sales Price ($)

Sales Price (Max)

Sales Price (Min)

Sales $/SF (Max)

Sales $/SF (Min)

2013 QTR1 2014 QTR1 Δ

10 7 -3

$188,500 $423,464 $234,964

$314,000 $1,755,000 $1,441,000

$120,000 $159,000 $39,000

$309 $449 $140

$195 $254 $59

2013 QTR1 2014 QTR1

# of Transactions 15 3

Average Sales Price $392,107 $264,333

Sales Price (Max) $1,605,000 $375,000

Sales Price (Min) $186,900 $195,000

Sales $/SF (Max) $925 $418

Sales $/SF (Min) $350 $365

Δ

-12

-$127,774

2013 QTR1 2014QTR1 QTR1 2013 Δ 2014 QTR1

# of Transactions # of Transactions 7 205 -2 21

Average Sales Price Average Sales Price $313,714

1 # of Transactions # of 5 Transactions 23 10 18 7 #-3of Transactions # of 5 Transactions 0 15 -5 3 -12 # of Transactions # of

-$14,302 Average Sales Price Average Sales $1,338,788 Price ($) $872,701 $188,500 -$466,087 $423,464 $234,964 Average Sales Price Average Sales $393,000 Price $0 $392,107 -$393,000 $264,333 -$127,774 Average Sales Price Average Sales

Δ 2013 QTR1 2014 QTR1 2013 QTR1 Δ 2014 QTR1 Δ 2013 QTR1 2014 QTR1 2013 QTR1 Δ 2014 QTR1 Δ

$195,400 $208,625 -$118,314 $194,323

TRUMP TOWER

-$1,230,000 $8,100 -$507 $15 This classic and luxuriously appointed condotel is one of Sales Price Sales Price Sales $/SF Sales $/SF the finest on the Strip. There are still great opportunities (Max) (Min) (Max) (Min) Sales Price Sales Price Sales $/SF Sales $/SF on developer inventory for those who are still (Max) (Min) (Max) (Min) $845,000 $180,000 $343 $104 looking on the Strip with opportunistic$224 pricing. $288,000 for luxury $125,000 $236 $182 $485,000 $130,000 $549 -$557,000 » click for$152,000 -$55,000 -$107 $78 more information« $433 $300,000 $235 -$185,000 Sales Price (Max) Sales Price $2,100,000 (Max) $3,030,000 $314,000 $930,000 $1,755,000 $1,441,000 Sales Price (Max) Sales Price $510,000 (Max) $0 $1,605,000 -$510,000 $375,000 -$1,230,000 Sales Price (Max) Sales Price

$22,000 Sales Price (Min) Sales Price $1,076,440 (Min) $400,010 $120,000 -$676,430 $159,000 $39,000 Sales Price (Min) Sales Price $335,000 (Min) $0 $186,900 -$335,000 $195,000 $8,100 Sales Price (Min) Sales Price

-$116 Sales $/SF (Max) Sales $/SF $700 (Max) $761 $309 $61 $449 $140$/SF Sales (Max) Sales $/SF $155 (Max) $0 $925 -$155 $418 -$507 Sales $/SF (Max) Sales $/SF

$11 Sales $/SF (Min) Sales $/SF $680 (Min) $362 $195 -$318 $254 $59$/SF Sales (Min) Sales $/SF $119 (Min) $0 $350 -$119 $365 $15$/SF Sales (Min) Sales $/SF


2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

Transactions Transactions 55 0 23 -5 18

Price Price $393,000 $1,338,788 $0 $872,701 -$393,000 -$466,087

(Max) (Max) $510,000 $2,100,000 $0 $3,030,000 -$510,000 $930,000

(Min) (Min) $335,000 $1,076,440 $0 $400,010 -$335,000 -$676,430

(Max) (Max) $155 $700 $0 $761 -$155 $61

(Min) (Min) $119 $680 $0 $362 -$119 -$318

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

of ## of Transactions Transactions 15 5 10 0 -5 -5

Average Sales Sales Average Price Price $1,187,533 $393,000 $1,337,850 $0 $150,317 -$393,000

Sales Price Price Sales (Max) (Max) $2,000,000 $510,000 $2,225,000 $0 $225,000 -$510,000

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

of ## of Transactions Transactions 11 15 9 10 -2 -5

Average Sales Sales Average Price Price $572,318 $1,187,533 $325,962 $1,337,850 -$246,356 $150,317

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

of ## of Transactions Transactions 27 11 17 9 -10 -2

Average Sales Sales Average Price Price $413,241 $572,318 $458,206 $325,962 $44,965 -$246,356

Sales Price Price Sales $/SF $/SF Sales $/SF $/SF Sales Sales Sales (Min) (Max) (Min) (Min) (Max) (Min) $600,000 $450 $264 $335,000 $155 $119 $850,000 $481 $366 $0 $0 $0 $250,000 $31 $102 -$335,000 -$155 -$119 These two towers continue to serve as one of the most Sales Price Price distinctive Sales and Priceexclusive Sales $/SF addresses, Sales $/SF $/SF Sales Sales Price Sales $/SF Sales highrise home to (Max) (Min) (Max) (Min) (Max) (Min) (Max) (Min) many of the most influential Las Vegas residents. This $2,300,000 $169,000 $470 $181 $2,000,000 $600,000 $450 $264 property doesn’t traditionally have much in the way of $430,000 $185,000 $306 $181 $2,225,000 $850,000 $481 $366 turnover, as evidenced by the absence of sales -$1,870,000 $16,000 -$164 $0 over this $225,000 $250,000 $31 $102 past quarter. Sales Price Sales Price Sales $/SF $/SF Sales $/SF $/SF Sales Price » click for Sales Price Sales more information«Sales (Max) (Min) (Max) (Min) (Max) (Min) (Max) (Min) $998,000 $199,000 $509 $179 $2,300,000 $169,000 $470 $181 $890,000 $230,000 $454 $207 $430,000 $185,000 $306 $181 -$108,000 $31,000 -$55 $28 -$1,870,000 $16,000 -$164 $0

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

of ## of Transactions Transactions 2 27 0 17 -2 -10

Average Sales Sales Average Price Price $1,850,000 $413,241 $0 $458,206 -$1,850,000 $44,965

Sales Price Price Sales (Max) (Max) $2,200,000 $998,000 $0 $890,000 -$2,200,000 -$108,000

Sales Price Price Sales (Min) (Min) $1,500,000 $199,000 $0 $230,000 -$1,500,000 $31,000

Sales $/SF $/SF Sales (Max) (Max) $449 $509 $0 $454 -$449 -$55

Sales $/SF $/SF Sales (Min) (Min) $427 $179 $0 $207 -$427 $28

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

of ## of Transactions Transactions 24 04 0 -2

Average Sales Sales Average Price Price $391,875 $1,850,000 $216,750 $0 -$175,125 -$1,850,000

Sales Price Price Sales (Max) (Max) $885,000 $2,200,000 $265,000 $0 -$620,000 -$2,200,000

Sales Price Price Sales (Min) (Min) $130,000 $1,500,000 $149,000 $0 $19,000 -$1,500,000

Sales $/SF $/SF Sales (Max) (Max) $250 $449 $143 $0 -$107 -$449

Sales $/SF $/SF Sales (Min) (Min) $70 $427 $97 $0 $27 -$427

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

of ## of Transactions Transactions 20 4 47 -13 0

Average Sales Sales Average Price Price $251,583 $391,875 $322,129 $216,750 $70,546 -$175,125

Sales Price Price Sales (Max) (Max) $428,000 $885,000 $485,000 $265,000 $57,000 -$620,000

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

of ## of Transactions Transactions 12 20 78 -4 -13

Average Sales Sales Average Price Price $582,500 $251,583 $532,875 $322,129 -$49,625 $70,546

Sales Price Price Sales (Max) (Max) $1,300,000 $428,000 $1,000,000 $485,000 -$300,000 $57,000

Sales Price Price Sales (Min) (Min) $264,000 $138,720 $375,000 $250,000 $111,000 $111,280

Sales $/SF $/SF Sales (Max) (Max) $324 $263 $357 $288 $33 $25

Sales $/SF $/SF Sales (Min) (Min) $159 $141 $183 $194 $24 $53

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

of ## of Transactions Transactions 7 12 83 -4 -4

Average Sales Sales Average Price Price $329,023 $582,500 $341,667 $532,875 $12,644 -$49,625

Sales Price Price Sales (Max) (Max) $487,000 $1,300,000 $385,000 $1,000,000 -$102,000 -$300,000

Sales Price Price Sales (Min) (Min) $210,000 $264,000 $270,000 $375,000 $60,000 $111,000

Sales $/SF $/SF Sales (Max) (Max) $302 $324 $332 $357 $30 $33

Sales $/SF $/SF Sales (Min) (Min) $192 $159 $223 $183 $31 $24

# of

Average Sales

Sales Price

Sales Price

Sales $/SF

Sales $/SF

R E S I D E N C E S PARK TOWERS

TURNBERRY PLACE

The four towers of this prestigious compound continue Sales Price Price Sales $/SF $/SF Sales $/SF $/SF Sales Sales Sales to be one of the premier residences of the (Min) (Max) (Min)Las Vegas (Min) (Max) (Min) $138,720 $263 less than$141 Strip. Sales volume was slightly this time last $130,000 $250 $70

$250,000 $288 $194 year and overall pricing remained relatively $149,000 $143 $97steady. $25 $53 $19,000 $27 » click for$111,280 more information« -$107


2013 QTR1 2013 QTR1 2014 2014 QTR1 QTR1 Δ Δ

Transactions 7 5 -2 # of # of Transactions Transactions 20 5 21 23 1 18

Price $313,714 $195,400 -$118,314 Average Sales Average PriceSales Price $208,625 $1,338,788 $194,323 $872,701 -$14,302 -$466,087

(Max) $845,000 $288,000 -$557,000 Sales Price Sales Price (Max) (Max) $485,000 $2,100,000 $300,000 $3,030,000 -$185,000 $930,000

2013 QTR1 2014 QTR1

of ## of Transactions Transactions 10 5 07

Average Sales Sales Average Price ($) Price $188,500 $393,000 $423,464 $0

Sales Price Price Sales (Max) (Max) $314,000 $510,000 $1,755,000 $0

Δ

-3 -5

$234,964 -$393,000

$1,441,000 -$510,000

2013 QTR1 2014 QTR1 Δ

# of Transactions 15 3 10 -12 -5

Average Sales Price $392,107 $1,187,533 $264,333 $1,337,850 -$127,774 $150,317

Sales Price Sales Price Sales $/SF » click for more information« (Max) (Min) (Max) $1,605,000 $186,900 $925 $2,000,000 $600,000 $450 $375,000 $195,000 $418 $2,225,000 $850,000 $481 -$1,230,000 $8,100 -$507 $225,000 $250,000 $31

Sales $/SF (Min) $350 $264 $365 $366 $15 $102

2013 QTR1 2014 QTR1 Δ

# of Transactions 7 11 59 -2

Average Sales Price $313,714 $572,318 $195,400 $325,962 -$118,314 -$246,356

Sales Price (Max) $845,000 $2,300,000 $288,000 $430,000 -$557,000 -$1,870,000

Sales Price (Min) $180,000 $169,000 $125,000 $185,000 -$55,000 $16,000

Sales $/SF (Max) $343 $470 $236 $306 -$107 -$164

Sales $/SF (Min) $104 $181 $182 $181 $78 $0

2013 QTR1 2014 QTR1 QTR1 2014 Δ Δ

# of Transactions 5 27 23 17 18 -10

Average Sales Price $1,338,788 $413,241 $872,701 $458,206 -$466,087 $44,965

Sales Price (Max) $2,100,000 $998,000 $3,030,000 $890,000 $930,000 -$108,000

Sales Price (Min) $1,076,440 $199,000 $400,010 $230,000 -$676,430 $31,000

Sales $/SF (Max) $700 $509 $761 $454 $61 -$55

Sales $/SF (Min) $680 $179 $362 $207 -$318 $28

2013 2013 QTR1 QTR1 2014 2014 QTR1 QTR1 Δ Δ

## of of Transactions Transactions 52 00 -5 -2

Average Average Sales Sales Price Price $393,000 $1,850,000 $0 $0 -$393,000 -$1,850,000

right on the Sales Las Vegas Sky$/SF continues Sales Sales Price $/SF Sales Sales Price Price Situated Sales Price Sales $/SF Strip, Sales $/SF (Max) to be one(Min) (Min) (Max)after highrise (Min) of the most sought properties. (Max) (Max) (Min) $510,000 With the $335,000 $155 $2,200,000 $1,500,000 $449on the SLS$119 $427 development efforts property now $0 $0 $0 $0 $0 $0 is on the rise. $0 Sellers are underway,$0 average sales price -$510,000 -$335,000 -$155 -$119 -$2,200,000 in a stronger -$1,500,000 -$449 -$427 position at this time with units not staying

2013 2013 QTR1 QTR1 2014 2014 QTR1 QTR1 Δ Δ

of ## of Transactions Transactions 15 4 10 4 -5 0

Average Sales Sales Average Price Price $1,187,533 $391,875 $1,337,850 $216,750 $150,317 -$175,125

market for long.Sales Sales Price Price on theSales Sales Price Sales $/SF $/SF Sales Price (Max) (Min) (Max) » click for more information« (Max) (Min) (Max) $2,000,000 $600,000 $450 $885,000 $130,000 $250 $2,225,000 $850,000 $481 $265,000 $149,000 $143 $225,000 $250,000 $31 -$620,000 $19,000 -$107

Sales $/SF $/SF Sales (Min) (Min) $264 $70 $366 $97 $102 $27

2013 2013 QTR1 QTR1 2014 2014 QTR1 QTR1 Δ Δ

## of of Transactions Transactions 11 20 97 -2 -13

Average Average Sales Sales Price Price $572,318 $251,583 $325,962 $322,129 -$246,356 $70,546

Sales Sales Price Price (Max) (Max) $2,300,000 $428,000 $430,000 $485,000 -$1,870,000 $57,000

Sales Sales Price Price (Min) (Min) $169,000 $138,720 $185,000 $250,000 $16,000 $111,280

Sales Sales $/SF $/SF (Max) (Max) $470 $263 $306 $288 -$164 $25

Sales Sales $/SF $/SF (Min) (Min) $181 $141 $181 $194 $0 $53

## of of

Average Average Sales Sales

Sales Sales Price Price

Sales Sales Price Price

Sales Sales $/SF $/SF

Sales Sales $/SF $/SF

2013 QTR1 2014 QTR1 Δ

(Min) (Max) (Min) $180,000 $343 $104 $125,000 $236 $182 -$55,000 -$107 $78 Sales Price Sales $/SF Sales $/SF Sales Price Sales $/SF Sales $/SF (Min) (Max) (Min) (Min) (Max) (Min) $130,000 $549 $224 $1,076,440 $700 $680 $152,000 $433 $235 $400,010 $761 $362 $22,000 -$116 $11 -$676,430 $61 -$318 With less inventory than they have had in the past, Sales Price Price Sales $/SF $/SF Sales $/SF $/SF Sales Sales sales volume is down and the average Sales price decrease is (Min) (Max) (Min) (Min) (Max) (Min) primarily attributed to the sale of a penthouse unit in $120,000 $309 $195 $335,000 $155 $119 the first$159,000 quarter of 2013. This is still one $449 $254 $0 $0 $0of the most affordable highrise opportunities $39,000 $140 on the Strip. $59 -$335,000 -$155 -$119

R E S I D E N C E S ALLURE

SKY LAS VEGAS


2013 QTR1 2013 QTR1 2014 2014QTR1 QTR1 ΔΔ

Transactions Transactions 20 7 21 5 1-2

Price Price $208,625 $313,714 $194,323 $195,400 -$14,302 -$118,314

(Max) (Max) $485,000 $845,000 $300,000 $288,000 -$185,000 -$557,000

(Min) (Min) $130,000 $180,000 $152,000 $125,000 $22,000 -$55,000

(Max) (Max) $549 $343 $433 $236 -$116 -$107

(Min) (Min) $224 $104 $235 $182 $11 $78

2013 2013QTR1 QTR1 2014QTR1 QTR1 2014 ΔΔ

##of of Transactions Transactions 10 5 23 7 18 -3

Average AverageSales Sales Price ($) Price $188,500 $1,338,788 $872,701 $423,464 -$466,087 $234,964

Sales SalesPrice Price (Max) (Max) $314,000 $2,100,000 $3,030,000 $1,755,000 $930,000 $1,441,000

2013QTR1 QTR1 2013 2014QTR1 QTR1 2014 ΔΔ

of ##of Transactions Transactions 5 15 30 -5 -12

AverageSales Sales Average Price Price $393,000 $392,107 $0 $264,333 -$393,000 -$127,774

saw a decrease in sales Sales volume over the SalesPrice Price of CityCenter SalesPrice Price Sales$/SF $/SF Sales$/SF $/SF Sales Sales Sales (Max) same time (Min) (Max) (Min) (Max) (Min) (Min) last year. The(Max) pricing has shown a decrease $510,000 $335,000 $155 $119 $1,605,000 $186,900 $925 $350 on average, due to a penthouse sale in 2013, otherwise it $0 $0 $0 $0 $375,000 has remained $195,000 $418 $365 steady. -$510,000 -$335,000 -$155 -$119 -$1,230,000 $8,100 -$507 $15

2013QTR1 QTR1 2013 2014QTR1 QTR1 2014 ΔΔ

of ##of Transactions Transactions 15 7 10 5 -5 -2

AverageSales Sales Average Price Price $1,187,533 $313,714 $1,337,850 $195,400 $150,317 -$118,314

SalesPrice Price Sales (Max) (Max) $2,000,000 $845,000 $2,225,000 $288,000 $225,000 -$557,000

2013QTR1 QTR1 2013 2014 2014QTR1 QTR1 ΔΔ

of ##of Transactions Transactions 11 5 23 9 18 -2

AverageSales Sales Average Price Price $572,318 $1,338,788 $872,701 $325,962 -$466,087 -$246,356

SalesPrice Price Sales (Max) (Max) $2,300,000 $2,100,000 $3,030,000 $430,000 $930,000 -$1,870,000

2013 2013QTR1 QTR1 2014 QTR1 2014 QTR1 ΔΔ

##of of Transactions Transactions 5 27 0 17 -5 -10

Average AverageSales Sales Price Price $393,000 $413,241 $0 $458,206 -$393,000 $44,965

Sales SalesPrice Price (Max) (Max) $510,000 $998,000 $0 $890,000 -$510,000 -$108,000

2013 2013QTR1 QTR1 2014 2014QTR1 QTR1 ΔΔ

##of of Transactions Transactions 15 2 10 0 -5 -2

Average AverageSales Sales Price Price $1,187,533 $1,850,000 $1,337,850 $0 $150,317 -$1,850,000

Sales Sales Sales SalesPrice Price Sales$/SF $/SF Sales$/SF $/SF (Min) (Max) (Min) (Min) (Max) (Min) $335,000 $155 $119 $199,000 $509 $179 $0 $0 $0 $230,000 $454 $207 -$335,000 -$155 -$119 $31,000 -$55 $28 The iconic architecture and contemporary design of the Sales Sales Sales Sales SalesPrice Price SalesPrice Price Sales$/SF $/SF Sales$/SF $/SF Veer towers sets them apart from all other buildings on (Max) (Min) (Max) (Min) (Max) (Min) (Max) (Min) Vegas Strip. Sales$450 have been very brisk as the $2,000,000 $600,000 $264 $2,200,000 the Las$1,500,000 $449 $427 market$850,000 has$0found the pricing appealing for $2,225,000 $481 $0 $0 to be very$366 $0 $225,000 this incredible $250,000location. -$449 $31 $102 -$2,200,000 -$1,500,000 -$427

2013 2013QTR1 QTR1 2014 2014QTR1 QTR1 ΔΔ

##of of Transactions Transactions 11 4 94 -20

Average AverageSales Sales Price Price $572,318 $391,875 $325,962 $216,750 -$246,356 -$175,125

morePrice information«Sales Sales Sales SalesPrice Price » click for Sales Price Sales$/SF $/SF (Max) (Min) (Max) (Max) (Min) (Max) $2,300,000 $169,000 $470 $885,000 $130,000 $250 $430,000 $185,000 $306 $265,000 $149,000 $143 -$1,870,000 $16,000 -$164 -$620,000 $19,000 -$107

Sales Sales$/SF $/SF (Min) (Min) $181 $70 $181 $97 $0 $27

2013 2013QTR1 QTR1 2014 2014QTR1 QTR1 ΔΔ

##of of Transactions Transactions 27 20 17 7 -10 -13

Average AverageSales Sales Price Price $413,241 $251,583 $458,206 $322,129 $44,965 $70,546

Sales SalesPrice Price (Max) (Max) $998,000 $428,000 $890,000 $485,000 -$108,000 $57,000

Sales Sales$/SF $/SF (Min) (Min) $179 $141 $207 $194 $28 $53

R E S I D E N C E S Sales Sales Sales SalesPrice Price Sales$/SF $/SF Sales$/SF $/SF (Min) (Max) (Min) (Min) (Max) (Min) $120,000 $309 $195 $1,076,440 $700 $680 $400,010 $761 $362 $159,000 $449 $254 -$676,430 $61 -$318 $140 $59 The two$39,000 towers overlooking the world-class architecture

PANORAMA

» click for more information«

SalesPrice Price Sales (Min) (Min) $600,000 $180,000 $850,000 $125,000 $250,000 -$55,000

Sales$/SF $/SF Sales (Max) (Max) $450 $343 $481 $236 $31 -$107

Sales$/SF $/SF Sales (Min) (Min) $264 $104 $366 $182 $102 $78

SalesPrice Price Sales (Min) (Min) $169,000 $1,076,440 $400,010 $185,000 -$676,430 $16,000

Sales$/SF $/SF Sales (Max) (Max) $470 $700 $761 $306 $61 -$164

Sales$/SF $/SF Sales (Min) (Min) $181 $680 $362 $181 -$318 $0

THE MARTIN

Sales SalesPrice Price (Min) (Min) $199,000 $138,720 $230,000 $250,000 $31,000 $111,280

Sales Sales$/SF $/SF (Max) (Max) $509 $263 $454 $288 -$55 $25


2013 2013 QTR1 QTR1 2014 QTR1 QTR1 2014 Δ Δ

Transactions Transactions 2 15

Price Price $1,850,000 $392,107

(Max) (Max) $2,200,000 $1,605,000

(Min) (Min) $1,500,000 $186,900

(Max) (Max) $449 $925

(Min) (Min) $427 $350

R E S I D E N C E S 30 -2 -12

$0 $264,333 -$1,850,000 -$127,774

$0 $375,000 -$2,200,000 -$1,230,000

$0 $195,000 -$1,500,000 $8,100

$0 $418 -$449 -$507

$0 $365 -$427 $15

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

## of of Transactions Transactions 47 45 0 -2

Average Average Sales Sales Price Price $391,875 $313,714 $216,750 $195,400 -$175,125 -$118,314

Sales Sales Price Price (Max) (Max) $885,000 $845,000 $265,000 $288,000 -$620,000 -$557,000

2013 QTR1 2014 QTR1 Δ

## of of Transactions Transactions 20 5 23 7 18 -13

Average Average Sales Sales Price Price $251,583 $1,338,788 $872,701 $322,129 -$466,087 $70,546

Country Club Golf Course Strip views Sales Price Sales $/SF Sales Sales Price Price Vegas Sales Sales Price Sales $/SF and offers Sales $/SF $/SF (Max) as well. Some (Min)developer inventory (Max) remains (Min) (Max) (Min) (Max) (Min) and there are $428,000 $138,720 $263 $141 $2,100,000 $1,076,440 $700 $680 some great pricing opportunities to take advantage of. $3,030,000 $400,010 $761 $362 $485,000 $250,000 $288 $194 » click for more information« $930,000 -$676,430 $61 -$318 $57,000 $111,280 $25 $53

2013 QTR1 2014 QTR1 Δ

# of Transactions 5 12 08 -5 -4

Average Sales Price $393,000 $582,500 $0 $532,875 -$393,000 -$49,625

Sales Price (Max) $510,000 $1,300,000 $0 $1,000,000 -$510,000 -$300,000

Sales Price (Min) $335,000 $264,000 $0 $375,000 -$335,000 $111,000

Sales $/SF (Max) $155 $324 $0 $357 -$155 $33

Sales $/SF (Min) $119 $159 $0 $183 -$119 $24

2013 QTR1 2014 QTR1 Δ Δ

# of Transactions 7 15 3 10 -4 -5

Average Sales Price $329,023 $1,187,533 $341,667 $1,337,850 $12,644 $150,317

Sales Price (Max) $487,000 $2,000,000 $385,000 $2,225,000 -$102,000 $225,000

Sales Price (Min) $210,000 $600,000 $270,000 $850,000 $60,000 $250,000

Sales $/SF (Max) $302 $450 $332 $481 $30 $31

Sales $/SF (Min) $192 $264 $223 $366 $31 $102

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

## of of Transactions Transactions 3 11 11 9 8 -2

Average Average Sales Sales Price Price $386,667 $572,318 $676,636 $325,962 $289,969 -$246,356

Sales Sales Price Price (Max) (Max) $415,000 $2,300,000 $1,425,000 $430,000 $1,010,000 -$1,870,000

Sales Sales Price Price (Min) (Min) $350,000 $169,000 $325,000 $185,000 -$25,000 $16,000

Sales Sales $/SF $/SF (Max) (Max) $466 $470 $707 $306 $241 -$164

Sales Sales $/SF $/SF (Min) (Min) $450 $181 $369 $181 -$81 $0

2013 QTR1 QTR1 2013 2014 2014 QTR1 QTR1 Δ Δ

of ## of Transactions Transactions 4 27 2 17 -2 -10

Average Sales Sales Average Price Price $328,750 $413,241 $211,500 $458,206 -$117,250 $44,965

Sales Price Price Sales (Max) (Max) $410,000 $998,000 $215,000 $890,000 -$195,000 -$108,000

2013 2013 QTR1 QTR1 2014 2014 QTR1 QTR1 Δ Δ

of ## of Transactions Transactions 2 10 1 -2

Average Sales Sales Average Price Price $0 $1,850,000 $220,000 $0 $220,000 -$1,850,000

Sales Price Price Sales (Max) (Max) $0 $2,200,000 $220,000 $0 $220,000 -$2,200,000

2013 2013 QTR1 QTR1 2014 2014 QTR1 QTR1 Δ Δ

## of of Transactions Transactions 45 4 31 4 -14 0

Average Average Sales Sales Price Price $789,232 $391,875 $882,120 $216,750 $92,888 -$175,125

Sales Sales Price Price (Max) (Max) $885,000 $265,000 $0 -$620,000

Sales Sales Price Price (Min) (Min) $130,000 $149,000 $0 $19,000

Sales Sales $/SF $/SF (Max) (Max) $250 $143 $0 -$107

Sales Sales $/SF $/SF (Min) (Min) $70 $97 $0 $27

# of

Average Sales

Sales Price

Sales Price

Sales $/SF

Sales $/SF

Sales Sales Sales Sales Price Price Sales $/SF $/SF Sales $/SF $/SF (Min) (Max) (Min) (Min) (Max) (Min) $130,000 $250 $70 $180,000 $343 $104 $149,000 $143 $97 $125,000 $236 $182 $19,000 -$107 $27 -$55,000 -$107 $78 The sister project to Turnberry Place overlooks the Las

TURNBERRY TOWERS

REGENCY TOWERS These long-standing Vegas residential towers, located Sales Price Price Sales $/SF $/SF Sales $/SF $/SF Sales Sales Sales within the Las Vegas Country Club, has remained (Min) (Max) (Min) steady (Min) (Max) (Min) in sales$199,000 volume over the past prices were $290,000 $205year while sale $150 $509 $179

$228 $200 down. $208,000 Many are looking to these towers as a great value $230,000 $454 $207 -$82,000 $23Vegas Strip makes $50 and their location to the Las $31,000 -$55 $28 them a very attractive option. Sales Price Price Sales $/SF Sales Sales $/SF (Min) (Max) (Min) (Max) $0 $0 $1,500,000 $449 $220,000 $172 $0 $0 $220,000 $172 -$1,500,000 -$449

Sales $/SF $/SF Sales (Min) (Min) $0 $427 $172 $0 $172 -$427


Transactions 27 20 17 7 -10 -13

Price $413,241 $251,583 $458,206 $322,129 $44,965 $70,546

# of Transactions 2 12 80 -2 -4

Average Sales Price $1,850,000 $582,500 $0 $532,875 -$1,850,000 -$49,625

Sales Price Sales $/SF Sales $/SF (Min) (Max) (Min) $1,500,000 $449 $427 $264,000 $324 $159 $0 $0 $0 $0 $1,000,000 $375,000 $357 $183 -$2,200,000 -$1,500,000 -$449 -$427 -$300,000 $111,000 $33 $24 These contemporary lofts are the highlight of the downtown

2013 QTR1 2014 QTR1 Δ

# of Transactions 74 34 -4 0

Average Sales Price $391,875 $329,023 $341,667 $216,750 $12,644 -$175,125

Sales Price scene.Sales Salesrenaissance $/SF Sales residential WithPrice the continued of the $/SF downtown, (Max) (Min) sponsored in part, (Min) by Tony Hsieh of(Max) Zappos.com, these units are in $885,000 $130,000 $250 $70 $487,000 $210,000 $302 $192 demand but inventory is lacking. $385,000 $270,000 $332 $223 $265,000 $149,000 $143 $97 » click for more information« -$102,000 $60,000 $30 $31 -$620,000 $19,000 -$107 $27

2013 QTR1 2014 QTR1 Δ

# of Transactions 3 20 11 7 8 -13

Average Sales Price $386,667 $251,583 $676,636 $322,129 $289,969 $70,546

Sales Price (Max) $415,000 $428,000 $1,425,000 $485,000 $1,010,000 $57,000

Sales Price (Min) $350,000 $138,720 $325,000 $250,000 -$25,000 $111,280

Sales $/SF (Max) $466 $263 $707 $288 $241 $25

Sales $/SF (Min) $450 $141 $369 $194 -$81 $53

2013 QTR1 2014 QTR1 Δ

# of Transactions 4 12 28 -2 -4

Average Sales Price $328,750 $582,500 $211,500 $532,875 -$117,250 -$49,625

Sales Price (Max) $410,000 $1,300,000 $215,000 $1,000,000 -$195,000 -$300,000

Sales Price (Min) $290,000 $264,000 $208,000 $375,000 -$82,000 $111,000

Sales $/SF (Max) $205 $324 $228 $357 $23 $33

Sales $/SF (Min) $150 $159 $200 $183 $50 $24

2013 QTR1 2014 QTR1 Δ

# of Transactions 7 13 -4 1

Average Sales Price $0 $329,023 $341,667 $220,000 $12,644 $220,000

Sales Price (Max) $0 $487,000 $385,000 $220,000 -$102,000 $220,000

Sales Price (Min) $0 $210,000 $270,000 $220,000 $60,000 $220,000

Sales $/SF (Max) $0 $302 $332 $172 $30 $172

Sales $/SF (Min) $0 $192 $223 $172 $31 $172

2013 QTR1 2014 QTR1 Δ

# of Transactions 3 45 31 11 -14 8

Average Sales Price $386,667 $789,232 $882,120 $676,636 $92,888 $289,969

$1,425,000 $325,000 demand as they become available. $707 $0 $0 $0 $1,010,000 -$25,000 $241 » click for more information«

2013 2013 QTR1 QTR1 2014 QTR1 2014 QTR1 Δ Δ

# of Transactions 115 4 97 2 -18 -2

Average Sales Price $8,009,969 $328,750 $5,711,676 $211,500 -$2,298,293 -$117,250

Sales Price (Max) $410,000 $215,000 $0 -$195,000

Sales Price (Min) $290,000 $208,000 $0 -$82,000

Sales $/SF (Max) $205 $228 $0 $23

Sales $/SF (Min) $150 $200 $0 $50

2013 QTR1 2013 QTR1 2014 QTR1 2014 QTR1 Δ Δ

## of of Transactions Transactions 160 128 1 -32 1

Average Average Sales Sales Price Price

Sales Sales Price Price (Max) (Max)

Sales Sales Price Price (Min) (Min)

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

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

$0 $220,000 $0 $220,000

$0 $220,000 $0 $220,000

$0 $220,000 $0 $220,000

$0 $172 $0 $172

$0 $172 $0 $172

# of

Average Sales

Sales Price

Sales Price

Sales $/SF

Sales $/SF

2013 QTR1 2014 QTR1 Δ

2013 QTR1 2014 QTR1 Δ

(Max) $998,000 $428,000 $890,000 $485,000 -$108,000 $57,000

(Min) $199,000 $138,720 $230,000 $250,000 $31,000 $111,280

(Max) $509 $263 $454 $288 -$55 $25

(Min) $179 $141 $207 $194 $28 $53

Downtown Sales Price (Max) $2,200,000 $1,300,000

NEWPORT LOFTS

SOHO LOFTS

The first of our downtown residential lofts is still a favorite with its Sales Price Sales Price Sales $/SF Sales $/SF Art Deco flair and proximity to the arts district. There has not been (Max) (Min) (Max) (Min) much in the way $350,000 of inventory available there is still $415,000 $466as of late, but $450

$369 $0 -$81


2013 QTR1 2013 QTR1 2014 QTR1 QTR1 2014 Δ Δ

Transactions 20 15 21 10 1 -5

Price $208,625 $1,187,533 $194,323 $1,337,850 -$14,302 $150,317

(Max) $485,000 $2,000,000 $300,000 $2,225,000 -$185,000 $225,000

(Min) $130,000 $600,000 $152,000 $850,000 $22,000 $250,000

(Max) $549 $450 $433 $481 -$116 $31

(Min) $224 $264 $235 $366 $11 $102

2013 QTR1 2014 QTR1

of ## of Transactions Transactions 10 11 97

Average Sales Sales Average Price ($) Price $188,500 $572,318 $423,464 $325,962

Sales Price Price Sales (Max) (Max) $314,000 $2,300,000 $1,755,000 $430,000

Sales Price Price Sales (Min) (Min) $120,000 $169,000 $159,000 $185,000

Sales $/SF $/SF Sales (Max) (Max) $309 $470 $449 $306

Sales $/SF $/SF Sales (Min) (Min) $195 $181 $254 $181

Δ

-3 -2

$234,964 -$246,356

2013 QTR1 2014 QTR1 Δ

# of Transactions 15 27 3 17 -12 -10

Average Sales Price $392,107 $413,241 $264,333 $458,206 -$127,774 $44,965

2013 QTR1 2014 QTR1 Δ

# of Transactions 27 05 -2

Average Sales Price $313,714 $1,850,000 $195,400 $0 -$118,314 -$1,850,000

$1,441,000 $39,000 $140 $59 -$1,870,000 $16,000 -$164 $0 As the most prestigious residential address on the Las Vegas Strip, Sales Price Oriental Salessets Price Sales $/SF $/SF living Mandarin the standard for luxurySales highrise (Max) (Min) (Max) (Min) with its unparalleled service. They have received an overwhelming $1,605,000 $186,900 $925 $350 $998,000 $199,000 $509 $179 response to their attractive pricing and a few great opportunities still $375,000 $195,000 $418 $365 $890,000 $230,000 $454 $207 exist on the last of the inventory. Now is the time to take -$1,230,000 $8,100 -$507 $15 advantage -$108,000 $31,000 -$55 $28 of these remarkable residences. Sales Price Sales Price Sales $/SF Sales $/SF » click for more information« (Max) (Min) (Max) (Min) $845,000 $180,000 $343 $104 $2,200,000 $1,500,000 $449 $427 $288,000 $125,000 $236 $182 $0 $0 $0 $0 -$557,000 -$55,000 -$107 $78 -$2,200,000 -$1,500,000 -$449 -$427

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

# of Transactions 45 23 4 18 0

Average Sales Price $1,338,788 $391,875 $872,701 $216,750 -$466,087 -$175,125

Sales Price (Max) $2,100,000 $885,000 $3,030,000 $265,000 $930,000 -$620,000

Sales Price (Min) $1,076,440 $130,000 $400,010 $149,000 -$676,430 $19,000

Sales $/SF (Max) $700 $250 $761 $143 $61 -$107

Sales $/SF (Min) $680 $70 $362 $97 -$318 $27

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

of ## of Transactions Transactions 5 20 70 -5 -13

Average Sales Sales Average Price Price $393,000 $251,583 $0 $322,129 -$393,000 $70,546

Sales Price Price Sales (Max) (Max) $510,000 $428,000 $0 $485,000 -$510,000 $57,000

Sales Price Price Sales (Min) (Min) $335,000 $138,720 $0 $250,000 -$335,000 $111,280

Sales $/SF $/SF Sales (Max) (Max) $155 $263 $0 $288 -$155 $25

Sales $/SF $/SF Sales (Min) (Min) $119 $141 $0 $194 -$119 $53

2013 QTR1 QTR1 2013 2014 QTR1 QTR1 2014 Δ Δ

of ## of Transactions Transactions 15 12 10 8 -5 -4

Average Sales Sales Average Price Price $1,187,533 $582,500 $1,337,850 $532,875 $150,317 -$49,625

The Price iconic architecture and contemporary the Veer Sales Sales Price Price Sales $/SF $/SF design Salesof $/SF Sales Price Sales Sales Sales $/SF (Max)sets them apart (Min)from all other (Max) (Min) towers buildings on(Min) the Las Vegas (Max) (Min) (Max) $2,000,000 $600,000 $450 $264found the Strip. Sales have$264,000 been very brisk $324 as the market has $1,300,000 $159 $2,225,000 $850,000 $481 $366 pricing to be very$375,000 appealing for this$357 incredible location. $1,000,000 $183 $225,000 $250,000 $31 $102 -$300,000 $111,000 $33 $24

2013 QTR1 QTR1 2013 2014 QTR1 Δ

of ## of Transactions Transactions 11 7 39 -2 -4

Average Sales Sales Average Price Price $572,318 $329,023 $325,962 $341,667 -$246,356 $12,644

Sales Price Sales Price Price » clickPrice for more information« Sales Sales (Max) (Min) (Max) (Min) $2,300,000 $169,000 $487,000 $210,000 $430,000 $185,000 $385,000 $270,000 -$1,870,000 $16,000 -$102,000 $60,000

Sales $/SF $/SF Sales (Max) (Max) $470 $302 $306 $332 -$164 $30

Sales $/SF $/SF Sales (Min) (Min) $181 $192 $181 $223 $0 $31

2013 QTR1 2014 QTR1 Δ

# of Transactions 27 3 17 11 -10 8

Average Sales Price $413,241 $386,667 $458,206 $676,636 $44,965 $289,969

Sales Price (Max) $998,000 $415,000 $890,000 $1,425,000 -$108,000 $1,010,000

Sales Price (Min) $199,000 $350,000 $230,000 $325,000 $31,000 -$25,000

Sales $/SF (Max) $509 $466 $454 $707 -$55 $241

Sales $/SF (Min) $179 $450 $207 $369 $28 -$81

# of

Average Sales

Sales Price

Sales Price

Sales $/SF

Sales $/SF

CityCenter MANDARIN ORIENTAL

VEER TOWERS


Don Kuhl 800.925.0451 • VegasVerticals.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. * All information from sources deemed to be reliable although not warranted or guaranteed by The Kuhl Group or Sotheby’s International Realty®

VegasVerticals 2014 QTR1  

Las Vegas Interactive Highrise Residential Report for 2014 QTR1

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