Page 1

H I G H R I S E

VEGAS VERTICALS

Q3

R E P O R T


The results for the 2017 third-quarter highrise market are truly a reflection of so many recent developments in

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

our great city. Riding the wave of what looks to be another record year for visitors coming to the Entertainment Capital of the World, we experienced strong sales overall. Expansion of the Las Vegas Convention Center is beginning to change the landscape within the resort corridor. With the inaugural game of our own NHL Golden Knights, and the initial steps being taken on the new Las Vegas Raider stadium our community will never be the same. We are a city on the move with more and more people showing renewed interests in the quality of life, excitement, tax benefits, and great weather that Las Vegas has to offer. We hope that our latest edition of Verticals provides you with an insightful analysis of trends in all major highrise communities. With a finite inventory and no new high rise condo projects on the horizon, the Las Vegas market

A LO O K AT Q 3

presents tremendous value. Most industry experts believe that prices will need to rise significantly before developers have the will to create new projects. If you are contemplating the sale or purchase of a highrise condo, please give us a call for a private consultation.

Note: This report is focused on highrise properties in Las Vegas and does not

We look forward to being of service.

include standard or mid-rise properties. DataSources: MLS, Public Records, and CoreLogic. All information deemed reliable but not guaranteed. If your property is currently listed for sale this isnot a solicitation. Copyright 2017 Q3 The Kuhl Group


#VEGASSTRONG

VegasVer t ica ls.c om


19 16 17 14

13 10

8

Circus Circus Wynn / Encore

Gold Coast Caesars Palace

Rio

Palms

7

6

3

5

Monte Carlo NewYork NewYork

11

Sahara

Riviera

Hilton

12 Las Vegas Country Club

Las Vegas Convention Center Wynn Golf Course

Palazzo Sands Convention Center

9

Harrahs Imperial Palace Bally’s Paris

City Center

T-Mobile Arena

4

15

Stratosphere

Fashion Show Mall Mirage / TI Venetian

Bellagio Cosmopolitan

Downtown

Planet Hollywood

2

Flamingo Bill’s

MGM Grand

Excalibur UNLV Tropicana Luxor

as

eg sV

VD BL

Thomas & Mack Center

La

Mandalay Bay

McCarran International Airport

1

1. 2. 3. 4. 5.

ONE Las Vegas MGM Signature Mandarin Oriental Veer Towers Vdara

6. 7. 8. 9. 10.

Panorama Towers The Martin Palms Place Park Towers Trump

WE ARE.

11. 12. 13. 14. 15.

Metropolis Regency Towers Sky Allure Turnberry Place

LAS VEGAS

16. 17. 18. 19.

Newport Lofts Soho Lofts The Ogden One Queensridge

18


2017 - Q3 RESIDENTIAL SALES

463

$400 $300

CONDOTEL SALES

$300

311

$200

225

$200

179

$100

$100

0

0

YTD SEPT 16 311

YTD SEPT 17 463

YTD SEPT 16 225

49%

RESIDENTIAL MEDIAN SALES PRICE

364

-20%

CONDOTEL MEDIAN SALES PRICE

370

$300

$300

$200

$200

$100

$100

0

0

YTD SEPT 16 $364,900

YTD SEPT 17 179

YTD SEPT 17 $370,000

1%

RESIDENTIAL AVAILABLE LISTINGS

197

YTD SEPT 16 $197,500

225

YTD SEPT 17 $225,000

14%

CONDOTEL AVAILABLE LISTINGS

568

181 438

$400

121 $100

0

SEPT 16 568

SEPT 17 438

-23%

SEPT 16 181

SEPT 17 121

-33.1%

VegasVer t ica ls.c om


M A N D A R I N O R I E N TA L 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 City Center. We continue to see a tremendous amount of activity for this premier luxury tower with pricing more than $1,000/sf for the larger units. There are no signs of it slowing down with all the development in the area.

2017 Q3 Sales 28 Avg Price 1,912,375 Max Price 6,240,000 Min Price 680,000 Avg $/SF 884 Avg Days On Mkt 110

2016 Q3 17 2,041,353 6,500,000 630,000 875 96

∆ 11 -128,978 -260,000 50,000 9 14

2017 Q3 4 2,133,750 3,375,000 860,000 522 204

2016 Q3 5 1,580,000 2,400,000 850,000 521 171

∆ -1 553,750 975,000 10,000 1 33

2017 Q3 54 569,748 1,950,000 259,000 550 104

2016 Q3 64 518,290 2,000,000 225,000 524 57

∆ -10 51,458 -50,000 34,000 24 47

» c l i c k for A LL cu r rent l i s t i ng s «

PA R K T O W E R S 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.

» c l i c k for A LL cu r rent l i s t i ng s «

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

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 the benefits of their location and MGM’s new development, The Park, along with the T-Mobile Arena, making their appeal that much more in the coming years. Now that much of the developer inventory has been sold, the sales volume is moving towards a more stable number,

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

but the pricing is definitely moving up. » c l i c k for A LL cu r rent l i s t i ng s «

ONE QUEENSRIDGE PLACE Dedicated to the most discriminating owners, One Queensridge Place serves as one of the very finest luxury residences in Las Vegas. Sales and pricing have remained relatively steady on average, but there are some signature units coming to market that will definitely increase the average.

» c l i c k for A LL cu r rent l i s t i ng s «

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

2017 Q3 16 1,629,063 3,800,000 575,000 450 144

2016 Q3 14 1,439,357 2,360,000 800,000 448 109

∆ 2 189,706 1,440,000 -225,000 2 35

5


MANDARIN TOWERS

The Global Network: international connections, local insights

PA R K T O W E R S

28 4 VEER TOWERS

54

16

ONE QUEENSRIDGE PLACE

VegasVer t ica ls.c om


TRUMP TOWER

VDARA

9

16

M G M S I G N AT U R E

PA L M S P L A C E

30

59


TRUMP TOWER This classic and luxuriously appointed condotel is now coming into its own and reached stronger sales than in years prior. International buyers continue to show active interest in the property. There are still great options on inventory for those who are still looking for luxury at an opportunistic price in the heart of the Strip. » c l i c k for A LL cu r rent l i s t i ng s «

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

2017 Q3 30 324,930 950,000 175,000 480 100

2016 Q3 16 208,938 320,000 165,000 376 221

∆ 14 115,992 630,000 10,000 104 -121

2017 Q3 9 395,306 529,000 290,000 586 176

2016 Q3 4 291,875 334,000 234,500 447 55

∆ 5 103,431 195,000 55,500 139 121

2017 Q3 16 242,855 521,000 167,000 361 74

2016 Q3 26 231,622 610,000 145,000 343 86

∆ 10 11,233 -89,000 22,000 18 -12

2017 Q3 59 257,944 1,455,000 166,000 305 81

2016 Q3 128 216,857 900,000 145,000 299 55

∆ -69 41,087 555,000 21,000 6 26

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. With a limited number of units available for sale, this could be a great opportunity.

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

» c l i c k for A LL cu r rent l i s t i ng s «

M G M S I G N AT U R E MGM Signature continues to be a dominant property of interest in the condotel market. While there are still opportunities to make key purchases in the three towers, supply is getting more limited and prices are on the rise. It is likely we will continue to see more interest with the new developments surrounding T-Mobile Arena and the arrival of the Raiders. » c l i c k for A LL cu r rent l i s t i ng s «

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

PA L M S P L A C E Hip and modern is the theme of Palms Place and it continues to garner attention. Now that the developer sales are complete, reflected in the higher sales figures from last year, the prices are showing the market’s interest. It is a hot spot for those who want to own a bit of Las Vegas.

» c l i c k for A LL cu r rent l i s t i ng s «

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

VegasVer t ica ls.c om


SKY LAS VEGAS Sales have been brisk for the property as the remaining developer units are being sold off. It has harkened a renewed interest in the tower and it shows in the sales. The north end of the Strip received a bit of good news recently with the Fontainebleau’s sale announcement, helping Sky, Allure and Turnberry Place. » c l i c k for A LL cu r rent l i s t i ng s «

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

2017 Q3 36 351,787 534,900 200,000 266 104

2016 Q3 21 273,829 600,000 152,000 243 116

∆ 15 77,958 -65,100 48,000 23 -12

2016 Q3 18 425,428 667,000 190,000 320 128

∆ 17 -22,774 33,000 27,000 -1 -32

2016 Q3 17 555,118 1,500,000 350,000 240 98

∆ 25 73,383 3,000,000 -40,000 3 51

2016 Q3 18 217,278 310,000 140,000 206 114

∆ 2 107,071 1,387,200 15,000 10 -16

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 significantly higher than last year at this time as there were some great pricing opportunities earlier in the year and prices have adjusted and are now balanced. » c l i c k for A LL cu r rent l i s t i ng s «

2017 Q3 Sales 35 Avg Price 402,654 Max Price 700,000 Min Price 217,000 Avg $/SF 319 Avg Days on Mkt 96

TURNBERRY PLACE The four towers of this prestigious enclave continue to be one of the premier residences of the Las Vegas Strip. Sales volume showed

significant improvement over the same time last year. There were two significant sales in the building, but the overall average $/SF has remained steady.

» c l i c k for A LL cu r rent l i s t i ng s «

2017 Q3 Sales 42 Avg Price 628,501 Max Price 4,500,000 Min Price 310,000 Avg $/SF 243 Avg Days on Mkt 149

ALLURE This highrise tower saw an increase in sales volume as well as pricing over 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. » c l i c k for A LL cu r rent l i s t i ng s «

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

2017 Q3 20 324,349 1,697,200 155,000 216 98


SKY LAS VEGAS

36

35

TURNBERRY TOWERS

42

ALLURE

TURNBERRY PLACE

Luxur y is an experience, not a price point.

20

VegasVer t ica ls.c om


THE MARTIN

40

21

PA N O R A M A T O W E R S

METROPLIS

5

18

REGENCY TOWER


PA N O R A M A T O W E R S The twin towers overlooking the world-class architecture of CityCenter is seeing more attention with the advent of the

professional hockey team expansion in the new T-Mobile arena and its surrounding restaurant/retail complex, The Park. All of this development is within walking distance and makes this property even more attractive at current pricing. » c l i c k for A LL cu r rent l i s t i ng s «

2017 Q3 Sales 40 Avg Price 471,938 Max Price 1,470,000 Min Price 185,000 Avg $/SF 306 Avg Days on Mkt 115

2016 Q3 43 403,712 789,000 195,000 265 162

∆ -3 68,226 681,000 -10,000 41 -47

2016 Q3 20 384,925 636,000 265,000 330 71

∆ 1 66,456 214,000 -15,000 4 61

2016 Q3 15 226,460 363,000 93,000 127 109

∆ 3 18,605 60,168 5,500 20 -41

2016 Q3 2 444,950 490,000 399,900 170 122

∆ 3 113,050 165,000 20,100 62 -38

THE MARTIN The sister project of Panorama Towers has stayed steady in its sales relative to last year while bolstering its average sales price.

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

Interest in the building has been increasing due to the proximity of development activities surrounding CityCenter.

» c l i c k for A LL cu r rent l i s t i ng s «

2017 Q3 21 451,381 850,000 250,000 334 132

REGENCY TOWERS These long-standing Vegas residential towers, located within the Las Vegas Country Club, has seen an increase in sales over the

same time last year, some of which can be attributed to the country club and bidders for new ownership. With the renewed interest came increases in the average price. It is still one of the most affordable highrise options. » c l i c k for A LL cu r rent l i s t i ng s «

2017 Q3 Sales 18 Avg Price 245,065 Max Price 423,168 Min Price 98,500 Avg $/SF 147 Avg Days on Mkt 68

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. We do expect an increase in sales as the Wynn begins transformation of the golf course into the 1.5 Billion Paradise Park lagoon theme park.

» c l i c k for A LL cu r rent l i s t i ng s «

2017 Q3 Sales 5 Avg Price 558,000 Max Price 655,000 Min Price 420,000 Avg $/SF 232 Avg Days on Mkt 84

VegasVer t ica ls.c om


ONE LAS VEGAS One Las Vegas is located on the world-famous Las Vegas Boulevard just south of McCarran International Airport. This condo community offers a multi-floor fitness center, owner’s lounge and social area, and an elegant pool and spa complex. With the NFL Raiders coming and a new arena going up nearby, this highrise community offers one of the best values in town. » c l i c k for A LL cu r rent l i s t i ng s «

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

2017 Q3 59 318,834 499,900 199,900 255 32

2016 Q3 23 339,606 709,900 180,000 237 35

∆ 36 -20,772 -210,000 19,900 18 -3

2017 Q3 46 344,765 659,900 229,000 296 16

2016 Q3 27 325,315 564,900 221,900 282 48

∆ 19 19,450 95,000 7,100 14 -32

2016 Q3 5 293,800 465,000 185,000 211 228

∆ 8 -32,308 -110,000 4,900 -6 -115

2016 Q3 4 269,250 362,000 225,000 189 60

∆ -1 40,583 22,500 45,000 19 -22

THE OGDEN Bordering the newly redeveloped Fremont East Entertainment District, this development has been home to many of the people

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

shaping he renaissance of the Las Vegas downtown. As downtown Las Vegas continues to evolve as the new epicenter for high tech businesses, special events and cultural activities, interest continues to grow and is reflected in the sales and pricing. » c l i c k for A LL cu r rent l i s t i ng s «

NE WPOR T 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.

» c l i c k for A LL cu r rent l i s t i ng s «

2017 Q3 Sales 13 Avg Price 261,492 Max Price 355,000 Min Price 189,900 Avg $/SF 205 Avg Days on Mkt 113

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 steady, but pricing is on the rise.

» c l i c k for A LL cu r rent l i s t i ng s «

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

2017 Q3 3 309,833 384,500 270,000 208 38

1


Ar tfully Uniting Extraordinar y Homes with Extraordinar y Lives.

59

ONE LAS VEGAS

46 NE WPOR T LOFTS

13

THE OGDEN

SOHO LOFTS

3

VegasVer t ica ls.c om


Don Kuhl 702.324.2121 Don.Kuhl@SothebysRealty.com

Isaac Moore 702.306.5866 Ike@synergysir.com

Michael Michael Mitchell Mitchell 702.580.2236 702.580.2236 Michael@KuhlGroup.com Michael@KuhlGroup.com

Ve g a s Ve r t i c a l s. c o m

Las Vegas Highrise Report - Verticals 2017 - Q3  

The comprehensive Las Vegas highrise real estate report

Las Vegas Highrise Report - Verticals 2017 - Q3  

The comprehensive Las Vegas highrise real estate report