vegas luxury skyrise

LUXURYSKYRISE

ANNUAL REPORT2014 YEAR END

VE

GA

S

20

15

The future is looking bright for Las Vegas-

This past year has seen a considerable amount of change in Las Vegas with much more on the

horizon. While our highrise market didn’t have as much total sales volume this year as we saw in

2013, we did see the median sales price in the majority of the properties go up. Much of this can

be attributed to the active market over the past two and a half years, which has worked through

most of the distressed inventory bringing more stability to this segment of the market. Although

pricing still remains well below the peak, we are much further into our recovery. Given the low

number of high-rise developments and the length of time before any new construction comes

forth there is likely to be an opportunity for strong price appreciation.

Some of this year’s highlights included welcoming the world’s tallest observation wheel, The High

Roller, to the newly developed LINQ restaurant and retail corridor. In two stunning redevelopments,

the legendary Sahara became the SLS Hotel Resort & Casino and what was once the Barbary

Coast Hotel & Casino became the Cromwell Luxury Boutique Hotel & Casino. Off the Strip, the first

phase of the 106-Acre Downtown Summerlin office, entertainment and retail complex opened

with great fanfare.

There is a lot to be excited about 2015 and beyond, including MGM’s new development, The Park,

with construction already underway to include a 20,000-seat arena and complex of bars and

restaurants connecting New York-New York and Monte Carlo resorts expected to be complete

in 2016. This development will definitely benefit the CityCenter properties, Mandarin Oriental,

Veer Towers and Vdara. Farther down the Strip the Grand Bazaar Shops outside Bally’s will offer

an outdoor mall with more than 150 stores. For four days in May Las Vegas will be home to

Rock in Rio, one of the largest outdoor concert events in the world. It is a great time to be a part

of Las Vegas.

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 always 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 earn your business.re

tr

os

pe

ct

2 0 1 5

40

45

30

35

20

25

5

10

0

$450

$500

AUG SEPT OCTJUNE JULY DECNOVDEC JAN FEB MAR APR MAY

$400

$350

$300

$250

$200

$150

$100

SALES *Does not include mid-rise properties

*RES

IDEN

TIAL

SAL

ES S

OLD AVERAGE $/SF SO

LD

AVG $/SF LINEAR AVG $/SF

2014

$50

$

15

LAS VEGAS RESIDENTIAL HIGHRISE MARKET TREND CHARTLAS VEGAS RESIDENTIAL HIGHRISE MARKET TREND CHART10

25

20

15

10

5

0

JUNE JULY OCTAUG SEPT DECNOVDEC JANDEC FEB MAR APR MAY

$400

$350

$300

$250

$200

$150

$100

*CO

ND

OTE

LS S

OLD

AVERAGE $/SF SO

LD

2014

$50

$

LAS VEGAS CONDOTEL MARKET TREND CHARTLAS VEGAS CONDOTEL MARKET TREND CHART

SALES AVG $/SF LINEAR AVG $/SF

VegasLuxurySkyRise.com

Mandalay Bay

Luxor

Excalibur

NewYork NewYork

Monte Carlo

City Center

RioPalms

Gold Coast

Cosmopolitan

Bally’sParis

PlanetHollywood

MGM Grand

Tropicana

Bellagio

Caesars PalaceMirage / TI

Fashion Show Mall

PalazzoVenetian

McCarran International Airport

1

24

5

6

3

16

Las Vegas BLVD

910

11

Mirage / TIFashion Show Mall

Circus Circus

Stratosphere

Sahara

Riviera

Wynn Golf Course

Wynn / Encore

Palazzo

Harrahs

Imperial Palace

Flamingo

Bill’s

VenetianSands

ConventionCenter

Hilton

Las Vegas Convention Center

Las Vegas Country Club

Downtown

Fontainebleau

UNLV

Thomas & MackCenter

7

8

12

13

14 15

1. MGM Signature2. Mandarin Oriental3. Veer Towers4. Panorama Towers

5. The Martin6. Palms Place7. Park Towers8. Trump

9. Metropolis10. Regency Towers11. Sky12. Allure

13. Turnberry Place14. Newport Lofts15. Soho Lofts16. One Queensridge

O N E Q U E E N S R I D G E P L A C EDedicated to the most discriminating owners, One

Queensridge Place serves as one of the very finest

luxury residences in Las Vegas. With the majority of

the remaining developer inventory having now been

sold, we expect the turnover in the building to slow

down as it did in 2014 and settle to a more stable

number annually, but seeing price appreciation due to

the limited number of units in the building.

P A R K T O W E R SThese 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.

2014 2013 ∆ Sales 35 63 (28) Avg Price 1,557,100 1,486,016 71,084 Median Price 1,355,000 1,200,000 155,000 Max Price 3,875,000 4,500,000 (625,000) Min Price 625,000 600,000 25,000 Avg $/SF 452 439 13

2014 2013 ∆ Sales 2 9 (7) Avg Price 1,575,000 2,320,889 (745,889) Median Price 1,575,000 2,000,000 425,000 Max Price 2,000,000 8,000,000 6,000,000 Min Price 1,150,000 850,000 300,000 Avg $/SF 482 480 2

M A N D A R I N O R I E N T A LAs 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 CityCenter. There remains but a

few opportunities with the initial developer inventory,

so the sales volume is down from the previous year,

but pricing continues to go up.

V E E R T O W E R SThe 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 of the benefits of their location and MGM’s new

development, The Park, along with the new arena,

making their appeal that much more in the coming

years. They are having record sales as they move into

the last phase of the developer inventory and pricing

is going up.


2014 2013 ∆ Sales 65 89 (24) Avg Price 1,193,995 1,059,143 134,852 Median Price 1,074,000 770,000 304,000 Max Price 3,195,000 3,100,000 95,000 Min Price 227,062 295,000 (67,938) Avg $/SF 632 591 41

2014 2013 ∆ Sales 119 102 17 Avg Price 518,368 490,495 27,873 Median Price 425,000 424,478 522 Max Price 1,425,000 1,630,000 (205,000) Min Price 225,000 201,388 23,612 Avg $/SF 483 431 52

M G M S I G N A T U R EMGM Signature continues to be the predominant

property of interest in the condotel market. There

are still opportunities to make key purchases in the

three towers and will likely see more interest as the

new arena and restaurant complex across the street

comes online in 2016.

P A L M S P L A C EHip and modern is definitely the theme of Palms Place

and it is getting more attention from buyers this year

over last with more than twice as many sales as 2013.

With the average sales price having gone up 7% over

the past year, it is definitely a hot spot for those who

want to own a bit of Las Vegas.

2014 2013 ∆ Sales 85 102 (17) Avg Price 202,430 221,735 (19,305) Median Price 182,500 190,000 (7,500) Max Price 525,000 640,000 (115,000) Min Price 145,000 124,900 20,100 Avg $/SF 333 329 4 Avg Days on Mkt 128 85 43

2014 2013 ∆ Sales 57 37 20 Avg Price 293,722 274,314 19,408 Median Price 173,500 192,500 (19,000) Max Price 1,755,000 1,650,000 105,000 Min Price 139,000 120,000 19,000 Avg $/SF 286 292 (6) Avg Days on Mkt 55 73 (18)

T R U M P T O W E RThis classic and luxuriously appointed condotel is now

coming into its own and reached a more steady sales

turnover than in years prior. International buyers

continue to show active interest in the property. There

are still great options on developer inventory for those

who are still looking for luxury at an opportunistic

price in the heart of the Strip.

V D A R AWith 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. Demand for these units is likely to increase as

Las Vegas visitor volumes continue to break records.


2014 2013 ∆ Sales 25 44 (19) Avg Price 311,560 336,876 (25,316) Median Price 240,000 237,000 3,000 Max Price 784,000 1,605,000 (821,000) Min Price 195,000 180,000 15,000 Avg $/SF 469 490 (21) Avg Days on Mkt 147 78 69

2014 2013 ∆ Sales 4 2 2 Avg Price 315,500 589,500 (274,000) Median Price 306,000 589,500 (283,500) Max Price 375,000 885,000 (510,000) Min Price 275,000 294,000 (19,000) Avg $/SF 517 458 59 Avg Days on Mkt 322 121 202

T U R N B E R R Y P L A C EThe four towers of this prestigious enclave continue

to be one of the premier residences of the Las Vegas

Strip. While sales volume was down over the same

time last year by almost 30%, the median price

remained relatively steady. The re-development of

what will be the Westgate and the SLS Hotel & Casino

is improving the surrounding area benefitting this

development.

T U R N B E R R Y T O W E R SThe sister project to Turnberry Place overlooks the

Las Vegas Country Club golf course as well as offering

some amazing Strip views. Sales volume was down

and there are still some developer units to be had,

so value opportunities are still available. The re-

development of the neighboring Westgate and the

recent opening of the SLS Hotel & Casino is likely to

benefit the property.

2014 2013 ∆ Sales 36 49 (13) Avg Price 524,817 655,129 (130,312) Median Price 402,500 395,000 7,500 Max Price 1,400,000 4,600,000 (3,200,000) Min Price 210,000 264,000 (54,000) Avg $/SF 228 237 (9) Avg Days on Mkt 115 62 53

2014 2013 ∆ Sales 34 49 (15) Avg Price 407,041 655,129 (248,088) Median Price 377,500 395,000 (17,500) Max Price 689,000 4,600,000 (3,911,000) Min Price 224,900 264,000 (39,100) Avg $/SF 317 267 50 Avg Days on Mkt 75 72 3

S K Y L A S V E G A SWith the opening of the new SLS Hotel & Casino this

year and MGM’s new outdoor festival grounds coming

online with Rock in Rio coupled with moving through

all of their distressed inventory, Sky is well positioned

for additional price appreciation. This year the average

price was up almost 20%. Sales volume is leveling off

reflecting stability.

A L L U R EThis highrise tower saw an increase in sales volume

as well as pricing over the 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.


2014 2013 ∆ Sales 28 46 (18) Avg Price 316,264 267,515 48,749 Median Price 292,500 257,500 35,000 Max Price 485,000 495,000 (10,000) Min Price 205,000 125,000 80,000 Avg $/SF 247 223 24 Avg Days on Mkt 68 65 3

2014 2013 ∆ Sales 32 27 5 Avg Price 253,006 248,061 4,945 Median Price $231,625 224,000 7,625 Max Price 415,000 845,000 (430,000) Min Price 125,000 129,000 (4,000) Avg $/SF 214 200 14 Avg Days on Mkt 117 110 7

P A N O R A M A T O W E R SThe twin towers overlooking the world-class

architecture of CityCenter saw a slight decrease in

sales relative to the same time last year. The median

pricing has increased as we have reached the end

of the distressed sales in the building. MGM’s new

arena and development between New York – New

York and Monte Carlo will certainly benefit owners of

Panorama Towers due to its close proximity.

T H E M A R T I NThe sister project of Panorama Towers has reached

the final phase of their developer inventory with only

a dozen units left. The decrease in sales volume can

be attributed to the limited amount of inventory,

which also resulted in an uptick in pricing.

2014 2013 ∆ Sales 47 57 (10) Avg Price 400,457 445,617 (45,160) Median Price 345,000 335,000 10,000 Max Price 1,600,000 3,900,000 (2,300,000) Min Price 179,900 169,000 10,900 Avg $/SF 269 242 27 Avg Days on Mkt 100 105 (5)

2014 2013 ∆ Sales 51 99 (48) Avg Price 487,167 440,752 46,415 Median Price 437,000 375,000 62,000 Max Price 1,200,000 1,307,500 (107,500) Min Price 273,900 199,000 74,900 Avg $/SF 340 322 18 Avg Days on Mkt 57 43 14

M E T R O P O L I SOverlooking the prestigious Wynn golf course, these

Art Deco inspired lofts have not had much activity as

most owners have been holding on to them. With

only two sales, pricing has remained relatively steady.

R E G E N C Y T O W E R SThese long-standing Vegas residential towers,

located within the Las Vegas Country Club, has seen a

minor decrease in sales over the same time last year.

Now that there are no longer any significant amount

of distressed sales, the volume of sales will remain

relatively steady.

2014 2013 ∆ Sales 2 9 (7) Avg Price 407,500 420,444 (12,944) Median Price 407,500 425,000 (17,500) Max Price 455,000 525,000 (70,000) Min Price 360,000 330,000 30,000 Avg $/SF 169 150 19 Avg Days on Mkt 25 143 (118)

2014 2013 ∆ Sales 15 18 (3) Avg Price 197,837 253,917 (56,080) Median Price 182,000 182,750 (750) Max Price 317,000 885,000 (568,000) Min Price 70,000 100,000 (30,000) Avg $/SF 114 123 (9) Avg Days on Mkt 63 182 (119)


N E W P O R T L O F T SThese 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.

S O H O L O F T SLeading 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 on the rise and the median sales price is up.

2014 2013 ∆ Sales 18 12 6 Avg Price 253,917 271,250 (17,333) Median Price 182,750 242,500 (59,750) Max Price 885,000 500,000 385,000 Min Price 100,000 142,000 (42,000) Avg $/SF 123 187 (64) Avg Days on Mkt 182 73 109

2014 2013 ∆ Sales 6 4 2 Avg Price 303,583 304,988 (1,405) Median Price 320,000 299,475 20,525 Max Price 345,000 345,000 - Min Price 220,000 276,000 (56,000) Avg $/SF 209 186 23 Avg Days on Mkt 86 130 (44)

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 2015 The Kuhl Group

T H E O G D E NBordering the newly redeveloped Fremont East

Entertainment District, this development has

been home to the majority of Zappos employees

whose owner, Tony Hsieh, initially spearheaded the

Project Downtown efforts. As downtown Las Vegas

continues to evolve as the new epicenter for high

tech businesses as well as special events and cultural

activities, we anticipate interest in this highrise to

increase as buyers attempt to capitalize on early

pricing opportunities. Prices start in the $200’s.

Isaac Moore • 702.306.5866 [email protected]

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

Isaac Moore

702.306.5866 • VegasLuxurySkyRise.com

vegas luxury skyrise

Documents