This is the video transcript of Las Vegas high rise condos appreciation rates since recovery-video
In this video we will talk about Las Vegas high rise condos median price appreciation rate since the recovery of 2011. This way we show how each individual tower has performed and the margins are wide, from 76.7% for the best appreciating tower to 11.3% for the two condo hotel projects.
Given that past performance is the best measure of future performance, towers that have appreciated best so far will probably do better than those that have not.
Las Vegas high rise condo market
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As we discussed in overview of Las Vegas high rise condo market in 2017-video, the median price of high rise condos for sale in Las Vegas that we discuss below appreciated by about 70% from $188,000 in 2011 to $320,000 in 2013.
Prices went sideways in 2014 and 2015 before dropping to $280,000 at the end of 2016. However, it is best to see how each tower has performed, that way we compare apples to apples.
In this video we are only concerned with true towers that are taller than 12 stories and discuss the rest in the luxury midrise category.
Given the variety of units in all price ranges, we did the same thing that we recommend to our clients. The best measure of bang for the buck is price per square foot, and that is what we used.
Please see the table below:
This table shows the median price per square foot for Las Vegas high rise condominiums sold through the Las Vegas MLS in 2011 through 2016 for projects starting with A-P. It also shows the median price gains from 2011 and from 2015.
Best appreciating high rise condo tower in Las Vegas
Let’s introduce the winner, and the winner is:
Metropolis: A little known boutique off-strip tower, which in our opinion has the best views of any tower in Las Vegas, comes first with a 76.7% price gain since 2011.
Closely following Metropolis are 2 loft style buildings which are located near the North Las Vegas Strip towards downtown Las Vegas.
The median price of Soho Lofts and Newport Lofts have gone up 72% and 64.3% respectively. These are some of the cheapest high rise condos for sale in Las Vegas and witnessed a lot of investor activity in 2011-2013. However, both lost value in 2016.
The next best performers were Panorama Towers at 57%, followed by One Queensridge Place, the most luxurious Las Vegas high rise condo towers, located in Summerlin at 54%. The rest of Las Vegas residential towers have appreciated from 23% to 47%.
You can find the link for the video transcript with the embedded table in the video as well as our contact form in the description below the video.
Deeper look at the median sales prices
Unfortunately this table doesn’t tell the whole story and a deeper understanding of underlying facts is necessary. For example:
Projects like One Las Vegas had sold a handful of condos before it was purchased by investors who rented their units until recently. On the other hand Park Towers have been selling just a few units and the sale of two more expensive condominiums raised the median price by 26%. Given that nothing happened to justify this one time price gain, we will ignore it.
Additionally, the playing field wasn’t even for all these projects and 3 towers had to sell new units while the rest were selling foreclosures and short sales at deep discounts.
The median sales price of Panorama Towers has appreciated by 57% from 2011 and the neighboring The Martin by 23%. Check out the sales prices in 2011, it was $172 for Panorama Towers in which 95 out of 130 units sold were foreclosure or short sales. However, The Martin was selling new units for $277 per square foot. The Martin gained value in 2016 while Panorama Towers lost value.
MGM City Center Mandarin Oriental Residences and Veer Towers sold a few luxury condominiums at introductory prices, and then price cuts came in 2012 and 2013. So we have calculated the median sales price gains for these from 2013.
The median prices for Mandarin Oriental and Veer Towers have appreciated by 21% and 21.7% since 2013. Barring the best performing Metropolis, their median price gains are far higher than all other projects since 2013.
The lowest Las Vegas high rise condos median price gains belong to condo hotels
The worst performing condo hotels were Trump International Hotel and Platinum Hotel with only an 11.3% price appreciation since the recovery of 2011. In both cases the median prices in 2016 have been lower than 2012 which is pretty bad.
With the exception of MGM Grand Signature Towers at 26.6%, other condo hotels did not surpass 15% in appreciation rates.
Don’t you think that the above information is necessary if you are planning to buy or sell? To our knowledge we are the only Las Vegas Realtors that have taken the time to research and make it available to public.
We hope that you find our video about Las Vegas high rise condos appreciation rates since recovery useful.
If you want to invest in, sell or buy Las Vegas high rise condos for sale please call us at 800-762-4917 or e-mail us. You can find our contact info below the video.
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On behalf of the Saber Team, this is Karen Saberzadeh of Realty One Group and www.lasvegas4us.com wishing you a great day.