Invest in MGM Grand Signature High rise condo towers in Las Vegas, Las Vegas high rise hotel condos for sale Part one
Investing in Signature at MGM Grand Residence condos, renting condominiums at Signature at MGM Grand Las Vegas, part two
The Signature at MGM Grand Las Vegas condos are listed in Las Vegas MLS in three ways.
1: Regular sales at MGM Grand Signature residence in Las Vegas:
The condo hotel (condotel) owner is represented by a Las Vegas REALTOR. The asking price for these Las Vegas luxury condos is often far more than short sales and bank owned condos.
I have gone over the pricing for the junior suite (520 square foot condo) and one bed room condominiums. I also stated that no condo has sold through Las Vegas MLS for more than $300,000. Asking prices for the regular sales for the 520 square foot condos are $170,000-$824,000. Obviously the listings that are priced for $800,000 have little chance of selling as Las Vegas MLS shows only 2 regular sales in the last 3 months. Those owners who have sold their condo this way have lost hundreds of thousands of dollars.
MGM Grand pool view from a 33rd floor one bedroom condo at Tower One
2: Short sales at the Signature at MGM Grand Las Vegas
520 square condominiums or junior suites:
There are 57 studio condos that are listed as short sales, 44 condos are under contract as contingent sales, zero pending sales (all contingencies have been removed and the deal should close, if not, the buyer loses earnest money deposit) and 6 short sales have closed in the last 3 months for $160,000-$200,000.
One bedroom 847 square foot condos at Signature at MGM Grand Residence as short sales:
There are 23 one bedroom condos listed for sale, 7 contingent sales and zero pending sales. Two short sale condos have closed escrow in the last three months for $275,000-$300,000.
You can see that despite the high number of short sales listings the percentage of offers that close escrow is low. These are the same condos that usually get foreclosed upon. Signature at MGM Grand condo’s original buyers have a hard time getting short sales approved because they were rich and can’t prove hardship which is a requirement to do short sales.
The Signature at MGM Grand condominium on 33rd floor view Of McCarran Airport
3: Foreclosed condos at the Signature at MGM Grand Las Vegas:
520 square condominiums: There are 8 condos that are listed for sale in the Las Vegas MLS. Seven are contingent sales and 8 are pending sales. Despite the low number of available listings compared with regular sales, these are condos that close escrow, as 29 sales have been recorded in the last three months.
847 square foot one bedroom condominiums: There are only three, one bedroom condos listed in the Las Vegas MLS currently. No contingent sales right now and three condos are pending sale. 21 one bedroom condos have sold in the last three months.
Foreclosed condos at the MGM Grand sell quickly and the days on the market (DOM) for the vast majority of these bank owned condos is less than a month.
18 out of 21 one bedroom condos have sold for more than $240,000. Higher floor condos bring more money than lower floor condos. There is a premium paid for condominiums with Strip view and those which have a balcony.
Conclusion: Don’t be fooled by low asking prices for the short sale condominiums at Signature at MGM Grand, many of these don’t close escrow and become foreclosures and if they close, it will be for more money than foreclosures.
Related web site pages: Las Vegas luxury Condominium and High Rise Condo for Sale, Buy Las High Rise Condo Hotel, Invest in Las Vegas Real Estate
Masoud and Karen Saberzadeh
Realty One Group, Las Vegas
Lasvegasaber@yahoo.com, (702) 478-7800
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