Las Vegas high rise condo market 2016-Las Vegas real estate

Masoud Saberzadeh Las Vegas high rise condos blog, Las Vegas Real Estate Market Analysis Blog 1 Comment

Las Vegas high rise condo market has appreciated since 2012, But by how much?

Las Vegas high Rise condo market started to recover in 2012 and prices started to appreciate. But not all high rise condos have appreciated the same. So, one can ask which high rise condos towers have done well or have failed miserably. To answer this we studied the median sales price of all high-rise and mid-rise condos that have been listed in Las Vegas MLS from 2012 through 2015 and then median sales prices in individual true high rise towers (higher than 11 floors) for the same period.

When we talk about price gains, we mean the median sales price appreciation. Some high-rise towers have appreciated by more than 50% and others less than 5%, one, namely Trump Tower appreciated by 0% since 2012.

Please find the Video Transcript of Las Vegas hIgh rise condo market 2016 here

As we have shown Las Vegas residential high rise condo towers have done much better than condo-hotel towers and those in lower price ranges have higher percentage appreciations, luxury condo towers like One Queensridge provided for more than one million dollars in profit for some smart real estate investors that purchased foreclosure luxury condos in 2011 and sold them in 2014.

We have also made an interactive Las Vegas high-rise and mid-rise condo map for you

Please see the data that we use in Las Vegas high rise condos market 2016 below. You can horizontally scroll to see all data in tables

Las Vegas high-rise and mid-rise condos listings in Las Vegas MLS January 2016

 Total number of UnitsMedian asking list priceMedian price per square foot
Las Vegas high rise condo listings in Las Vegas MLS not under contract647$375,000$337
Foreclosure or bank owned listings3$209,000$302
Short sales listings15$280,000$213

Las Vegas high rise and mid-rise condo MLS listings sold in 2015

 Total number of UnitsMedian asking list priceMedian Sales priceMedian sales price per square foot
Las Vegas high rise condos sold past year704$295,000$280,000$299
Foreclosure or bank owned sales16$192,000$184,000$240
Short sales sold past year21$200,000$210,000$234

This table shows the appreciation rate for what Las Vegas MLS calls Las Vegas high rise condos since 2012

Las Vegas high rise condos Median sales price$228,000$297,000$300,000$280,000

Median sales price appreciation rate for Las Vegas high rise towers (more than 12 stories) from 2012, which is when the market bottomed out

Las Vegas High Rise Condo Tower NameMedian sales price 2012Median sales price 2013Median sales price 2014Median sales price 2015Percentage change from 2012Percentage change from 2014
Allure Condos$173$196$219.5$22429.5%2.1%
City Center Mandarin Oriental
NA$644$653$79623.6% from 2013
City Center Veer Towers
Not enough data$424$490$50318.6% From 2013
MetropolisNOD$155$169, 2 sales
$21337% From 2013
Newport Lofts$152$180$228$23152%1.3%
One Las VegasNo salesNo salesNo sales$230NANA
One Queensridge Place$285$410$432$45058%4.2%
Panorama Towers$191$238$265$28046%5.7%
Park Towers$443$449One sale$425, 5 unitsNODNOD
The Martin$276$316$345$32317%-6.4%
Regency Towers$81$102$110$12352%11.8%
Sky Las Vegas$178$221$245$25744.5%5%
Soho Lofts$135$188$215$21962%2%
Turnberry Place$175$210$200$25445.1%27%
Turnberry Towers$242$272$301$31931%6%
MGM Grand Signature$303$327$318$3236.7%1.6%
Palms Place$251$286$280$28714.3%2.5%
Trump Tower$412$450$440$4120%-6.5%

We have updated this page in 2017, please see overview of Las Vegas high rise condo market in 2017-video.

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