Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada: Las Vegas: Soho Lofts

Las Vegas NV Area High & Mid Rise Condominium Resale & Rental Market Report May 2011

Las Vegas Area High Rise Condominiums for Rent

Las Vegas High Rise Rentals:

  • 227 Listed 6/15/2011
  • 28 Under Contract 6/15/2011
  • 74 Leased May 2011
  • 3.1 Months Inventory
  • Low Leased Price:  $800/Month (Park Avenue)
  • Median Leased Price:  $1700/Month (Newport Lofts)
  • High Leased Price:  $6000 (One Queensridge)

Las Vegas Area High Rise Condominiums for Sale

Las Vegas High Rise Resales:

  • 375 Listed 6/15/2011
  • 240 Under Contract 6/15/2011
  • 81 Closed May 2011
  • 4.6 Months Inventory
  • Low Sold Price:  $55000 (Lake Las Vegas)
  • Median Sold Price:  $185000 (Panorama)
  • High Sold Price:  $3034000 (City Center)

This Market is extremely volatile due to the boutique nature and lack of condominium financing.    Read last month's report here.

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "HIGH RISE" field. Information is deemed reliable but not guaranteed.

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?)  It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley.  They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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6 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • July 14 2011 02:39PM

Las Vegas, NV Valley High Rise Inventory Absorption Update: 5.1 Years!

Las Vegas, NV Area High Rise Resale Listings

We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months.  For several reasons:

  • Too many speculators in that market.  They want to close n flip.  They are not interested in holding, renting or living in them.  Each time a building closes, we see an increase of inventory.Trump High Rise Tower Las Vegas, NV
  • Mortgage market madness has reduced the amount of loan products available to jumbo, second, vacation or investor type property owners. The ones who have very little money down and marginal credit, that is.  So the buyer pool for both resales and new went kaput.  Loud and hard too.

Here are the high rise stats:

Rentals:

  • 328 Listed 3/1/2008
  • 18 Under Contract 3/1/2008
  • 40 Leased 12/21-2/21/2008
  • 8.2 Months Inventory

Resales:

  • 796 Listed 3//2008
  • 77 Under Contract 3/1/2008
  • 13 Closed 1/21-2/21/2008
  • 61.2 Months Inventory (=5.1 years)

Resale inventory is up from 56 months inventory last month. The rental inventory is at 8.2 months.  When you compare it to the entire market of rentals that hovers around 3 months of inventory.

I think it is apparent that many purchases are completely speculative = not enough demand for living in.  Some rent prices just barely cover the owner's HOA.

Since July speculators have been bailing from their new construction high rise escrows because of lack of mortgage products for funding.  They are also leaving their steep deposits at the builder and not looking back. 

Unless demand for high rise LIVING increases over speculation, we will be seeing a major correction in this part of our market.  We  have a little over 14000 units under construction with another 50000+ more on the drawing board.  Every time a building closes, we see 20-50% of that building go on the market.

The beautiful part about this is that when you put the pen to the paper for land and development costs, it costs about $1800/square foot.  You can buy right now with the median price being in the mid 500's for a square foot.  Will deflated dollar against foreign currency be able to bail us out?  Is Las Vegas unique enough to attract those foreign investors? 

There has been a noticed rise in foreclosures & bank owned listings at Manhattan South.  List prices for those are about 50-65% of what the original owners paid for them!  Manhattan South is located on Las Vegas Blvd South across the street from South Point Hotel & Casino but off strip and is a mid rise community.  We are also seeing a noticeable rise in foreclosures in Soho as adjustable loans adjust.  Soho is located in the Arts district between the strip and downtown.Las Vegas, NV Area High Rise Rentals

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource


 

What is my Las Vegas Home Worth?          Las Vegas Homes for Sale     Las Vegas Rental House


     

Las Vegas Real Estate & Homes for Sale on Facebook     Las Vegas Real Estate & Homes for Sale on Twitter     Las Vegas Real Estate & Homes for Sale on Wordpress

 

 

 

 

2 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • March 01 2008 03:43PM

Welcome Home to Las Vegas Highrise Living: Soho Lofts!

Soho LoftsWelcome home to Las Vegas High Rise Living: Soho Lofts!

Soho Lofts are situated just north of the intersection of Las Vegas Boulevard & Charleston. They are in the middle of the "Strip" and Downtown. They are close to the World Market and located near the Newport Lofts.

Lofts and High Rise living are sure to make great Vacation or Second property for the Las Vegas Tourist!

The lofts and condominium units are all built with: Italian Designed Dellacasa Cabinetry, Granite Countertops & Top of the Line Kitchen Appliances.

Community amenities include: Rooftop pool/spa, First Class Exercise Facilities & a Sauna.

If you have any questions about selling, buying or renting in Soho Lofts please contact us: Renee@ReneeBurrows.com or 702-580-1783

All the Best,
Renee Burrows
Realtor®

Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com

 

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource


 

What is my Las Vegas Home Worth?          Las Vegas Homes for Sale     Las Vegas Rental House


     

Las Vegas Real Estate & Homes for Sale on Facebook     Las Vegas Real Estate & Homes for Sale on Twitter     Las Vegas Real Estate & Homes for Sale on Wordpress

 

 

 

 

3 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • April 04 2007 09:33AM

Soho Lofts: Las Vegas Amazing Opportunity! $200K Under Most Recent Closed Comparables! Under Contract! Bring us Your Backup Offers!

1590 Square Foot Loft Located on Las Vegas Blvd right between the strip and downtown!

This Las Vegas High Rise loft is brand new, never lived in!

It features: 1590 Square Feet of Living Space, One Parking Spot in the Garage, Italian Designed Dellacasa Cabinetry, Granite Countertops, Jetted Tub, North View (facing Downtown.)

Community Amenities Include:   Rooftop Swimming Pool & Spa, First Class Exercise Facilities and Sauna.


 

 

 

 

 

 

For more information on these condominiums and to view the virtual tour, flyer and floorplan visit:

www.900SLasVegasBlvd.com

If you would like to view this property:

  • If you are already working with a Realtor, please have them call me for viewing instructions.
  • If you are not working with a Realtor, please call 702-580-1783 to schedule a viewing with one of my Buyer's Representatives.  You will be required to sign a Buyer's Agency Agreement prior to viewing the property!

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource


 

What is my Las Vegas Home Worth?          Las Vegas Homes for Sale     Las Vegas Rental House


     

Las Vegas Real Estate & Homes for Sale on Facebook     Las Vegas Real Estate & Homes for Sale on Twitter     Las Vegas Real Estate & Homes for Sale on Wordpress

 

 

 

 

1 comment • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • April 03 2007 02:16PM