FEB 2008 Update- Latest resale inventory and pricing in Signature at MGM Grand and Sky Las Vegas.
Posted by Luxury Realty Group - February 26th, 2008
Categories: High Rise Condos
Studio units at Signature have dropped as low as $345,000. This is fairly surprising given the successful sales of the Vdara Condo Hotel project at MGM MIRAGE CityCenter. Then again, CityCenter is an $8+ billion mega-resort development. Regardless, 345k at Signature should get the attention of buyers. Sky Las Vegas (the only high-rise condominium tower on the Strip), currently has 70 listings on the market, with one bedrooms as low as $365,000.
Signature at MGM Grand (condotel)
Overall inventory in Signature has dropped roughly 6% since November 2007. Buyers are purchasing units in the three towers, however condo hotel financing is difficult to come by.
As of February 26th 2008, out of just over 1,700 units, there are 157 listings on the resale market in Signature ranging from $345,000 to $2.1 million (according to MLS). A two bedroom penthouse (one-bedroom and studio floor plan with common entry) is also available for over $3,000,000. 157 units represents less than 10% of total inventory.
Sky Las Vegas (residential)
Sky Las Vegas, the only high-rise condominium tower on the Strip as of 2008 and until almost 2010 when Veer Towers, Mandarin Oriental, The Harmon Residences, and Cosmopolitan Resort Casino open. Sky’s resale units are selling at prices reflective of what the developer paid for the land four years ago (approx. 4 million an acre). Today, the land could be worth as much as $30 million an acre.
As of February 26th 2008, there are 70 resale units on the MLS with pricing ranging between 365k for a one bedroom to approx. 4.9 million for a penthouse. Out of 409 units in the building, the 70 resale units represent approx. 17% of total inventory. How much would it cost to build a 45-story residential high-rise tower on the Strip today? As a developer, if you paid $30 million an acre for your land, what would you have to sell condos for?
Topsy-Turvy Real Estate
With land values continuing to rise in the prime locations of Las Vegas Boulevard, the Resort Corridor continues to hold fairly strong. Doom and gloom media has contributed to the overall pain of the market yet projects like CityCenter continue to prove that buyers are willing to spend record-setting money to buy into the lifestyle.
I recently set the top-three price-per-square-foot records for residential sales (homes/condos) in las Vegas history (read more). This is great news for Vegas and lends credible evidence to the fact the luxury market is holding its own and is in fact setting records.
Some parcels of land in the Resort Corridor have experienced up to an 800% increase in valuation in just four years yet sellers continue to unload their units. Then again, their equity lines are tapped and they need to get rid of their investment properties in order to keep from losing their primary residences. It’s tough times and there is no easy answer. By educating yourself on the latest news and information (not just the kind you see on TV), you can help maximize your next purchase in Las Vegas.
Want us to set you up on an MLS search for Signature or Sky inventory?
Call or email us with your criteria and we will set you up to receive latest resale inventory via email.
Aaron Auxier, REALTOR®, ABR can be reached at 702-205-1818.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
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Copyright © 2008 Aaron Auxier. All Rights Reserved.
Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
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All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive. See DISCLAIMER.
Copyright © 2008 Luxury Realty Group LLC. All rights reserved.