ou already know your neighborhood real estate market is going crazy. But did you know the Strip is catching up? The
last six months have brought a sales frenzy to the luxury high-rise
condominium market on and around the resort corridor, with rising prices
and tightening inventories we’ve seen in the city’s popular master
plans. In the last six months, 206 condos going for as much as
$400,000 each closed after fewer than 60 days on the market. That pace is
unheard of at a price point and home type that typically averages six to
12 months on the market. What’s more, available supply has
crept down from five months in January to less than four months now.
There are even multiple offers on properties in the $300,000 to $400,000
range. “We’re basically moving into what qualifies as a tight market,” . It’s
a radical change from 2008, when the Strip market crashed and left a
glut of more than 1,000 units. Local research firm SalesTraq showed a
3½-year supply of condos back then, as jittery investors backed out en
masse before closing. It was that moribund market that welcomed
CityCenter’s Veer Towers. The project, which opened in 2009, sold
roughly a third of its 670 units before closings stalled. Developer MGM
Resorts International cut prices, which started at $500,000 and went up
to $12 million, by 30 percent in late 2009, and by another 25 percent in
early 2012. Still, sales struggled: The two towers moved just 10 units
in 2011, and six in 2012. But things are different today: Veer
sold 70 units in the first half of 2013, including 14 in June alone,
according to Pordes Residential Sales & Marketing, which is selling
the towers for MGM Resorts. Thank a surging stock market for part
of the turnaround, said Jim Navarro, Pordes’ vice president of
residential sales and marketing. The Dow Jones industrial average has
more than doubled, from 6,547 in March 2009 to 15,522 on July 29. That
wealth effect means more people feel they can buy, Navarro said. A big
rebound in California real estate has helped, too, because about 80
percent of Veer’s buyers come from the Golden State. Buyers are also streaming into the market from New York, Arizona, Washington, Europe and Asia, Hiatt said. But
there’s a twist in this submarket revival: Cash buyers — read:
investors — continue to dominate among suburban buyers, making up nearly
60 percent of purchases. On the Strip, just 15 percent to 25 percent
are investors, depending on the project. At Veer, for example, 75
percent are buying a vacation home rather than a place to rent out for
cash flow, Navarro said. The improved sales are sustainable, at least in the near term, observers said. For one thing, supplies will stay limited, because no one’s building or planning any new high-rises, Navarro said. Plus,
as Genting Group’s Resorts World Las Vegas and other big Strip projects
get started or near completion, confidence will surge, Hiatt said. “People
want to see confirmation of more investment on the Strip. Seeing
(Resorts World) start up will definitely be a catalyst for people
jumping back in,” he said. ■
Author:Ivy Beller Phone: 702-526-2298 Dated: August 15th 2013 Views: 534 About Ivy: Over 17 years experience in residential sales, land, multifamily and commercial. Director of sales ...
About Keller Williams Marketplace - Brenkus Realty Network
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