The Las Vegas economy and real estate market continue to improve and are expected to gain momentum with over $6 billion in new investments around the Strip corridor over the next three years.
We continue to be optimistic on north strip high-rise opportunities in the $350k and under segment due to the new north strip developments. Turnberry Towers is already seeing increases in rents and sale prices, largely due to the new SLS project opening next door.
Promotions in High-Rise:
- The Martin is sold out and releasing their models for sale.
- Turnberry Towers has select residences offering 1 year of HOA’s paid.
- Our office is the only office to offer 1 year of HOA’s paid on select penthouses at Mandarin.
Promotions in Residential:
The guard gated, golf community of the Masters in Southern Highlands is offering homes with approximately 4000 sf in the $600k’s and interest rates as low as 3.75%. These residences would likely rent at $3500+ with HOA’s below $300/month. Only 29 homesites left, contact us if you are interested luxury residential opportunities.
The following is a list of articles, stats, and community statistics for the majority of communities in Las Vegas.
Nevada’s jobless numbers fall to lowest level in five years.
http://www.vegasinc.com/
MGM Resorts, Cirque to build 33-acre, open-air venue to host Rock in Rio in Las Vegas.
http://lasvegassun.com/
Las Vegas visitor volume jumps 3.2% in May.
http://www.reviewjournal.com/
Home prices rising, but still a ways to go.
http://www.vegasinc.com/
Downtown Summerlin, will serve the entire Las Vegas Valley with over 125 shops and restaurants in an open-air shopping environment. (Opening 10/14)
http://downtownsummerlin.com/
- May’s visitor volume climbed 3.2% from last year to 3.6 million people.
- Average daily room rate in May was up 8% to $127.60
- Convention attendance was up 14% to 454,163.
- Visitor volume through five months is up 4.5% to 17.2 million people.
- Strip occupancy/first five months is up 2.6% to 90% while downtown is up 6% to 79%.
Dollar value in projects scheduled to open in the Las Vegas area:
- 2015- $1,254,350,000
- 2016- $538,700,000
- 2017- $4,000,500,000
Stats on Communities in Vegas:
Allure
- Average Sale $243,833.30
- $PPSF $213.00
- Average Monthly Rental Price $1,601.00
- Average Yearly Rental Price $19,212.00
- Average Rental Days On Market 52
- Average Rental Price/SF $1.37
- Yearly Rent Vs. Average Sale % 7.88%
- Total Sales 6
Martin
- Average Sale $526,397.92
- $PPSF $338.28
- Average Monthly Rental Price $2,407.46
- Average Yearly Rental Price $28,889.52
- Average Rental Days On Market 47
- Average Rental Price/SF $1.85
- Yearly Rent Vs. Average Sale % 5.3%
- Total Sales 12
Mandarin
- Average Sale $1,472,649.29
- $PPSF $668.47
- Average Monthly Rental Price $3,508.33
- Average Yearly Rental Price $42,099.96
- Average Rental Days On Market 42
- Average Rental Price/SF $2.68
- Yearly Rent Vs. Average Sale % 2.9%
- Total Sales 14
Panorama
- Average Sale $361,911.50
- $PPSF $272.31
- Average Monthly Rental Price $2,331.46
- Average Yearly Rental Price $27,977.52
- Average Rental Days On Market 41
- Average Rental Price/SF $1.53
- Yearly Rent Vs. Average Sale % 7.73%
- Total Sales 12
Sky
- Average Sale $318,642.85
- $PPSF $239.89
- Average Monthly Rental Price $1,858.00
- Average Yearly Rental Price $22,296.00
- Average Rental Days On Market $101.39
- Average Rental Price/SF $6.91
- Yearly Rent Vs. Average Sale % 7.00%
- Total Sales 7
Turnberry Place
- Average Sale $516,200.00
- $PPSF $215.08
- Average Monthly Rental Price $2,555.00
- Average Yearly Rental Price $30,660.00
- Average Rental Days On Market 94
- Average Rental Price/SF $1.20
- Yearly Rent Vs. Average Sale % 5.8%
- Total Sales 12
Turnberry Towers
- Average Sale $396,066.62
- $PPSF $292.65
- Average Monthly Rental Price $1,824.73
- Average Yearly Rental Price $21,896.76
- Average Rental Days On Market 91
- Average Rental Price/SF $1.79
- Yearly Rent Vs. Average Sale% 5.5%
- Total Sales 13
Veer
- Average Sale $561,972.86
- $PPSF $564.00
- Average Monthly Rental Price $1,858.94
- Average Yearly Rental Price $22,307.28
- Average Rental Days On Market 52
- Average Rental Price/SF $2.23
- Yearly Rent Vs. Average Sale% 3.44%
- Total Sales 35
Aliante
- Average Sale $231,378.41
- $PPSF $101.22
- Average Monthly Rental Price $1,278.48
- Average Yearly Rental Price $15,341.76
- Average Rental Days On Market 33
- Average Rental Price/SF $0.66
- Yearly Rent Vs. Average Sale% 6.63%
- Total Sales 113
Anthem
- Average Sale $414,472.40
- $PPSF $162.06
- Average Monthly Rental Price $2,224.65
- Average Yearly Rental Price $26,695.80
- Average Rental Days On Market 47
- Average Rental Price/SF $0.91
- Yearly Rent Vs. Average Sale % 6.44%
- Total Sales 113
Green Valley
- Average Sale $242,986.70
- $PPSF $117.53
- Average Monthly Rental Price $1,372.90
- Average Yearly Rental Price $16,474.80
- Average Rental Days On Market 34
- Average Rental Price/SF $0.84
- Yearly Rent Vs. Average Sale % 6.78%
- Total Sales 178
Inspirada
- Average Sale $257,898.06
- $PPSF $123.87
- Average Monthly Rental Price $1,506.28
- Average Yearly Rental Price $18,075.36
- Average Rental Days On Market 42
- Average Rental Price/SF $0.75
- Yearly Rent Vs. Average Sale % 7.01%
- Total Sales 31
Las Vegas CC
- Average Sale $153,127.69
- $PPSF $100.64
- Average Monthly Rental Price $1,398.33
- Average Yearly Rental Price $16,779.96
- Average Rental Days On Market 31
- Average Rental Price/SF $0.80
- Yearly Rent Vs. Average Sale % 10.96%
- Total Sales 26
Mountains Edge
- Average Sale $252,409.70
- $PPSF $116.64
- Average Monthly Rental Price $1,468.40
- Average Yearly Rental Price $17,620.80
- Average Rental Days On Market 29
- Average Rental Price/SF $0.69
- Yearly Rent Vs. Average Sale % 6.98%
- Total Sales 220
Peccole Ranch
- Average Sale $231,020.76
- $PPSF $121.67
- Average Monthly Rental Price $1,535.00
- Average Yearly Rental Price $18,420.00
- Average Rental Days On Market 29
- Average Rental Price/SF $0.74
- Yearly Rent Vs. Average Sale % 7.97%
- Total Sales 46
Queensridge
- Average Sale $896,205.88
- $PPSF $200.40
- Average Monthly Rental Price $8,277.14
- Average Yearly Rental Price $99,325.68
- Average Rental Days On Market 50
- Average Rental Price/SF $2.00
- Yearly Rent Vs. Average Sale % 11.08%
- Total Sales 17
Red Rock CC
- Average Sale $875,470.58
- $PPSF $238.41
- Average Monthly Rental Price $3,804.00
- Average Yearly Rental Price $45,648.00
- Average Rental Days On Market $94.80
- Average Rental Price/SF $1.10
- Yearly Rent Vs. Average Sale % 5.21%
- Total Sales 17
Rhodes Ranch
- Average Sale $316,619.27
- $PPSF $137.89
- Average Monthly Rental Price $1,750.22
- Average Yearly Rental Price $21,002.64
- Average Rental Days On Market 40
- Average Rental Price/SF $0.72
- Yearly Rent Vs. Average Sale % 6.63%
- Total Sales 59
Southern Highlands
- Average Sale $364,557.93
- $PPSF $126.39
- Average Monthly Rental Price $1,556.58
- Average Yearly Rental Price $18,678.96
- Average Rental Days On Market 32
- Average Rental Price/SF $0.72
- Yearly Rent Vs. Average Sale % 5.12%
- Total Sales 131
Summerlin
- Average Sale $376,676.21
- $PPSF $151.62
- Average Monthly Rental Price $1,696.56
- Average Yearly Rental Price $20,358.72
- Average Rental Days On Market 33
- Average Rental Price/SF $0.86
- Yearly Rent Vs. Average Sale % 5.40%
- Total Sales 408
This data is from the MLS and may not include non-MLS/developer sales and is not guaranteed. If you would like a specific report from these communities, please contact us.
If we can assist you with buying, selling, or managing Las Vegas real estate, please contact us.
