High-rise condo market remains robust
The high-rise condo market showed a lot of resilience in 2022 by posting its second highest number of closings in history despite falling 23 percent from the all-time record in 2021 and posting one of its highest annual prices per square foot.
A new report from Applied Analysis shows there were 944 sales of condo units among 21 towers tracked by the research firm, most of them on the Strip.
That fell short of the 1,161 sales in 2021 after sales plummeted in the second half of 2022. There were 618 closings in the first six months of 2022 but only 326 in the final six months, including 146 in the fourth quarter. That’s the fewest number of quarterly closings since there were 126 in the third quarter of 2020 as COVID-19 took its toll on the high-rise market.
The high-rise market, like single-family housing, was impacted by higher mortgage rates that deeply cut into closings in the second half of 2022.
The 944 closings had an average price of $598,383 or $493 per square foot. The 2021 average was $561,252 or $427 per square foot. The $493 per square foot is by far the highest in trackings done by Applied Analysis over the last five years as the high-rise condo market has taken off. During the fourth quarter when sales bottomed the average closing price was $522 a square foot.
The year ended with 303 available units with an average price of $932,459 or $632 a square foot, according to Applied Analysis.
■ The top selling tower in 2022 was MGM Signature, a condo hotel with 151 closings and average price of $387,745. It had 167 sales in 2021.
■ Juhl came in second with 93 closings at an average price of $386,804. It had 69 sales in 2021.
■ After placing fifth in 2021, Trump Las Vegas condo-hotel tower had 80 sales at an average price of $330,302. It had a price per square foot of $502. Trump had 82 sales in 2021.
■ Palms Place condo-hotel tower had 79 closing to place fourth.
■ Panorama Towers placed fifth with 77 closings.
■ Veer Towers in CityCenter was sixth with 74 closings.
■ Turnberry Place had 61 closings.
■ Allure had 54.
■ Turnberry Towers had 49.
■ Turnberry Place had an average closing price of $954,146 or $404 per square foot, higher than the $346 in 2021.
■ No. 10 was The Ogden with 39 closings.
Among the high-profile towers, Waldorf Astoria had 34 closings with an average price of $2.3 million and price per square foot of $1,278. It had 34 closings in 2021 when units went for $1,152 per square foot.
One Queensridge Place had 27 sales with an average closing price of $1.8 million or $599 per square foot. In 2021, it had 35 sales for an average closing price of $1.71 million or $522 per square foot.
Park Towers in the Hughes Center had two closings in 2022 with an average price of $1.77 million or $505 per square foot.
