Multifamily Housing and Condominium Overview
With an increase in demand for luxury living accommodations in Las Vegas and a 100% sell out of the existing supply of recently delivered residential units, condominium prices have increased dramatically. The depth of demand far exceeds the amount of new supply forecasted over the next five years. In addition, the economies of scale associated with new residential, retail, hotel and office development on the Las Vegas Strip will only elevate the overall appeal of Strip living - and in turn push condominium values higher.
THE RESIDENCES AT MANDARIN ORIENTAL 3740 S. Las Vegas Blvd
DEVELOPER: MGM Resorts SUBMARKET: The Strip YEAR BUILT/SELLOUT: 2009 NUMBER OF HOMES: 225 STATUS TYPE SIZE SF LIST PRICE LIST PSF SOLD PSF HOA FEES ACTIVE 3-BED/3-BATHS 3,922 $5,950,000 $1,517 - = - $3,173 ACTIVE 2-BED/2-BATHS 2,998 $3,300,000 $1,101 - = - $2,765 ACTIVE 2-BED/2-BATHS 2,998 $2,799,888 $934 : $2,535 SOLD 3-BED/3-BATHS 5,628 $5,400,000 $959 3/23/15 $5,400,000 $959 $5,628 SOLD 3-BED/3-BATHS 3,922 $4,750,000 $1,211 5/20/15 $3,875,000 $988 $3,344 SOLD 3-BED/3-BATHS 3,980 $3,975,000 $999 3/31/15 $3,800,000 $955 $3,386 SOLD 2-BED/2-BATHS 2,755 $3,400,000 $1,234 5/20/15 $3,400,000 $1,234 $2,512 SOLD 2-BED/2-BATHS 2,755 $2,900,000 $1,053 12/31/14 $2,900,000 $1,053 $2,575
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