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Las Vegas’ luxury condominium market slowed in the second quarter as a result of condo project cancellations and suspended sales. There were 135 projects proposed totaling 91,934 units at the end of June, yet only 14.6 percent of those units were actually under construction, reports Applied Analysis, a Las Vegas-based business advisory firm.

An estimated 6,900 luxury condo units had suspended sales, while another 1,900 units had officially cancelled.

“It would be impracticable to believe the Las Vegas real estate market could absorb the entire potential inventory in the market today,” said Jeremy Aguero, principal of Applied Analysis. “Several projects have witnessed a material decline in the number of investor purchasers.” Speculative plans made-up 55 percent of the market in the second quarter. Only 2,300 units were already pre-existing, including Turnberry Place, Metropolis and Park Towers at Hughes Center. Condo Pre-sales, meanwhile, accounted for 17.7 percent of market at the end of last month.

While the market for Las Vegas luxury condos doubled in size over the last year, less than 25 percent of all projects have broken ground thus far.

“While projects that are currently under construction have reached the critical mass in terms of sales to provide sufficient financing, the remaining units vying for potential buyers will either prove their ability to move forward in the 12 months, or not,” said Brian Gordon, principal of Applied Analysis. “Construction cost dynamics and consumer perceptions about extended sales periods decrease the likelihood for success for many of these projects.”

And there is also an active resale market by investors and speculators looking to sell the units. There were 246 existing condo homes for sale in Las Vegas listed for sale in the second quarter, with an average asking price of $1.1 million or $631-per-square-foot.

“A significant number of these projects have failed to move forward as originally proposed, calling into questions the number of units that will actually reach the market during the next five years,” Gordon said. “The number of luxury condominium projects programmed in Las Vegas remains high, yet those projects actively marketing remains only a fraction of the inventory potential.”

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Source:LV Business Press

The market stats for Las Vegas luxury condos.

A total of 48 hi rise Las Vegas condos closed escrow in May, including 40 at SoHo Lofts, at Las Vegas Boulevard South and Hoover Avenue. That compares with 64 total condo sales in 2005 and 11 through April of this year.

The Las Vegas housing market is entering a period of extraordinary transition with the first real infusion of Las Vegas hi rise condominium sales in May.

May’s Las Vegas housing statistics offer “intriguing clues” as to why the much discussed housing bubble has not burst.

While the inventory of Las Vegas homes for sale reached an all-time high of 20,515 in May, about double from a year ago, it’s a supply of six to seven months based on sales through the Las Vegas mls. That’s a relatively healthy market.

Median resale prices are staying around their all-time high at $284,950, a 5.5 percent increase from May 2005, and Las Vegas new home prices jumped 11.8 percent to $324,757. The number of Las Vegas new home subdivisions in the market declined for the second consecutive month.

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Million dollar Las Vegas luxury homes reported sales last week:

• $2.7 million, MacDonald Ranch real estate, 6,850 square feet, 5 bedrooms, 6 baths, coffered ceilings, stone columns and wrought-iron chandeliers, frontyard casita, theater and librar.

• $1.1 million, Anthem Country Club real estate, 3,374 square feet, 5 bedrooms, 3 baths, elevated single story with 180-degree view of mountains, city and Strip, 550-square-foot family room highlighting views.

• $1.3 million, Spanish Trail real estate, 4,948 square feet, 5 bedrooms, 4 baths, 30-foot-by-20-foot master bedroom with large balcony, 600-square-foot front room with arched windows.

• $1.1 million, Summerlin Las Vegas real estate, 3,298 square feet, 4 bedrooms, 3 baths, guard gated, shutters, and oversized three-car garage.

• $1.15 million, Northwest Las Vegas real estate, 5,514 square feet, 4 bedrooms, 4 baths, fully finished basement, pebble tech pool, hot tub and waterfall.

• $2.23 million, Red Rock Country Club real estate, 5,320 square feet, 4 bedrooms, 4 baths, separately gated estate, full golf and lit mountain views, hardwood floors, four-car garage, and an oasis backyard.

• $1.99 million, Southeast Las Vegas real estate, 6,184 square feet, 3 bedrooms, 4 baths, three dens, Strip views, 2-acre lot, walkout basement, single story, and horse property.

• $1.23 million, Southern Highlands Las Vegas real estate, 4,364 square feet, 5 bedrooms, 5 baths, wine cellar, four fireplaces, cherrywood cabinets and park-like landscaping.

• $1.41 million, Macdonald Highlands real estate, 3,900 square feet, 5 bedrooms, 4 baths, bamboo and cherry hardwood floors, custom draperies and Hunter Douglas blinds.

• $1.23 million, Southern Highlands real estate in Las Vegas, 4,043 square feet, 4 bedrooms, 4 baths, balcony views, courtyard and guest house with a four-car garage.

• $1.2 million, Southeast Las Vegas real estate, 6,279 square feet, 5 bedrooms, 3 baths, three dens, custom home with six-car garage, one for RV, two balconies with city and mountain views with a circular driveway.

Call 702-505-6988 for VIP luxury Las Vegas home representation by a Las Vegas real estate agent.

Selling, buying or refinancing a piece of Las Vegas Real Estate today? Visit Fine Homes Real Estate for more information and VIP representation by a Las Vegas Luxury Real Estate REALTOR for investment Las Vegas Real Estate, 1031 exchange, condos such as Trump Towers Las Vegas, Turnberry Towers, Allure, Panorama Tower, The Signature MGM Residences, W Residences, RED Rock real estate, commercial, residential and Las Vegas land.

Million Dollar reported luxury homes sales last week for Las Vegas homes.

Las Vegas real estate market broke just about every available record in the first quarter of 2006. March continued the record trends found in January and February of this year.

Brief Las Vegas Home Sales Overview:

Las Vegas new home sales are a fast paced 19.3% ahead of last year’s first quarter. March was the fifth highest new Las Vegas home sales month in history. Last year’s record could be broken by the new Las Vegas home sales totals.

Existing Las Vegas home sales are just about 1% ahead of last year. March figures are down slightly in total from last year. Resales in 2005 were just 2.2% under the record set in 2004. Las Vegas could still see a record in resales this year.

Forbes magazine said resale prices of Las Vegas home sales would drop by 8.5% this year. Currently, Las Vegas home sales are at a record $284,900. A 8.3% increase over last March for Las Vegas real estate.

New home prices are at an all-time record high of $320,379. That is 12.5% ahead of last March Las Vegas home sales figures. March figures include 629 conversion sales, too. (more…)