About Las Vegas' Soho Lofts

Las Vegas High Rise Rentals:

• 227 Listed 6/15/2011
• 28 Under Contract 6/15/2011
• 74 Leased May 2011
  
• 3.1 Months Inventory
• Low Leased Price:  $800/Month (Park Avenue)
  
• Median Leased Price:  $1700/Month (Newport Lofts)
  
• High Leased Price:  $6000 (One Queensridge)

Las Vegas High Rise Resales:

• 375 Listed 6/15/2011

• 240 Under Contract 6/15/2011
• 81 Closed May 2011
• 4.6 Months Inventory
• Low Sold Price:  $55000 (Lake Las Vegas)
• Median Sold Price:  $185000 (Panorama)
• High Sold Price:  $3034000 (City Center)

This Market is extremely volatile due to the boutique nature and lack of condominium financing.    Read last month's report here.

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "HIGH RISE" field. Information is deemed reliable but not guaranteed.

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?)  It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley.  They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

Buyer demand for SOHO LOFTS has been strong over the past year. So much so that there is usually very little inventory on the market. CASH ONLY OFFERS have been the norm for this high rise located on Las Vegas Blvd. and Charleston in the Downtown Arts District.

Investors looking to keep on eye on the inventory in SOHO LOFTS will find the link below very helpful.

SOHO LOFTS INFO

TAKE THE SOHO LOFTS VIRTUAL TOUR

CONTACT HELEN MICHEL - THE STARK TEAM'S DOWNTOWN LOFTS SPECIALIST

SOHO LOFTS is located in downtown Las Vegas. These NYC loft style condos have been very poplar with investors who are all cash buyers since the prices that they have been selling for are about 1/4 of the original sales prices. Condos for rent at SOHO lofts seem to do very well with days on market often much less than strip area luxury high rises.

THE STARK TEAM has been getting numerous requests from investors seeking to buy the remaining foreclosure inventory at SOHO LOFTS, but we are frustrated because inventory is so very thin. Well priced condos at SOHO LOFTS are getting multiple offers in a day or so and are now selling over list price.

Learn More About & VIEW LISTINGS FOR SALE AND FOR RENT AT SOHO LOFTS

View info on NEWPORT LOFTS

ELITE REALTY offers investors a one stop shop and some of the lowest property management rates in LAS VEGAS. We have a SOHO LOFTS LAS VEGAS CONDOS SALES SPECIALIST available to answer your questions and provide you with sales comps and rental history comps. E-MAIL US.

If you are looking for a LAS VEGAS FORECLOSURE - VISIT OUR FORECLOSURE SITE.

We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months. For several reasons:

• Too many speculators in that market. They want to close n flip. They are not interested in holding, renting or living in them. Each time a building closes, we see an increase of inventory.
• Mortgage market madness has reduced the amount of loan products available to jumbo, second, vacation or investor type property owners. The ones who have very little money down and marginal credit, that is. So the buyer pool for both resales and new went kaput. Loud and hard too.

Here are the high rise stats:

Rentals:

• 328 Listed 3/1/2008
• 18 Under Contract 3/1/2008
• 40 Leased 12/21-2/21/2008
• 8.2 Months Inventory

Resales:

• 796 Listed 3//2008
• 77 Under Contract 3/1/2008
• 13 Closed 1/21-2/21/2008
• 61.2 Months Inventory (=5.1 years)
  

Resale inventory is up from 56 months inventory last month. The rental inventory is at 8.2 months. When you compare it to the entire market of rentals that hovers around 3 months of inventory.

I think it is apparent that many purchases are completely speculative = not enough demand for living in. Some rent prices just barely cover the owner's HOA.

Since July speculators have been bailing from their new construction high rise escrows because of lack of mortgage products for funding. They are also leaving their steep deposits at the builder and not looking back.

Unless demand for high rise LIVING increases over speculation, we will be seeing a major correction in this part of our market. We have a little over 14000 units under construction with another 50000+ more on the drawing board. Every time a building closes, we see 20-50% of that building go on the market.

The beautiful part about this is that when you put the pen to the paper for land and development costs, it costs about $1800/square foot. You can buy right now with the median price being in the mid 500's for a square foot. Will deflated dollar against foreign currency be able to bail us out? Is Las Vegas unique enough to attract those foreign investors?

There has been a noticed rise in foreclosures & bank owned listings at Manhattan South. List prices for those are about 50-65% of what the original owners paid for them! Manhattan South is located on Las Vegas Blvd South across the street from South Point Hotel & Casino but off strip and is a mid rise community. We are also seeing a noticeable rise in foreclosures in Soho as adjustable loans adjust. Soho is located in the Arts district between the strip and downtown.