High-Rise Residential - Las Vegas, NV

(1)

Q1 - 2013

Las Vegas Market IQ High-Rise Report

Summary



After a dysfunctional and virtually non-existent market in 2008 and

2009, sales volume has been returning and 2012 posted respectable

figures in several buildings. This has continued into 2013.



The Martin continues to have strong closings. The project is 65%

closed.



Strong closings in One Queensridge Place has demonstrated a desire

exists for homes in the top end of the market.



In condo-hotels, Trump Las Vegas is leading the sales count in

that sector. A 52nd story home closed above $700/sq.ft.



Several buildings have multiple months of stabilized prices and a

handful have clear upward trends.



We have identified multiple likely short sale candidates. Despite this,

some may be slow to replenish the resale supply.



A large number of homes are now utilized as rentals. We understand

that leasing continues to be respectable relative to other housing

types. This is a stabilizing factor for the market.



The recent bulk sale at Veer Towers has served to rebase pricing in

the project and contracts are being signed.

MARK

ET IQ

High

-Ri

se R

esi

d

ential

High-Rise Residential - Las Vegas, NV

Coldw

ell

Ba

n

ker Pr

e

mier R

ea

lt

y

www.lasvegashomes.com

AUTHOR

John McClelland, Vice President, Research

CONTACT

Coldwell Banker Premier Realty Strategic Services

Phone: 702-939-5128 Email: info@cbprds.com Web. www.lasvegashomes.com 8290 W. Sahara Ave, Suite 200 Las Vegas, NV 89117

(2)

Las Vegas Valley High-Rises

www.lasvegashomes.com Coldwell Banker Premier has facilitated a multitude of high-rise transactions in Las Vegas. We

draw on this experience and information obtained from local government and the Greater Las Vegas multiple listing service. The information is deemed reliable but is not guaranteed. Market IQ analytics and consulting.

I-15 215

215

95

515 I-15

CityCenter

-Mandarin Oriental

-Veer Towers

-Vdara

Sky Las Vegas Allure

One Las Vegas

Boca Raton Panorama I & II

The Martin

One Queensridge Place Newport Lofts

Soho Lofts Juhl

The Ogden

Turnberry Towers

Regency Tower

Signature (Turnberry MGM) Trump

Palms Place

Turnberry Place

Platinum

Condominium Condo-Hotel

Metropolis Park Towers

(3)

Timeline of High-Rises by Approximate Date Closings Began

www.lasvegashomes.com Coldwell Banker Premier has facilitated a multitude of high-rise transactions in Las Vegas. We

draw on this experience and information obtained from local government and the Greater Las Vegas multiple listing service. The information is deemed reliable but is not guaranteed. Market IQ analytics and consulting.

1975

Allure

Palms Place One Las Vegas

Streamline The Martin

CityCenter -Mandarin -Vdara -Veer 1st_{Wave of}

High-Rise Development

2nd Wave of High-Rise Development

3rd Wave of High-Rise Development

1980 1985 1990 1995 2000 2005

Regency Towers

2010

Turnberry Place 1 Turnberry Place 2

Metropolis

Panorama 1

Turnberry Place 4 Turnberry MGM 1

Turnberry MGM 2 Turnberry MGM 3

Platinum Soho Lofts

Newport

Park Towers

Boca Raton

Panorama 2 Turnberry Towers East Turnberry Towers West

One Queensridge

Trump Juhl Turnberry Place 3

(4)

Update on the Las Vegas High-Rise Condominium Market

While we see each high-rise project as a market unto itself, for brevity, we occasionally

refer to the “market” for high-rises.

In 2008 and 2009, the high-rise market segment was nearly left for dead and many

questioned where the bottom of the market was. 2011 and 2012 saw a lot of the

dis-tressed component leave the market and we are observing prices gradually ratchet up

in several buildings. Further, Las Vegas area fundamentals are much better, with visitor

volume expanding to record levels in 2012, retail sales and gaming revenues are also far

off of their lows and Las Vegas appears to once again be in a positive migration

scenar-io.

In this report we examine both building level and overall market news and closing data.

We should also note that we perceive condo-hotels to be a distinct product from

tradi-tional condominiums and treat them separately in this report. This segment has also

experienced a rebound in sales from the lows of 2008 and 2009. In 2010 and 2011,

Sig-nature at MGM experienced brisk sales and in 2012, Trump was a leader in sales within

that category, which continues into 2013.

Stability

In 2011 we began to see some evidence of stabilization in pricing. This trend has been confirmed in the 2012-2013 period for

sev-eral buildings including Allure, Sky Las Vegas, Panorama Towers, Turnberry Towers, Boca Raton and within Palms Place, The

Plati-num and Signature at MGM (Turnberry MGM). With some caution regarding trends within buildings with units that vary

substan-tially in price by floor and view, we note general upward trends in Panorama Tower I, Turnberry Towers and Soho and Newport

Lofts in the downtown submarket. In the condo-hotel category, Trump Las Vegas has a very clear upward trend in price on strong

volume. The Martin continues to lead in condominium sales and sales at One Queensridge Place has proven that there is an

ap-petite for product in the high-end of the market. We also note

that Veer at CityCenter is also getting significant traction.

It is imperative that homes do not remain dark, so either

hav-ing owner-occupants or renters is important for association

finances, a key consideration for potential buyers. The ability

to lease in many of the Valley’s high-density development has

been net positive for values since many owners are receiving

positive or breakeven cash flow.

Leasing has been a bright spot in the market for the last couple

of years with solid occupancies reported in the downtown

buildings as well as several on the strip and south strip. This

has gone a long way towards clearing up the distress in the

market. Additionally, renting is a great option for many

individ-uals and families that work in the hospitality industry, require

a second residence or for corporate housing purposes.

The Downtown leasing market continues to tighten with Juhl

leasing very quickly. The Ogden remains near capacity as well. With more Zappos employees and other firms moving Downtown,

we expect the Downtown submarket to outperform for a long time. At some point, what has occurred in the leasing market may

point towards reasonable sales velocities for for-sale product in the next couple of years.

Our sources also point towards respectable leasing velocities and renewals within the CityCenter buildings as well. These homes

provide owners and tenants with a unique project located near some of the Strip's most famous casinos and shopping centers, as

well as convenient access to McCarran Airport.

High-Rise Closings by Size and Price - Q1, 2013

Year-Over-Year Comparisons—MLS

Prices have firmed in many buildings within this sector. While there is a lot of variation between towers, height and the mix of product sold, the market has clearly seen price increases. Marketing times have dropped substantially as well. Some of the increased listing activity occurring in condominiums is also due to builder marketed inventory being placed on the MLS.

Source: Mlxchange.

Condominium Key Stats Q1 ' 2013 Y-O-Y Change Q1 ' 2012 Average Sale Price $552,890 82% $304,138

Average $/Sq.ft.* $287 65% $174

Median Sale Price $343,000 91% $180,000

Avg. Square Feet 1,832 16% 1,576

DOM 85.5 -17% 102.8

Sales % of List 95.1% 0% 95.2%

Number of Sales 130 21% 107

Listed Inventory 237 14% 208

Condo-Hotel Key Stats Q1 ' 2013 Y-O-Y Change Q1 ' 2012 Average Sale Price $253,222 23% $205,675

Average $/Sq.ft.* $352 20% $293

Median Sale Price $188,450 14% $165,000

Avg. Square Feet 690 -3% 709

DOM 68.5 -58% 162.9

Sales % of List 97.3% 3% 94.8%

Number of Sales 50 -33% 75

Listed Inventory 115 -26% 156

$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000

0 500 1,000 1,500 2,000 2,500 3,000

Sal

e

Pr

ic

e

Sq.Ft.

ALLURE JUHL

METROPOLIS NEWPORT LOFTS

ONE LAS VEGAS ONE QUEENSRIDGE PLACE BOCA RATON PALMS PLACE (Condo-Hotel)

THE MARTIN PANORAMA TOWER 1

PANORAMA TOWER 2 PARK TOWERS THE PLATINUM (condo-hotel) REGENCY TOWER MANDARIN ORIENTAL - CITYCENTER SKY LAS VEGAS SOHO LOFTS TRUMP (condo-hotel) TURNBERRY MGM - SIGNATURE (condo-hotel) TURNBERRY PLACE TURNBERRY TOWERS VEER TOWERS - CITYCENTER

(5)

Bulk sales continue to be a factor in the Las Vegas High-Rise market. Trump Las Vegas has sold some units to Hilton Grand Vacations to be used as timeshares. Also, In late 2012, Ladder Capital bought 427 units at Veer Towers within CityCenter for around $300 per square

foot. Of these homes, nearly 320 were reported to be leased.1

CityCenter Residential will now focus its efforts at The Residences at Mandarin Oriental, a project that we consider to be a competitor in the Super-Premium market. It is our understanding that sales at Veer have been strong and there have been 19 closings in the first quarter, a significant improvement from prior months.

These bulk sales follow the sale of 279 homes at Turnberry Towers in late 2011 to CIM Group.

The ST Residential national portfolio has also been in play. A winning bidder should be identified soon. It is uncertain as to whether there will be any specific re-trading of assets that may influence Las Vegas.

Distressed Inventory

Since ST Residential has been managing the buildings from the failed Corus Bank portfolio, large blocks of bank owned inventories has greatly diminished. Additionally, trustee deeds (homes in the name of a lender, i.e foreclosed homes) represent only about one percent of the existing market. We note just three bank owned (REO) homes available on the multiple listing service (MLS). Part of disparity between performing loans and what we see in the foreclosure pipeline is due to legal issues including (but not completely) assembly bill 284, which requires an affidavit that states the signatory has first hand knowledge of all of the required documents in order to foreclose. Further, as several of the major banks were attempting to comply with the National Foreclosure Settlement, we have observed inventories for all home types decline. This is not just a Nevada occurrence but is found to be a national issue as well. Finally, many banks prefer the short sale process to foreclosures. Currently, we note six short sale condominiums and one condo-hotel in the MLS that are not under contract.

Despite the lack of a wide pipeline in foreclosed homes, negative equity remains an issue in Las Vegas housing and in the high-rise segment. Our data exposes nearly 502 homes in high-rise condominiums that are estimated to be in a negative equity position. 833 REO’s and 890 Short Sale high-rises have traded through the MLS since 2009. This is nearly 15% of the Las Vegas high-rise universe and nearly 24% of the homes that would be considered a retail transaction. These transactions, combined with bulk transfers to solid owners, have gone a long way towards re-moving distress in the market. We should note that homes in a negative equity position could become active inventory as a short sale or ulti-mately as REO and is a noted risk in some buildings. However, we are also finding that the spread between REO, Short Sale and equity sales has diminished.

Our Perspective

Although the interest in purchasing high-rises has lagged single family, recent activity is indicates greater interest in this asset class. Our role in working with investors has revealed some willingness to overlook weak yields in anticipation of price appreciation and as we noted, the increas-es observed in some buildings have been a trigger for some invincreas-estors. Secondly, many buyers, invincreas-estors and owner-occupants alike, recognize that many units can still be purchased below replacement cost. One factor that has been holding back sales is a wide bid-ask spread. With these frictions, it has been hard to measure the effective demand for high-rise product. However, with the reset in pricing at Veer Towers and prior, The Martin, sales have picked up markedly. The Martin experienced one sale higher than $500 per square foot. One Queensridge sales have also pointed towards interest in the higher end of the market and there is interest in Mandarin Oriental as well, which we consider to be in the super prime category of luxury buildings. Finally, strong sales at Trump have proven the market for that product segment and we believe that there is some value in the condo-hotel sector, predicated on a continuance of strong occupancies in strip properties that remain firmly ahead of recession levels.

Our view on this sector is increasingly positive, especially since we have observed many months of positive trends in several aspects of the mar-ket. Sales at The Martin has passed seventy percent (and received Fannie Mae approval) and Trump, one of the few buildings with the original sponsor in place, is also seeing the results of a strong sales effort. Coming on the back of a relatively strong close-out at Allure, this reinforces our view that the high-rise sector deserves more attention from potential buyers. For sellers, the low level of active inventory in several build-ings and price ranges may imply that today is a good time to list a home on the market. The lack of financing and somewhat high association fees in a few projects is a drag on purchasing interest, however we are increasingly engaged with buyers that understand that association fees include more than just amenities and that high-rise buildings are basically machines that require significant maintenance. The lifestyle is often enough for some to view the size of association fees as necessary for that lifestyle.

1

3 4

6 6

9 10 11

13 13

15 16 16 18

25 34 34

37 46

58 58 58

0 10 20 30 40 50 60 70

Source: Ticor Title. Note: Based on automated estimates and not appraised values. May not be comprehensive due to possible gaps in loan level data.

Number of Homes in a Negative Equity Position

(6)

Condominium

Condo-Hotel

Price Range

Listed

Q1 Sold

Months-of-Supply

Listed

Q1 Sold

Months-of-Supply

Less than $100,000

2

1

6.0

2

1

6.0 $100,000 - $150,000

10

2

15.0

10

3.0 $150,000 - $200,000

6

13

1.4

21

17

3.7 $200,000 - $250,000

20

16

3.8

23

12

5.8 $250,000 - $300,000

11

13

2.5

11

1

33.0 $300,000 - $350,000

19

22

2.6

13

3

13.0 $350,000 - $400,000

17

12

4.3

11

N/A N/A

$400,000 - $450,000

13

8

4.9

4 N/A N/A

$450,000 - $500,000

15

1

45.0

6

3

6.0 $500,000 - $750,000

43

13

9.9

8

2

12.0 $750,000 - $1,000,000

30

6

15.0

2

N/A N/A

$1,000,000 - $2,000,000

26

20

3.9

1

3.0 $2,000,000 - $3,000,000

10

3

10.0

3 N/A N/A

$3,000,000 - $4,000,000

3

N/A N/A N/A N/A N/A

$4,000,000 - $5,000,000

3

N/A N/A N/A N/A N/A

$5,000,000

9

N/A N/A N/A N/A N/A

$198

$129 $135

$163 $187

$381

$244 $243 $449

$693

$215 $158

$304

$203 $276

$409

$271

$177 $484

$323

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000

0 5 10 15 20 25 30

Pr

ic

e

Pe

r-Sq

u

ar

e

-Fo

o

t

# C

lo

sed

# Closed Min Average Max

High-Rises Closings and Sale Prices Per Square Foot - Q1, 2013

Absorption Rates of MLS Listed Supply - Q1, 2013

Source: GLVAR.

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0 50 100 150 200 250 300 350 400

Jan

-05

A

p

r-0

5

Ju

l-0

5

Oct

-05

Jan

-06

A

p

r-0

6

Ju

l-0

6

Oct

-06

Jan

-07

A

p

r-0

7

Ju

l-0

7

Oct

-07

Jan

-08

A

p

r-0

8

Ju

l-0

8

Oct

-08

Jan

-09

A

p

r-0

9

Ju

l-0

9

Oct

-09

Jan

-10

A

p

r-1

0

Ju

l-1

0

Oct

-10

Jan

-11

A

p

r-1

1

Ju

l-1

1

Oct

-11

Jan

-12

A

p

r-1

2

Ju

l-1

2

Oct

-12

Jan

-13

Condominium Condo-Hotel

Historical Sales Activity in the High-Rise Sector—Includes builder sales and resales

Supply Additions and Cumulative Supply

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

19

74

19

75

19

76

19

77

19

78

19

79

19

80

19

81

19

82

19

83

19

84

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

N

u

m

b

e

r

o

f Units

Condominium New Deliveries Condo-Hotel New Deliveries

Cumulative Condo Supply Cumulative Condo-Hotel Supply

Note: Based on year built date per Clark County. Source: Clark County.

(8)

*Includes Inventory Under Contract

**Either owned by the developer or a new owner of multiple homes such as ST Residential or CIM. Further, the bulk sale of Veer is still consid-ered in the developer owned category. Total Closed refers to all closings that occurred from project start date to the end of the current quarter that traded on a retail or resale basis.

Note: Much of the supply of developer owned homes are in the rental stock. Examples include One Las Vegas, The Ogden and Juhl.

Submarket/Property

Units

Total

Closed

For Sale

MLS*

Developer

Owned**

Lender

Owned

South Strip

Boca Raton

378

176

2

202

2 One Las Vegas

359

64

1

295 -Total

737

240

3

497

2 Resort Corridor

Allure

427

25 -

1 Sky Las Vegas

409

370

15

39

3 CityCenter-Mandarin Oriental

225

71

16

154 -CityCenter-Veer Towers

670

250

23

420 -Total

1,731

1,118

79

613

4 Adjacent Strip

Metropolis

71

4 -

1 Park Towers

84

8 -

-Regency Tower

274

19 -

4 Turnberry Place

777

42 -

8 Turnberry Towers

635

376

30

259

3 Panorama Towers I & II

650

35 -

8 The Martin

372

242

26

130 -Total

2,863

2,474

164

389

24 Suburban

One Queensridge

218

164

25

54

1 Total

218

164

25

54 -Downtown

Juhl

341

35

4

306 -Newport Lofts

168

6 -

-Soho Lofts

120

4 -

-The Ogden (formerly Streamline)

275

27 -

248 -Total

904

350

14

554 -Grand Total

6,453

4,346

285 2,107

30 Condo-Hotel

CityCenter-Vdara

1,496

148

20 1,348

-Palms Place

599

385

21

214

3 Trump

1,282

467

40

815

1 The Platinum

255

239

13

16

1 Turnberry MGM (Signature)

1,729

1,641

71

88

29

(9)

Sales and Pricing

Strip Corridor

0 5 10 15 20 25 30 35 40 45 50 $0 $100 $200 $300 $400 $500 $600 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Cl o si n gs $/S q .f t Allure

Volume Price Per Square Foot

0 20 40 60 80 100 120 140 160 180 200 $0 $100 $200 $300 $400 $500 $600 $700 $800 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Cl o si n gs $/Sq .f t

Sky Las Vegas

Time period begins at 2005 which is when several condominiums became active.

Adjacent Strip

0 2 4 6 8 10 12 14 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2

S-12 _J-13

Cl o si n gs $/Sq .f t The Martin

0 20 40 60 80 100 120 140 160 180 200 $0 $100 $200 $300 $400 $500 $600 $700 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2 S-12 J-13 Cl o si n gs $/Sq .f t

Panorama Tower I

Continued

Note: Prices can vary substantially between sample periods. Prices reflect view and floor premiums and may also vary by finish level.

Note: Does not include the recent bulk transactions

0 2 4 6 8 10 12 14 $0 $500 $1,000 $1,500 $2,000 $2,500 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Cl o si n gs $/Sq .f t Mandarin Oriental

0 10 20 30 40 50 60 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Veer Towers - CityCenter

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Adjacent Strip—Continued

0 20 40 60 80 100 120 140 160 180 $0 $100 $200 $300 $400 $500 $600 $700 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Panorama Tower II

0 1 2 3 4 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

C lo si n gs $/Sq .f t Park Towers

0 1 2 3 4 5 6 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M -1 2 S-12 Cl o si n gs $/Sq .f t

Turnberry Place Phase I

0 1 2 3 4 5 6 $0 $100 $200 $300 $400 $500 $600 $700 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Turnberry Place Phase II

0 1 2 3 4 5 6 $0 $100 $200 $300 $400 $500 $600 $700 $800 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2 S-12 J-13 Cl o si n gs $/Sq .f t

Turnberry Place Phase III

0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 $0 $100 $200 $300 $400 $500 $600 $700 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Turnberry Place Phase IV

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Adjacent Strip—Continued

0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 $0 $100 $200 $300 $400 $500 $600 $700 $800 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Cl o si n gs $/Sq .f t Turnberry Towers

South Strip

0 5 10 15 20 25 30 35 40 $0 $100 $200 $300 $400 $500 $600 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2 S-12 J-13 Cl o si n gs $/Sq .f t Boca Raton

0 2 4 6 8 10 12 14 16 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2 S-12 J-13 Cl o si n gs $/Sq .f t

One Las Vegas

0 5 10 15 20 25 30 35 40 $0 $100 $200 $300 $400 $500 $600 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Cl o si n gs $/Sq .f t Metropolis

0 1 2 3 4 5 6 7 $0 $100 $200 $300 $400 $500 $600 $700 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2 S-12 J-13 Cl o si n gs $/Sq .f t Regency

(12)

Downtown

0 5 10 15 20 25 30 $0 $100 $200 $300 $400 $500 $600 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2 S-12 J-13 Cl o si n gs $/Sq .f t Soho Lofts

0 1 2 3 4 5 6 7 8 9 10 $0 $100 $200 $300 $400 $500 $600 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2 S-12 J-13 Cl o si n gs $/Sq .f t The Ogden

0 1 2 3 4 5 6 7 8 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2

S-12 _J-13

Cl o si n gs $/Sq .f t Juhl

Volume Price Per Square Foot 0 5 10 15 20 25 30 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2 S-12 J-13 Cl o si n gs $/Sq .f t Newport Lofts

Suburban

0 5 10 15 20 25 30 35 40 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2 S-12 J-13 Cl o si n gs $/Sq .f t

One Queensridge Place

(13)

Condo-Hotel

0 20 40 60 80 100 120 $0 $200 $400 $600 $800 $1,000 $1,200 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Cl o si n gs $/Sq .f t Palms Place

0 5 10 15 20 25 30 35 40 45 50 $0 $100 $200 $300 $400 $500 $600 $700 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Cl o si n gs $/Sq .f t Platinum

0 50 100 150 200 250 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Turnberry MGM (Signature)

0 10 20 30 40 50 60 70 80 90 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 J-05 M -0 5

S-05 _J-06

M

-0

6

S-06 _J-07

M

-0

7

S-07 _J-08

M

-0

8

S-08 _J-09

M

-0

9

S-09 _J-10

M

-1

0

S-10 _J-11

M

-1

1

S-11 _J-12

M

-1

2

S-12 _J-13

Cl o si n gs $/Sq .f t Trump

0 10 20 30 40 50 60 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 J-05 M -0 5 S-05 J-06 M -0 6 S-06 J-07 M -0 7 S-07 J-08 M -0 8 S-08 J-09 M -0 9 S-09 J-10 M -1 0 S-10 J-11 M -1 1 S-11 J-12 M -1 2 S-12 J-13 Cl o si n gs $/Sq .f t

Vdara - CityCenter

Note: Trump has sold units in bulk and those are not reflected here. The above exhibit corresponds to

(14)

Closed

Developer owned (may be rental)

Newport Lofts

Closings Began: Jun-07 Percent Closed: 100% Percent on MLS: 3.6% Percent Lender Owned: 0%

Q1, 2013 avg PPSF: $163

Lender owned On MLS

One Las Vegas

Closings Began: Mar–08 Percent Closed: 18% Percent on MLS: .3% Percent Lender Owned: 0%

Q1, 2013 avg PPSF: $187

Park Towers

Closings Began: Jul-00 Percent Closed:100% Percent on MLS:9.5% Percent Lender Owned: 0%

Q1, 2013 avg PPSF: $449

Panorama Towers 1 & 2 Closings Began: Sep-06 & Jul-07

Percent Closed:100% Percent on MLS: 5.4% Percent Lender Owned: 1.2%

Q1, 2013 avg PPSF: $243 One Queensridge

Closings Began: Sep-07 Percent Closed: 75% Percent on MLS: 11.5% Percent Lender Owned: 0.5%

Q1, 2013 avg PPSF: $381

Soho Lofts

Closings Began: Jun-06 Percent Closed:100% Percent on MLS:3.3% Percent Lender Owned: 0%

(15)

Allure

Closings Began: Dec -07 Percent Closed: 100% Percent on MLS: 5.9% Percent Lender Owned: 0.2%

Q1, 2013 avg PPSF: $198

Closed

Developer owned (may be rental) Lender owned

On MLS

Boca Raton

Closings Began: Jun-07 Percent Closed: 47% Percent on MLS: .5% Percent Lender Owned: .5%

Q1, 2013 avg PPSF: $129

City Center Mandarin Oriental

Closings Began: Jan-10 Percent Closed: 32% Percent on MLS: 7.1% Percent Lender Owned: 0%

Q1, 2013 avg PPSF: 693 Note: Still being market-ed by the original spon-sor.

City Center Veer Towers

Closings Began: May-10 Percent Closed: 37% Percent on MLS: 3.4% Percent Lender Owned: 0%

Q1, 2013 avg PPSF: $409

Juhl

Closings Began: Feb-09

Percent Closed:10% Percent on MLS: 1.2% Percent Lender Owned: 0%

Q1, 2013 avg PPSF: N/A

Metropolis

Closings Began: Oct-05 Percent Closed: 100% Percent on MLS: 5.6% Percent Lender Owned: 1.4%

(16)

City Center Vdara

Closings Began: Mar– 10

Percent Closed: 10% Percent on MLS:1.3% Percent Lender Owned: 0%

Q1, 2013 avg PPSF: N/A

Palms Place

Closings Began: Feb– 08 Percent Closed: 64% Percent on MLS: 3.5% Percent Lender Owned: .5%

Q1, 2013 avg PPSF: $271

Trump

Closings Began: Feb-08 Percent Closed: 33% Percent on MLS:3.1% Percent Lender Owned: 0.1%

Q1, 2013 avg PPSF: $484

The Platinum

Closings Began: Sep-06 Percent Closed: 94% Percent on MLS: 5.1% Percent Lender Owned: .4%

Q1, 2013 avg PPSF: $177

Turnberry MGM (signature)

Closings Began: May–06 Percent Closed: 95% Percent on MLS: 4.1% Percent Lender Owned: 1.7%

Q1, 2013 avg PPSF: $323

Closed

Developer owned (may be rental) Lender owned

(17)

The information and opinions in this report are believed to be reliable and has been obtained from sources believed to be reliable. Coldwell Banker Premier Realty makes no representation as to the accuracy or completeness of such information.

The opinions expressed in the report constitute the judgment of the authors only and may not reflect the opinion of Coldwell Banker Premier Realty. This report is provided for informational purposes only and does not constitute investment advice.

This report not be circulated or copied without our prior written consent.

www.lasvegashomes.com

AUTHOR

John McClelland, Vice President, Research

CONTACT

Coldwell Banker Premier Realty Strategic Services

Phone: 702-938-1375 Email: info@cbprds.com Web. www.lasvegashomes.com

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