Well, here it is. Many of you have asked that I update my February 10th post regarding downtown condo prices. The updated data appears below. The short story is that not a whole lot has changed since I compiled the numbers in February. Though, now with a full quarter of sales data available, the median numbers make a little more sense.
Again, as in February, complete sales data is not available for all the downtown condo projects. However the data that is available yields a pretty good overview of downtown condo prices at the moment.
Village at Idlewild Park (1450 Idlewild Drive)
| Sold Properties | 2006 | 2007 – Q1 | Pendings |
| Total # of Solds | 23 | 13 | 2 |
| Lowest Sold Price | $170,000 | $163,225 | |
| Average Sold Price | $237,839 | $209,596 | |
| Median Sold Price | $248,660 | $204,900 | |
| Highest Sold Price | $292,225 | $286,530 | |
| Average $/Sq Ft | $271 | $236 | $258 |
| Average Days On Market | 187 | 244 | 274 |
| Active Properties | |
| Total # of Listings | 6 |
| Lowest Asking Price | $159,000 |
| Average Asking Price | $206,400 |
| Median Asking Price | $206,400 |
| Highest Asking Price | $485,000 |
| Average $/Sq Ft | $237 |
| Average Days on Market | 57 |
Riverwalk (200 West 2nd Street)
| Sold Properties | |
| Total # of Solds (2006) | 11 |
| Lowest Sold Price | $140,000 |
| Average Sold Price | $417,067 |
| Median Sold Price | $452,500 |
| Highest Sold Price | $700,000 |
| Active Properties | |
| Total # of Listings | 9 |
| Lowest Asking Price | $155,000 |
| Average Asking Price | $338,000 |
| Median Asking Price | $320,000 |
| Highest Asking Price | $485,000 |
| Average $/Sq Ft | $346 |
| Average Days on Market | 86 |
Also one pending for $129,500 ($331/sqft)
Arlington Towers (100 North Arlington Avenue)
| Active Properties | |
| Total # of Listings | 8 |
| Lowest Asking Price | $159,900 |
| Average Asking Price | $309,050 |
| Median Asking Price | $267,250 |
| Highest Asking Price | $450,000 |
| Average $/Sq. Ft. | $377 |
| Average Days on Market | 91 |
There is one Pending at Arlington Towers for $345/sq ft.
| Sold Properties | 2004 | 2005 | 2006 | 2007 Q1 |
| Total # of Solds | 18 | 11 | 10 | 3 |
| Lowest Sold Price | $89,000 | $142,000 | $143,000 | $205,000 |
| Average Sold Price | $160,072 | $267,454 | $322,690 | $404,333 |
| Median Sold Price | $136,000 | $217,000 | $278,500 | $208,000 |
| Highest Sold Price | $325,000 | $450,000 | $720,000 | $800,000 |
| Average $/Sq Ft | $238 | $315 | $333 | $405 |
| Average Days On Market | 41 | 49 | 87 | 91 |
The Park Tower Condominiums (280 Island Avenue)
| Active Properties | |
| Total # of Listings | 11 |
| Lowest Asking Price | $249,000 |
| Average Asking Price | $477,791 |
| Median Asking Price | $320,000 |
| Highest Asking Price | $999,000 |
| Average $/Sq. Ft. | $385 |
| Sold Properties | 2004 | 2005 | 2006 | 2007 Q1 |
| Total # of Listings | 9 | 16 | 7 | 2 |
| Lowest Sold Price | $45,000 | $125,000 | $132,000 | $148,000 |
| Average Sold Price | $140,333 | $263,031 | $244,714 | $319,000 |
| Median Sold Price | $127,500 | $232,750 | $160,000 | $319,000 |
| Highest Sold Price | $207,000 | $572,000 | $380,000 | $490,000 |
| Average $/Sq Ft | $209 | $310 | $320 | $358 |
| Average Days On Market | 165 | 103 | 58 | 168 |
No Pendings at the moment.
The Montage (255 North Sierra Street)
| Active Properties | |
| Total # of Listings | 6 |
| Lowest Asking Price | $235,000 |
| Average Asking Price | $387,500 |
| Median Asking Price | $377,500 |
| Highest Asking Price | $565,000 |
| Average $/Sq Ft | $430 |
No Solds and no Pendings found.
Palladio (50 North Sierra Street)
| Active Properties | |
| Total # of Listings | 22 |
| Lowest Asking Price | $363,150 |
| Average Asking Price | $696,873 |
| Median Asking Price | $725,000 |
| Highest Asking Price | $1,005,000 |
| Average $/Sq. Ft. | $492 |
Same two Pendings as seen in February: $457 and $546/sq ft; average DOM 205 days.
Data courtesy of NNRMLS April 2007.
Wayne Irvine
I’m wondering if the 40% increase in the HOA dues at Riverwalk is indicative of what commonly happens with new properties who reach near full occupancy. Certainly they would sell better appearing to have reasonable dues.
NVMojo
Thanks for posting! This info is helpful.
Green NV
Park Tower and Arlington Tower really seem to be holding their own. Maybe a 25% discount under the $/SF for the Montage and Palladio has something to do with it? Buyers seem to be voting for the location, but not the pricing of the new housing stock.
jan walker
Remember the saying “you get what you pay for”, this is very true and would apply well re: The Palladio vs. The Park Tower and the other all the other condo units currently for sale in the downtown area. Most of the Park Tower units do not even come with even one parking spot in the building. Also you have to factor in another saying, “location, location, location”.