Of the residential towers, 20 are condos (pure residential) while the remaining six are condo-hotel. Of the current inventory (excluding CityCenter, as closings have just began at only one of the three residential towers), the number of "available" units that need to clear the market is alarming. This does not include currently owned units that are actively listed on the MLS system or what we believe could be a large number of owners who would prefer to sell but simply won't given current market dynamics. In our analysis, we have assumed that all units in default will ultimately become available. Of the 4,819 condo units we looked at, 49% are available or soon-to-be available. This includes unsold inventory (38% still held by the developer), units in default (10%) and bank-owned (2%). Of the 3,863 condo-hotel units, 44% are available: unsold (33%), in default (10%), bank-owned (1%). On a combined basis, 36% are unsold, 10% are in default and 1% are bank-owned.
Here are some reported numbers from various developments:
Allure - 190 of 427 units unsold; 40 in default; 10 bank owned
Juhl - 309 of 344 unsold
Newport Lofts - 23 of 168 unsold; 51 in default, 12 bank owned
One Queensridge Place - 85 of 219 unsold; 8 in default
Panorama Tower 3 - 334 of 372 unsold
Sky Las Vegas - 79 of 405 unsold; 50 in default; 5 bank owned
Streamline Tower - 248 of 275 unsold
Turnberry Towers West - 255 of 318 unsold
MGM Signature 3 - 84 of 576 unsold; 105 in default; 17 bank owned
Palms Place - 204 of 599 unsold
Trump International - 977 of 1,282 unsold
