First Manhattan Building Ready Soon

Las Vegas' own Manhattan, the $200 million condominium project on Las Vegas Boulevard and Serene, announced today that the first of nine four-story buildings is expected to be completed in December 2005, followed by completion of a building a month. Each building will contain 44 to 108 units.

Because of the rapid growth of condominium projects, the biggest challenge of condo development in Las Vegas is getting Clark County approval of plans and permits. And this project has certainly been delayed. But despite the permit delays, Gemstone Development (developers of Manhattan LV) says the project is progressing smoothly.

In fact, 80 percent of the 700 units are "hard" contracts, meaning non-refundable deposits have been made. Contrast that to "reservation sales" where potential purchasers merely put down a certain amount of money (usually $10,000) where they can move forward by signing a contract in the future or having their reservation deposit refunded. A popular investor technique is to make as many reservations as possible, with the intent on going to contract with only one or two.

When high rise projects tell you they're all sold out, ask them if they're really sold, or just "reserved out". There's a big difference. The good news for prospective buyers is that every project will likely see at least a 20% drop off rate from the time of reservation to actual contract. That means keep those feelers out there on projects you may have already given up on.

While not classified as a true "high rise", Manhattan condos start in the $200,000s and go to the high $400,000s. On average, the project is selling at roughly $300 a square foot, which makes it somewhat of a less expensive alternative to the other high rises in town, many of which are approaching or exceeding the $1,000 per square foot threshold.

You can get more information on the Las Vegas Manhattan project at their website here