With respect to yesterday's post regarding the demise of the Aqua Blue high rise condo project, Mike Dean - owner of M.J. Dean Construction - had a great quote in Hubble Smith's article in today's Review Journal:
"Condos are a Catch-22. You can't build until you sell, then you can't sell for what they're built for."
And isn't that the truth?
Dean's company is currently building the Sky Las Vegas and Panorama Towers and has been contracted by The Related Cos. for Icon, so he knows what the high rise condo business is like in Las Vegas.
Next time you look at an expensive price tag for a condo hotel unit, know that you're probably dealing with a developer that understands what it'll take to actually get their project built - and don't fall for that "Condos starting at the $130s" bait and switch.
Contact me or call at 888-778-2726 for an updated list on what I consider the 5 best projects in town at this point.
Thursday, June 30, 2005
Wednesday, June 29, 2005
Aqua Blue High Rise Condo Cancelled
2 down... unfortunately many more to go.
Aqua Blue has joined the doomed Krystle Sands project in the "cancelled high rise" club. Citing increased construction costs as the main cancellation reason, the developer of the project, Chicago-based Diversified Real Estate Concepts, decided to scrap plans to build the proposed 46-story Las Vegas high rise condo and are turning their attention to the construction of their other condo hotel project in town named "The Platinum".
The selling point of the Aqua Blue project was its affiliation with basketball great Michael Jordan, who backed the $600 million dollar project with a signature athletic center, a Michael Jordan Steak House and Michael Jordan's "23". Unlike basketball however, even Jordan's star power couldn't lead this project to fruition.
Although Diversified has already completed a variety of projects in Illinois and Wisconsin, they seriously discounted the cost of building in the Las Vegas market. To borrow a popular phrase, "what happens to be built elsewhere, may not happen in Vegas". Despite the high rise being over 50% sold out, there have been cancellation rumors regarding this project for some time now, so this news won't surprise the industry experts in the least.
Similiar to the Krystle Sands fiasco, buyers will have their reservation deposits returned from title, but it won't sit well with them considering all the paper appreciation they've seen and lost in their units.
It goes to show you how careful you must be when selecting a high rise condo hotel as a real estate purchase. The Condo Hotel concept in Las Vegas is a completely new concept and it's wise to due your due diligence before committing to any project.
Low price per square footage ratios are a good sign that developers are discounting how difficult it is to construct high rises. Ground-breaking is always a good sign, which obviously makes unit owners of The Platinum project sleep better at night since that project joins others such as Panorama Towers, SoHo Lofts, Metropolis, Sky Las Vegas, and Turnberry Towers as quality high rise projects in Las Vegas that are currently under construction.
Aqua Blue has joined the doomed Krystle Sands project in the "cancelled high rise" club. Citing increased construction costs as the main cancellation reason, the developer of the project, Chicago-based Diversified Real Estate Concepts, decided to scrap plans to build the proposed 46-story Las Vegas high rise condo and are turning their attention to the construction of their other condo hotel project in town named "The Platinum".
The selling point of the Aqua Blue project was its affiliation with basketball great Michael Jordan, who backed the $600 million dollar project with a signature athletic center, a Michael Jordan Steak House and Michael Jordan's "23". Unlike basketball however, even Jordan's star power couldn't lead this project to fruition.
Although Diversified has already completed a variety of projects in Illinois and Wisconsin, they seriously discounted the cost of building in the Las Vegas market. To borrow a popular phrase, "what happens to be built elsewhere, may not happen in Vegas". Despite the high rise being over 50% sold out, there have been cancellation rumors regarding this project for some time now, so this news won't surprise the industry experts in the least.
Similiar to the Krystle Sands fiasco, buyers will have their reservation deposits returned from title, but it won't sit well with them considering all the paper appreciation they've seen and lost in their units.
It goes to show you how careful you must be when selecting a high rise condo hotel as a real estate purchase. The Condo Hotel concept in Las Vegas is a completely new concept and it's wise to due your due diligence before committing to any project.
Low price per square footage ratios are a good sign that developers are discounting how difficult it is to construct high rises. Ground-breaking is always a good sign, which obviously makes unit owners of The Platinum project sleep better at night since that project joins others such as Panorama Towers, SoHo Lofts, Metropolis, Sky Las Vegas, and Turnberry Towers as quality high rise projects in Las Vegas that are currently under construction.
Monday, June 27, 2005
Strategy is Important Component with High Rise Condo Hotel Purchases
Everyone has their own investment strategies and goals. When considering the purchases of high rise condo hotels, the first thing you need to do is determine what type of investment you're most comfortable with and access your risk level accordingly. Once you've convinced yourself that a Las Vegas high rise is consistent with your investment strategy, the next important step is to actually buy one. Many people get caught up with "analysis paralysis", which in this market will cause you to miss out on excellent opportunities that others will take advantage of before you if you wait too long. Remember that if you really think about it, you make your money on the purchase, so if you never actually get into the market, you'll be waiting on the sidelines when others are drinking martinis from their high rise balconies.
And don't get too caught up in the idea that you have to buy at first phase in order to make money. With the way the market is going these days, there are many opportunites for unit appreciation regardless of when your purchase is made or what number tower is currently being offered.
Then there's those questions about whether to rent or live there... or whether to sell after closing or keep the unit long-term... perhaps a 1031 exchange... That's the beauty of this market - there are so many options and alternatives. The basic advice again is to do whatever is consistent with your longterm growth strategy, risk tolerance, and personal ease of mind, which obviously varies from person to person.
Selling short term may provide a quick return, but may be short sighted in that you'll miss out on further appreciation. A longer term holding may provide a positive cash-flow and equity buildup as you ride out the ups and downs of the market over time, which historically maintains a long-term upward path. Either way, it's wise to clearly define what your exit strategy will be before you commit to a purchase.
My advice is to do the homework associated with every project in town that interests you. Consult your attorney and/or accountant to fully understand the risk and tax implications of this type of real estate investment. Read, watch, and learn - and don't forget to seek the advice of professionals who live and breathe the marketplace.
And don't get too caught up in the idea that you have to buy at first phase in order to make money. With the way the market is going these days, there are many opportunites for unit appreciation regardless of when your purchase is made or what number tower is currently being offered.
Then there's those questions about whether to rent or live there... or whether to sell after closing or keep the unit long-term... perhaps a 1031 exchange... That's the beauty of this market - there are so many options and alternatives. The basic advice again is to do whatever is consistent with your longterm growth strategy, risk tolerance, and personal ease of mind, which obviously varies from person to person.
Selling short term may provide a quick return, but may be short sighted in that you'll miss out on further appreciation. A longer term holding may provide a positive cash-flow and equity buildup as you ride out the ups and downs of the market over time, which historically maintains a long-term upward path. Either way, it's wise to clearly define what your exit strategy will be before you commit to a purchase.
My advice is to do the homework associated with every project in town that interests you. Consult your attorney and/or accountant to fully understand the risk and tax implications of this type of real estate investment. Read, watch, and learn - and don't forget to seek the advice of professionals who live and breathe the marketplace.
Friday, June 24, 2005
Investing in Pre-Construction High Rise Condo Hotels in Las Vegas
There's no question the hise rise condo hotel investment concept is taking the real estate world by storm, especially here in Las Vegas. But have you given any thought as to why? Developers pre-sell individual units in their projects to purchasers and investors creating the necessary leverage and project confidence so the bank will finance their entire project. By making these units available to local real estate agents and brokers to sell, everyone's in a position to benefit. The agent has inventory to sell, the buyer purchases an investment which historically produces a great return on investment, and the developer gets the money needed for construction purposes.
For a relatively nominal reservation deposit (which is almost always refundable) and a comparatively very little down (usually 20 percent), preconstruction opportunities allow you to invest in resort-type property and tie up a significant asset without even having to close for a 2 year period. Add to that the fact there are no other out-of-pocket expenses for the entire time until closing. You pay no HOA dues, no property taxes, no maintence fees, no loan or interest payments, and maintain very little risk as well.
There are basically four clearly defined steps involved in the acquisition process for purchasing a high rise condo hotel.
First is the reservation period, which typically ranges 6 months. Here the developer provides floor plans and artist renderings to give you an idea of what the building will look like and what amenities will be provided. They usually inform real estate agents in the form of "Previews" to give them a head start with their clients. This is why it's important to add yourself to our list of qualified purchasers so you'll be the first to hear of situations as they develop. At this point, interested individuals complete the required paperwork for a reservation on a specific unit, usually a nominal $5,000 to $10,000 refundable check, held in escrow and made payable to a title company.
Once the developer is ready to proceed with the project, you have a state-mandated right of rescission period which is usually 5 to 15 days, where you can back out of your agreement for any reason whatsoever with no penalty. The specific developer will deliver state approved Condominum Documents, usually by Fed-Ex or UPS, to give you time to review them in detail. If you choose to move forward and sign the paperwork, your contract will go "hard" and you'll be expected to close on the deal without being eligible for any refunds. If you chose not to proceed, your reservation check gets refunded - so for most projects, you're really risking absolutely nothing by making a reservation in the first place.
At hard contract, you complete the documentation and provide the balance of any earnest money required (usually 20% of the purchase price) minus the amount of your initial reservation deposit which is applied to that amount. Some projects request 10% at contract and 10% at breakground, or others may accept an irrevocable letter of credit from the bank of your choice in lieu of the deposit amount. After you submit the hard contract it will take approximately eighteen to twenty four months of construction before closing. Suffice to say each developer is different and they all have differing requirements - but for the most part, you'll need 20% down total on most of the projects in town.
Once you get past the hard contract signing, then you just sit back and wait until the development is close to completion and you're scheduled for a closing. This period could last 18 to 24 months, which gives you plenty of time to accumulate the balance of the purchase in cash or by securing a mortgage. During this timeframe, you'll hopefully notice significant appreciation in the value of your unit so when the building's completed and move-in time comes, you'll have the luxury of knowing you were one of the smart ones to purchase a unit in the Las Vegas high rise condo hotel world.
Your only downside is getting into the wrong project. Contact us if you'd like to take advantage of these opportunities. We'll make sure we place you in the project that's right for you.
For a relatively nominal reservation deposit (which is almost always refundable) and a comparatively very little down (usually 20 percent), preconstruction opportunities allow you to invest in resort-type property and tie up a significant asset without even having to close for a 2 year period. Add to that the fact there are no other out-of-pocket expenses for the entire time until closing. You pay no HOA dues, no property taxes, no maintence fees, no loan or interest payments, and maintain very little risk as well.
There are basically four clearly defined steps involved in the acquisition process for purchasing a high rise condo hotel.
First is the reservation period, which typically ranges 6 months. Here the developer provides floor plans and artist renderings to give you an idea of what the building will look like and what amenities will be provided. They usually inform real estate agents in the form of "Previews" to give them a head start with their clients. This is why it's important to add yourself to our list of qualified purchasers so you'll be the first to hear of situations as they develop. At this point, interested individuals complete the required paperwork for a reservation on a specific unit, usually a nominal $5,000 to $10,000 refundable check, held in escrow and made payable to a title company.
Once the developer is ready to proceed with the project, you have a state-mandated right of rescission period which is usually 5 to 15 days, where you can back out of your agreement for any reason whatsoever with no penalty. The specific developer will deliver state approved Condominum Documents, usually by Fed-Ex or UPS, to give you time to review them in detail. If you choose to move forward and sign the paperwork, your contract will go "hard" and you'll be expected to close on the deal without being eligible for any refunds. If you chose not to proceed, your reservation check gets refunded - so for most projects, you're really risking absolutely nothing by making a reservation in the first place.
At hard contract, you complete the documentation and provide the balance of any earnest money required (usually 20% of the purchase price) minus the amount of your initial reservation deposit which is applied to that amount. Some projects request 10% at contract and 10% at breakground, or others may accept an irrevocable letter of credit from the bank of your choice in lieu of the deposit amount. After you submit the hard contract it will take approximately eighteen to twenty four months of construction before closing. Suffice to say each developer is different and they all have differing requirements - but for the most part, you'll need 20% down total on most of the projects in town.
Once you get past the hard contract signing, then you just sit back and wait until the development is close to completion and you're scheduled for a closing. This period could last 18 to 24 months, which gives you plenty of time to accumulate the balance of the purchase in cash or by securing a mortgage. During this timeframe, you'll hopefully notice significant appreciation in the value of your unit so when the building's completed and move-in time comes, you'll have the luxury of knowing you were one of the smart ones to purchase a unit in the Las Vegas high rise condo hotel world.
Your only downside is getting into the wrong project. Contact us if you'd like to take advantage of these opportunities. We'll make sure we place you in the project that's right for you.
Wednesday, June 22, 2005
ICON Sales in the Homestretch
Units in the second ICON tower continue to sell impressively. Although they are still in reservation mode and probably not going to hard contract until July, their available inventory gets smaller and smaller each day.
In fact, as of today, they have only 1 one-bedroom unit left, located on the 42nd floor and going for approximately $785K. At 971 square feet, do the math and you're looking at a pricetag of $800 per square foot.
Expensive? Maybe... but then again you have to pay for the security of knowing the project developers have done their homework and the building will definitely get built.
If you need a 2-bedroom, they still have approximately 6-8 units measuring 1,400 square feet located anywhere between the floors 4 to 42, priced ranging from approximately $725K to over $1 million depending on floor.
Finally, 3 bedroom units are also available on floors 4-39 with square footage of 1824 and priced from $785K to over $1 million as well.
Once again, if you're interested in a purchasing a high rise with the purpose of living in it yourself, ICON makes a excellent selection. Their developer is strong, their prices are realistic, and the building location is excellent (right off Convention Center Drive and the Strip).
You'll need a fully refundable $25,000 reservation check to secure a unit. Then, at contract signing - which will probably be early July, you'll have to put down 10% of the unit amount (with your reservation check going towards that amount). Then, you'll need another 10% down at breakground, scheduled to occur sometime this fall, for a 20% total downpayment.
I know so many people who are kicking themselves for not getting into Tower I of this project. Don't be kicking yourself for letting the Tower II opportunity pass you by. Contact me now before the little amount of remaining units are gone, which at this rate, may happen very quickly.
In fact, as of today, they have only 1 one-bedroom unit left, located on the 42nd floor and going for approximately $785K. At 971 square feet, do the math and you're looking at a pricetag of $800 per square foot.
Expensive? Maybe... but then again you have to pay for the security of knowing the project developers have done their homework and the building will definitely get built.
If you need a 2-bedroom, they still have approximately 6-8 units measuring 1,400 square feet located anywhere between the floors 4 to 42, priced ranging from approximately $725K to over $1 million depending on floor.
Finally, 3 bedroom units are also available on floors 4-39 with square footage of 1824 and priced from $785K to over $1 million as well.
Once again, if you're interested in a purchasing a high rise with the purpose of living in it yourself, ICON makes a excellent selection. Their developer is strong, their prices are realistic, and the building location is excellent (right off Convention Center Drive and the Strip).
You'll need a fully refundable $25,000 reservation check to secure a unit. Then, at contract signing - which will probably be early July, you'll have to put down 10% of the unit amount (with your reservation check going towards that amount). Then, you'll need another 10% down at breakground, scheduled to occur sometime this fall, for a 20% total downpayment.
I know so many people who are kicking themselves for not getting into Tower I of this project. Don't be kicking yourself for letting the Tower II opportunity pass you by. Contact me now before the little amount of remaining units are gone, which at this rate, may happen very quickly.
Tuesday, June 21, 2005
Trump High Rise Groundbreaking Date Set
Donald Trump has been trying to enter the Las Vegas scene since the early 1990's. On July 12th, unit owners of his Trump International high rise condo hotel will finally see tangible evidence of progress as he officially breaks ground on his Vegas project.
We've been hearing that the Trump project has been 100% sold out for quite some time now, so this annoucement is great news to the many naysayers who were wondering why nothing was happening with the project for awhile.
The $500 million, 64 story tower, situated by the Frontier Hotel across from the Fashion Show mall, will feature 1282 units with prices ranging from $600K to over $6 million dollars. According to a company spokesman, Trump has plans to build an identical 64 story tower on the site, further enhancing an ever-changing Las Vegas skyline.
So far, details are sketchy as to when these new tower units will become available for reservation. But contact me if you'd like to be on my insider list and I'll surely let you know the details on securing one of these units for you when more information surfaces.
We've been hearing that the Trump project has been 100% sold out for quite some time now, so this annoucement is great news to the many naysayers who were wondering why nothing was happening with the project for awhile.
The $500 million, 64 story tower, situated by the Frontier Hotel across from the Fashion Show mall, will feature 1282 units with prices ranging from $600K to over $6 million dollars. According to a company spokesman, Trump has plans to build an identical 64 story tower on the site, further enhancing an ever-changing Las Vegas skyline.
So far, details are sketchy as to when these new tower units will become available for reservation. But contact me if you'd like to be on my insider list and I'll surely let you know the details on securing one of these units for you when more information surfaces.
Monday, June 20, 2005
Real Estate Section No News To Me
News: A report of recent events and happenings as given each day by newspaper, radio, etc. of information which was not known before.
- The Oxford English Dictionary
Once you've lived in Las Vegas awhile, you realize that the Las Vegas Review Journal is your best source for newspaper reading in town. The publication really is excellent, except for the Real Estate section in the Sunday edition. What bothers me about this section is it's just not "news" - it's really just feel good press releases disguised as news articles, but in reality are nothing more than promotional fluff generated by the marketing departments of the many builders and developers in town.
Here are some of the headlines in yesterday's edition:
- Sandhurst's Execs Call Las Vegas Home
- Lennar's Package Delights Buyers
- Christopher Introduces Luxury Lofts Complex
- Boca Raton Extols Luxury Units
- Trump Sales Center Readies for Opening
- Residences Come "Stocked"
This isn't "news". This is in-your-face, totally subjective, company-generated marketing that is being passed off as newsworthy. Of course the front page of the section screams out "REAL ESTATE", with "promotional feature" in small print underneath as a disclaimer, so you can't say they're trying to put one over on anyone, but it just leaves me with a bad taste in my mouth when I realize the best newspaper in town can't give me objective real estate news in their real estate section.
That's exactly why this blog was created. We aren't affiliated with any builder or project and can report the Las Vegas high rise condo hotel facts honestly, objectively and accurately with no bias towards anyone. Now that's news!
Thursday, June 16, 2005
More SoHo High Rise Loft Units Available Soon
Soho Lofts pricing will be available on Monday, June 20th. Rumor has it that there will only be about 15 units available and that half of the initial buyers who were going to participate in this resale program now want to hold onto their units instead.
That says alot about this project. If you're interested in loft living in Las Vegas, definitely contact me immediately so I can help you reserve one of these lofts going on the market Monday. Remember these high rise loft units will be sold on a first come, first serve basis, so time is of the essense here.
That says alot about this project. If you're interested in loft living in Las Vegas, definitely contact me immediately so I can help you reserve one of these lofts going on the market Monday. Remember these high rise loft units will be sold on a first come, first serve basis, so time is of the essense here.
Tuesday, June 14, 2005
$3,000 a Square Foot?!?
If you ever had any doubts about the direction that the Las Vegas high rise condo market is going, consider this: at the latest High Rise Conference held at the Bellagio on June 10th, industry experts said that with the rising costs of construction, they wouldn't be surprised to see pricing in the neighborhood of $3,000 a square foot in the future!
That's a pretty expensive neighborhood. In actuality, any high rise condo project that thinks it's getting built at under $700 a square foot today is being totally unrealistic in my opinion. When push comes to shove, those are the ones that won't get built. They'll find out their initial projections were way off and will either fold or try to weasel out of signed reservation agreements.
Find a high rise condo that's selling in the $750-$900 square footage range and you've got a project where the developers are doing realistic homework - and that'll be a good project to get yourself into. Then, when the magic 3,000 comes along, you'll have tripled your money.
Of course, if the $3,000 per square foot number is reached in, let's say, year 2090, the industry experts from the high rise conference will have been right, but who wants to wait that long? You make your money on the purchase, so don't wait to buy high rises... buy high rises and wait.
That's a pretty expensive neighborhood. In actuality, any high rise condo project that thinks it's getting built at under $700 a square foot today is being totally unrealistic in my opinion. When push comes to shove, those are the ones that won't get built. They'll find out their initial projections were way off and will either fold or try to weasel out of signed reservation agreements.
Find a high rise condo that's selling in the $750-$900 square footage range and you've got a project where the developers are doing realistic homework - and that'll be a good project to get yourself into. Then, when the magic 3,000 comes along, you'll have tripled your money.
Of course, if the $3,000 per square foot number is reached in, let's say, year 2090, the industry experts from the high rise conference will have been right, but who wants to wait that long? You make your money on the purchase, so don't wait to buy high rises... buy high rises and wait.
Thursday, June 09, 2005
50 Manhattan Units Left
I just received an email from Alexander Edelstein, the developer of the Manhattan Condominiums who informed me that 600 of the units in the development are now under hard contract. They still have about 50 left to sell, many of them from $250-300 per square foot and offered for as little as $250,000.
The following is their appointment schedule, where you can preview the community and possibly reserve a unit if you like what you see:
- Thursday, June 16th at 3:00pm
- Thursday, June 16th at 7:00pm
- Saturday, June 18th at 3:00pm
Construction has begun on this mid-rise condo, so that's a good sign. They're also offering a free 42" Plasma Screen TV upon closing as part of their "Final Fifty" promotion. You can get more information on the Manhattan LV project at their website.
The following is their appointment schedule, where you can preview the community and possibly reserve a unit if you like what you see:
- Thursday, June 16th at 3:00pm
- Thursday, June 16th at 7:00pm
- Saturday, June 18th at 3:00pm
Construction has begun on this mid-rise condo, so that's a good sign. They're also offering a free 42" Plasma Screen TV upon closing as part of their "Final Fifty" promotion. You can get more information on the Manhattan LV project at their website.
Monday, June 06, 2005
Cielo Vista High Rise Gets Commission Approval
As predicted, the 414 unit Cielo Vista high rise condo project obtained their approval from the Las Vegas Planning Commission in unanimous fashion. Now, they go before the City Council on June 14th. But not to worry - that process should go smooth as well.
The project located at Washington Avenue and Veterans Memorial Drive near Cashman Field already has 155 reservations at $5,000 apiece.
Are you one of them? If not, contact me to get into this one before it's too late.
The project located at Washington Avenue and Veterans Memorial Drive near Cashman Field already has 155 reservations at $5,000 apiece.
Are you one of them? If not, contact me to get into this one before it's too late.
Friday, June 03, 2005
Who's Buying High Rises Anyway?
The other day, I had a conference call with the people over at PriceWaterhouse in New York who have been contracted by MGM to provide market data regarding the development of the "City Center" project on the strip in Las Vegas. They're in the process of contacting industry experts and getting their take on what works and what doesn't in this Las Vegas high rise condo hotel market.
In our conversation, I was asked a very interesting question: "Who's buying high rises anyway?". The answer may surprise you. Technically, no one - yet. The high rise market is so new here in Vegas, no one has actually closed on a property yet. Sure, reservations are aplenty and many have gone to hard contract, but since most projects won't be done for years, we really don't know what the future holds as far as who'll actually follow through with the purchase. Where else can you tie up a $600K property with a small investment and not have to close for 2 years? And that's what's creating this tremendous opportunity for owner-occupants and investors alike.
MGM Mirage is planning to develop the multibillion-dollar “urban metropolis” on the Strip between the Bellagio and the Monte Carlo. The 18 million square foot first-phase of the 66-acre development calls for a 4,000 room hotel and casino, three 400 room boutique hotels, 1,650 luxury condominium-hotel units and 550,000 square feet of retail, dining and entertainment space. An interest list is currently being formed.
Besides being flattered to have been chosen to participate in their survey, it furthered the notion in my mind that MGM really knows what they're doing, and justifies my tauting of their projects in town, such as The Residences as well as their association with the developers of Turnberry. As you well know, I've consistently ranked The Residences and Turnberry Towers as Vegas's best high rise project opportunities. Now, I'm sure I'll be recommending City Center as that project draws closer to reality.
So who should be buying these high rise units? YOU should. Despite all the hype, the market is still in its infancy and opportunity abounds - if you're in the right project. And that's why I've said time and time again that you need to align yourself with a knowledgeble industry expert to take advantages of what the Las Vegas high rise condo hotel market has to offer.
In our conversation, I was asked a very interesting question: "Who's buying high rises anyway?". The answer may surprise you. Technically, no one - yet. The high rise market is so new here in Vegas, no one has actually closed on a property yet. Sure, reservations are aplenty and many have gone to hard contract, but since most projects won't be done for years, we really don't know what the future holds as far as who'll actually follow through with the purchase. Where else can you tie up a $600K property with a small investment and not have to close for 2 years? And that's what's creating this tremendous opportunity for owner-occupants and investors alike.
MGM Mirage is planning to develop the multibillion-dollar “urban metropolis” on the Strip between the Bellagio and the Monte Carlo. The 18 million square foot first-phase of the 66-acre development calls for a 4,000 room hotel and casino, three 400 room boutique hotels, 1,650 luxury condominium-hotel units and 550,000 square feet of retail, dining and entertainment space. An interest list is currently being formed.
Besides being flattered to have been chosen to participate in their survey, it furthered the notion in my mind that MGM really knows what they're doing, and justifies my tauting of their projects in town, such as The Residences as well as their association with the developers of Turnberry. As you well know, I've consistently ranked The Residences and Turnberry Towers as Vegas's best high rise project opportunities. Now, I'm sure I'll be recommending City Center as that project draws closer to reality.
So who should be buying these high rise units? YOU should. Despite all the hype, the market is still in its infancy and opportunity abounds - if you're in the right project. And that's why I've said time and time again that you need to align yourself with a knowledgeble industry expert to take advantages of what the Las Vegas high rise condo hotel market has to offer.
Thursday, June 02, 2005
Green Lights Ahead for Sandhurst
Things seem to be going well with the Sandhurst project. Not only are units approximately 70% reserved, but the 35 story high rise condo development to be built in downtown Las Vegas recently announced its sales and construction team leaders.
Michael Mirolla, and executive member of Sandhurst, reported that Don Sherer, previously affiliated with a Las Vegas real estate agency, was appointed director of sales. In addition, John Walters Jr. was named director of construction. Walters was previously the director of construction for Station Casinos, and before that, Wal-Mart's Western Region. Finally, the general contractor (the UPA Group) is owned by Amir Etemadi whose clients have included the Ritz Carlton North Shore in Vancouver, British Columbia and MonteLago Village at the Lake Las Vegas resort in Henderson.
As we all know, a major factor in the success of a high rise project is the strength of its developers, and Sandhurst has certainly put together a pretty impressive resume.
The project, located west of the arts district and adjacent to a planned performing arts center and medical research center, will consist of 398 units ranging from 817 to about 4,700 square feet and priced from the $300,000s to $2.5 million, which includes a private storage unit.
With break ground expected this summer and completion scheduled for December 2006, property amenities include a 22,000 square foot fitness center and spa, a guard gated entry and private parking. Also planned are a restuarant, cafe, swimming pool, and dry cleaner with personal pickup and delivery service. Additional plans include a great room offering a library, theater, billiards, game room, kitchen and a 3,000 square foot terrace.
If downtown high rise living is for you, you should seriously consider this project. They are still currently taking reservations, so contact me for more information on how you can get into this project yourself.
Michael Mirolla, and executive member of Sandhurst, reported that Don Sherer, previously affiliated with a Las Vegas real estate agency, was appointed director of sales. In addition, John Walters Jr. was named director of construction. Walters was previously the director of construction for Station Casinos, and before that, Wal-Mart's Western Region. Finally, the general contractor (the UPA Group) is owned by Amir Etemadi whose clients have included the Ritz Carlton North Shore in Vancouver, British Columbia and MonteLago Village at the Lake Las Vegas resort in Henderson.
As we all know, a major factor in the success of a high rise project is the strength of its developers, and Sandhurst has certainly put together a pretty impressive resume.
The project, located west of the arts district and adjacent to a planned performing arts center and medical research center, will consist of 398 units ranging from 817 to about 4,700 square feet and priced from the $300,000s to $2.5 million, which includes a private storage unit.
With break ground expected this summer and completion scheduled for December 2006, property amenities include a 22,000 square foot fitness center and spa, a guard gated entry and private parking. Also planned are a restuarant, cafe, swimming pool, and dry cleaner with personal pickup and delivery service. Additional plans include a great room offering a library, theater, billiards, game room, kitchen and a 3,000 square foot terrace.
If downtown high rise living is for you, you should seriously consider this project. They are still currently taking reservations, so contact me for more information on how you can get into this project yourself.
Wednesday, June 01, 2005
Ivana vs. The Donald
13 years after their divorce, Donald Trump and ex-wife Ivana are still trying to top each other. Now, like so many other heavyweight battles, they're taking their act to Vegas where Ivana intends on competing with Trump's high rise towers with her own "Ivana" high rise condo project which should begin construction this July if all goes well. A big "if"...
To be located at Sahara and Las Vegas Boulevard, The Ivana, formerly The Summit, is being built by Australian developer Victor Altomare and will rise 73 stories and tower over - you guessed it - the condo project planned by Trump.
Ivana plans on investing her world-class fame into her project, maintaining she was the guiding force in designing the interiors of Trump Tower, the Plaza and the Grand Hyatt in New York.
Maybe so, but Trump's partners are not worried, citing a similar Ivana project in Florida called Bentley Bay that failed. But Trump should be worried about other things as well, such as his potentially bankrupt New Jersey casinos and the dreadful ratings his "Apprentice" show is generating.
I guess building Las Vegas high rise condo hotels makes for a nice side job when all else fails and you need to get back at your ex. For me, it's always been the bowling league.
To be located at Sahara and Las Vegas Boulevard, The Ivana, formerly The Summit, is being built by Australian developer Victor Altomare and will rise 73 stories and tower over - you guessed it - the condo project planned by Trump.
Ivana plans on investing her world-class fame into her project, maintaining she was the guiding force in designing the interiors of Trump Tower, the Plaza and the Grand Hyatt in New York.
Maybe so, but Trump's partners are not worried, citing a similar Ivana project in Florida called Bentley Bay that failed. But Trump should be worried about other things as well, such as his potentially bankrupt New Jersey casinos and the dreadful ratings his "Apprentice" show is generating.
I guess building Las Vegas high rise condo hotels makes for a nice side job when all else fails and you need to get back at your ex. For me, it's always been the bowling league.
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