Best Bets for Las Vegas High Rise Condos in 2006

There's so much happening in the Las Vegas high rise condo hotel market lately and I've been getting swamped with emails mostly as a result of the recent announcement from the developers of the Ivana project that their project was listed for sale and probably will never get built.

The big question I'm getting lately is "What's a safe Las Vegas high rise condo project to get into right now?"

"Safe" and "right now" are the key points. Project CityCenter's almost certain to be a winner - except it's been almost 18 months since the project was first announced, yet condo prices have yet to be set, sales haven't started, and many agreements remain to be worked out with Clark County regarding traffic flows and parking issues. In short, a project of this magnitude may be delayed for a very long time - and even then, we have no idea what their pricing structure will look like.

Setting aside a high rise purchase today with the hopes of waiting for CityCenter is probably not a wise move. In fact, it's entirely possible you can reserve a unit in a decent project right now, go to contract, close, and perhaps even sell it before CityCenter's ready to move forward. Make your money now so when CityCenter happens, you'll be well positioned - if the price points make sense, that is - and as of today, we just don't know.

"Safe" is another relative term - it all depends upon your investment strategy with buying a Las Vegas high rise condo in the first place. Here are my recommendations for the best buys you can make today for 2006 (determine what best describes you and act accordingly):

• For the truly affluent individual who's looking for a place to live in Vegas most of the year, and really doesn't care whether they rent out the unit while they're away:
  
  - Turnberry Towers : By far, your best option on the Strip
  
  - One QueensRidge Place: Off-strip supreme luxury
  
  
• For people with a decent amount of money to invest looking for a "second home" type presence in Las Vegas with the idea of maybe renting their unit long term (but most likely living in Las Vegas themselves):
  
  - Sky Las Vegas : it's currently going up and it's good.
  
  - The Curve: All looks good for this off-the-strip project in the growing Southwest
  
  
• For the somewhat small investor, looking to enter the market as either a condo hotel operation or with long-term rental aspirations:
  
  - MGM Grand Residences : Condo-hotel wise, it's not only the best option in Las Vegas, it's your ONLY option if you want a positive cash flow. An excellent option for the above recommendations as well.
  
  - Boca Raton: More of a mid-rise project, but an excellent south strip option that has already broken ground nonetheless.
  
  - Juhl: Another mid-rise, but perhaps your best option to take advantage of the growing downtown Las Vegas revitalization at this point.

Now of course there are a ton of other projects in town that may appeal to you and would probably make for great investments if you had the money to carry them. But based on the Ivana fiasco - along with its sister project Liberty Tower - I merely tried to pinpoint those that I think will definitely be built and will be suitable for purchase today with the goal of profiting via either rental income or through property appreciation.

Let me know if you're interested in pursuing any of these opportunites or others. But like I said early, don't wait for CityCenter to act - since you may be waiting a very long time while others are reaping the rewards of getting into the best Las Vegas high rise condo projects at the right time and price.

And don't let the newspapers scare you with all their doom and gloom. There are still good options in this town!