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Wednesday, April 27, 2005

Condos and Townhomes Magazine

I recently came across the "Condos and Townhomes" mini-magazine which I'm adding to my sources of Las Vegas High Rise information. Published monthly, it basically seems to be another advertising venue for the many high rise projects in town. You can visit their website at www.condosandtownhomes.net

While the website is far from impressive, it does allow you the ability to logon every month to see the PDF version of the magazine for free. Or you can purchase the print version subscription for $48/year.

If you see anything there that looks interesting, contact me and I'll get you the further information you'll need or let me know at the VegasNNN website.

Monday, April 25, 2005

Sales Starting for the MGM Residences Third Tower

If you missed out on the Residences last 2 high rise condo hotel towers, now's your chance to buy into the third. The Residences at MGM Grand has recently started selling their third and final 40 story, 576 unit high rise tower. The project, a joint venture between the MGM and Turnberry Associates located at the northeast end of the resort's 116-acre site, features fully furnished studio, one, and two bedroom combo suites priced from $450,000 to more than $2 million.

Interior amenities will include crown moldings, raised panel wood doors, granite counter tops, Italian kitchen cabinetry, sub-zero refrigerators, appliances, spa tubs, bedroom carpeting, ultra-thin LCD flat screen HDTV, high speed internet conncectivity, and owner's lockout closets for added storage space. In addition, each tower will feature a fitness center, concierge, fully staffed lobby, swimming pool, and 24 hour security.

But the best part of this project is that buyers will have access to the MGM Grand's amenities, including five outdoor pools and the Grand Spa, which has 30 treatment rooms and a fitness center. That's huge since the MGM has set the standard for luxury and amenities for quite some time. If you can afford the pricetag, The Residences are perhaps your best bet for "condo hotel" ownership as you have the monmouth combination of MGM and Turnberry working on your behalf. With the project's location and amenities, you'll never have to leave the premises!

The Residences first tower is currently under construction while breakground for the second tower is scheduled for May. It's a top-notch project as far as I'm concerned.

Sandhurst makes good downtown high rise option

The developers of the Sandhurst High Rise say their 35 story residential tower will bring the New York lifestyle to downtown Las Vegas. With extensive backgrounds in high rise development, construction, and leasing, the goal of the developers is to create the ultimate high rise self-contained community. And best of all, this project may actually happen.

Comprising 413 traditional, penthouse, and penthouse duplex units along Grand Central Parkway, just west of the arts district and adjacent to the planned performing arts center, the project caters more to the people looking to live in Vegas on a full time basis, rather than the investor type just looking for something to flip.

The units, with floorplans measuring from 817 to 4,700 square feet and priced from the low $300s to over $2.5 million, will start on the 7th floor of the building to enhance views and come with 2 health club memberships. Amenities include a swimming pool, a 26,000 square foot fitness center with spa, restaurants, an open Italian style plaza and landscape, a great room with a library, theater, game room, kitchen and terrace, private parking, gated entry, and dog runs. There will also be dry cleaners with pickup and delivery service available.

The project is looking to break ground this summer (2005) with completion scheduled for sometime during the 2006 winter season.

Thursday, April 21, 2005

Lawyers Liking Las Vegas High Rise Market

It seems every day, a new high rise condo project is being announced in the Las Vegas Valley.

Out of the hundred or so projects on the table, many expert analysts are maintaining only about 30% will ever actually get built. So for whom is that good news? Probably mostly lawyers, since a number of lawsuits have recently been initiated with more and more likely in the future.

For starters, five lawsuits have been already been filed in Clark County District Court pertaining to the demise of the Krystle Sands condo hotel and its developer Freddie Schinz of Destin, Florida. Plans to develop the $400 million Krystle Sands project, a 45-story condo hotel on the 3.6 acre site of the now-demolished Algiers hotel, were canceled last month when Schinz sold the project to Turnberry Associates. The latest scoop says that in addition to allegations of fraud, deceptive trade practices and civil conspiracy, the plaintiffs are seeking at least $70 million in damages and return of escrow money to the buyers.

Another situation worth following involves Lorenzo Doumani of the Majestic high rise condo hotel, who initiated a lawsuit last week against the Related Companies, developers of the ICON high rise condo project. The Related Companies recently obtained approval for two 522-foot towers to be built in close proximity to the Majestic. Doumani's suit claims the ICON would block views and cast shadows on his Majestic project, setting what he called a "horrible precedent" for future projects.

In a town full of gambling and odds-making, one thing you can be sure of: As the high rise market continues to evolve, expect more and more litigation news flashes. Who needs reality TV when you have Las Vegas?

Tuesday, April 19, 2005

Hard Rock Hotel Going High Rise in Las Vegas

Add the Hard Rock hotel to the growing number of major hotels announing their latest high rise project. The Hard Rock has announced plans for "The Flats", comprising 800 condo hotel units, "The Residences" which will be 372 luxury high rise residential condos, and "The Bungalows", a 36 private beachside villa area.

The two-tower Flats will be 800 condo hotel suites with a mix of fully furnished studios and one bedroom units. Prices start in the mid $400's for the 550 square foot studios and the 1100 square foot one bedroom units start in the mid $800's.

The Hard Rock Residences, which start in the low $1 million range, will consist of three high rise towers with 372 suites, ranging from one, two, and three bedroom units and from 1,200 to 3,600 square feet. The towers will feature private parking, valet and concierge service. In addition, each unit will have direct elevator access.

The private beachside Bungalows will have a South Beach look and a Malibu feel. Exclusively single family villas with their own private pools, these units measure from 1,800 to 3,600 square feet with prices starting in the high $2 million range. Built on 900 squre foot pads, the bungalows will be either 2, 3, or 4 stories tall.

In addition to a boardwalk expansion with a separate beach and private beach entry pools, four new restaurants, and the expansion of "The Joint" to a larger, full scale concert hall, these towers will consist of 80% glass exteriors and contemporary ultra modern interiors and high end finishes.

Needless to say, the Hard Rock Hotel has been the destination for high profile celebrities for years now and according to the developers, many have already purchased villas in the new project, which makes this the hottest high rise condo hotel project in town at the moment.

Deposits for these units are $5,000 or $10,000 depending on what you want to reserve, so email or call me at 702-492-6376 for information on reservation details.

The Grand opening of this project will be May 1st at which time prices will be raised at least 10% - so act now to own a piece of the Hard Rock and get ready to party with the celebs!

Monday, April 18, 2005

Platinum High Rise Foundation Work Complete

Take 60 concrete trucks pouring concrete at a rate of 440 cubic yards an hour, then add 50 construction workers plus 17 hours of concrete pouring and what do you get? The 5,300 cubic yard foundation for the 16 story Platinum hotel condo located at 211 E. Flamingo Road, just east of Koval Lane. The Platinum is the first of two luxury high rise condo hotel projects planned by developer Michael Peterson and his company Diversified Real Estate Concepts. The 1.6 acre site will be home to a mix of 255 one and two bedroom units, with completion scheduled for May of 2006. Peterson's other project, Aqua Blue, is located around the corner from the Platinum at the site of the Super 8 motel on Koval Lane.

Because there's no room to store materials on the Platinum site, all of the exterior panels and rebar cages must be prefabricated and delivered to the site. Vertical construction will start after the rebar cages are set for the columns.

With the growing doubt as to which of the over 100 planned Las Vegas high rise projects will actually get built, it looks like the Platinum is one that's definitely moving forward. Let me know if you'd like reservation or pricing information.

Saturday, April 16, 2005

Spanish View High Rise Towers a Custom Experience

Building Consensus has recently started construction on its "Spanish View Towers" high rise condo development. The project calls for 3 18-story towers on 15 acres located near the I-215 and Buffalo Drive. This looks to be a very encompassing project and the developer is stressing the unique aspect of each unit. Buyers will be able to customize and select features for their condos, including adjustments to room sizes. Interior amenities are to include marble flooring, bay windows, granite counter tops, kitchen appliances, intercom systems, vacuum systems, coffered ceilings, 8-inch baseboards and art niches.

Plans also include 7 acres of recreational facilities including a spa, health and fitness center, two enclosed pools, tennis courts, practice putting greens with sand traps, jogging and walking paths, and even two dog runs.

There will be 405 units priced starting at $760,000 and measuring anywhere between 2,500 and 9,500 square feet with garages included in the price. The first move-in is expected in May 2006. With all the amenties this project will offer, combined with access to limousine and concierge service, it sounds like you'll have everything you'll need to live the good life in the Vegas valley.

Thursday, April 14, 2005

C2 Lofts

Christopher homes is getting into the mid-rise Las Vegas market in Summerlin with their 100 loft residences project called "C2 Lofts". There aren't a lot of details at present, other than the fact they're anticipating 100 loft residences built in two buildings located at the southwest corner of West Charleston and the I-215, just west of where the new Red Rock Casino's being constructed. The units will feature panoramic views of the Red Rock mountain range and the Las Vegas city lights.

The location pretty much assures that future owners will live in the midst of many conveniences, including immediate access to the many recreational, restaurant, and entertainment venues the Summerlin area features. In fact, the lofts themselves will be within biking distance to the Red Rock Canyon National Conservation Area.

I've been in touch with many "high rise" purchasers who all of a sudden seem to be enamored with the loft concept lately. I'm keeping my eye on this one...

Wednesday, April 13, 2005

Cielo Vista High Rise in the Works

The latest high rise project slated for the downtown area is Seattle-based Northwest Resource Management Group's Cielo Vista Condominiums. This 25 story tower with 414 loft-style units sits on almost 3 acres at East Washington Avenue and Veterans Memorial Drive, one block from Las Vegas Boulevard and ten blocks from Fremont Street.

Preliminary plans for Cielo Vista call for condos ranging from 1,000 to 2,000 square feet and priced from $295,000 to the upper $500,000s.
The first floor of the project will have 32,000 square feet of retail. Above that will be six floors of parking and 18 floors of residential units. One, two and three bedroom condos will be available.

Escrow on the $1.2 million land deal has closed and construction will start late this year with completion anticipated for early 2007. MWT Ofra of Las Vegas is the design architect.

The project is generating plenty of industry buzz lately and a $5,000 refundable deposit is required for reservations. Contact us if you need further info on this project or others. From what I've been hearing, I'm almost certain that this project will obtain approval from the Las Vegas planning commission.

Tuesday, April 12, 2005

High Rise Checklist from VegasNNN.com

Is the Las Vegas high rise condo hotel market confusing you? We've created a one page checklist that will help you gather the right information you'll need to make a purchasing decision and find the project that's right for you.

You'll find that using this document will help you organize your thoughts as you investigate each project one by one.

Register to download your complimentary Las Vegas High Rise Checklist here

Opus Las Vegas

Rumors of the demolition of the Scandia Fun center were confirmed when developers of the Opus Las Vegas high rise project announced that Scandia will be demolished in September to make way for their two new high rise condominium towers.

To be located at 2900 Sirius Ave. at Rancho Road, the 50-story Opus Las Vegas condo will have 350 units per tower. Construction is anticipated to begin in the first quarter of 2006 and they will be start pre-selling later this year with units ranging from $200,000 to over $4 million dollars and square footage ranging from 700 to more than 4,000. They are calling for a completion date of 2008.

We are currently developing an interest list for this property, so if you'd like more information please feel free to contact us at info@vegasnnn.com

Monday, April 11, 2005

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

Friday, April 08, 2005

Too Many High Rise Condo Hotels in Las Vegas?

If you read the latest high rise article from the Las Vegas Review Journal, you'd swear the outlook for High Rise condos in Las Vegas isn't as rosy as it appears. However, consider the fact that you need $100,000 just to reserve a one-bedroom unit in the Cosmopolitan project and there aren't many left. Or that Trump claims to be all sold out of their units. For that matter, investigate just about all the projects currently being marketed and they'll tell you their sales are brisk.

Yes, there are 100 or so high rise condo projects proposed in the Las Vegas valley, and true, not all will ever get built. But since the demise of the Krystle Sands project, the media seems to be using that collapse as proof of a shaky high rise future. That just isn't the case. With several new projects under construction, including the Metropolis, SoHo Lofts and Panorama, and others just about ready to break ground, the timing is still right for investors and owner occupants to get into the picture.

Will only 50% of the 100 projects actually be completed? How about 40%... or even 30%? The answer is simple - It doesn't matter. That is, as long as you're in the ones that do get built!

My analysis concludes that the Cosmopolitan, Residences at MGM, Turnberry Towers, Icon, Panorama, and Sky Las Vegas are your current best bets for project stability and overall capital appreciation. Now, if you only had the money!

The bottom line is any fears of overbuilding should be laid to rest by all the marketing studies proving that only the tip of the booming condo market has been realized so far. Buy now... and thank your real estate agent later.

Email us for information on reserving a unit or for more information on any condo / hotel project in town.