Register at CommercialREOS.com

Our national commercial foreclosure website at www.CommercialREOS.com is your source for commercial reo deals and contacts. Please register today and join our commercial REO network.

Friday, February 24, 2006

Hard Rock Cancels its "Cool" Las Vegas High Rise Condo Hotel Plans

Wouldn't it be great to be Hard Rock owner Peter Morton? He just announced the cancellation of the $1 billion dollar Hard Rock high rise 1,200 unit condo hotel project which included Bungalows, Flats, and Residences and already he has offers to buy the property, which is said to be worth in the neighborhood of $900 million.

Those who purchased units will be receiving a refund of their monies. But that's not the point. The point is, in this town, you can't just build a high rise because it's "cool". Remember the word around town when this project was first announced was to get in quickly since "cool" people such as sports stars and celebrities were buying - which made sense since the price points were sky high.

Folks... for entertainment, there's no better place in town than the Hard Rock. But let's face it, if you're not a celebrity or a sports star (and how many of us are?) - if you're just an average investor - you have to factor into the equation a variety of variables in a high rise purchase, not just how cool it may be to have a famous neighbor living next door.

Of course there are those who will certainly point to this as another example of the fading Las Vegas high rise condo market when in actuality, projects announcing cancellations are really a good thing as more and more of the hopefuls get weeded out to the benefit of those high quality projects with staying power, like the MGM... or Turnberry... or Juhl... or the Pinnacle... or Boca Raton... (you get the picture)

Think of it this way: every high rise that fails makes YOUR unit more valuable as long as it gets built. - but remember you have to buy it first. The market's not bad; you just have to do your homework.

Thursday, February 23, 2006

The Pinnacle High Rise Condo Project has an Updated Website

OK... so they're not website developers - but they do have an awesome Las Vegas high rise condo opportunity. The Pinnacle's updated website is a whole lot better than it was before, with a ton of more information available at your fingertips.

It's still not quite there, but they're getting close. For all of you who emailed me wondering why their site was, let's just say, "user unfriendly", now's the time to revisit.

This is a great project. I encourage you to check it out and then contact me for reservation information.

Tuesday, February 21, 2006

Another Great Deal on a Downtown Las Vegas High Rise Condo

We've talked about the Streamline Tower downtown Las Vegas high rise condo project.

We've talked about how great the Juhl opportunity is.

Of course, things come in threes, so here's a chance to purchase an excellent 1-bedroom unit at Club Renaissance, my "tri-fecta" of downtown Las Vegas high rise condo ownership opportunites. You can now get a 788 square foot 1 bedroom unit at Club Renaissance for $420,552! That's right... just over $400K buys you a unit in an awesome project with tremendous upside and some of the best amenities being offered in the Las Vegas high rise condo market.

As usual, first come, first serve so contact me today.

Monday, February 20, 2006

FAA Forces Re-Design of Las Vegas Central High Rise Condo Project

Due to Federal Aviation Administration requirements, the Las Vegas Central high rise project has been redesigned, going from 52 to 40 stories for its 1,000 proposed units.

We've been wondering what was causing the 10 month delay. We've also wondered how they could possibly be selling units at their advertised prices of $139,900, but now we've learned the project is now priced from the $300,000s to more than $2.5 million - which pretty much means you're realistically looking at pricing starting at $399,999.

With construction costs estimated to be in the $600 million range, developer Bruce Langson (who has about $5 million of his own money in the project so far) needs to finalize a guaranteed maximum construction price from Tutor-Saliba, a general contractor founded by Perini Corp before things really get rolling with this project. He had LA-based Jerde & Associates do the preliminary design work and Vegas' own JMA Architecture doing the interior design.

The 5 acre project will be located at Sierra Vista Drive, just south of the Las Vegas Convention Center and will include 105,000 square feet of commercial space with a rooftop lounge, 11 restaurants, boutique shops, and convenience stores.

The FAA doesn't like tall buildings, but we'll keep an eye out for more news regarding the Central.

Friday, February 17, 2006

Steamline Tower Knows How to Market Their High Rise Condos in Las Vegas

The Streamline Tower Las Vegas high rise project is doing something I've been suggesting to high rise marketing teams for months now - they've developed an online Realtor Sales portal which provides a wide range of marketing tools and other information available to help agents sell Streamline Condos to their clients.

When I log into my account, I get access to their latest price and availability list, email markeing tools, FAQs, Streamline banners and images, floor plans and broker forms. Plus they give me access to a personalized branded web page where I can refer clients for more information.

It's amazing... and EVERY high rise project in town should be doing this!

For those of you unfamiliar with this project, here are some details. Located on Las Vegas Boulevard in downtown Las Vegas, Streamline Tower will offer 275 luxury condominium units and is an integral part of the new urban neighborhood being created in what Mayor Oscar Goodman calls "The Manhattanization of downtown Las Vegas". As we've mentioned in previous posts, this Downtown renaissance is already underway and includes world-class entertainment, restaurants, thriving new nightlife, an inspiring art scene, and important business and financial centers.

Streamline Tower's one, two, and three bedroom residences offer the following building features and amenties:

  • Thirteen available floor plans
  • Granite countertops
  • 24 hour Key card security systems
  • 42" garden bathtub
  • Concierge, mail service and 24 hour valet parking
  • Cultured marble showers
  • Kohler faucets
  • Wall to Wall carpeting
  • Programmable Thermostats
  • Raised panel doors
  • State of the art electrical including pre-wiring for ceiling fans, telephone, cable and high-speed internet
  • State of the art fitness center and clubhouse with incredible strip views
  • Rooftop pool and hot tub with roof terrace with strip views
  • Private terraces
  • Full designer appliance package
  • Spacious closets
  • Fire protection systems integrated with quick hot water systems
  • Ground level retail center with musical venue
  • Homeowner rental services available
  • Amenities are within walking distance

They're definitely marketing this project right. And with prices starting in the low $400s, Streamline's certainly worth a look. Get more information here and let me know what you think - about the project, not my picture!

Thursday, February 16, 2006

Get in on the Streamline Tower Las Vegas High Rise Condo in Downtown Las Vegas

Here's a great deal on a Streamline Tower unit: 945 square foot, 1 bedroom, 1 bath unit facing north with a 51 square foot balcony for $463,000.

Here's the floorplan >>>

Who wants it? First come, first served...

Look for tomorrow's post for more details on the Streamline Tower.

Monday, February 13, 2006

Club Renaissance High Rise Condos WILL Get Built (Says its Developer)

I really hope the Club Renaissance high rise condo moves forward and gets built. The 61-story, 800 unit luxury tower truly looks like an awesome project in so many ways. But unfortunately, not much movement has been made at the actual site at Bonneville Avenue and Casino Center Drive - that is until now, where a groundbreaking ceremony was scheduled for 3pm today.

The project's Canadian developer, Gilles Pageau said he's got $60 million of his own money into the deal and he's been offered $400 million in contruction financing and that this project's definitely going to be built. But a developer saying his project will definitely get built is like Bill Gates saying he's got the best software.

Remember that Club Renaissance started advertising starting prices at under $150K, but really started selling at the $400,000s for the smallest 692 square foot unit. I'm not sure who actually purchased that one unit which sold at $149,900, but I'm willing to wager he must have been Canadian.

But I will give them credit for adjusting their price points to be in line with realistic construction costs. That's what gives me a good feeling about believing Pageau regarding his ability to move forward and actually build this project. With 247 reservations already converted to sales contracts, Club Renaissance has over $170 million of non-refundable deposits in escrow with 300 more in the process of contract conversion. That's another good sign.

With groundbreaking ahead, add Club Renaissance to your list of viable high rise options. I would suggest you register at their site to get further information.

Friday, February 10, 2006

Juhl Downtown High Rise Project Benefitting from World Market Center's Success

Perhaps the top reason I really like the Juhl high rise condo project in downtown Las Vegas is its proximity with the World Market Center, which is taking the furniture industry by storm. Still in its infancy, the World Market Center has been a total success to date and based on their expansion plans, it can only get better.

Here's a nice article recapping just how successful the center's been this week! Being walking distance from this center makes an investment in Juhl a no-brainer. After all, if you're in the furniture business, you'll either need a place to stay, or even better, a place for the furniture companies to rent out (year-round?) for their employees and colleagues.

Location, location, location... Opportunity, opportunity, opportunity. Do a little online research on the World Market Center and you'll see exactly why I like this Juhl project so much. Oh, and having a good development team and track record doesn't hurt either!

Benefit from the success of others by contacting me and getting into Juhl today.

Thursday, February 09, 2006

What Goes Up, Goes Higher

MGM Mirage just announced that their Project CityCenter will now cost in the neighborhood of $7 billion after taking into account $2 billion in project upgrades.

Those upgrades include enhancing the project's hotel operations, adding a new monorail component, and expanding its residential and construction planning - add the fact that material and labor costs are increasing and you can see how privately financing this project is quite an ordeal.

And get this: a Wachovia Securities analyst stated in an investor advisory that the project's expansion and increased cost is consistent with the continuing "condo craze" in Las Vegas, and that further enhancements or cost increases would not be surprising.

What this translates into are estimates that selling prices for the condo units will be more than $1,000 per square foot. That's what you get when you try to develop a luxury-class hotel project in one of the biggest marketplaces in the world.

Construction's starting in mid-2006 with an anticipated opening date of November 2009. I maintain this project will be a winner. It may take some time (and a whole lot of money!), but if a quality project that's high-cost doesn't scare you, then certainly contact me to be placed on an already growing interest list for this project.

Tuesday, February 07, 2006

An Overview of the Las Vegas high rise marketplace

Here's an excellent article written by Jennifer Shubinski from Sunday's Las Vegas Sun which pretty much accurately describes the state of the Las Vegas high rise marketplace.

Some of the important talking points to take from this article are the following:

1) Just as residential towers sprouted along the Wilshire Corridor, Century City, Manhattan Beach, and Santa Monica in California, high rise trends seem inevitable in the Las Vegas valley.

2) Construction is under way that will add 5,875 high rise units of the next two to three years with a demand up to 7,000 new units per year for the foreseeable future.

3) 80% of the high rise sales have gone to investors or out-of-state buyers

4) Dozens of projects are currently in various stages of development.

My favorite quote from the article: "Las Vegas isn't known for its high rises, but it will be."

Thursday, February 02, 2006

Club Renaissance Downtown Las Vegas High Rise Condo's Doing It Again

The developers of the Club Renaissance downtown Las Vegas high rise condo project are having another 2 day sales event from Saturday, February 18th to Sunday, February 19th from 9am until 4pm to showcase their downtown project. If you missed the last one, it may be a good idea to get more information and register to attend this one.

If nothing else, you'll get to see what they've got going on conceptually. While at higher price points than the competing downtown condo projects, Club Renaissance will provide an amazing mix of design features and amenities that may be of interest to potential unit purchasers - that's if it gets built of course, and at this point, there's no reason to believe otherwise. You can visit their website for all project details and a full video presentation of what the project's all about.

Additionally, more information on the developers can be found here >>> And if you'd like information on this project but can't attend the sales event, let me know and I'll get it sent to you instead.

Wednesday, February 01, 2006

The Top 5 High Rise Condo Pre-Construction Opportunities in Las Vegas

You've been asking, so here it is. Back in December, I posted what I consider to be the "best bets" for high rise condo ownership for 2006. As of today, here's my list of the Top 5 high rise condo preconstruction opportunities here in Las Vegas:
  1. The Pinnacle - get in on phase 1 pricing in a solid project almost certain to get built.

  2. The MGM Grand Residences - condo/hotel ownership that makes sense price-wise, amentity-wise, and profit-wise.

  3. Turnberry Towers - tremendous oppportunity to own a high rise condo from the people who practically defined high rise living in Las Vegas.

  4. Juhl Las Vegas - take advantage of downtown revitalization with excellent price-points and great appreciation potential.

  5. Tie between Sky Las Vegas (high rise condos) and Boca Raton (mid-rise condos) - both are excellent projects currently under development with fantastic availabilities.

In my opinion, if you're looking at anything other than those projects mentioned above (with few exceptions), your pre-construction "high rise" project might make you feel "low down" in the future. Take my word for it - I don't think you can go wrong with any of these Top 5 preconstruction picks, so I urge you to get moving now with your high rise investing.