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.
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