Las Ramblas Halts its Las Vegas High Rise Condo Reservations

As predicted, reservations are on hold for the $3 billion Las Ramblas luxury condo hotel project located on 25 acres along the Harmon Avenue corridor, basically signifying the death of the much-hyped George Clooney project. By pulling the plug on Las Ramblas, the Related Group completed their "tri-fecta" of failed real estate developments in Las Vegas.

First, they cancelled their Icon high rise project and unbelieveably tried to move their Icon buyers into Las Ramblas. Then, they pulled out of a proposal to develop a 61-acre parcel in downtown Las Vegas which got tremendously bad press. Now after the Las Ramblas announcement, you get the feeling that Related and Las Vegas is probably not a good mix.

The 11 tower Las Ramblas project was supposed to be designed by Miami-based Arquitectonica, with a mix of 2,764 luxury condos, 1,326 condo hotel units, a 300-room boutique hotel and 19 bungalows along with a spa and health club, nightclub, dining, shopping and an upscale casino.

Actor George Clooney and nightclub owner Rande Gerber where principals in the deal. But notice that nowhere in the previous sentence are the words "real estate developer". This project was ridiculously over hyped-up from the start. Does this project's fate really surprise anyone? Remember when basketball player Michael Jordan announced his failed project? Or when fashion designer Ivana Trump tauted the ridiculous "Ivana" project? Funny... I don't see "real estate developer" in those sentences either.

Get the point?

Meanwhile, real estate developer Donald Trump is building. Turnberry and MGM development are moving vertical. Progress on Allure and Sky (projects completely unassociated with celebrities) are on display every day. Rumors indicate the developers in the newly announced "W Residences" project will soon be buying the Las Ramblas land. Their project will be the one to get into on the Harmor corridor instead. Click here to get a great deal on that one. No George Clooneys need apply.

Restrepo Consulting Group Principal Comments on Las Vegas High Rise Market

John Restrepo, principal of the Restrepo Consulting Group was recently interviewed by In Business' Jennifer Shubinski, who asked him a number of interesting questions pertaining to the Las Vegas high rise condo market.

First, some background. Restrepo's resume reads like a Pulitzer Prize winning novelist. With all his allocades and achievements, you couldn't ask for a better industry expert to interview. So, to pardon a phrase from the old E.F. Hutton commercials, "when John Restrepo talks, people listen".

According to Restrepo, we're going through a more realistic view of the high-rise condo market in Las Vegas.

We've had a period of irrational exuberance on the high-rise condo market, where we thought the demand would be a lot higher than it has ultimately proven to be, combined with the land prices that we've seen and the construction costs. Over the next five years, we'll probably see 25 percent of the 60,000 (proposed) units actually built. So we'll see about 15,000 (residential) high rise units built over the next five years.

Here are some questions you need to ask a high rise developer:

1. Have you ever built one of these before and if not, are you joining forces with somebody who has?
2. Do you have your contractor lined up?
3. Do you have your construction financing in place and moving forward?

If these answers are no, Restrepo feels you're dealing with someone with a website and a dream. And that's what's gradually disappearing in this market.

Skybridge Makes the Pinnacle a Unique Las Vegas High Rise Condo Project

Talk about originality! The Pinnacle Las Vegas high rise condo project has something in store that no one else in Vegas can lay claim to as of yet: "sky bridge" suites that will be suspended between the two 36-story towers.

That's right. If you look at the artist rendering of the project, you'll see what I mean. Those aren't just walkways between the buildings - they're actual condo units! How great is that?

Youngblood Wucherer Sparer Architects are designing the $850 million dollar condo planned for the 12 acres on W. Tropicana across from the Orleans.

And you know what's ever better than the rendering? - The fact this project is still at Phase 1 pricing and you can reserve one of these sky bridge suites at preconstruction prices. I see no down side to this project, so contact me today and we'll get the best unit available for you based on your price range.

Get a Great Deal on a Las Vegas High Rise Condo Hotel

What if I told you that you can get in on a ground floor Las Vegas high rise condo hotel project at "friends and family" pricing with a deep pocketed national developer with a proven track record in major cities and a string of happy clients that can attest to the quality of their work?

What if I told you the project was right off the Las Vegas strip in perhaps the absolute best area of town?

... and that the $232.5 million in financing as already been arranged for startup construction?

Then what if I told you that by getting in right now, you can basically assure yourself of your unit price rising substantially before they go public with their unit releases in the next couple of months?

What if I told you all you need to get into this project is a $10,000 fully refundable reservation check and there is absolutely no risk in reserving a unit?

What if I told you I can get you into this project TODAY!

All of the above is true. Availability is limited and the clock is ticking, so sign up NOW for more information on this incredible Las Vegas high rise investment opportunity.

Status Info on the MGM's Project CityCenter High Rise Condo Hotels

For those of you wondering what's going on with MGM Grand's $7 BILLION dollar Project City Center, new details have recently come to light. They've started the schematic design and construction documents are about to be finalized. With the demolition of the Boardwalk scheduled for next month, the construction on the main tower of CityCenter has finally been announced to begin in May with foundation work expected to happen around August of this year.

I still have no idea what prices will be like for this project, but if you haven't already done so, contact me with your contact info to be put on an interest list for this project. They're supposed to open a sales office towards summer's end, so it's probably a good idea to be prepared since you know this project's definitely going to be a winner.

Trump not the only Las Vegas High Rise Rising Higher as Allure Reaches 9th Floor Milestone

Back on Friday, March 15th, I proclaimed that the Las Vegas high rise condo hotel market was back. My email feedback indicates many of you agree with me.

Then on Saturday, we mentioned that construction on the Trump International Condo-Hotel was progressing nicely. Well, likewise for the Allure Las Vegas high rise condo project, where construction has now reached the 9th floor already with 32 still to go. While the M.J. Dean Construction is pouring the concrete for the project at a rate of one floor every four days, the developer of Allure (Chicago-based Fifield Cos.) says the project is on schedule for a 25-month overall build and a late 2007 completion.

Drivers passing Sahara Avenue and Las Vegas Boulevard can see Allure's vertical status for themselves. With pricing starting in the $400,000s, it may not be a bad idea to looking into owning one of the first tower's 428 units or the second tower's 472. Let me know if you'd like to know specifically what's still available in this project.

Trump Las Vegas High Rise Condo Hotel Making Concrete Progress

This weekend, over 2,100 cubic yards of concrete is being poured to form the Trump International's 6th floor recreational deck, which will eventually include over 36,000 square feet for the tower's pool area, spa, gym, meeting rooms, salon, and snack bar for the 64-story, 1,282 unit condo hotel project. Perini Construction, one of Las Vegas' oldest and most respected builders, is overseeing the pour and has plans to complete one floor every six days for a total construction period of 72 weeks.

Pricing for Trump units has raised 15% since they've been converting reservations to hard contracts. That's great news for those who've gone ahead with their contracts. But what's even better news is that there are still about 100 units left. With the smallest unit selling at $755K, buying into the project at $1,200 a square foot may seem a bit pricey, but remember Trump is planning an identical second tower at the site. When sales start for this second tower, you could very well see more price increases in the 30-35% range.

No one brands themselves better than Trump. And regardless of whether you like or dislike him, he delivers on his real estate projects. Trump locked in 90% of his construction costs when he first announced his development plans in 2004 and doesn't look to be bothered by the higher construction costs that have hampered (and even killed) other Las Vegas high rise condo projects. Partnering with Perrini was a "no-brainer" since whenever they're involved, good things happen. The construction progress you see at the development site confirms this project is moving forward nicely, and you'd be wise (if you have the money) to investigate the possibility of being one of the first condo hotel unit owners to move into Trump International when it's completed in early 2008.

Contact me for Tower 1 availabilities or to be on the Reservation List for Tower II.

The Las Vegas High Rise Condo Hotel Market is Back!

Learning from the mistakes of many Las Vegas high rise projects that have already failed, many of the newest high rise projects that have recently announced sales have waited until they were longer down the line of the construction cost process before starting to sell their units to the public. Developers seem to have gotten a lot smarter by first getting the contractor's construction costs and negotiating guaranteed maximum price contracts to see if their idea is realistic before setting price points on their projects.

First, Turnberry was built and was successful. Then a whole slew of projects got announced, while some were canceled giving the market somewhat of a black eye. But now these newest "third wave" projects are making the Las Vegas high rise condo hotel market very interesting again. They seem to be being developed with a sense of viability instead of just throwing marketing dollars to a receptive public before the entire project got thought through.

Financial capability and proven experience make an excellent pair. You're seeing a lot more of that right now. The Las Vegas high rise condo market is back! - so tell me what your current high rise investment goals are, and I'll help steer you in the right direction.

Turnberry Towers Starts Work on 2nd High Rise Condo Tower in Las Vegas

In case you were wondering what all that commotion was all about on Paradise Road and Karen Avenue, it's merely Turnberry continuing their successful high rise development work by excavating ground in preparation for building its second Turnberry Tower high rise condo tower.

With the first tower, scheduled for completion in mid-2007, soaring to 15 floors already, the second tower is not far behind with a spring 2008 completion date. Remember, it's always good to see builders actually build!

The entire finished project will contain over 600 units with a fitness center, outdoor pool, landscaping, tennis, valet, 24 hour security, and everything else that Turnberry is known for in Las Vegas. Prices range from $550,000 to over $1.3 million.

For those interested in a full time or vacation presence in Las Vegas, no other project in town matches what they have to offer based on price and luxury. All buyers receive membership into the Stirling Club for two years - and if you've never been to the Stirling Club, I assure you it's quite a wonderful experience!

Turnberry Place is already a complete success. Ask current Turnberry unit owners if they made a wise investment. You see the movement. You know the developers are outstanding. Again, if you're looking to live in Las Vegas (and not interested in owning a condo-hotel type of investment), isn't it time you purchased one of the remaining units in Tower 2? It's Las Vegas high rise living at its finest.

Contact me now for specific pricing and availability.

Morton Getting A Lot of Attention for his Hard Rock Property

Peter Morton has the one something in Las Vegas all the big boy investors want - the Hard Rock Hotel. And if you believe the hype, he's getting offers from some heavy hitters, including local giant Station Casinos and the frontrunner The Rank Group (who previously purchased his Hard Rock Cafe conglomerate).

The asking price? $750 million according to industry analysts. He'll probably get it too, although I'm not sure if the new owner(s) will revive the plans for the Hard Rock high rise condo-hotel project Morton recently postponed. No sense in waiting to find out, either, when there are so many other good projects in town for would-be high rise condo buyers.

Don't be on the sidelines. Get in the game!

Las Vegas Speedway Owner Plans to Develop Trophy Towers High Rise Condos

Speedway Motorsports CEO Bruton Smith isn't just content to own the Las Vegas Motor Speedway. Now he wants to build a 127-unit high rise condo complex there as well to be called Trophy Towers, part of $300 million development project for the speedway. However, with opposition from Nellis Air Force Base and lack of zoning approval from the Clark County Planning Commission, he's got some major hurdles to clear before his 190-foot tower plan can become a reality.

He's not looking at this project as a residential development. Prices for the units are expected to range from $500K to over $4 million and Smith believes buyers will appreciate owning one just for "entertainment purposes". Now, I don't know much about NASCAR, but it seems to me that's a lot of money for the one week very year that NASCAR comes to visit Las Vegas. Plus, being located 15 miles out of the way of the strip in the middle of nowhere doesn't help either.

But then again, who knows? The units are large and the floorplans look good. WIth amenities such as a 19,000 square-foot health club and spa, meeting spaces, banquet halls, private event catering, 75-foot lap pool, and a rooftop terrace, perhaps Smith's on to something. Time will tell. Just another part of this crazy NASCAR weekend here in Las Vegas.

Don't Buy A Las Vegas High Rise Condo Based on View

Before committing to a Las Vegas high rise condo purchase (or any condo purchase for that matter), always remember that there are other developers out there as well, and the potential view you may get from your unit can NEVER be guaranteed.

Check for future or proposed development plans that may impact the project you're interested in (and your view in particular). A view of the Stratosphere from the 11th floor may not be there in 5 years when another high rise project decides - and gets approval - to build in your path.

Sometimes high rise projects don't make this point clear enough when they talk with potential purchasers. Perhaps that's why it's best to consult an unbiased professional. Hear me well: before paying any premium for floor height or "current" view - think about what the future may hold and then make sure that purchase is right for YOU.

Las Vegas Central High Rise Condo Update

I just received an email from Bruce Langson, developer of the Las Vegas Central high rise condo project. Here's the text of that email:

Las Vegas Central Redesign Spotlights Even More Resort-Style Amenities Plus Extensive Retail Offerings Condominiums From The $300’s.

It has been an exciting time at Las Vegas Central, the new high-rise condominium community located near the Las Vegas Convention Center. Thanks to a recent redesign, residents of the two 40-story towers will enjoy an even greater range of resort-style amenities to complement their luxury residences, and the huge retail complex in the building’s first few floors will bring every imaginable convenience and entertainment to your doorstep.

A New City Within The City

The community incorporates two 40-story towers, 1,000 luxury homes, and 100,000 square feet of retail and commercial space into one single dynamic location, a city within a city. Homeowners at Las Vegas Central will enjoy an unprecedented living experience. They will savor the luxury of a gorgeous home and a full slate of resort-style amenities, including no less than eight swimming pools, two of which are perfectly situated to take advantage of Las Vegas Central’s stunning panoramic views of the Strip.

The retail and commercial space at Las Vegas Central will represent an unprecedented fusion of entertainment, culture, and social interaction. Alfresco dining, live performances by the city’s hottest artists, specialty boutiques and world-class stores—Las Vegas Central is truly unlike anything currently under construction in the city’s ongoing building boom.

I am a third-generation Las Vegas builder. The Las Vegas Central project is the newest addition to the Langson family legacy and will be constructed on the site where my father Don built the Kona Loha apartments in 1962. The Kona Loha is synonymous with the glory days of Las Vegas, a place where locals gathered to claim a piece of the city for themselves. Las Vegas Central is designed around the same philosophy, providing a vibrant center of activity and community for the people of the city. As someone raised in Vegas who considers it his “home,” I am passionate about the city and eager to invest my time, talent, and money into making Las Vegas a better place.

Las Vegas Central is designed by the world-renowned Jerde Partnership, an award-winning architectural firm. The striking visual of Las Vegas Central’s crystalline cityscape will become as much a Vegas icon as Jerde’s other area projects, which include the Bellagio, Wynn Las Vegas, and Palms hotels. Prices start in the $300,000s, with the largest non-penthouse units offering over 3,500 square feet of living space.

I'm on their Priority Preview® List. You should be too.

Newport Lofts Downtown Las Vegas High Rise Condo Project Gets the Shaft

The elevator shaft, that is. And that's good news.

Breslin builders has taken the elevator shaft and center staircase for the Newport Lofts high rise project up to 12 stories and the sheer walls up eight floors. If you were smart enough to purchase a unit in Newport, you have to be feeling very good about their ongoing construction progress.

Newport Lofts developer Sam Cherry has nearly completed his other neighboring downtown Las Vegas high rise condo SoHo Lofts, which has already proven to be a successful project in its own right.

So here's my question to you: With people already making money with SoHo, and with Newport Lofts proving itself to be just as successful, don't you think it makes sense to get into Cherry's third project called "StanHi"?

StanHi's in the planning stages right now, but if a developer's track record is an important aspect in your decision to purchase a high rise unit (and it should be!), my advice to you is to at least get your name on the interest list for this upcoming project.

Interesting Article on the Residences at MGM Grand High Rise Condo Director

We're always talking about Turnberry Towers and the MGM as being excellent Las Vegas high rise condo opportunities with great development teams. Now you can read this article to learn more about Dan Riordan, director of sales for The Residences at MGM Grand with an extensive Turnberry background as well.

Note his quote: "We feel as good going forward as we've done so far. Some projects were canceled and that created a stigma in the short term, but for the long term, we feel good."

In fact, there will be even more good news coming out the MGM Residences camp which hasn't been made public yet. I know what it is (although I can't disclose yet), but trust me - it's good...

Hot Topic at the REMAX Convention: Las Vegas High Rise Condos

Yesterday wrapped up REMAX International's annual convention held right here in Las Vegas at the MGM Grand Hotel and Resort. My office attended the event in full force - we even had a booth there. Not surprisingly, the hot topic as people walked by was the high rise condo marketplace. REMAX agents from all over the world had heard about what's happening here and wanted to get the latest information.

I've got a ton of business cards and people I need to get info to as a result of this 4 day event. (I bet you were wondering why this blog hadn't been updated this week!). But in the meantime, have a look at this article written by Tom Gorman of the Las Vegas Sun - another person seeing the future potential of the World Market Center and how it translates into success for the downtown Las Vegas marketplace (and of course, the high rise condos that will be built there).