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Sunday, April 30, 2006

Would You Like A Luxury Car To Go With That High Rise Condo?

It's a pretty basic fact that high rise condos will be the driving factor enabling the revitalization process in downtown Las Vegas. But the SoHo Lofts project is taking revitalization to an even higher level by adding an exotic car retailer of Ferraris, Rolls-Royces, and Lamborghinis to occupy party of the ground floor of the 16-story high rise development.

With the showroom facing Las Vegas Boulevard at Hoover Avenue, SoHo is making a significant statement. SoHo Lofts looks to be the first Las Vegas high rise to open downtown and residents are expected to actually move in within the month.

If you're looking to revitalize downtown, I would say a luxury car showroom is a pretty good first step. Soho's making all the right moves - and purchasers of their condo units (as well as all the other competing downtown projects) are all the better for it. A restaurant and lounge will also occupy retail space in SoHo Lofts, with boutique stores in between.

Downtown's changing. Slowly but surely. Still, it's hard to imagine a Rolls-Royce pulling up to the valet at Fitzgeralds. But I really think those who have gotten in on downtown projects such as Soho Lofts, Newport Lofts (SoHo's sister project), Juhl, Streamline, and Club Renaissance will be rewarded handsomely for their patience.

Wednesday, April 26, 2006

Las Vegas High Rise Condo Expert Sees Rosy Picture for Vegas Marketplace

Las Vegas high rise luxury condo expert Paul Murad and writer of the book "Manhattanizing Las Vegas" was the keynote speaker at Tuesday's "Las Vegas Perspective" where he indicated that Las Vegas has just "scratched the surface" in the luxury high rise market.

According to Murad, the first phase of Manhattanization is over and the market is now entering the second phase. Although what the first phase and second phase isn't clearly defined, it seems to me it goes like this: the first phase was the frenzy. The second phase is the weeding out of the unrealistic projects. One thing is certain: the housing demand in Las Vegas is strong, but the trend is definitely toward vertical construction and retail.

The bottom line is this: almost every high rise condo project that has started construction is or will be successful. If you've bought into a project that's broken ground (and if you read this blog regularily, you should have), just sit back and relax - or buy another! It's up to the savvy buyers out there to recognize opportunity and take action in this still very young, still growing, and ultimately profitable marketplace.

Tuesday, April 25, 2006

Las Vegas Central High Rise Condo Priority Preview Event

We've talked about the Las Vegas Central high rise project before. The latest news is their long awaited Priority Preview is right around the corner. Would you like an exclusive invitation to the event?

Thursday, April 20, 2006

Syndicating Makes Reading the Las Vegas High Rise Condo Blog Easy

I really need to thank all the readers that come visit and read this blog. Just last month alone, there were 1,563 unique visitors to the site! I'm very happy to provide this resource - and it's fun!

Did you know you can easily syndicate this site (and just about every other blog out there for that matter) and it really couldn't be simplier.

If you scroll down on this page, you'll see a bunch of graphics on the left side navigation bar, just under the "Ads" section of the blog. All you have to do is click the graphic of whatever newsreader you use, and just follow the prompts on the screen. By doing so, you'll get an indication whenever updates are made to the blog, including links to the latest articles and a timestamp to when they were posted.

Let's use Yahoo as an example, since just about everyone seems to have a Yahoo email account these days. Go to the "My Yahoo" graphic, click it, and you'll get a confirmation page that says "Get Las Vegas High Rise Condos on My Yahoo!". All you have to do is click the yellow "Add To My Yahoo!" button (and of course sign into your account), and VOILA! - the content on this site is now linked to your "My Yahoo" page.

How easy is that? And it works pretty much the same with all those other graphics on the left. The technology is called "RSS" or "Really Simple Syndication". If you read a lot of blogs, or just want to stay up to date with the latest posts, syndicating content is definitely the way to go.

And you know you can't get better information on Las Vegas high rises than at the Las Vegas High Rise Condo blog {insert self-serving shameless plug here}

Saturday, April 15, 2006

Don't Miss Out On Turnberry Towers

Located just about a block from the Strip at Paradise Road and Karen Avenue, Turnberry Towers comprises two 45-story towers with 636 units, featuring one to three bedroom floorplans with views of the Strip and mountains from private balconies. The first tower is now sold out, but there are some opportunities left in tower 2. If Italian marble baths and spa tubs, granite-topped European kitchen cabinetry, upgraded appliances, 9-foot ceilings, fitness facility, sundecks, tennis, valet, 24-hour security and Smart Home communication technology sounds good to you, it's time to take action on securing your unit before they're all gone.

Construction on the first tower has reached the 15th floor already with completion anticipated for mid-2007, while the second tower is scheduled to open in 2008. Turnberry's doing it again - and rumor has it there's a big announcement in the future regarding another project they'll be doing here in town. Stay tuned...

Thursday, April 13, 2006

Don't Forget About the MGM Grand Residences as a Las Vegas High Rise Condo Hotel Choice

With all the talk lately of all the new projects coming on board and the Las Vegas high rise condo market being "back", it's important not to lose track of the solid, dependable projects we've always mentioned in the first place. Let's not forget the following: MGM Grand has a stellar reputation and Turnberry has a 40-year history in the real estate development business. Add a quality product with an established developer and you have a successful combination for a sure winner.

The Residences at MGM Grand still represents one of the best high rise condo investment you can possibly make. With 1,727 units in three 40-story towers on the northwest end of the MGM's 116-acre property on the Strip, you'll be situated nicely in town with workable price points. There's a reason Towers A and B sold out so quickly... and quite frankly, I'm amazed there are even opportunities left in Tower C.

Construction continues where Tower A is scheduled to open in May. Fully furnished studio, one, and two bedroom combination suites are available, priced from the $600,000s to more than $2.5 million.

"Oh, but I'm looking for Phase 1 pricing", so many clients tell me. Well, MGM's now going to provide that opportunity as well. I understand they plan to add 3 more residential towers to the development. They haven't started reserving units in them yet (unfortunately no condo-hotel aspect is planned for these three towers), but if you'd like to be kept in the loop as to when they become available, contact me with your name, address, and phone number and I'll put you on the interest list as it's forming.

Wednesday, April 12, 2006

Juhl Downtown Las Vegas Lofts Looks to Break Ground Soon

Right again! That's all I can say after hearing the Juhl Las Vegas Project has completed fully clearing the property at the corner of Bonneville and Fourth in preparation for its upcoming official groundbreaking.

The Juhl project, located downtown , offers more than 100 floor plans, ranging from 600 to 2,500 square feet in one and two-story designs. The layouts are available in a variety of buildings of varying heights and facades with pricing starting in the high $200,000s.

I've liked this project from the first day it was announced. I like the pricing; I like CityMark as the developer; and I even like the downtown location. I hope you took my advice and got in early on this one, as those who did are experiencing nice appreciation in the value of their units - and I have a feeling you'll see another price increase once the shovel hits the ground. Care to get on board with this?

The loft lifestyle isn't for everyone, but if you're looking for the best of both worlds - a commute-free live/work experience with an array of recreational and social amenities within the heart of downtown Las Vegas, I've said it before and I'll say it again: you gotta take a look at Juhl.

Monday, April 10, 2006

One Las Vegas Could Be Las Vegas' Hidden High Rise Condo Treasure

Every once in a while, a baseball player will do something very unnoticeable during a game that won't appear in a boxscore, yet helps the team win the game. Moving a runner over, productive outs, and breaking up a double play are all examples. You may be asking yourself, "How does that relate to Las Vegas high rises?". And the answer is simple - the One Las Vegas project is that solid project no one ever hears about but is providing those who've already purchased units a winning product.

One Las Vegas doesn't bombard you with ads in the Review Journal or on countless highway billboards or with ads in all the real estate magazines. On the advice from a few readers of this blog who've left comments regarding this project, I had to take a look at it for myself. And I must tell you I was very impressed with what I saw.

First of all, the project location is excellent. As mentioned in a post regarding the Boca Raton project, the south strip area is experiencing tremendous growth, including the recently opened South Coast casino (located just blocks from the One project by the way), along with a number of timeshare companies and with Station Casinos planning an upscale resort in the area as well.

The project amenities include resort sized swimming pools, private cabanas, 24-hour security with guarded gates, state-of-the-art fitness center, entertainment rooms, concierge service, and a variety of killer floorplans with good sized square footage units, all with balconies. Basically, this project has everything all the high rises in town are offering.

Here's where it really starts to get good. Their price-points are excellent and they bring an experienced construction team and developer with the resources to make this project a success to the table. In fact, AmLand Development has already been successful in the Vegas market with their Park Avenue project, as well as other projects such as Vila DiLago at Lake Las Vegas and Central Park Estates. The B.S.R. Group is also involved with One. Their most notable accomplishments include Waterfront Square in Philadelphia, the icon Toyota Tower in Tel Aviv, and the Osiedle Europejskie in Krakow, Poland.

In short, these are heavy hitting development teams. And if you need to see progress, take a drive to the project's location on Shelbourne and Las Vegas Boulevard and you'll see they've already cleared the One Las Vegas land and anticipate official groundbreaking in the very near future.

Unlike most projects, who typically require a total of 20% down at contract, One Las Vegas requires just 15% down. They're going straight to contract now and are only selling the first 2 of eventually five 20-story buildings. And more good news: pricing is currently at $525 per square foot! Where else in town are you going to get this kind of value in a project that most definitely will be built? Excellent units still remain. Do the math here and you'll see this project works whether you're interested in living here yourself or renting your unit out. And finally, there are no restrictions as to selling your unit after closing. All in all, One's the one! Contact me regarding an interesting purchasing opportunity with this project.

I'm embarrassed it took me so long to find out about this project. Thanks readers!

Sunday, April 09, 2006

Casino Companies Shifting the Las Vegas Market Into High Gear

The sale and consolidation of casino companies are shifting into high gear, according to an article by Rod Smith appearing in Sunday's edition of the Las Vegas Review Journal. That's great news for the Las Vegas high rise market since the supply of real estate is limited and operators don't want to be shut out of the country's hottest market.

I ask you this simple question: If major companies and big time developers are investing billions of dollars and are completely bullish on the Las Vegas gaming and real estate market, shouldn't it be good enough for you?

Folks, it's time to buy your high rise condo NOW!

Friday, April 07, 2006

Buy A Las Vegas High Rise Condo with Your IRA

Did you know you could use your IRA to fund the purchase of a Las Vegas high rise condo?

Your IRA presents a great opportunity for you to own investment real estate - and you probably didn't even know it! Owning real estate in general within an IRA could provide a wide range of added benefits, including portfolio diversification, tax benefits, estate planning, financed investments, and income, all subject to IRS guidelines of course.

However, transactions in an IRA can be full of details with many twists and turns. It's important that you work with an IRA trustee that has an extensive understanding of the entire process and has the experience to hold your hand each step of the way. We work with Fiserv ISS, one of the pioneers of this investment strategy that now is administering over $38 billion in assets.

Many people have a significant amount of money sitting in their IRAs doing nothing but collecting minimal interest. If that describes you, and you're at least open to alternative uses for your IRA money, I would urge you to contact us for more information showing you EXACTLY how to start and complete the process.

Who knows? Maybe that great deal on a high rise condo really IS within your reach. Your IRA may be worth a lot more to you than you think.

Monday, April 03, 2006

CondoDomain.com is High Rise Condo Developer's Newest Marketing Resource

As part of my research into alternative means of marketing for high rise developers, I recently discovered the CondoDomain.com website. CondoDomain.com is the newest marketing resource for condo developers nationwide. They offer brokers and developers a unique venue to showcase their properties to a targeted audience. Last week, I had the pleasure of meeting up with the company principals at the Wynn Resort here in Las Vegas. The verdict? These guys are on to something!

Besides providing industry news and information, CondoDomain features high rise condo developments on their website in a very unique and effective way. They give a detailed overview of each project, with pictures, descriptions, amenities, and price ranges - but here's where it gets better: they've developed "CondoCasts", which are high quality movies highlighting each specific condo project.

We've all seen online movies, and most are nothing to write home about. However, the guys over at CondoDomain have really taken multimedia to the next level. These are professionally produced videos that load fast and look great. And developers (brace yourself), I think they actually help to entice buyers to purchase into the development. As an example, see the video for The Residences at the InterContinental in Boston to see exactly what I mean.

Their production company, Virtuale Productions, is dedicated to real estate films and produces the videos, which in these days of download-ability, can even be viewed on your iPod.

Here's what CondoDomain is NOT: they are NOT real estate agents and don't charge any commissions for unit sales. (Developers - how good is that?... And condo buyers - you have another FREE resource). They can't get you a great deal like the one found by clicking here, but go to their website, search by development, neighborhood, price range, or by bed & baths and you'll see for yourself how unique this new marketing tool really is. They even have their own blog! They're new and they're coming to Vegas in the very near future. And that's good news for Las Vegas high rise condo hotel developers and marketing departments.

Sunday, April 02, 2006

Why not the Cosmopolitan Las Vegas High Rise Condo Hotel?

After a recent post regarding the cancellation of the Las Ramblas high rise condo project, a reader left the following comment:

I've been following the high rise market in vegas and reading your blog for a little while now. One thing that I noticed is that you do mention most of the good projects being built currently but seem to always neglect the one that I'm most interested in, which is the Cosmopolitan. The Cosmo seems to be one of if not the best project going up presently. Why is it that it's always left out when you mention other good projects around town?"

You wouldn't believe how many emails I get asking the same question - only the project name differs. Well, here's the answer: I try to write this blog with the emphasis on the small to average investor and/or condo unit purchaser. I try to highlight the projects with the least amount of risk where the financials work on a monthly basis... in other words, developments that a normal everyday Joe, like myself, would feel safe getting into.

Now there's nothing wrong with the Cosmo. It's a great project. They have their funding in place, and from the looks of things, it's definitely going to be built. However, if you're looking to purchase into the Cosmopolitan from a condo-hotel perspective (and why else would you? Otherwise you'd be looking at Turnberry instead), it may not be the best option for the small investor who needs to see positive cash flow on a monthly basis.

Quoting industry expert John Restrepo, "brand names have the best chance at success in this market". Trump's condo hotel will work because everyone knows the Trump brand. People in Montana know who Donald Trump is and when they visit Las Vegas, it's not far-fetched to think they may want to stay at Trump International. MGM Grand has a strong brand as well. Their convention traffic alone should translate into solid monthly rentals for the Residences Condo Hotel units. When the "W Residences" look to rent their condo hotel units, they can draw from the millions of names on their Edgewood Resorts database to fill their units.

Who knows the Cosmo? What's their brand? How are they going to market their units to the very same people who already know Trump, MGM, and the "W"? I know there were talks about the Grand Hyatt getting involved with this project, and if that's the case, that's a big plus to make the Cosmo a slam dunk project.

My only issue with this project is that COMPARED TO THE CONDO-HOTEL ALTERNATIVES available right now in Las Vegas, in my opinion, the Cosmopolitan has the least likely chance of consistently renting out units to provide condotel owners with montly positive cash flow - especially since the price points are nearly identical and all have similar amazing amenities and floorplans.

And that's the only reason the Cosmo project isn't mentioned more often in this blog. If positive cash flow is not a concern right now and you have the money to look solely at an appreciation-type investment play, then I think the Cosmopolitan works. But the average investor definitely needs to do their homework to see if this (or any) condo hotel project works for them.

I could be way off here, I'm willing to admit. I would love to get everyone's thoughts on whether any of this makes sense.