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Tuesday, December 19, 2006

Get a Steep Discount on a Panorama Las Vegas High Rise Condo Unit

Get this great deal TODAY! Click here to get going >>>Here's your chance to own a 2 bedroom, 2 bathroom plus office condo (with an extra parking space and additional storage space) in Tower 3 of the Panorama Towers, due to be completed in 2008.

What makes this such a great deal? For starters, the unit has dramatically appreciated since the current owner signed their reservation contract in February of 2005 and purchase contract in September 2005.

Now this is, as they say, where the plot thickens: you can buy this unit TODAY for the same amount as the purchase contract price of Feb. 2005! That price is approximately $850K and Panorama is currently selling comparable condos for close to $1.2 million.

So why would an owner leave all that profit on the table? Serious inquiries will get that answer. But lest you be skeptical, Panorama Towers will act as the intermediary themselves for this purchase transaction - so you'll have to come up with 20% of the purchase price of $850,000 ($170k) paid directly to Panorama and you will receive 100% ownership of the condo in return in anticipation of a mid 2008 close. This is an extremely rare deal in that Panorama usually does not allow unit assignments and are actually putting themselves in the forefront of this transaction, which insures the fact that you're not getting ripped off in any way.

In essence, you're buying a $1.2 million dollar condo for $850K in a project that's almost complete and have had nothing but good press since they started sales. This particular condo features a "C" 1417 square foot floorplan and a northeast view of the strip on the 35th floor of Tower 3. Needless to say, this deal will most likely go fast. First serious response gets it.

Monday, December 18, 2006

Meme Tagged by T. Longo

I recently was Meme tagged by Tony Longo, the owner of perhaps the best nationwide condo resource, the Condo Domain Blog.

What is a meme? Good question!, since I had no idea myself until I got tagged. Now I know a meme (rhymes with "dream") is a catch phrase or contagious idea, that spreads virally in a culture. In other words the idea is spread from one person to another by word of mouth or, in this case, via blogs in writing.

Meme-ing allows you to find out more info on the many people that make the blogisphere such an interesting phenomena. Your only requirement is to tell the world 5 things they probably don't know about you, so here goes:

1) In January, I'll have reached my 3-year anniversary as a Las Vegas resident. On my first day as a Vegas "local", I hit a royal flush on video poker (and on my first spin at that!) and haven't won anything else since.

2) I'll be traveling on my birthday (Feb. 26th) to South Africa in Johannesburg to go on Safari, followed by 4 days on the beach at Capetown where the Atlantic meets the Indian ocean.

3) An avid bowler, I once threw 13 strikes in one game without rolling a 300. I had my first 8 in a row, fouled while striking on the ninth shot, made the spare, then struck out in the tenth.

4) Before getting involved in Las Vegas investment real estate, I built websites for financial advisors and still maintain a number of ecommerce sites as a "hobby" such as NEW-U Village

5) Look for me in the upcoming Rocky Balboa picture. It was filmed in Las Vegas and I was part of a group of over 1000 who participated in the uncredited and unpaid crowd/group shots.

Now it's your turn. Pass the MEME challenge to 5 people and post a MEME of your own!

... and thanks to Sellsius for starting this fuss….

Friday, December 15, 2006

Has Starwood Pulled out of W Las Vegas High Rise Condo Hotel Project?

Edge Resorts, developer of the W Las Vegas on Harmon Avenue, has hired Credit Suisse Group of New York to explore "strategic partnerships" in the $1.7 billion mixed-use project. And why? Because it's widely rumored that Starwood Hotels has pulled out of the project. If true (and judging from the actions of Edge Resorts it certainly seems to be the case), this signifies a major obstacle to the viability of the W Hotel high rise condo project in Las Vegas.

Is the W Las Vegas dead?And while the 46-acre property supposedly is not for sale, Edge Resorts claim they have plenty of investors interested in purchasing the land, including lodging operators, private equity partners, financial sponsors and real estate developers. Of course they all go unnamed... either way, it's a bad sign for the fans of the "W".

With Strip land going for $8 million to $10 million an acre, Edge Resorts is still in an enviable position. Condo unit holders are not. The "W" is no longer taking unit specific reservations for condos after selling out the first two releases. Now, they're putting potential purchasers on a priority waiting list, which means they're trying to buy some time while they figure out what's going to happen.

Anything can happen, but Starwood pulling out of "W" is in no way a good sign for "W" high rise condo purchasers. Projects that have already begun construction and moving along nicely, such as Trump Las Vegas, Streamline, Juhl, and the Residences are looking better and better each day.

In fact, I've just become aware of 2 studios newly available at Trump - both are high floor facing south in the mid-$800,000s. Serious buyers need to act fast on this... perhaps a good alternative to "W"?

Tuesday, December 05, 2006

Scared by $1000/sq.ft. Pricing? Buy a Solid Las Vegas Tower Condo for $500 Instead

The Juhl Las Vegas mid-rise condo project continues to be one of the best deals in town. Already pouring the 3rd and 4th floors for the downtown Las Vegas condo development, construction progress is moving along quite nicely for the 214 unit owners (myself included) who have bought into the project already. When the 15 story building is all completed, Juhl will have 340 condo units and 24,000 square feet of ground-floor retail space.

JuhlWhat makes this project better than the rest? For starters, it's priced so much better than the $1000 per square foot pricing you're seeing on the Strip. Secondly, just about everyone on the development team boasts extremely impressive resumes with a string of successful projects in their wakes. And lastly, it's actually getting built! While not a "condo hotel", the majority of unit purchasers will be residents in the building - a big plus for those looking to live the high rise life in Las Vegas and knowing who your neighbors are.

If you're one of the many who've bought into failed high rise projects in town and perhaps got turned off by the Las Vegas high rise marketplace, units selling for $500/sq. ft. and below at Juhl may just be your cure. Ask yourself this question: which condo purchase will appreciate faster? A Strip unit at square footage pricing already at $1000 and above, or a downtown unit priced half of that or below in an area slated for major revitalization?

Why aren't you in Juhl yet? Email me with your all contact information. It's not too late to get a great deal with this project!

Saturday, December 02, 2006

Learn from the IMN Condo Hotel Symposium regarding Las Vegas High Rise Investments

One person's trash is another's treasure. How else can you explain the conclusion reached at the IMN Condo Hotel Symposium at the Mirage that "nothing effectively generates a buzz about the launch of a condo-hotel project like a powerful website". Most of the "powerful" websites supposedly selling their high rise projects do nothing to actually sell the project. These high rise marketing teams all believe an extravagant "Flash intro" movie along with those annoying Flash scroll bars and Flash loading screens actually translate into interest. From a website developer's point of view however, nothing could be further from the truth. In fact, potential purchasers looking for quick information get more frustration than answers from these websites. I think you know what I mean.

But that's not to say you can't take useful information from this conference. Here's the most important part of the conference you need to know: if you're looking to purchase a Las Vegas high rise condo-hotel, make sure you have a ton of disposable income and like to vacation in Las Vegas because you'd be hard pressed to make it work as a strict investment. Legally, real estate agents aren't allowed to mention anything regarding a return on investment for your high rise condo hotel purchase. Nothing! Agents can only sell the real estate and the lifestyle. We can't tell you how much your unit will rent for in 2008. We can't tell you what vacancy factor to use. And that creates a "catch 22" situation for most investors. You want to buy something that'll give you a certain percentage return, but you won't know what that percentage is until you buy the unit and rent it out.

The truth is, it probably won't work out to anything you'd feel comfortable with. Remember we're talking strictly from an income producing point of view - buying a high rise to live in or for a second home is an entirely different story.

For those looking for real estate as a strict investment, I recommend buying investment real estate instead. For those with the deep pockets looking to own something that says Trump, welcome to Las Vegas! There's plenty to chose from.