Q: Tell us a little about your background and how you ended up at the Allure project.I am a passionate believer in the future growth of luxury high-rise in Las Vegas! I had the pleasure of serving as the Director of Marketing for Sky Las Vegas before joining International Sales Group and Fifield on the Allure project in December of '05.
Q: What is the current status of Allure?
Our tower exterior is complete and interior finishes are moving ahead swiftly. Knock wood - but we are on target to begin delivering the lower floor units to our buyers in September.
Q: What are the unique features of your project that sets it apart from the other projects in town?
Certainly builder reputation - as Fifield has built over FIFTY highrises throughout the country. But that's just the tip of the iceberg. The floorplans are incredibly well-planned. The developer's experience is reflected in the extremely efficient use of space, as well as the floor-to-ceiling glass architecture providing a feeling of open and airy space, even in the smaller one bedroom and studio units. At this point in time, I would say the VERY BEST thing about Allure is the incredible opportunity it affords purchasing in that our price point is the best of any highrise in the resort corridor, and, in the many fantastic announcements about developments on the North Strip have enhanced potential for enhancing values. With the Sahara sale to SBE Entertainment, the MGM Mirage purchasing the site across from Allure (for $17MM per ACRE!) and the announcement that Goldman Sachs will be purchasing the Stratosphere and 17 acres to the North of Allure, we are the enviable position of being at the center of a development boom!
Q: What is your opinion of the Las Vegas high rise condo market in general?
I'm BULLISH! For all of the hype about "over-building" and/or diminishing demand of high-rises in Las Vegas, the REAL picture of the market is that there are just over 4500 PURE Condos in the entire resort strip corridor. Of those there are just over 1000 units remaining. That doesn't sound like an OVERBUILT market to me!
Q: Condo or Condo/Hotel... what makes better sense and what are the good and bad points of each?
This is a sensitive question. I am not a fan of the condo-tel concept. My father always told me to "rent your toys." In other words, if you're going to the Lake, rent a boat and put your money in real estate. In this case, for the occasional visitor who wants a place to crash in Vegas, I say "Stay at the best suite at the Bellagio or Wynn or any of the other incredible strip resorts and live it up!" Then come to Allure and buy a condo that is at least $400 per square foot less and you have a greater potential to grow equity in appreciation. I hope I'm wrong. There are a lot of projects under development that ARE condo-tels. In fact, many more condo-tels are being built than the pure condo projects. If these are ultimately not well-received by consumers once they realize that their cash-flow is not as they anticipated and are dissatisfied with their purchase, there could be a glut of these type of units available in the market. This would not be good for any of us. But - that's what my "crystal ball" forecasts. For my money, I'd rather own a condo.
Q: Who is the target market for Allure? What attributes describe your typical buyer?
Originally we had a plethora of investors - but that was a result of the over-heated market of 2004 when Allure first began pre-sales. Today our typical buyers are Boomers, Southern Californians wanting a Vegas play place and, more recently, some locals who are deciding to give up the upkeep of a single family home and the hassle of long commutes to live in the heart of the action.
Q: How are you building your brand and marketing to your target audience?
The Fifield "Brand" is well established nationally as a premiere builder of luxury highrises. Really our brand is that of the Allure lifestyle. Living in luxury, with concierge service, valet, doorman, fitness center and movie screening all at your fingertips - or doorstep as it were - and only a short walk away from the strip. This positioning provides the perfect compliment of privacy and security in an elegant highrise environment, with the sex appeal and sizzle of Las Vegas Blvd.
Q: What is the process at this point to reserve a unit at Allure? What is available and at what prices?
As I mentioned, we have great price pionts, and a good variety of units remaining. Often, at this point in a development, it's not uncommon to find that only the penthouses or highest priced, higher floor units are available. We are 92% sold, but the units remaining include studios as low as $400,000, one-bedrooms with strip views in the mid $500's up to larger units in the $1 - $1.75 Million dollar range.
Q: Do you have any social events, open houses, etc. that showcase your project to the public?
Our sales center is in the Fashion Show Mall and we are open Monday through Satruday from 10AM-6PM, Sundays Noon - 5PM. We have special events for groups and brokers and are happy to schedule private presentations.
Q: Any advice, insights, etc. for high rise shoppers?
Make sure it's being built:) Be sure the amenities, location and style fits your lifestyle and be comfortable with the price point. In other words, if you're going to live in the condo year round, don't pick a project that is positioned as "party central." It will be cool at first, but this may grow old after a while and you'll find yourself longing for some peace and tranquility. Likewise if you WANT to "party all the time" don't select a community that promotes itself as a "tranquel oasis in the desert." Or - they may not actually "promote" themselves as this. Get a feel for the "vibe" of the place and see if it's a fit. If you're a "local" or will be working and driving a lot - be close to the strip but not on it. Consider transportation issues, proximity to work and play. In other words, just as you would choose a neighborhood that's perfect - look for those things in your new Las Vegas luxury high-rise. Naturally I am a fan of Allure and it's hard to be impartial. But every project offers a little something different and you should find the community that's a fit for you!
Q: Describe Allure in one sentence.
Allure is a high-style, quality-built highrise offering extraordinary amenities and price points in THE evolving area of Las Vegas - the NorthStrip so get 'em while they're Hot!
Bea - great interview! We thank you very much for your time in answering our questions. Bea can be reached at 702-699-8998 or via email here. Tell her you read her BloggerView!
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