Q: Tell us a little about your background and how you ended up at the MGM Residences project.In real estate for over 13 years, I started selling homes in Las Vegas in 1994 and in 1998 began to specialize in Summerlin Condominiums selling them until 2004 when I was hired at MGM Grand Residences. I ended up discovering MGM accidentally when I was shopping Turnberry for a community I was working on in Summerlin. Met the Director of Sales and Marketing Dan Riordan, he told me about a new conceptual community at MGM and I flipped. I drove him crazy until he hired me. It was the best move I have ever made and is an honor to work for Turnberry.
Q: What is the current status of MGM Residences?
Two towers are completely sold out and operating and 95% sold on our third and final tower which closes at the end of this month.
Q: What are the unique features of your project that sets it apart from the other projects in town?
One strong feature is we are completed years before anyone else. With a name and reputation like Turnberry coupled with the mega success of MGM, the marriage works very well for our buyers who could take a risk going somewhere else. Pricing is another huge factor in our success. With the enormous price increases in land and construction materials we were fortunate to secure materials prior to the price hikes and it reflects in our current close out pricing which we of course pass on to potential buyers. A final ingredient in our success is that we can show our potential buyers the ACTUAL homes, amenities, etc. instead of the use of clever video and great renderings like most competitors. Investing this amount of money without seeing real stuff is pretty scary.
Q: What is your opinion of the Las Vegas high rise condo market in general?
I am very strong on the market. We have had both great and not so great press on our market place. In regard to overbuilding, saturation etc. The reality is we are at the beginning of the Highrise boom in Las Vegas and there are only about 22 communities actually under construction so overbuilding is nowhere in sight.
Q: Condo or Condo/Hotel... what makes better sense and what are the good and bad points of each?
Biased question....Of course CONDO HOTEL (I happen to sell it). In reality they both have strong merits for success but I like the potential rental component for condo hotel better and the fact that it is attached to a major resort for amenities and things.
Q: Who is the target market for MGM Residences? What attributes describe your typical buyer?
We have a huge cross section of target audiences. From International, baby boomers, gen x'ers and local residents. Mostly folks who love to come to Vegas which seems to be everyone.
Q: How are you building your brand and marketing to your target audience?
Again with the consistent success of Turnberry and MGM's reputation we have a head start because of branding power. We are in all high end publications, news media etc. We also still connect with past owners and repeat buyers who love our product.
Q: What is the process at this point to reserve a unit at MGM Residences? What is available and at what prices?
Although we are close to selling out, we still have great locations and values available. High floor studios starting in the mid 600's... One Bedrooms from the high 700's and high floor two bedrooms from 1.5 million and up.
In regard to down payment, it is 10% down at purchase and sales agreement, a second 10% 30-45 days from then and the balance at closing. One great thing is that we start closings in the third Tower within the next few weeks so folks who purchase don't have to wait years for it to be done or for their investment to start working for them.
Q: Do you have any social events, open houses, etc. that showcase your project to the public?
I personally tour prospective buyers in the actual tower, suites, grounds etc. It gives them piece of mind seeing the actual product. Just call my office for an appointment 702 891 5545 and I would be happy to accommodate them.
Q: Any advice, insights, etc. for high rise shoppers?
Don't get caught up in the sizzle. If you are investing, please use the golden rule of real estate "If it is an investment, DON'T FALL IN LOVE WITH IT!!!" Too many folks get excited about a purchase and don't realize that there are certain ingredients for success besides a name (services, support, amenities, etc. have to be present in the condo hotel that they purchase or it will be difficult to succeed.
Q: Describe the MGM Residences in one sentence.
The only completed condo hotel attached to a major resort on the Las Vegas Strip!!!!
And great thanks goes out to Jeff for taking the time to answer our questions. If you have any questions or would like more information on the Residences at MGM Grand, he can be reached at 702 891 5545 or via email here. Tell him you read his BloggerView!
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