I have been in real estate for 13 years. I started out selling deeded vacation ownership on the Las Vegas Strip. I spent 4 years in the mortgage business and have been selling mid-rise and high-rise condominiums for 6 years. I was introduced to Mark Stark, owner of Prudential Americana, at the grand opening for Luxe Lofts. He told me they had a High Rise Division and put me in touch with Todd Grotstein (Director-High Rise Division). One thing led to another and I accepted the Director of Sales position for VERGE.
Q: What is the current status of Verge?
We are currently accepting reservations with a $2000 fully refundable deposit. We will start converting reservations to purchases on June 2nd at our Selection Event. Buyers will only have to put down a total of 5%. We will break ground this summer and anticipate close of escrow to be Fall 2008.
Q: What are the unique features of your project that sets it apart from the other projects in town?
For starters we have an incredible price point. Our residences start at $149,900 and 60% are priced below $400K. We offer studios, 1, 2, 3 bedrooms and incredible 2-story lofts with 23 foot ceilings. The design for VERGE is patent pending which allows us to offer an incredible lifestyle to our buyers at an exceptional value compared to most other communities. We are not in the business of selling upgrades. Buyers at VERGE will be able to meet with an interior designer and select from a wide arrange of finishes to customize/personalize their homes. We have an amazing list of amenities including 2 pools, fitness center with men’s and women’s locker rooms, steam rooms and saunas, 2 racquetball courts, theater room, rooftop restaurant and rooftop pet playground. We also have approximately 30,000 sq ft of commercial with ideal tenants being a grocery store, wine bar, healthy fast food establishment and a coffee house.
Q: What is your opinion of the Las Vegas high rise condo market in general?
Las Vegas is really new to the luxury high rise market. Our market is not much different then others in the fact that only a small percentage of proposed projects actually get built. With 8,000 people moving to Las Vegas every month, we are turning into more of an urban city. I am very bullish on the high rise market and now is the time buyers should consider owning as prices are only going to go up!
Q: Condo or Condo/Hotel... what makes better sense and what are the good and bad points of each?
It really depends on what the buyers needs are. The rules for condo/hotel projects vary regarding the amount of time you can stay in your home to management fees and the way the rental program works. What one buyer would consider to be a positive selling feature could be a negative for another buyer and vice/versa.
Q: Who is the target market for Verge? What attributes describe your typical buyer?
Our target market is across the board. A lot of our marketing has been geared towards locals, people who would like to live and work in the downtown area. The age range of our buyers on average is 25-45. We have many buyers from out of state who are looking at VERGE for a 2nd home and also have a lot of professionals like attorneys.
Q: How are you building your brand and marketing to your target audience?
We have been advertising in publications such as Vegas Magazine, 944 Magazine, Las Vegas Weekly, In Business Las Vegas and VURB Magazine. We sponsor the VERGE Music Stage at First Fridays every month. We have also held events at our Lifestyle Center (Spy-on-Vegas Open Bar and an Art Exhibit). A couple of times a week we market at the downtown restaurants by providing appetizers to diners on behalf of VERGE. We have participated in golf tournaments and also sponsored the Spy-on-Vegas Open Bars for 2 weeks. Our Lifestyle Center is approximately 4,000 sq ft and is a a great representation of what we offer. There is a scale model of the community as well as a loft model. We are open 7 days a week and highly encourage realtors and potential buyers to come visit.
Q: Any advice, insights, etc. for high rise shoppers?
Do your due diligence. Compare prices per sq ft, amenities and finishes. Look at the potential for growth in the neighborhood. Make sure you are getting the best value for your hard earned dollar!
Q: Describe Verge in one sentence.
Verge is uptown living and downtown cool at an uncompromising price!!!
And so ends another BloggerView. I'd like to thank Lance for taking the time to answer our questions. If you have any questions or would like more information regarding Verge, Lance can be reached at (866) 544-8777 or via email here. Tell him you read his BloggerView! Can blogging make you rich? Visit www.bloggerviewer.com for details.
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