Q: Tell us a little about your background and how you ended up at the ManhattanWest project.In the early 90’s I started a consumer products company with two partners shortly after graduating from law school at USC. I was fortunate enough to help it grow to #25 on the Inc 500. We sold the company in 2000 and I later bought a well known day spa in Los Angeles. With the spa running smoothly, in 2006 I began to look for other opportunities. Gemstone was looking for someone with an entrepreneurial approach to sales and marketing, and I had always been interested in real-estate development. I came on board in May, 2006 and have primarily spent the last year crafting the sales and marketing effort for ManhattanWest.
Q: What is the current status of ManhattanWest?
ManhattanWest is currently under construction, with the grading well under way. We anticipate that we’ll receive our foundation permit in late July and begin pouring foundation in August. We have sold 100 residences in our first 30 days.
Q: What are the unique features of your project that sets it apart from the other projects in town?
ManhattanWest is the only mid-rise project in town being built by a developer that has already built and sold-out another significant project. In 2006 Gemstone was the second largest builder of condominiums in Las Vegas and was one of the top ten builders of new homes in the Valley.
ManhattanWest’s location in the Southwest is ideal for this type of project. It’s ten minutes from the Strip and the Airport, but also just minutes from Summerlin and Red Rock. The area around the project is a vibrant mix of office and retail, with everything from Panera to Lowes within a half-mile. We’re also located in the heart of the Las Vegas “Wellness West” zone, with three hospitals and several major medical offices within a five minute drive.
The architecture takes its cues from classic New York streetscapes, without feeling too themed or on-the-nose.
Features that set the project apart include our Skylounge and rooftop pools (features that can be enjoyed by anyone who lives in the development), the ManhattanTransfer errand service, MahattanMD, our on-site doctor, our artisanal coffeehouse and wine bar, and our six acres of open space.
Q: What is your opinion of the Las Vegas high rise condo market in general?
Las Vegas continues to experience significant growth in travel and tourism. Despite a slow general market, projects such as City Center are seeing tremendous interest, even at the $1000+ per square foot. On the other side of the price spectrum, at ManhattanWest we have defied the general market trends by selling 100 residences in our first 30 days. What that tells me is that well-designed projects that offer buyers perceived value- at any price point- will continue to sell well.
Q: Condo or Condo/Hotel... what makes better sense and what are the good and bad points of each?
As a vacation home with convenient access to resort amenities, condo/hotels in the right project can be a good purchase for the right buyer. Buyers can generally be confident that Condo/hotels located at major, completed hotel projects such as Signature at MGM, will be solidly financed and likely to be completed on schedule. Some Condo/Hotel buyers who purchased recently, however, have been disappointed with the cash flow from their investments. With the average price per square foot up significantly in the past two years, the mortgage and maintenance costs just aren’t meeting the rental income from the properties. Further, with more than 40,000 hotel rooms coming on-line in the next three years the competition will most likely become more pronounced. If this happens, the potential appreciation for the properties may be dampened. Condo/hotels also limit buyers to the feature and amenity packages that have been pre-selected. There’s little or no room for personalization, and no way to make a vacation condo truly feel like home.
Condos currently offer significantly more choice than condo/hotels. Buyers are able to select from a wider range of projects and a broad spectrum of price points, often at prices per square foot that are much lower than condo/hotels. Buyers are not limited to the Strip, and have the flexibility to select a home in area that suits their needs and tastes. The vast majority of buyers who plan to live in their home will end up purchasing a condo versus a condo/hotel property, which makes it much easier to meet people and make new friends in a given community. Condos also offer the ability to customize a home to your personal taste.
On the other hand, while some projects offer resort class amenities, others are more limited. Some projects promise amenities but never deliver. Buyers looking for an amenity rich experience will need to shop carefully to decide what amenities are important to them and which developers have the experience to deliver what they promise.
Q: Who is the target market for ManhattanWest? What attributes describe your typical buyer?
ManhattanWest is attracting a range of buyers including single professionals and younger couples as well as empty-nest boomers looking for a more convenient lifestyle with richer amenities and services than what a single family home offers.
Q: How are you building your brand and marketing to your target audience?
We are building our brand through broad mix of media including internet, radio, print, billboard and direct mail. Our marketing approach is very direct. We strongly believe that we have the richest set of features and amenities of any condo project in Las Vegas- at any price. We simply explain our features and encourage our prospects to shop the competition.
Q: What is the process at this point to reserve a unit at ManhattanWest? What is available and at what prices?
The total earnest money deposit varies depending on the intended use of the residence and the building as follows:
For the mid-rise, owner/occupants and 2nd home buyers need 6% while investors need 8%. For the Element House, those numbers go to 7.5% and 10% down respectively.
Buyers may reserve a home at ManhattanWest with $1000 down, which hey may pay by either check or credit card. Reservations go to hard contract after 48 hours. We ask for an additional $4,000 within 30 days of going to contract, and the balance of the total earnest money deposit within 60 days. For example, if you purchased a $400,000 mid-rise residence as a 2nd home, the total deposit would be $24,000. The first payment would be $1,000, the second, due within 30 days, would be $4,000 and the balance, $19,000 would be due another 30 days later. After the payment at 60 days there are no additional funds required until closing.
Q: Do you have any social events, open houses, etc. that showcase your project to the public?
We hold events regularly. Our next event is a Wine Tasting Evening, June 28 from 6:00pm-8:30pm at our Sales Center. Guests may RSVP at 702-893-2663.
Q: Any advice, insights, etc. for high rise shoppers?
Make sure that you are completely comfortable with the track record and financing behind a developer before entering a purchase agreement. The Las Vegas market is unique, and a developer’s experience in other cities or countries doesn’t necessarily translate to success here. Don’t be afraid to ask the developer who is providing their financing, what financing commitments are already in place, and whether they own their land. If you are looking for the best value, take advantage of pre-completion pricing from developers who have broken ground but not yet finished a given phase or project.
Q: Describe ManhattanWest in one sentence.
From time saving features like our ManhattanTransfer errand and grocery service, health features such as our ManhattanMD on-site doctor, and social features including our coffeehouse/wine bar and 9th floor Skylounge, ManhattanWest changes everything.
Great interview, Mark. Thank you so much! For those interested in getting more information on the ManhattanWest condos or if you have any questions, Mark can be reached at 702-893-2663 or via email here. Tell him you read his BloggerView!
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