Q: Tell us a little about your background and how you ended up at SpaLofts.My background was originally in Food and Beverage. As CFO for The Light Group, then a New York City and Southampton, New York company, I was responsible for the financial well being and development growth of a dynamic enterprise headed by Andrew Sasson. The Light Group’s origins in New York City nightlife and hospitality eventually brought the company to Las Vegas in 2001, and what was to quickly become a very successful partnership with MGM/Mirage.
The emergence of The Light Group as a lifestyle company, encompassing restaurants, lounges and clubs, led to an evolution into residential development. It became clear that the Las Vegas housing market needed products to appeal to the changing demographic evidenced by the phenomenal embrace of our company’s hospitality endeavors. This realization led to the birth of the Panorama Towers project, and a partnership with Laurence Hallier. Panorama Towers represents a vertical living lifestyle with an incredible location and a change to an existing paradigm of urban living in Las Vegas. While Mr. Sasson was highly instrumental in the conceptualization and marketing success of the project, he has since divested himself of his interests in the development.
As the costs of high-rise development have climbed, we realized that there was a large void in the housing market between single family tract homes and high rise Strip living. We then decided that we would develop a mid-rise lifestyle housing product targeting this great in-between buyer. We could offer great finishes and resort-style living at a far more competitive price than the latest generation of high-rises. SpaLofts was born.
Q: What is the current status of SpaLofts?
SpaLofts is rapidly approaching groundbreaking sometime in September. We have been in for permit with Clark County for some time and are in the final stages of our approvals.
Q: What are the unique features of your project that sets it apart from the other projects in town?
SpaLofts features a signature gym and spa amenity, as well as a central courtyard with two pools. The 5,000 square foot gym and spa will be attended and feature concierge services for personal trainers, massage, and various classes. SpaLofts also boasts a great location at Rainbow Boulevard just south of the 215 Beltway with unfettered access to the Strip, McCarran Airport, golf, and shopping at the brand new Arroyo Commons, an 80 acre shopping center.
Additionally, SpaLofts contemporary and world class design by Graham Downes Architecture and the standard high-end finishes provided to all buyers gives a complete package of style and quality.
Q: What is your opinion of the Las Vegas high rise condo market in general?
Generally, the high-rise condominium market in Las Vegas is going to experience the same slowdown as the housing market in general. It is difficult to anticipate what the total inventory in this category will be over the next few years, but projects such as Project CityCenter will create a standard of quality and excellence that will help define what this market can attain. There is a certain evolution of a city such as Las Vegas as an urban center, and Project CityCenter is the jumping-off point in that evolution.
As the current generation of high-rises is delivered, absorption will level off and market conditions will dictate which high-rise developments are actually feasible.
Q: Condo or Condo/Hotel... what makes better sense and what are the good and bad points of each?
The Condo/Hotel product is somewhat unproven as an investment vehicle. Without the association of a major flag or resort-style development (including a casino in Las Vegas), it is difficult to meet any expectation of net income, if that is the buyers intent. If the buyers intent is merely to have a second home, then Condo/Hotel provides a great convenience of service and maintenance with the added benefit of some carrying cost offset via rentals.
Condo is for the buyer that wants a residence or second home and is content with the possibility of future appreciation of the asset. It is also generally a larger unit with more unit amenities, and a corresponding higher price.
Q: Who is the target market for SpaLofts? What attributes describe your typical buyer?
SpaLofts is a great product for a several different types of buyers. At a much more affordable price point, it has a tremendous appeal for the local Las Vegas market looking for a resort lifestyle in the place they live. The location in particular is ideal for the hospitality employee looking to live a higher end suburban life in a home that is progressive and modern in design. For the second home buyer, it is the opportunity to own a home of distinction and style for far less than a Strip high-rise, yet still have a true resort-style oasis.
To the extent that we have a ‘typical’ buyer, they share a common sense of appreciation for a modern sense of stylized living, and a spa and gym amenity that ensures a complete lifestyle environment.
Q: How are you building your brand and marketing to your target audience?
The SpaLofts brand is being built via its close association with The Light Group and the sense of belonging to an extended family lifestyle products. Our marketing in general is alternative and more direct. The large numbers of loyal clients and contacts developed over the years have evolved into a large network of discriminating individuals and groups who have come to expect excellence from their experiences with our company. While not the most conventional technique, it speaks to the exclusivity of SpaLofts as a boutique real estate product.
Q: What is the process at this point to reserve a unit at SpaLofts? What is available and at what prices?
There are a limited number of remaining SpaLofts units available. Anyone interested in a preview of the project may contact Sarah Hutnick at our Sales Center at 702-367-4111, or visit the gallery at 4230 South Decatur Blvd., Suite A, Las Vegas, NV 89103. You may also visit our website at www.spalofts.com
The units are priced from $450,000 to 576,000 and a buyer enters into a Purchase Agreement with a 10% deposit. We anticipate that the project will be completed in December, 2008.
Q: Do you have any social events, open houses, etc. that showcase your project to the public?
Stay tuned for a major groundbreaking event, to be announced. Any interested party can visit the sales gallery seven days, from 10:00AM to 6:00PM.
Q: Any advice, insights, etc. for high rise shoppers?
Be sure the project is real, and have realistic expectations for appreciation.
Q: Describe SpaLofts in one sentence.
SpaLofts is the ultimate residential lifestyle product for the discriminating buyer, offering location, amenities, and high-end finishes at a great price.
And I'd like to thank Michael for taking the time to answer our questions. If you have any questions or would like more information on the SpaLofts, he can be reached at 702-693-8300 or via email here. Tell him you read his BloggerView!
Posts
No comments:
Post a Comment