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Wednesday, August 29, 2007

Buy a ManhattanWest Las Vegas Condo before Friday. Here's Why...

Construction's well underway at the ManhattanWest mid-rise condo project in Southtwest Las Vegas. We've liked this project right from the start and so far, the condo project's met all the major requirements of a solid condo development (strong developer, good track record, construction progress, etc.)

So it's no wonder that nearly 50% of the first phase residences have been sold already in a short period of time. Now comes the good part if you took my advice and already bought one: ManhattanWest will be raising their prices on August 31st, 2007 - that's Friday, folks... so if haven't bought yet but you'd still like to get a nice deal (and instant equity for that matter) on a solid condo project, you obviously have a short timeframe to move on this.

Not everyone needs a Las Vegas high rise condo. Not everyone needs to spend upwards of $600K to live on the strip. ManhattanWest is for the everyday Las Vegas local. And that's probably YOU!

You can make a fully refundable $2,500 reservation deposit on your credit card with the balance of your deposit due in 30 days (all you need is 6% down total!), so why not call me today at 702-688-6454 or send me an email to select your new home, and to secure your choice of residence and location before the August 31st price increase.

Lock in today's price. And remember, it's a totally refundable deposit so you can't go wrong should you decide not to move forward at contract time.

Thursday, August 23, 2007

Not Buying a CityCenter Las Vegas High Rise Condo? The Big Players Are!

I've always maintained that the MGM Mirage's Project CityCenter was perhaps the most solid high rise condo project in Las Vegas, and perhaps the most prestigious real estate opportunity in the entire United States. According to an article in the Las Vegas Review Journal, it seems the folks over in Dubai agree, as Dubai World has just purchased half of CityCenter and nearly a 10% stake in MGM to go with it.

By investing $2.7 billion into Project CityCenter and another $2.4 billion for the 28 million shares of MGM Mirage stock, MGM and Dubai have entered into a significant partnership which seemingly should allow CityCenter better access to the Dubai marketplace of investors, condo buyers, and of course casino gamblers.

So while the rest of the world laments the bad economy and reports all the reasons why the high rise condo market in Las Vegas is dead, the people with the money continue to invest and pour countless dollars into the Las Vegas strip. Who are you going to believe? Your local news broadcast, or your own eyes?

This announcement is yet another indication that if you're an investor looking for preconstruction real estate, look no further than Project CityCenter in Las Vegas. Their Vdara and Veer condos already are selling at incredible rates, and the high-end Mandarin Oriental is already sold out with prices that started at $1.2 million. Could all these people be wrong? Absolutely not! In fact, the final part of the project - the Harmon Hotel - is just about ready to go. Would you like "friends and family" pricing? Contact me today!

Thursday, August 16, 2007

Guess the Las Vegas Condo View: Part II

Awhile back, we ran a contest asking readers to guess the view from the second floor of a major Las Vegas high rise condo project where the winner received a comp'ed round of golf at the Spanish Trails Country Club. Of course that project turned out to be the Pinnacle Las Vegas high rise condo resort.

Anyway, many readers responded to that post so I thought it would be fun to do it again. I received the following photo directly from the developer of another major condo project in the Las Vegas valley. While I can't offer any prizes for this one, anyone care to make a guess as to which project showcases this awesome view for condo unit buyers?

Email me with your response here.

More Good News for Downtown Las Vegas High Rise and Mid Rise Condos

Once again, we have even more good news regarding the revitalizaiton of Downtown Las Vegas, and in the process making ownership of the high rise and mid-rises in the area continually more attractive.

The Las Vegas City Council has selected Michigan-based REI Neon LLC group to pursue a proposal to build a 22,000-seat sports arena as part of a $9.5 billion project to reform 85 industrial acres in the downtown area.

This project will be called "Pulse" and is expected to feature a $500 million arena and 1.2 million square feet of retail space in its first phase of development. Later additions would include 6,000 hotel rooms, 1,500 residential units and up to 300,000 square feet of gambling space all branching outward from the arena. Officials are hoping that the arena, which could be built by the fall of 2011, will become home to NBA and NHL teams.

How does Juhl, Verge, and Streamline Towers look to you now? You should already have purchased units in at least one of those condo projects already. If not, don't wait - promising new developments such as Pulse will continue to catalyze future growth in downtown Las Vegas. Believe it, because it's happening. Will you be a part of the profits?

Wednesday, August 08, 2007

BloggerView: Michael Rea - Spa Lofts

Today's BloggerView is from Michael Rea of one of Las Vegas' most interesting condo developments, the SpaLofts project. Here's how Michael responded to our questions:

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!