One of the most anticipated high rise condo hotel projects in Las Vegas is getting closer to their official opening. By the end of February, the Palms Place high rise condo project should have their certificate of occupancy in place and owners can start moving into their $1,000 per square foot high rise units. The project has been completely "sold out" for quite some time now, as buyers put down 20% deposits to secure their units. How many actually close escrow remains to be seen, but it will be a good indication of where this marketplace is going should a high percentage followup to close.
The project cost more than originally planned (of course), but a developer such as George Maloof had no qualms about moving forward to complete the 47-story, 599-unit condo hotel. After all, what's a mere $650 million for arguably the "coolest" project in town? Designer accessories, fully equipped kitchens, 42-inch plasma TV's, rainfall showerheads, jetted tubs, private balconies, beauty salon, 24-hour room service, lobby bar, concierge, business center, restaurant, lounge, a 50,000 square foot pool and spa with the first Turkish bath in Las Vegas... the amenities go on and on.
Unfortunately, as previously mentioned, the project's completely sold out. If you want one, you'll have to get in line when resales become available. Or look into other projects such as the Platinum, MGM Residences, Trump Tower, CityCenter, Fountainbluau, and yes, the Cosmopolitan.
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