My office has been made privy to an investment package consisting of 103 Las Vegas high rise condo units that are currently in foreclosure/short-sale status. The package includes lofts, 1 bedrooms, 2 bedrooms and penthouses in a variety of very high profile Las Vegas Strip high rises.
Today's total market value of this portfolio according to the bank is just under $65 million dollars and they are offering the entire package ideally to institutional investors, large investment groups, and REITS for $42 million, which translates into almost a 36% discount to market for a large portfolio of Las Vegas high rise condo units.
Obviously not for the small time investor... (we've got deals for you as well). But any takers? Please direct any questions or comments via email here. (name and phone number please)
Friday, March 21, 2008
Tuesday, March 18, 2008
"Investing in Las Vegas High Rise Condos Right Now is So Risky"
How many times have I heard that one? Or its sister comment: "I'm waiting for the market to bottom out. It's way too risky right now". Perhaps those quotes are true. Maybe it's better to invest in more solid and safe investments than Las Vegas high rise condos... say, perhaps.... Bear Stearns?
Bear Stearns was always viewed upon as "as solid an investment you can get". Yet Bear Stearns, once the country's fifth-largest investment bank, agreed Sunday to be sold for just $2 a share, down 93% from its closing price Friday making millionaires out of billionaires and sending smaller-time investors to the poorhouse overnight. Can Merrill Lynch, Fidelity, etc. be far behind? How does Las Vegas real estate sound to you now?
Look... there's no question if the economy right now were a car, it would have its red flashers on. Where are you going to put your money these days? You can't invest in real estate... you definitely can't invest in the stock market... we all know cash is king but each and every day the dollar gets devalued so you can't keep your money in the bank... What's an investor to do?!?!?
If you're an accredited investor, I think I've found the answer for you. You need to follow this link and fill out the form and I'll send you info on a very unique and high-yielding investment you can get into today that'll perhaps solve all your investing worries. Not accredited? We have a high-yielding answer for you as well...
Bear Stearns was always viewed upon as "as solid an investment you can get". Yet Bear Stearns, once the country's fifth-largest investment bank, agreed Sunday to be sold for just $2 a share, down 93% from its closing price Friday making millionaires out of billionaires and sending smaller-time investors to the poorhouse overnight. Can Merrill Lynch, Fidelity, etc. be far behind? How does Las Vegas real estate sound to you now?
Look... there's no question if the economy right now were a car, it would have its red flashers on. Where are you going to put your money these days? You can't invest in real estate... you definitely can't invest in the stock market... we all know cash is king but each and every day the dollar gets devalued so you can't keep your money in the bank... What's an investor to do?!?!?
If you're an accredited investor, I think I've found the answer for you. You need to follow this link and fill out the form and I'll send you info on a very unique and high-yielding investment you can get into today that'll perhaps solve all your investing worries. Not accredited? We have a high-yielding answer for you as well...
Sunday, March 16, 2008
Remember the Failed Hard Rock Las Vegas High Rise Condo Project? Let the Lawsuits Begin!
A group of real estate brokers have joined forces to sue former Hard Rock high rise condo developer Peter Morton for cancelling his $1 billion dollar condo project back in 2006. Alleging breach of contract and fraud, Coldwell Banker Premier Realty and two other California brokers are claiming Morton is required to pay millions of dollars worth of commissions for the almost 2000 reservations he claimed to have had when he sold his Hard Rock interests including approximately $800 million in sales reservations. The plaintiffs claim they had between 160 and 170 buyers for the high rise condo project.
Let's see... 3% on each of those sales (where unit prices started in the $400K and went into the high millions) amounts to some pretty hefty commissions. But whether they're entitled to those commissions obviously remains to be seen. Of course, both lawyers say they're "confident we will prevail in the case" and I have no idea as to how this will be resolved. My only question is: what took so long? Unfortunately, justice is not swift all the time and insiders say no trial date is set - we'll probably have to wait at least nine months before this case moves forward.
And by that time, we'll probably have a healthy Las Vegas high rise condo marketplace again so brokers no longer have to sue developers to make their money and developers don't have to cancel projects that may put them in the poor house.
Let's see... 3% on each of those sales (where unit prices started in the $400K and went into the high millions) amounts to some pretty hefty commissions. But whether they're entitled to those commissions obviously remains to be seen. Of course, both lawyers say they're "confident we will prevail in the case" and I have no idea as to how this will be resolved. My only question is: what took so long? Unfortunately, justice is not swift all the time and insiders say no trial date is set - we'll probably have to wait at least nine months before this case moves forward.
And by that time, we'll probably have a healthy Las Vegas high rise condo marketplace again so brokers no longer have to sue developers to make their money and developers don't have to cancel projects that may put them in the poor house.
Monday, March 10, 2008
Why Buy Las Vegas High Rise Condos Now? Here's Why...
Dan Kadlec recently wrote an excellent article in last month's Time magazine urging real estate investors of one thing: IGNORE THE HEADLINES! And with the constant negative reporting surrounding all forms of media (after all, fear sells), ignoring headlines is very difficult to do. If you're sitting on the sidelines twittling your thumbs before making any real estate purchases, the question at this point really becomes, what are you waiting for?
Can you factor out all the negativity and see the amazing purchasing opportunities that others may be too scared to act upon? When prices are falling, few investors have the discipline to buy real estate - but history has proven time and time again that those who do excel in the long term. John D. Rockefeller once said "The way to make money is to buy when blood is running in the streets." And with constant talk of the "R" word, the streets certainly appear red these days. However, the Fed is currently cutting rates faster than a Nolan Ryan fastball, which usually is a positive indicator that a recovery is in sight (or maybe even happening right now).
Do you have cash right now and good credit? Do you have a long term investment plan and are waiting for the perfect time to pounce on a market poised for significant growth? If so, then do you realize how good you have it? Now's the time to act before the inevitable rise in interest rates erases the short window of buying power advantages available to you today. It won't be there if you wait for that untimeable "market bottom" (that perhaps has already happened - we just don't know). Listen to what Lending Tree chief economist Jim Svinth said:
Risks always seem the highest when the media headlines are frightening. But that's exactly when it's time to act by adopting a long-term, steady, and diversified real estate acquisition strategy.
Can you factor out all the negativity and see the amazing purchasing opportunities that others may be too scared to act upon? When prices are falling, few investors have the discipline to buy real estate - but history has proven time and time again that those who do excel in the long term. John D. Rockefeller once said "The way to make money is to buy when blood is running in the streets." And with constant talk of the "R" word, the streets certainly appear red these days. However, the Fed is currently cutting rates faster than a Nolan Ryan fastball, which usually is a positive indicator that a recovery is in sight (or maybe even happening right now).
Do you have cash right now and good credit? Do you have a long term investment plan and are waiting for the perfect time to pounce on a market poised for significant growth? If so, then do you realize how good you have it? Now's the time to act before the inevitable rise in interest rates erases the short window of buying power advantages available to you today. It won't be there if you wait for that untimeable "market bottom" (that perhaps has already happened - we just don't know). Listen to what Lending Tree chief economist Jim Svinth said:
"The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher... Anything you gain by a further drop in prices might be offset by rising financing costs."Translation: WHAT ARE YOU WAITING FOR? Why buy now? Here's why: financing costs will rise as the economy recovers, so trying to time real estate might not pay off. In fact, at this point, it certainly will not.
Risks always seem the highest when the media headlines are frightening. But that's exactly when it's time to act by adopting a long-term, steady, and diversified real estate acquisition strategy.
Monday, March 03, 2008
57th Floor Trump Las Vegas Studio for Just $650K? No Way!
Yes, way!
Folks, here's perhaps the best deal you'll possibly find at Trump Las Vegas. I have access to a 57th floor Studio condo that you can now buy for a bargain basement price of just $650,000. Yes, that's the 57th floor. Yes, that's at Trump Tower. Yes, that is the best price you'll find anywhere. In fact, I have TWO of these 57th floor units available right now at that price - first come, first serve.
Now, I understand there are many of you would-be condo buyers waiting to see what may happen in the Las Vegas high rise condo resale market. But like previous posts regarding deals at Panorama, $650K for a 57th floor Trump unit WILL NOT be beat.
Try to offer $650K for a studio unit at the Trump salesoffice and watch them laugh you out of the building. This is YOUR chance at getting the last laugh on them instead.
Folks, here's perhaps the best deal you'll possibly find at Trump Las Vegas. I have access to a 57th floor Studio condo that you can now buy for a bargain basement price of just $650,000. Yes, that's the 57th floor. Yes, that's at Trump Tower. Yes, that is the best price you'll find anywhere. In fact, I have TWO of these 57th floor units available right now at that price - first come, first serve. Now, I understand there are many of you would-be condo buyers waiting to see what may happen in the Las Vegas high rise condo resale market. But like previous posts regarding deals at Panorama, $650K for a 57th floor Trump unit WILL NOT be beat.
Try to offer $650K for a studio unit at the Trump salesoffice and watch them laugh you out of the building. This is YOUR chance at getting the last laugh on them instead.
Sunday, March 02, 2008
BloggerView: Mary Williams - Sullivan Square
Mary Williams, marketing manager over at GSG Development and the Sullivan Square high rise condo project in Southwest Las Vegas, was kind enough to recently answer our BloggerView questions. Here's how she responded:
Q: What is the current status of Sullivan Square?
We’re quickly moving forward on our first phase. With site excavation and utilities now complete, vertical construction will begin mid-march. Delivery of phase one is scheduled for December 2009.
Q: What are the unique features of Sullivan Square, and what sets it apart from other projects in town?
Sullivan Square is a true mixed-use development featuring 1,300 residential units across six living options. High-rise condominiums, traditional brownstones, Live Work spaces, Chicago-style lofts, mid-rise terraced condominiums, and townhomes. Our market street will be filled with locally owned shops and services designed to meet the daily and/or weekly needs of our residents. The community centerpiece is a 1.5 acre park featuring mature trees and crushed rock pathways. You can drive home for the weekend and never leave.
Q: Who is the target market for Sullivan Square? What attributes describes your typical buyer?
The target market for Sullivan Square varies… although the highest percentage of buyers is local we do have others from out of state primarily the Southern California area. They range anywhere from the family core to the single professional to the empty nester. The HHI target normally starts around $100,000. The most distinguishable attribute that would describe our buyers is that they love the metropolitan neighborhood feel of the project. Most of them have either lived in a city that has this type of neighborhood or have wanted to live in this type of neighborhood.
Q: What product is available at this point and at what prices?
We are now selling condominiums in Madison Tower I & II, brownstones and Live Work spaces with pricing from the low $300,000s to $1.8 million.
Q: How do you showcase your product to the public?
The Sullivan Square Sales Center is located at 8930 Spanish Ridge Avenue. Just two miles north of the site, on the corner of West Hacienda Avenue and the 215 Frontage Road. Our Sales Center features a community model, renderings, virtual tour and a furnished vignette of our high-rise condominium living option.
Q: Describe Sullivan Square in one sentence?
Sullivan Square is a 16.5 acre mixed-use development located in southwest Las Vegas in the heart of West Village; it is a city within a city.
Thanks so much Mary for answering our questions. If you're interested in getting more information on Sullivan Square, please contact Mary at 702.212.9400 or via email here. Tell her you read her BloggerView!
Q: What is the current status of Sullivan Square?We’re quickly moving forward on our first phase. With site excavation and utilities now complete, vertical construction will begin mid-march. Delivery of phase one is scheduled for December 2009.
Q: What are the unique features of Sullivan Square, and what sets it apart from other projects in town?
Sullivan Square is a true mixed-use development featuring 1,300 residential units across six living options. High-rise condominiums, traditional brownstones, Live Work spaces, Chicago-style lofts, mid-rise terraced condominiums, and townhomes. Our market street will be filled with locally owned shops and services designed to meet the daily and/or weekly needs of our residents. The community centerpiece is a 1.5 acre park featuring mature trees and crushed rock pathways. You can drive home for the weekend and never leave.
Q: Who is the target market for Sullivan Square? What attributes describes your typical buyer?
The target market for Sullivan Square varies… although the highest percentage of buyers is local we do have others from out of state primarily the Southern California area. They range anywhere from the family core to the single professional to the empty nester. The HHI target normally starts around $100,000. The most distinguishable attribute that would describe our buyers is that they love the metropolitan neighborhood feel of the project. Most of them have either lived in a city that has this type of neighborhood or have wanted to live in this type of neighborhood.
Q: What product is available at this point and at what prices?
We are now selling condominiums in Madison Tower I & II, brownstones and Live Work spaces with pricing from the low $300,000s to $1.8 million.
Q: How do you showcase your product to the public?
The Sullivan Square Sales Center is located at 8930 Spanish Ridge Avenue. Just two miles north of the site, on the corner of West Hacienda Avenue and the 215 Frontage Road. Our Sales Center features a community model, renderings, virtual tour and a furnished vignette of our high-rise condominium living option.
Q: Describe Sullivan Square in one sentence?
Sullivan Square is a 16.5 acre mixed-use development located in southwest Las Vegas in the heart of West Village; it is a city within a city.
Thanks so much Mary for answering our questions. If you're interested in getting more information on Sullivan Square, please contact Mary at 702.212.9400 or via email here. Tell her you read her BloggerView!
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