Best Bets for Las Vegas High Rise Condos in 2006

There's so much happening in the Las Vegas high rise condo hotel market lately and I've been getting swamped with emails mostly as a result of the recent announcement from the developers of the Ivana project that their project was listed for sale and probably will never get built.

The big question I'm getting lately is "What's a safe Las Vegas high rise condo project to get into right now?"

"Safe" and "right now" are the key points. Project CityCenter's almost certain to be a winner - except it's been almost 18 months since the project was first announced, yet condo prices have yet to be set, sales haven't started, and many agreements remain to be worked out with Clark County regarding traffic flows and parking issues. In short, a project of this magnitude may be delayed for a very long time - and even then, we have no idea what their pricing structure will look like.

Setting aside a high rise purchase today with the hopes of waiting for CityCenter is probably not a wise move. In fact, it's entirely possible you can reserve a unit in a decent project right now, go to contract, close, and perhaps even sell it before CityCenter's ready to move forward. Make your money now so when CityCenter happens, you'll be well positioned - if the price points make sense, that is - and as of today, we just don't know.

"Safe" is another relative term - it all depends upon your investment strategy with buying a Las Vegas high rise condo in the first place. Here are my recommendations for the best buys you can make today for 2006 (determine what best describes you and act accordingly):

• For the truly affluent individual who's looking for a place to live in Vegas most of the year, and really doesn't care whether they rent out the unit while they're away:
  
  - Turnberry Towers : By far, your best option on the Strip
  
  - One QueensRidge Place: Off-strip supreme luxury
  
  
• For people with a decent amount of money to invest looking for a "second home" type presence in Las Vegas with the idea of maybe renting their unit long term (but most likely living in Las Vegas themselves):
  
  - Sky Las Vegas : it's currently going up and it's good.
  
  - The Curve: All looks good for this off-the-strip project in the growing Southwest
  
  
• For the somewhat small investor, looking to enter the market as either a condo hotel operation or with long-term rental aspirations:
  
  - MGM Grand Residences : Condo-hotel wise, it's not only the best option in Las Vegas, it's your ONLY option if you want a positive cash flow. An excellent option for the above recommendations as well.
  
  - Boca Raton: More of a mid-rise project, but an excellent south strip option that has already broken ground nonetheless.
  
  - Juhl: Another mid-rise, but perhaps your best option to take advantage of the growing downtown Las Vegas revitalization at this point.

Now of course there are a ton of other projects in town that may appeal to you and would probably make for great investments if you had the money to carry them. But based on the Ivana fiasco - along with its sister project Liberty Tower - I merely tried to pinpoint those that I think will definitely be built and will be suitable for purchase today with the goal of profiting via either rental income or through property appreciation.

Let me know if you're interested in pursuing any of these opportunites or others. But like I said early, don't wait for CityCenter to act - since you may be waiting a very long time while others are reaping the rewards of getting into the best Las Vegas high rise condo projects at the right time and price.

And don't let the newspapers scare you with all their doom and gloom. There are still good options in this town!

Looking South? Head for Boca Las Vegas High Rise Condos

I've been pitching the Juhl downtown Las Vegas high rise condo project for awhile now, and just recently have been accumulating information on a similar project, Boca Raton Las Vegas. What struck me immediately as a positive was the fact that construction was set to go vertical this month at their location on the south Las Vegas strip at Serene Avenue.

The entire $400 million dollar project when finished will consist of 756 luxury condo units in 4 seven story buildings with the usual arsenal of first class amenities that are generally associated with all the high rises in town at this point.

But what makes this a good play is the fact that the south strip area is experiencing tremendous growth with the South Coast casino scheduled to open on December 22nd, with Station Casinos planning a Green Valley Ranch rivaling resort in the area, and with a variety of timeshare companies continuing their nearby growth as well. And don't forget its proximity to the new Southern Highlands Casino at St. Rose and Las Vegas Boulevard set to break ground in Fall 2006.

Boca Raton also offers an attractive alternative to the higher priced central strip high rise condos in that their pricing structure makes it easier for the small investor to participate in high rise condo ownership in Las Vegas.

Lets repeat the mantra - strong developer... good track record... ground breaking and construction progress... realistic price points.

Boca looks to have it all. And best of all, they only require 10% down, with an extra 5% after 60 days (which is even waived if you go with their preferred lender). You can also rent out the unit if you want with limited restrictions, so if you pencil out the numbers, Boca will make for an excellent investment opportunity as well with prices starting at the low $400Ks at PHASE 2 PRICING!!! They have beautiful homes available for immediate purchase with no reservations, no lists, and no waiting. So don't you wait - if you ever considered a south strip investment, contact me to secure a unit in Boca Raton for yourself.

Newport Lofts Breaks Ground in Downtown Las Vegas

Newport Lofts have recently broken ground on their downtown Las Vegas high rise condo project which should be ready in January 2007. There are only 44 units remaining for purchase, where they require 10% at contract with an addition 5% not due until February 2006.

Contact me for further info on pricing and availability, but for now, if you're interested in learning more about the redevelopment of the downtown Las Vegas area, download the City Of Las Vegas Urban Renaissance Newsletter - you'll see redevelopment is happening, and perhaps buying a downtown Las Vegas high rise condo may not be such a bad idea afterall...

Time's Running out to Own an MGM Grand Residences High Rise Condo Hotel Unit

Tick... tick... tick...

That's the sound of a fantastic investment opportunity passing by as the Residences at MGM Grand project gets closer and closer to being sold out. With over 1500 units sold to date, and towers A and B being completely sold out, you'll have to act fast to snag a unit in their third and final tower.

All three towers are under construction and the builders (MGM Grand and Turnberry) have already set the standard in high rise living with their proven track record and experience in this town.

With a guard house entrance, 24 hour valet and parking, state of the art fitness centers, and a moving skyway connecting the residences to the MGM Grand Hotel, you'd be hard pressed to find a better project for high rise condo hotel use, so contact me today!

It's Almost Contract Time for Juhl Las Vegas High Rise Condos

Juhl Las Vegas has scheduled their "contract signing event" next month on January 14th for the 15-story mixed-use condo project located in downtown Las Vegas on the corner of Bonneville and 4th.

Longtime blog readers know we've mentioned the amenities and floorplan details regarding the Juhl Las Vegas high rise condos many times already - and feel this project is an awesome opportunity, but suffice to say that with units available from the high $200,000s with low downpayment requirements and good investor terms, what are you waiting for!?

As CityMark Development's president Rich Gustafson said, "Condo shoppers should reserve a loft now in order to secure the best possible price." Juhl will soon be in the midst of another release of units, so contact me immediately to get on this list to reserve a unit - I just can't stress the time-critical aspect of this enough.

Juhl will make you very happy in the upcoming years.

Urban Village High Rise Condos Coming to Las Vegas Town

You've seen the signs for Urban Village - now there's finally some good news.

Besides Santa, it looks like Urban Village is finally coming to town here in Las Vegas. Centex Destinations Properties has purchased the first phase and conceptual plans of "Urban Village", a 50-acre, $1.5 billion dollar project at the corner of Las Vegas Boulevard South and Pyle Ave. The project is set to feature high rise condos, shops, restaurants, fitness centers, jogging paths, and parks all in one self-contained community.

Research shows great demand for the Urban Village concept, and Centex has already developed a number of properties at Lake Las Vegas. Now, with anchor properties at both ends of The Strip, Centex Destination Properties have certainly become a force to be reckoned with to go along with the high visibility names such as Trump, Ivana, MGM, and Turnberry.

Obviously, it's too early to start talking price, but it should be interesting to monitor the progress of this project. If similar projects such as The District and The Curve are any indication, Urban Village may be worth the wait.