The latest mid-rise luxury condo project here in Las Vegas is called the Onyx Las Vegas and is now actively selling. And selling fast it seems as only 18 of the 63 units are still available. Onyx isn't even taking unit reservations, choosing instead to go immediately to hard contract with interested buyers.
Located just east of the strip at Duke Ellington Way and Reno Avenue, Onyx will offer 2 bedroom units measuring from 1,169 to 2,278 square feet and priced starting at $573,000 with a completion date targeted for the Spring of 2006. One plan includes a loft, while another has a den.
Planned amenities for the project include stainless steel kitchen appliances, recessed lighting, 10-foot ceilings, travertine flooring, Dual pane low-e windows, a health club, a conference and business center, pool, spa, cabanas, and 24-hour concierge, doorman, and valet services.
The developer of the project, San Diego based Crestone Cos, consists of a partnership between Aaron Dean, Kent Trimble and Greg Westling who predict their exclusive luxury condominiums will be on an oasis of serenity and elegance featuring world-class fixtures and decor with the utmost in convenience, unequaled comfort, and unbeatable value. That's going to be hard to do based on some of the competition in the Las Vegas luxury high rise market.
That's why it'll be interesting to hear what they say at their planned sales event to be held on September 15th at the Stirling Club at Turnberry Place. Their venue choice is interesting because Turnberry's Stirling Club is exactly the epitome of serenity and elegance - and why would you want to show off the competition's biggest selling point?
Given a choice of Turnberry or Onyx, I'm going with Turnberry. But then again, let's see what happens at the September 15th preview before making any decisions. And I'll keep my fingers crossed that some units may still be available.
Thursday, August 18, 2005
Wednesday, August 17, 2005
Strong Initial Sales at Ivana
According to Luke Chadwick, the director of sales for the Ivana Las Vegas high rise condo development, last Sunday's sales launch (where more than 487 units were sold) was good enough for the project to qualify for construction financing. Ivana Trump was there and even bought 2 units for herself.
Chadwick also predicted that the project would sell out in the next month as they start to intensify their advertising and marketing efforts. And of course marketing is everything in the high rise condo hotel business in Las Vegas.
However, no matter how good your marketing is, the project still needs to make sense in the long run and lets not forget the Ivana will cost in the neighborhood of $500 million to build. Therefore, condos in Ivana are not cheap, costing nearly $2,000 per square foot on the higher floored units. But the bottom line at this point is that buyers obviously feel this is a viable project.
Construction on Ivana Las Vegas is scheduled to begin next summer and conclude in December 2008. They've got some unexpected momentum going on with this project right now. Maybe this one's a winner after all.
Chadwick also predicted that the project would sell out in the next month as they start to intensify their advertising and marketing efforts. And of course marketing is everything in the high rise condo hotel business in Las Vegas.
However, no matter how good your marketing is, the project still needs to make sense in the long run and lets not forget the Ivana will cost in the neighborhood of $500 million to build. Therefore, condos in Ivana are not cheap, costing nearly $2,000 per square foot on the higher floored units. But the bottom line at this point is that buyers obviously feel this is a viable project.
Construction on Ivana Las Vegas is scheduled to begin next summer and conclude in December 2008. They've got some unexpected momentum going on with this project right now. Maybe this one's a winner after all.
Tuesday, August 16, 2005
ICON Developers Love Las Vegas
With hundreds in attendance, the developers of the ICON Las Vegas high rise condo played host to the real estate community at the World Market Center last Thursday night in an evening that was as enjoyable as it was informative.
We all already knew the ICON was a solid project and its developers, the Related Companies headquartered in New York, had the talent, experience, and resources to move a project of this magnitude forward. So it came as no surprise to hear RPRS-President Sarah Prinsloo explain during a short presentation how well the project was progressing and what it all entailed.
But forget about the great food. Forget about the 3-piece jazz band. Forget about touring a venue not open to the general public. Forget about the open bar and the good company. The best part of the evening was the short announcement that the ICON project would be only the first of many outstanding condominium, hotel, office, and mixed-use projects the Related Companies have in store for the Vegas market in the upcoming years.
By making a major building and investment commitment to Las Vegas, Related is continuing to make attractive incentives to the real estate brokerage community. That means plenty of inventory and plenty of opportunities for investors, unit owners, and real estate agents alike. In fact, they plan on making a major announcement in the near future regarding their next project, which we'll all be closely monitoring, I'm sure.
If you haven't looked at ICON yet, it's time you did. Contact me for more information and how you can get involved with their latest releases.
We all already knew the ICON was a solid project and its developers, the Related Companies headquartered in New York, had the talent, experience, and resources to move a project of this magnitude forward. So it came as no surprise to hear RPRS-President Sarah Prinsloo explain during a short presentation how well the project was progressing and what it all entailed.
But forget about the great food. Forget about the 3-piece jazz band. Forget about touring a venue not open to the general public. Forget about the open bar and the good company. The best part of the evening was the short announcement that the ICON project would be only the first of many outstanding condominium, hotel, office, and mixed-use projects the Related Companies have in store for the Vegas market in the upcoming years.
By making a major building and investment commitment to Las Vegas, Related is continuing to make attractive incentives to the real estate brokerage community. That means plenty of inventory and plenty of opportunities for investors, unit owners, and real estate agents alike. In fact, they plan on making a major announcement in the near future regarding their next project, which we'll all be closely monitoring, I'm sure.
If you haven't looked at ICON yet, it's time you did. Contact me for more information and how you can get involved with their latest releases.
Monday, August 15, 2005
Queensridge Moving Ground
In case you're wondering what all the commotion is about at Rampart and Alto Drive, the land there is being cleared for the development of elegant european style custom condominiums called the "One Queensridge Place" high rise condo. The project is being developed as a joint venture between Executive Home Builders and Peccole Nevada Corp.
Unlike most condo hotel projects - which come fully furnished with a standard look and feel - Queensridge provides a unique and totally customizable experience ranging from multiple floor plans to a variety of high-end finishes and other bathroom and kitchen options.
But remember Queensridge will not operate as a condo hotel. They are looking for high-end users who want to live in a completely customized and unique environment unmatched by any other project in town. As mentioned in a previous post, JMA Architecture was hired to create a Paris-like Art Nouveau design theme for the project, so my guess is that between them and the rest of their development team, they most likely will succeed.
The various available units measure 2,000 to 14,000 square feet and are priced from $1.2 to over $15 million, with amenities featuring spas, a fitness center with an indoor lap pool, wine cellars with private dining rooms, a theatre room, a great room with fireplaces, caterer's kitchens, billiard tables, table games and even a bar. An outdoor barbeque area, sun terrace, swimming pool and three guest cabanas are also proposed.
So if you have the money and would like to live in opulent elegance, let me know and I'll get you whatever information you need to be one of the lucky residences in the One Queensridge Place project when they start moving in residents in late 2006.
Unlike most condo hotel projects - which come fully furnished with a standard look and feel - Queensridge provides a unique and totally customizable experience ranging from multiple floor plans to a variety of high-end finishes and other bathroom and kitchen options.
But remember Queensridge will not operate as a condo hotel. They are looking for high-end users who want to live in a completely customized and unique environment unmatched by any other project in town. As mentioned in a previous post, JMA Architecture was hired to create a Paris-like Art Nouveau design theme for the project, so my guess is that between them and the rest of their development team, they most likely will succeed.
The various available units measure 2,000 to 14,000 square feet and are priced from $1.2 to over $15 million, with amenities featuring spas, a fitness center with an indoor lap pool, wine cellars with private dining rooms, a theatre room, a great room with fireplaces, caterer's kitchens, billiard tables, table games and even a bar. An outdoor barbeque area, sun terrace, swimming pool and three guest cabanas are also proposed.
So if you have the money and would like to live in opulent elegance, let me know and I'll get you whatever information you need to be one of the lucky residences in the One Queensridge Place project when they start moving in residents in late 2006.
Thursday, August 11, 2005
ICON Developers Host World Market Center Preview Tonight
The developers of the ICON high rise condominiums are inviting Las Vegas real estate agents and their clients to experience a night like no other tonight as they will be hosting a sneak preview of the World Market Center in downtown Las Vegas.
Tonight's event starts at 6:00pm and goes to 9:00pm and will feature cocktails, hors d'oeuvres and private tours. It should be very interesting to get the news on what's going on with this project as well as the newest information on the status of the ICON project itself. For those of you interested in ownership of a high rise condo in Las Vegas for full-time living use, the ICON Las Vegas should definitely be part of your high rise option list.
The World Market Center is located at 495 South Grand Central Parkway in downtown Las Vegas. It's not to late to register - just send an email to reception@vegasicon.com and I'll see you at the party!
Tonight's event starts at 6:00pm and goes to 9:00pm and will feature cocktails, hors d'oeuvres and private tours. It should be very interesting to get the news on what's going on with this project as well as the newest information on the status of the ICON project itself. For those of you interested in ownership of a high rise condo in Las Vegas for full-time living use, the ICON Las Vegas should definitely be part of your high rise option list.
The World Market Center is located at 495 South Grand Central Parkway in downtown Las Vegas. It's not to late to register - just send an email to reception@vegasicon.com and I'll see you at the party!
Wednesday, August 10, 2005
You Better Move Fast with the MGM Residences Las Vegas High Rise Condo Hotel
While construction continues on Tower II of their 3-tower, 40-story condominium project, Tower III of the Residences at MGM Grand is almost 66% sold. In other words, time's running out if you're looking to secure a unit in perhaps the most solid high rise condo hotel project in Las Vegas.
The first tower sold out in 90 days and there are still select units available in Tower II. But the real play at this point is to get into the third tower - and the fact that the Residences also function as a fully furnished condo hotel with professional management available along with affiliation with one of the world's most prestigious resort names doesn't hurt.
With the demise of projects such as Krystle Sands and Aqua Blue, along with the uncertainty of the Majestic project, the choices for quality condo-hotel ownership in Las Vegas gets slimmer each day. However, if you take a close look at what the Residences offer and run the potential rental numbers as opposed to your carrying costs, you'll see why I continue to rate this project so highly.
Each tower will feature 24-hour front desk and conceierge services, along with in-suite dining and a guarded entry. In addition to the fitness center and swimming pool, the towers will be connected to the actual hotel resort via an enclosed moving walkway. The condo suites feature crown molding, raised paned doors, bedroom carpeting, high speed internet, granite counter tops, sub-zero refrigeration, Meile appliances, spa tubs, HDTVs, imported Italian kitchen cabinetry, and owner lock-out closets. In fact, you can get a real good idea about the look and feel of a potential one-bedroom or studio walk by walking through their models at their sales office at the MGM Grand's Studio Walk.
Prices range from $450,000 to more than $2 million, so contact me now while the few remaining units are still available. I'll run those numbers by you as well and show you in plain black and white why the Residences at MGM Grand is your best Las Vegas condo hotel investment option.
The first tower sold out in 90 days and there are still select units available in Tower II. But the real play at this point is to get into the third tower - and the fact that the Residences also function as a fully furnished condo hotel with professional management available along with affiliation with one of the world's most prestigious resort names doesn't hurt.
With the demise of projects such as Krystle Sands and Aqua Blue, along with the uncertainty of the Majestic project, the choices for quality condo-hotel ownership in Las Vegas gets slimmer each day. However, if you take a close look at what the Residences offer and run the potential rental numbers as opposed to your carrying costs, you'll see why I continue to rate this project so highly.
Each tower will feature 24-hour front desk and conceierge services, along with in-suite dining and a guarded entry. In addition to the fitness center and swimming pool, the towers will be connected to the actual hotel resort via an enclosed moving walkway. The condo suites feature crown molding, raised paned doors, bedroom carpeting, high speed internet, granite counter tops, sub-zero refrigeration, Meile appliances, spa tubs, HDTVs, imported Italian kitchen cabinetry, and owner lock-out closets. In fact, you can get a real good idea about the look and feel of a potential one-bedroom or studio walk by walking through their models at their sales office at the MGM Grand's Studio Walk.
Prices range from $450,000 to more than $2 million, so contact me now while the few remaining units are still available. I'll run those numbers by you as well and show you in plain black and white why the Residences at MGM Grand is your best Las Vegas condo hotel investment option.
Tuesday, August 09, 2005
The Problem with Las Vegas High Rise Condo Hotel Websites
I'll never understand why the marketing departments of all these Las Vegas high rise condo projects hire website designers that just don't get it. Speaking as a website developer with over 6 years experience in the trade, there's only three reasons to have a website: to inform, to entertain, or to sell. That's it. Of course, most websites have a component of all three, but most of the websites for the high rises I've seen makes it hard for you to get the information that you'll need to actually buy a unit.
Take the ICON high rise condo project for example. I'm sure they spent a ton of money having their site developed - And it really is gorgeous with excellent graphic design features. But for starters, why the "Enter" button? It's obvious I want to enter or I wouldn't have come to the site. Tons of projects do this including Trump, Liberty Tower, Allure, and the Cosmopolitan. At least the Turnberry Towers and the MGM Grand Residences websites ask me legitamite questions before proceeding inward. Think about it... it's like calling someone on the phone and having the person pick up and say, "yes, it's me... press one if you'd like to talk". Of course I want to talk - that's why I called you! In web terminology, you're forcing me to make another mouse-click for absolutely no reason before I get any useful information.
The next issue is the complete overuse of Macromedia's Flash technology. Besides being tremendously "un-search engine friendly", it requires the user to download the Flash player (which in these days isn't too much of a big deal), but more importantly, it forces me to sit through these incredibly drawn out multimedia presentations before arriving at the information I want - a MENU! In fact, the ICON website forces me to download a new movie for every page in their site! What a colassal waste of time if I just want to see their amenities package.
Along the same lines, the Sandhurst website is an example of exactly what you DON'T want to do. View it, and you'll go through this elaborate sales pitch (very well done by the way) before getting to the meat of the project. What if I just want a phone number to contact them at? Of course they get by that with the clever "Skip Intro" link - which in itself is a completely ridiculous override. You're paying all this money for the multimedia introduction, then you want people to skip over it. "Oh, I just bought this brand new Jaguar, but don't look at it - let's drive the Saturn instead."
And Sandhurst isn't alone. All beautifully done, Soho Lofts, Palms Place, and Spanish View Towers are just a few more examples of the countless websites employing this "subject users to unnecessary delay times" strategy. Web developers love to pitch all this multimedia crap on their customers because it's "cool". Plus it costs more.
It just doesn't help to sell the product.
Then, each project feels the need to "out-do" the other, which includes a more elaborate website introduction or adding useless moving graphics. What they don't consider is the fact that the main purpose of their websites is not to entertain - it's to provide information for the potential customer. If you're in the movie or music business, then by all means use as much animation and multimedia as possible. But you're a condo developer - I want contact information... Now! I want to know the building amenities and floorplans... Now! I want to know prices. I want to know location... Now! I don't want to see a movie telling me you're the biggest, or best, or tallest, or whatever!
But the biggest problem with all these Flash websites is the lack of being able to provide a specific link in an email or on a website. This is huge - and it doesn't seem to bother anyone in the high rise condo hotel marketing departments. Let me give you an example. Suppose you heard that the one-bedroom unit in Trump had the best floorplan out there and you wanted to see for yourself what it looked like. If I were to direct you to that part of the website, I'd have to say "go to the Trump website, wait for the presentation to load, then click on "enter", then wait for the menu to come up, then click on "menu", then then click on "Residences", then click on "Floorplans", then click on "one bedroom" and you'll finally arrive at the information you wanted in the first place.
Whew!
Now, if you asked me the same question on a website that "get's it", such as the 17th and Vine site, I could just say "oh, here's the link: http://www.17thandvine.com/floorplans/rodeo". It doesn't get any easier than that - one click and you're there - and you could put that specific link in an email message, a link on your website, from your instant messanger, etc. With a Flash site, you can't do that. And what is it they say, time is money?
That's why I like sites such as 17th and Vine, or the Streamline Tower, or Juhl. They give you information quickly, they're easy to navigate, they load fast, and they work well with the search engines. None of these have the glitz that a Trump or a Cosmopolitan website has, but then again, if you want to be entertained, go to George Lucas' site.
Me? I want to buy a high rise condo hotel, and I don't want to wait any longer than I have to in order to get the information I need to make a purchasing decision.
Take the ICON high rise condo project for example. I'm sure they spent a ton of money having their site developed - And it really is gorgeous with excellent graphic design features. But for starters, why the "Enter" button? It's obvious I want to enter or I wouldn't have come to the site. Tons of projects do this including Trump, Liberty Tower, Allure, and the Cosmopolitan. At least the Turnberry Towers and the MGM Grand Residences websites ask me legitamite questions before proceeding inward. Think about it... it's like calling someone on the phone and having the person pick up and say, "yes, it's me... press one if you'd like to talk". Of course I want to talk - that's why I called you! In web terminology, you're forcing me to make another mouse-click for absolutely no reason before I get any useful information.
The next issue is the complete overuse of Macromedia's Flash technology. Besides being tremendously "un-search engine friendly", it requires the user to download the Flash player (which in these days isn't too much of a big deal), but more importantly, it forces me to sit through these incredibly drawn out multimedia presentations before arriving at the information I want - a MENU! In fact, the ICON website forces me to download a new movie for every page in their site! What a colassal waste of time if I just want to see their amenities package.
Along the same lines, the Sandhurst website is an example of exactly what you DON'T want to do. View it, and you'll go through this elaborate sales pitch (very well done by the way) before getting to the meat of the project. What if I just want a phone number to contact them at? Of course they get by that with the clever "Skip Intro" link - which in itself is a completely ridiculous override. You're paying all this money for the multimedia introduction, then you want people to skip over it. "Oh, I just bought this brand new Jaguar, but don't look at it - let's drive the Saturn instead."
And Sandhurst isn't alone. All beautifully done, Soho Lofts, Palms Place, and Spanish View Towers are just a few more examples of the countless websites employing this "subject users to unnecessary delay times" strategy. Web developers love to pitch all this multimedia crap on their customers because it's "cool". Plus it costs more.
It just doesn't help to sell the product.
Then, each project feels the need to "out-do" the other, which includes a more elaborate website introduction or adding useless moving graphics. What they don't consider is the fact that the main purpose of their websites is not to entertain - it's to provide information for the potential customer. If you're in the movie or music business, then by all means use as much animation and multimedia as possible. But you're a condo developer - I want contact information... Now! I want to know the building amenities and floorplans... Now! I want to know prices. I want to know location... Now! I don't want to see a movie telling me you're the biggest, or best, or tallest, or whatever!
But the biggest problem with all these Flash websites is the lack of being able to provide a specific link in an email or on a website. This is huge - and it doesn't seem to bother anyone in the high rise condo hotel marketing departments. Let me give you an example. Suppose you heard that the one-bedroom unit in Trump had the best floorplan out there and you wanted to see for yourself what it looked like. If I were to direct you to that part of the website, I'd have to say "go to the Trump website, wait for the presentation to load, then click on "enter", then wait for the menu to come up, then click on "menu", then then click on "Residences", then click on "Floorplans", then click on "one bedroom" and you'll finally arrive at the information you wanted in the first place.
Whew!
Now, if you asked me the same question on a website that "get's it", such as the 17th and Vine site, I could just say "oh, here's the link: http://www.17thandvine.com/floorplans/rodeo". It doesn't get any easier than that - one click and you're there - and you could put that specific link in an email message, a link on your website, from your instant messanger, etc. With a Flash site, you can't do that. And what is it they say, time is money?
That's why I like sites such as 17th and Vine, or the Streamline Tower, or Juhl. They give you information quickly, they're easy to navigate, they load fast, and they work well with the search engines. None of these have the glitz that a Trump or a Cosmopolitan website has, but then again, if you want to be entertained, go to George Lucas' site.
Me? I want to buy a high rise condo hotel, and I don't want to wait any longer than I have to in order to get the information I need to make a purchasing decision.
Monday, August 08, 2005
Market Slowdown? Doubtful...
Just like calculators, cell phones, and digital cameras, the Las Vegas high rise condo market has leveled off - or so says John Riordan, vice president of sales for Turnberry Place and Turnberry Towers in today's Las Vegas Review Journal. But that doesn't mean the high rise condo frenzy is anything close to being over. After all, how many people do you know that don't own calculators, cell phones, or digital cameras?
The good thing about real estate is that unlike calculators, cell phones and digital cameras, your investment historically increases in value over time. Add a rental component in there and you're looking solid for years to come.
The fact of the matter is that there will always be great opportunities in the high rise market here in Las Vegas over the next few years as each project stakes its claim to being "the best". Of course, which one's are REALLY the best? That's where homework and common sense come into play. I've yet to see a website for a high rise project that doesn't proclaim itself as the answer to Vegas' luxury living problem. So you can toss out everything you read on them with the exception of floorplans, amenities, and contact information.
Use the floorplans to determine if the number of bedrooms and baths work for you, in addition to the total amount of square footage that you can get by on. If you're looking to purchase the unit as a condo hotel, make sure YOU would want to rent that unit if you were a potential renter looking for a short-term stay in Vegas. If you wouldn't, then pass on the project. It's that simple.
Determine if the amenities work for you as well. Just about every project has the pool, spa, fitness center, concierge, etc... but is the project location right for you? Would you rather park your own car or is a valet a requirement? Will the building amenities command a higher rent? What direction will your unit be facing? Etc.
You'll need to contact each project to address these issues, because unfortunately, no website can tell you what's right for you. Better yet, contact an agent who can get you that information for you on your terms, without the salesy promotional playbook answers you usually get from each project's sales department. This is especially important if you're interested in purchasing a high rise for condo-hotel purposes. Do the numbers! You'll be surprised at the number of projects in town that simply don't make sense.
Of course there are many in town that DO make sense. These are the ones you can invest in without fear of a market slowdown or level-off. Most industry experts agree that Las Vegas can absorb a significant amount of hotel and condo room growth demand. That's your cue to get involved, whether it be from a full time living condo perspective (where you can afford to be more whimsical in terms of what you purchase) or from a condo hotel angle (where you better be sure the numbers work or you'll have that dreaded "negative cash flow" for a long long time). Either way, I predict those getting involved now in the right projects face significant long term profits with their investment.
The good thing about real estate is that unlike calculators, cell phones and digital cameras, your investment historically increases in value over time. Add a rental component in there and you're looking solid for years to come.
The fact of the matter is that there will always be great opportunities in the high rise market here in Las Vegas over the next few years as each project stakes its claim to being "the best". Of course, which one's are REALLY the best? That's where homework and common sense come into play. I've yet to see a website for a high rise project that doesn't proclaim itself as the answer to Vegas' luxury living problem. So you can toss out everything you read on them with the exception of floorplans, amenities, and contact information.
Use the floorplans to determine if the number of bedrooms and baths work for you, in addition to the total amount of square footage that you can get by on. If you're looking to purchase the unit as a condo hotel, make sure YOU would want to rent that unit if you were a potential renter looking for a short-term stay in Vegas. If you wouldn't, then pass on the project. It's that simple.
Determine if the amenities work for you as well. Just about every project has the pool, spa, fitness center, concierge, etc... but is the project location right for you? Would you rather park your own car or is a valet a requirement? Will the building amenities command a higher rent? What direction will your unit be facing? Etc.
You'll need to contact each project to address these issues, because unfortunately, no website can tell you what's right for you. Better yet, contact an agent who can get you that information for you on your terms, without the salesy promotional playbook answers you usually get from each project's sales department. This is especially important if you're interested in purchasing a high rise for condo-hotel purposes. Do the numbers! You'll be surprised at the number of projects in town that simply don't make sense.
Of course there are many in town that DO make sense. These are the ones you can invest in without fear of a market slowdown or level-off. Most industry experts agree that Las Vegas can absorb a significant amount of hotel and condo room growth demand. That's your cue to get involved, whether it be from a full time living condo perspective (where you can afford to be more whimsical in terms of what you purchase) or from a condo hotel angle (where you better be sure the numbers work or you'll have that dreaded "negative cash flow" for a long long time). Either way, I predict those getting involved now in the right projects face significant long term profits with their investment.
Wednesday, August 03, 2005
When Appraisers Talk, the Vegas High Rise Market Listens
How many times have you heard a real estate agent say "The market is booming!" or "Real estate is hot!"? Agents love to throw around phrases like that, and it makes sense because their job is to sell you property. Some agents are knowledgeable, others are not. But when a reputable Nevada appraisal firm comes out and says that the growth trend in Las Vegas is vertical and that high rises of all types are solid investments, that pulls a lot of weight.
And that's exactly what Don Scroggins' company, Appraisers of Las Vegas.com, predicted for the Las Vegas real estate market's future over the next few years. And I quote:
And Scroggins is no fly-by-night. He's run his appraisal company for 10 years and knows a little about the Las Vegas real estate market, which has seen the cost of land skyrocket over the past year and a half.
So next time an real estate agent tells you about the booming Las Vegas high rise condo hotel market, feel better knowing the hype is justified by the research of a solid appraisal firm beyond reproach offering unbiased and objective opinions on the market.
And that's exactly what Don Scroggins' company, Appraisers of Las Vegas.com, predicted for the Las Vegas real estate market's future over the next few years. And I quote:
"a dwindling supply of centrally located vacant land and continued heavy demand will mean higher land prices. That all means more high-rise buildings will fill the Las Vegas skyline.
Increasing land prices are driving much higher density development. Even the office market is going vertical. The downtown Las Vegas' development plan, for instance, is high-rise office construction with retail space on the first levels, with the aim at attracting the younger clientele by use of hip, new restaurants and nightclubs."
And Scroggins is no fly-by-night. He's run his appraisal company for 10 years and knows a little about the Las Vegas real estate market, which has seen the cost of land skyrocket over the past year and a half.
So next time an real estate agent tells you about the booming Las Vegas high rise condo hotel market, feel better knowing the hype is justified by the research of a solid appraisal firm beyond reproach offering unbiased and objective opinions on the market.
Monday, August 01, 2005
One Queensridge Place High Rise Condos Re-define Luxury
The Queensridge high rise towers is certainly all about affluence and luxury. Italian marble, upgraded cabinents, hand-crafted railings, European-themed ambiance... and that's just their sales office! In fact, their marketing efforts are so new right now, their website hasn't been created and they didn't even have brochures ready when I walked in today for a project overview.
But what an overview it was! One Queensbridge Place is sparing no expense in creating perhaps the most luxurious high rise project in Las Vegas to date. "Palacial" is how I describe the aura their high rise condos are striving for. Two towers are being planned, both to be built at the same time on land that's currently being cleared for construction. They anticipate groundbreaking for their Summerlin site in the next couple of months and with Perrini Construction as their builder and JMA Architecture as the project architectural firm, they're in good hands and the future looks very bright.
Pricing on the 2 bedroom, 2 bath units starts at $1,200,000.00 - yep, the comma and the decimal points are correct in that number. They START at $1.2 million! Needless to say, this puts Queensridge way out of line for most high rise wannabee owners. But that's the point. Queensridge is marketing to the complete affluent individual that wants to stay in Vegas and live in Vegas. It is not a condo-hotel project by any means. In fact, you can't sell or rent your unit until a year after closing and no "For Sale" or "For Rent" signs are allowed either. Besides being in one of the nicest areas in the Las Vegas valley with views of both the Strip and the Mountains - and I can't believe I'm actually saying this - but it seems to me that owning a Queensridge unit is actually worth the money, despite the price. If you can afford it, you'll be living in luxury comparible to anything Wynn, the Venetian, or the Bellagio currently provide.
Now obviously, One Queensridge Place isn't for everyone. But if you are interested in getting more information, let me know and I'll make sure you get all details and brochures when they become available in the near future. Queensridge is going straight to contract with interested parties and require a 10% downpayment at contract signing along with another 10% at breakground. So for all you hedge-fund managers, hot-shot lawyers, sports stars, and big-time corporation CEO's, have I got the high rise condo project for you!
But what an overview it was! One Queensbridge Place is sparing no expense in creating perhaps the most luxurious high rise project in Las Vegas to date. "Palacial" is how I describe the aura their high rise condos are striving for. Two towers are being planned, both to be built at the same time on land that's currently being cleared for construction. They anticipate groundbreaking for their Summerlin site in the next couple of months and with Perrini Construction as their builder and JMA Architecture as the project architectural firm, they're in good hands and the future looks very bright.
Pricing on the 2 bedroom, 2 bath units starts at $1,200,000.00 - yep, the comma and the decimal points are correct in that number. They START at $1.2 million! Needless to say, this puts Queensridge way out of line for most high rise wannabee owners. But that's the point. Queensridge is marketing to the complete affluent individual that wants to stay in Vegas and live in Vegas. It is not a condo-hotel project by any means. In fact, you can't sell or rent your unit until a year after closing and no "For Sale" or "For Rent" signs are allowed either. Besides being in one of the nicest areas in the Las Vegas valley with views of both the Strip and the Mountains - and I can't believe I'm actually saying this - but it seems to me that owning a Queensridge unit is actually worth the money, despite the price. If you can afford it, you'll be living in luxury comparible to anything Wynn, the Venetian, or the Bellagio currently provide.
Now obviously, One Queensridge Place isn't for everyone. But if you are interested in getting more information, let me know and I'll make sure you get all details and brochures when they become available in the near future. Queensridge is going straight to contract with interested parties and require a 10% downpayment at contract signing along with another 10% at breakground. So for all you hedge-fund managers, hot-shot lawyers, sports stars, and big-time corporation CEO's, have I got the high rise condo project for you!
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