I don't mean units... I mean the whole development! My office just got access to 2 high rise development deals both located on the South Strip, with frontage right on Las Vegas Boulevard.
All approvals are in place and they're ready to go. One's approved for 317 units, the other for 770 units.
This is a tremendous opportunity for a developer or a big-time investor to enter the booming Las Vegas high rise condo market, so if you want to play with the heavy-hitters, get more information at our Real Estate Investment Opportunities blog.
Tuesday, June 20, 2006
Monday, June 19, 2006
Real Estate Condo and Investment Property Blog Craze Hits Las Vegas
This internet blogging mania just keeps getting crazier and crazier. In addition to the newly launched nationwide Condo Blog, we're recently just created two other blogs dedicated to the real estate community, one targeted to high rise developers nationally to showcase their projects and the other for real estate investors looking for profitable real estate deals not found anywhere else.
If you're a high rise condo hotel developer reading this post, then contact us with a full description of your project along with your artist's rendering of your high rise and we'll add it to the newly published Preconstruction High Rise Blog free of charge. Then, if you really want to get some bang for your buck, visit High Rise Blogging to see how to take your marketing efforts for your new project to the next level. And if traffic to this high rise blog is any indication, you're definitely going to want a blog for your high rise.
In addition, many readers have emailed me on occasion off this blog asking me about solid real estate opportunities that may not involve high rises at all. Our brand new Real Estate Investment Opportunities blog addresses that issue with some awesome development and investment real estate projects you won't find elsewhere because they're not actively shopped around.
Add that to our Available 1031 NNN Property blog and hopefully we'll always provide you with something real estate wise that you should be looking into further.
Blogmania... gotta love it!
If you're a high rise condo hotel developer reading this post, then contact us with a full description of your project along with your artist's rendering of your high rise and we'll add it to the newly published Preconstruction High Rise Blog free of charge. Then, if you really want to get some bang for your buck, visit High Rise Blogging to see how to take your marketing efforts for your new project to the next level. And if traffic to this high rise blog is any indication, you're definitely going to want a blog for your high rise.
In addition, many readers have emailed me on occasion off this blog asking me about solid real estate opportunities that may not involve high rises at all. Our brand new Real Estate Investment Opportunities blog addresses that issue with some awesome development and investment real estate projects you won't find elsewhere because they're not actively shopped around.
Add that to our Available 1031 NNN Property blog and hopefully we'll always provide you with something real estate wise that you should be looking into further.
Blogmania... gotta love it!
Friday, June 16, 2006
Andiamo Coffee Offers Unique Program to High Rise Projects and Developers
New York based Andiamo Coffee, Inc. has just announced a very unique coffee equipment program targeted to high rise condo projects and developers. It's so new, it isn't even on their website yet, but here are the details:
Andiamo Coffee is offering to supply high rises with Rancilo Espresso machines at bulk pricing of the equipment which is manufactured in Italy. They're also throwing in a free pound of their Silician Blend Espresso with each machine to get you started.
This offering is very interesting because, first of all, high rise living is all about elegance and a luxurious lifestyle and secondly, most of these high rise units at this point just come with regular coffee makers in their proposed kitchen layouts. When you really get down to it, an espresso machine for making cappaccinos and lattes is a must, specially since everyone's already "sold" on the idea that drinking gourmet coffee is all the rage these days. I would think a 20th-floor espresso overlooking the Vegas skyline would taste very good.
High rise purchasers are spending a lot of money for their units. If you're a high rise developer reading this, consider contacting Andiamo Coffee and asking about their new program... go that extra mile for the customers that are putting their trust in your project.
Andiamo Coffee is offering to supply high rises with Rancilo Espresso machines at bulk pricing of the equipment which is manufactured in Italy. They're also throwing in a free pound of their Silician Blend Espresso with each machine to get you started.
This offering is very interesting because, first of all, high rise living is all about elegance and a luxurious lifestyle and secondly, most of these high rise units at this point just come with regular coffee makers in their proposed kitchen layouts. When you really get down to it, an espresso machine for making cappaccinos and lattes is a must, specially since everyone's already "sold" on the idea that drinking gourmet coffee is all the rage these days. I would think a 20th-floor espresso overlooking the Vegas skyline would taste very good.
High rise purchasers are spending a lot of money for their units. If you're a high rise developer reading this, consider contacting Andiamo Coffee and asking about their new program... go that extra mile for the customers that are putting their trust in your project.
Thursday, June 15, 2006
Announcing The New Nationwide Condo Blog
I've got some really exciting news out of Boston, Mass. where I'll be the West Coast moderator of a brand new "urban" blog concept being hosted as a new addition to the CondoDomain website, a national condominium vertical search engine. The new blog has just been launched and can be viewed at the link below:
http://www.condodomain.com/blog
The purpose of this blog is to share “street level” information on real estate topics, local news & events and other related subjects. We'll be partnering with other real estate bloggers nationwide who know their areas like the back of their hands to create a destination where you can read postings from a variety of knowledgeable real estate sources.
In fact, all the bloggers who participate must be full service real estate agents who consider themselves experts in their respective local real estate markets. So read it... Ask questions, make comments - as we reach new markets, this will be your resource to get information from just about every area in the country.
And if you're an agent looking to join our blogging network, there's no better way to get qualified referrals from interested parties.
I know you've already bookmarked this Las Vegas High Rise Condo blog, but may I suggest you bookmark this new blog as well? Watch for a big PR launch next Tuesday!
http://www.condodomain.com/blog
The purpose of this blog is to share “street level” information on real estate topics, local news & events and other related subjects. We'll be partnering with other real estate bloggers nationwide who know their areas like the back of their hands to create a destination where you can read postings from a variety of knowledgeable real estate sources.
In fact, all the bloggers who participate must be full service real estate agents who consider themselves experts in their respective local real estate markets. So read it... Ask questions, make comments - as we reach new markets, this will be your resource to get information from just about every area in the country.
And if you're an agent looking to join our blogging network, there's no better way to get qualified referrals from interested parties.
I know you've already bookmarked this Las Vegas High Rise Condo blog, but may I suggest you bookmark this new blog as well? Watch for a big PR launch next Tuesday!
Tuesday, June 13, 2006
Financing on the Horizon at The Pinnacle Las Vegas High Rise Condo Project
The Pittsburgh-based Falcon Group, developers of the Pinnacle high rise condo project has so far financed their 36-story, 1,100 unit condo project internally. But when you're talking about serious millions, that's when it's necessary to call in the heavy hitters.
As such, they've begun working with Berkshire Capital Financing of New York on a $550 million construction loan for their project located on Tropicana Avenue across from the Orleans Casino on the former site of Falconi Honda. And since they already own the 12-acre parcel that the project will sit on, construction financing shouldn't be too much of a problem either.
Pricing... Good location off the Strip... Perhaps the best looking renderings in town with "Skywalk" units... Resort-like amenities... Excellent financials... The Pinnacle's got a lot going for it.
Go for it!
As such, they've begun working with Berkshire Capital Financing of New York on a $550 million construction loan for their project located on Tropicana Avenue across from the Orleans Casino on the former site of Falconi Honda. And since they already own the 12-acre parcel that the project will sit on, construction financing shouldn't be too much of a problem either.
Pricing... Good location off the Strip... Perhaps the best looking renderings in town with "Skywalk" units... Resort-like amenities... Excellent financials... The Pinnacle's got a lot going for it.
Go for it!
Monday, June 12, 2006
Second Tower Topped Off At MGM Grand Residences Las Vegas High Rise Condo Hotel
You want progress? I'll show you progress.
With completion scheduled for later this year, the second tower at the MGM Grand Residences project was topped off as construction surpassed the 19th floor. As you read in a previous post, the first Tower's just about done and people are already moving in. So... with Tower A done, and Tower B topped off, is there any reason to think Tower C won't be as successful?
The third tower is set for completion in 2008 and offers everything you'll find in the previous two. In talking with many potential high rise purchasers, the number one reason I hear for not going ahead with a high rise condo purchase is the buyer's fear that the project will never get built and their money will stay in escrow doing nothing for a 2 year period of time.
Progress is happening at MGM. With units still available and priced from $600Ks on up, can it be more obvious that this project's a winner? Fear not - and to borrow a phrase from Star Wars (which I saw again on cable last night),
With completion scheduled for later this year, the second tower at the MGM Grand Residences project was topped off as construction surpassed the 19th floor. As you read in a previous post, the first Tower's just about done and people are already moving in. So... with Tower A done, and Tower B topped off, is there any reason to think Tower C won't be as successful?
The third tower is set for completion in 2008 and offers everything you'll find in the previous two. In talking with many potential high rise purchasers, the number one reason I hear for not going ahead with a high rise condo purchase is the buyer's fear that the project will never get built and their money will stay in escrow doing nothing for a 2 year period of time.
Progress is happening at MGM. With units still available and priced from $600Ks on up, can it be more obvious that this project's a winner? Fear not - and to borrow a phrase from Star Wars (which I saw again on cable last night),
"Search your feelings... you know it to be true!"
Power of Brand Name Evidenced by Trump Las Vegas High Rise Condo Hotel
"The Donald" recently visited Las Vegas to check up on the progress of his 1,282 unit high rise condo hotel project, which at this point is almost all sold out. He had to have been impressed as construction on the tower has already reached 25 stories in height with 39 stories still to build. I drive by there often and it's really looking good.
Trump Las Vegas includes 880 studio units and 352 one-bedroom suites on the 16th through the 59th floors, and 50 one-, two-, and three- bedroom suites on the upper five floors. Buyers can live in their units full or part time, or rent their units out either on their own, or through Trump hotel operations, or through any other property management company they choose. That's the beauty of a condo-hotel - and with the Trump brand, I don't think you'll have a shortage of people wanting to rent units.
Like I said, Trump's ALMOST sold out. Prices start from the $700s and go to $7 million. And don't forget Trump Tower II - now's the time to step up if you're thinking of condo-hotel ownership in Las Vegas.
Trump Las Vegas includes 880 studio units and 352 one-bedroom suites on the 16th through the 59th floors, and 50 one-, two-, and three- bedroom suites on the upper five floors. Buyers can live in their units full or part time, or rent their units out either on their own, or through Trump hotel operations, or through any other property management company they choose. That's the beauty of a condo-hotel - and with the Trump brand, I don't think you'll have a shortage of people wanting to rent units.
Like I said, Trump's ALMOST sold out. Prices start from the $700s and go to $7 million. And don't forget Trump Tower II - now's the time to step up if you're thinking of condo-hotel ownership in Las Vegas.
Tuesday, June 06, 2006
Factor Traffic When Considering A Las Vegas High Rise Condo Purchase
With each passing day, more and more people move into Las Vegas - I've heard as many as 6,000 per month. (of course at the same time, many people move out of Vegas as well, but I'll guarantee you it's not at the same rate). That makes for a great real estate market, but it certainly doesn't help the traffic situation.
You've all heard the reports of over 100 high rise condo projects on the table for Las Vegas, both on and off the strip, and if you consider how traffic is bad now, can you imagine what it will be like in 5 years time?
That's why when you consider purchasing a high rise condo, it's important to find one with the most amenities and most mixed use capabilities - so basically you can live there without ever leaving the property. Plus, it's a good strategy if you want to rent your unit, as those people renting your units will most likely like to stay clear of frustrations... and what could be more frustrating than traffic?
While I'm exaggerating somewhat, traffic is getting to be a big problem in this town and unfortunately it won't be getting any better anytime soon. For example, people who buy into the MGM Grand Residences basically have the best of Las Vegas right at their fingertips, and all you have to do is get there from the airport! Plus, you have the entire Strip accessible from the Monorail.
Have you driven on the Strip lately on a weekend at any time? B-R-U-T-A-L!... and that's today! What's it going to be like when Trump, Cosmo, and that entire Harmon Corridor area is developed?
You can get the latest Las Vegas traffic report here >>>
... but buy a Las Vegas high rise condo here >>>
You've all heard the reports of over 100 high rise condo projects on the table for Las Vegas, both on and off the strip, and if you consider how traffic is bad now, can you imagine what it will be like in 5 years time?
That's why when you consider purchasing a high rise condo, it's important to find one with the most amenities and most mixed use capabilities - so basically you can live there without ever leaving the property. Plus, it's a good strategy if you want to rent your unit, as those people renting your units will most likely like to stay clear of frustrations... and what could be more frustrating than traffic?
While I'm exaggerating somewhat, traffic is getting to be a big problem in this town and unfortunately it won't be getting any better anytime soon. For example, people who buy into the MGM Grand Residences basically have the best of Las Vegas right at their fingertips, and all you have to do is get there from the airport! Plus, you have the entire Strip accessible from the Monorail.
Have you driven on the Strip lately on a weekend at any time? B-R-U-T-A-L!... and that's today! What's it going to be like when Trump, Cosmo, and that entire Harmon Corridor area is developed?
You can get the latest Las Vegas traffic report here >>>
... but buy a Las Vegas high rise condo here >>>
Monday, June 05, 2006
Las Ramblas High Rise Condo Hotel Project Sold to Edge Resorts
Edge Resorts is continuing their strong play in the Las Vegas high rise condo market by acquiring the 25-acre Las Ramblas project on Harmon Avenue for $202 million. Centra and Related bought the land for $75 million and stand to make a nice profit of $127 million on the deal.
The new project will be known as "Edge East" and will be developed as a complementary addition to the "W" Las Vegas hotel as a boutique hotel district with a central casino.
What that means for high rise condo unit buyers is that entire $20 billion dollars of development along the Harmon corridor will make Starwood Worldwide and Edge Resorts a major player in the Las Vegas high rise market. If you've already bought into the "W" Residences (like this blog told you to!), you've now bought into a 50-acre project that will rival the likes of Project CityCenter. And if you bought in when I told you to, you probably got a great deal on your unit as well.
It's way too early to know what the mix of condo-hotel units at Edge East will be, or what prices they'll go for, but it's a safe bet to say with the backbone of Edge Resorts and the resources they bring to the table, you'd be wise to at least get on an interest list for this project - or even better, snag a unit at the "W", which is looking more and more like a winner with each passing day.
The new project will be known as "Edge East" and will be developed as a complementary addition to the "W" Las Vegas hotel as a boutique hotel district with a central casino.
What that means for high rise condo unit buyers is that entire $20 billion dollars of development along the Harmon corridor will make Starwood Worldwide and Edge Resorts a major player in the Las Vegas high rise market. If you've already bought into the "W" Residences (like this blog told you to!), you've now bought into a 50-acre project that will rival the likes of Project CityCenter. And if you bought in when I told you to, you probably got a great deal on your unit as well.
It's way too early to know what the mix of condo-hotel units at Edge East will be, or what prices they'll go for, but it's a safe bet to say with the backbone of Edge Resorts and the resources they bring to the table, you'd be wise to at least get on an interest list for this project - or even better, snag a unit at the "W", which is looking more and more like a winner with each passing day.
Friday, June 02, 2006
Buyers Taking Las Vegas High Rise Condo Developer Related to Court
Everyone knew it was going to happen. It was just a matter of time. News out of the Las Vegas high rise condo world shows the buyers of the cancelled ICON high rise project are suing the project developer for breaking purchase agreements. And once again, they'll be only one winner: the lawyers.
ICON high rise purchasers are upset on two levels - the obvious one is that the unit they purchased will not get built. But an somewhat overlooked point is the opportunity cost they missed regarding other successful projects that they could have bought into while their money was sitting there at ICON doing nothing. If only they bought into Sky... or MGM... or Turnberry... not only would they be seeing continual construction progress, but most likely they'd be seeing the same appreciation buyers of those successful projects have already seen, and continue to see every day.
You can see the developer's point too. Rather than build a building they'd take a beating on due to rising construction costs, The Related Group figured it would be cheaper for them to kill the project and roll the dice with a class-action lawsuit they knew would eventually come their way. Related paid approximately $15 million for the land and rumor has it the 3-acre site is currently in escrow for $30 million. That should give them plenty of money to pay their court fees. It's hard to feel sorry for a company that makes $15 million on a failed project.
Lawsuits are everywhere these days, and they take forever to settle. Here's my advice to buyers of ICON units: get back on the horse. The race is far from over and the high rise market in Las Vegas is still in it's infancy. There's incredible opportunity out there in the right project. (HINT: if you liked ICON, you'll love ONE - and I'm pretty sure that project won't be canceled)
ICON high rise purchasers are upset on two levels - the obvious one is that the unit they purchased will not get built. But an somewhat overlooked point is the opportunity cost they missed regarding other successful projects that they could have bought into while their money was sitting there at ICON doing nothing. If only they bought into Sky... or MGM... or Turnberry... not only would they be seeing continual construction progress, but most likely they'd be seeing the same appreciation buyers of those successful projects have already seen, and continue to see every day.
You can see the developer's point too. Rather than build a building they'd take a beating on due to rising construction costs, The Related Group figured it would be cheaper for them to kill the project and roll the dice with a class-action lawsuit they knew would eventually come their way. Related paid approximately $15 million for the land and rumor has it the 3-acre site is currently in escrow for $30 million. That should give them plenty of money to pay their court fees. It's hard to feel sorry for a company that makes $15 million on a failed project.
Lawsuits are everywhere these days, and they take forever to settle. Here's my advice to buyers of ICON units: get back on the horse. The race is far from over and the high rise market in Las Vegas is still in it's infancy. There's incredible opportunity out there in the right project. (HINT: if you liked ICON, you'll love ONE - and I'm pretty sure that project won't be canceled)
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