Trying to Time Las Vegas High Rise Condo Market Bottom Will Cost You Opportunities Today

There are two things in real estate that all real estate experts agree on: it's impossible to time an exact market top and it's impossible to time an exact market bottom. In fact, that's true in just about any financial situation, including the stock, bond, and commodities markets. Successful investors see a TREND, and follow the trend and hope to buy or sell accordingly. They NEVER wait for the market bottom, because it's impossible to determine and they know they'll be sitting on the sidelines forever without ever getting into the game if they did.

We all know what's been happening in the Las Vegas market. Have we hit bottom yet? Some say yes, some say no. At this point, I'm here to tell you that it doesn't even matter because bargains have finally presented themselves to investors and high rise condo buyers who don't want to sit around on the bench forever. The time to buy is now - when everyone else is scared (or waiting for that untimable market bottom).

Let me give you an example. We have access to a poolside, never lived in, 2 bedroom, 2 bath property at Panorama Towers which you can land right now for $399,900, which translates into amazing price of only $257 per square foot. After researching the closed transaction sales in the past 30 days at Panaorama, the average price per square foot sold there is $429.

Is $257 per square foot market bottom? The market would have to drop another whopping 40% for that price to be market bottom! It's bad right now, but it's not THAT bad. Folks, this is called a STEAL! Anyone who doesn't act now on deals such as these (and other similar bargains we have access to right now) are not only out of their minds, but also doomed to watch from the sidelines forever as others make their fortunes instead. I hate to be blunt, but it just won't get better than this.

Pinnacle high rise condo buyers specifically have been presented with a very interesting opportunity. The developers of the Pinnacle couldn't bring their project to fruition, but hats off to their integrity by announcing that those who had units reserved will be getting their deposit money back, plus interest, within 30 days.

If you're a lucky Pinnacle buyer, you may not realize it, but you're in an excellent position. The market trend has been hit hard during this period of irrational exuberance which kicked the real estate market pretty hard in the pock-gut-book. Prices have been beat down to a point where bargains exist. We already know it's foolish to "wait" for the market bottom as you'll miss opportunities that others will act on, so you're flush with cash in a period of time where a market upturn may be right around the corner.

I so often hear "We're waiting for the market to bottom". In real life terms, that generally translates into the following:

"I'm waiting for when I think the market will hit bottom... but I'll certainly time it wrong... so if I ever do decide to move forward later on, it'll probably be at a higher price than I'm willing to pay anyway".

How many times do you sit at home watching "Deal or No Deal" and yell at the contestant passing up the real deal? They're taking a chance that something better will come along... And we all know what happens - they go home with a lot less than they could have had. If you truely want a Las Vegas high rise condo, don't let that happen to you.

Purchasing a resale is not only commonsense, but at this point, a no-brainer - especially for the Pinnacle buyers who are now off the hook and ready to move on for bigger and better bargains that exist right now.

Another One Bites the Dust: Pinnacle Las Vegas High Rise Condo Project Shutting Down

I have it on good notice that the Pinnacle Las Vegas is the latest high rise condo project here in Las Vegas that just won't be happening. Word on the street is that they've closed their doors and to look for an official notification in the upcoming days of the demise of this project.

Too bad. I really liked the originality of their design and thought they had the development team and background to see this project through. It shows you how hard it is to bring a high rise condo project to fruition these days in Las Vegas and makes all the other projects actually in development or ready for move-ins all the more impressive that they even got that far!

So what does that mean to those who've secured units in this project that will never get built? Well, truth be told, they're probably in an excellent situation right now. No doubt they'll get their earnest money deposits back - plus interest - which have been sitting around for quite some time now. (Many Pinnacle unit owners reserved units literally years ago!). Now, without the pressure of wondering when their high rise condo unit will be ready, Pinnacle buyers are now in the enviable position of having the pick of the litter of Las Vegas high rise condo bargains with money ready to make a move on high rise condo short sale positions and distressed sales.

Your $750,000 Pinnacle unit won't happen now. But thank the Pinnacle for the perfect timing. Based on the high rise marketplace right now, it's extremely possible that those very same Pinnacle buyers can take advantage of high rise resales and get into a high rise condo that'll blow the Pinnacle vision away AND cost way less AND be ready today! We've been accumulating these bargains at our Las Vegas high rise condo resales website and encourage all Pinnacle buyers who still desire that Las Vegas lifestyle to contact us immediately to take advantage of some amazing opportunities RIGHT NOW.

S-K-Y Spells Major Las Vegas High Rise Condo Deal

How do you spell "DEAL"? Try "S-K-Y" as in the Sky Las Vegas high rise condo project. If you're looking for your "Pie in the Sky" this distressed sale situation ought to satisfy your appetite. Here are the quick details:

One bedroom unit on the 26th floor with a balcony and AMAZING STRIP VIEW for $418K. You read that right - unobstructed drop dead fabulous views with the ONLY Las Vegas Strip address with amenities to live for.

This is a major deal and will not last. The key words to remember regarding this opportunity are:

- 26th Floor
- Strip View
- Strip Address
- One Bedroom with balcony

Put it all together and it spells "DEAL" - do not wait. Contact us immediately on this one.

Narreia Weighs in on Las Vegas High Rise Condos and the Las Vegas Real Estate Marketplace

As Sean Brown indicates in his latest Las Vegas market conditions report (updated today 2/20/08), there's no doubt the hottest topic in Las Vegas real estate today is the luxury high rise condo marketplace. We all know the numbers by now - 20,000 units approved and 50,000 proposed - and despite a warning NOT to buy a Las Vegas high rise condo with the intention of flipping the unit at closing for a quick profit, Mr. Brown still has some kind words to say about this significant market sector.

His report is an interesting read. You'll get a really good indication of Las Vegas market conditions from both a home buyer and real estate investor perspective. I know Sean personally and can tell you he's usually right on the money with the real estate analysis he and his company, the National Association of Residential Real Estate Investment Advisors (NARREIA), provide.

His final word on Las Vegas high rise condos? If you are looking for a primary residence, a vacation home, or a condotel, it's a great long term idea. So take advantage of this heavily maligned market and get a great bargain on a high rise condo today.

Register for our FREE Informational GO Zone Seminar - Zero Out Your Tax Bill

How many Las Vegas high rises could you buy if you had the ability to never pay a dime in taxes in the next 20 years? Wouldn't it be nice to amend your last 5 years of tax returns and get the money you paid to the goverment back to use for real estate purchases?

Many of you already are familiar with the Federal GO Zone Act which was passed by Congress to help the affected counties in Alabama, Mississippi, and Louisiana rebuild after Hurricane Katrina devasted the area. Here's your invitation to learn how you can make the GO Zone work for you.

Local to Vegas? Please attend our FREE Informational GO Zone Seminar on Tuesday, February 19th, 2008 from 6:00 - 9:00pm located at Ruth's Chris Steakhouse (3900 Paradise Road, Las Vegas, NV 89109) View Map

Open Bar and hors d'oeuvres will be served.

Brokers and real estate agents are more than welcome. Bring your investors for generous referral fees!

Discover how the IRS has created the opportunity of a lifetime - ZERO federal tax this year, ALL federal taxes paid in the last five years collected back, the ability to ZERO out ALL federal taxes over the next TWENTY YEARS. Based on our venue for this event, SPACE IS LIMITED so please register now at the link below:

http://www.gozoneprojects.com/gozone/seminar.htm

In all my years of real estate experience, I have never seen anything as good as this program. Please visit the GO Zone Projects website to learn more or contact me with any questions or comments.

Read These Tax Myths With Respect to Your Las Vegas High Rise Condo Purchasing Decision

Tax time will be here before we even know it, so I thought I'd share with you the "5 Home Ownership Tax Myths" courtesy of Kay Bell in today's Yahoo Finance. They are the following:

1. Mortgage interest will reduce my tax bill.
2. All costs related to my home are deductible.
3. I must use home profits to buy a new home
4. Putting my children on the deed is tax-smart.
5. If I take a loss on a sale, I can write it off.

Have a look at the article (it's really quite good), then note carefully myth number 6 that's not included in the article: There are no good Las Vegas high rise condo bargains to be had TODAY!... and don't forget to read the list of the Top 25 Business Books compiled by 800-CEO-READ and brought to you by the Las Vegas Wealth Group. The info contained in these books might provide the knowledge required to live the high rise life in Las Vegas.

Lawsuit Could Be Death-Blow to Las Vegas High Rise Condo Pinnacle Project

It looks like Reason # 5 of our last year's Top 10 Reasons Why Your High Rise Won't Get Built post (inordinate amount of time passes without activity) has reared its ugly head in the form of the $740 million dollar Pinnacle Las Vegas high rise condo project. After more than 3 years of construction ground breaking inactivity, some buyers have had enough and have recently slapped the Pinnacle with a class action lawsuit (which also happens to be reason #9) for breach of contract and are demanding the return of deposit money plus damages and attorney's fees.

3 contractors in 3 years, plus the uncertainty in the overall national real estate market, coupled with Pinnacle's unknown present construction status along with a groundbreaking date that has changed repeatedly, all could signify the death of this once promising project.

According to the lawsuit documentation, The Pinnacle high rise condo purchase agreements contained addendums with developer benchmarks, such as breaking ground within a certain time frame and/or delivering 306 purchase pacts or the developer can be found in default. The lawsuit also adds an additional previously unheard environmental issue that the project site is contaminated with high benzene levels as a result of dropping ground water levels.

All in all, it doesn't look good for the future of the Pinnacle high rise condo project. The Las Vegas condo market is certainly facing challenges - but as we all know, obstacles are usually real estate opportunities in disguise. For now, let's focus on getting great deals and bargains from the Las Vegas high rise condos that have already been built with a number of units facing fallout from investors who would consider selling their units at unheard prices. Like this one >>

Get a Great Bargain on a Las Vegas High Rise Condo Short Sale

As those who have already registered for our Featured Deal alert on www.VegasHighRiseResales.com already know, we have a situation developing right now that you have to take a look at if you're in the market for a great deal on a Las Vegas high rise condo.

Are you sitting down? In a nutshell, you can now own a 1,555 square foot pool side Panorama high rise condo that's going right now on a short sale for $399,900. Offers are being taken - one already is in at just a slightly higher offer price - and we believe a cash offer slightly over the asking amount will close this baby.

The short sale price at just $257 per square foot is BY FAR the lowest you'll see for high rise condos on or near the Strip. The Panarama high rise project is located within walking distance to the Strip across from the MGM Mirage Project CityCenter (which by the way is selling units for $800 to $2,500 per square foot). Talk about bargains! And remember, a walkway is being built from the Panaroma Towers directly to CityCenter (which will also have 500,000 sqft of dining, shopping, etc.) and a $750 million shipping/dining/district also opened south of the towers.

Unreal! Take a look and see it for yourself. Pay special attention to the original asking price shown from the previous link. Then contact us immediately as a unit such as this one definitely will not last!

World Market Center Continues Growing - Downtown Las Vegas High Rise Condos Take Note

Once again, good news arrives regarding the World Market Center, downtown Las Vegas' jewel of the desert as the city of Las Vegas has officially approved a fourth building at the site of the 57-acre complex.

Construction on the 17-story "D" Building is scheduled to start late this year and be completed by the end of 2010. In addition to its 1.1 milion square foot West Coast venue for the gift, decorative lighting, and home textile industries, it will also connect the "C" building with the parking garage scheduled to open in the summer and bring the total project square footage to over 6 million square feet.

If you still don't think Downtown Las Vegas is a goldmine of potential, just ask Miami developer Gregg Covin about the area. Six months ago, Covin bought the downtown Las Vegas Gold Spike property for $15.6 million and just sold it to The Siegel Companies for $21 million. Not a bad profit for 6 months of work, huh? And don't think the buyer overpaid either - they're experienced developers who also believe in downtown Las Vegas revitalization. I predict they'll do quite well with their vision.

Potential condo purchasers better take note. Deals are going on right now which should signal to you that the downtown area is ripe for investing. The big guys are already doing it. The World Market Center is thriving. And the industry experts over at Preview Las Vegas are all saying the same thing: there's opportunity for those who go downtown.

Preview Las Vegas Event Suggests Long Term Positive Outlook for Las Vegas and High Rise Condos

Yesterday morning, I attended the Preview Las Vegas 2008 event, which at this point, is a yearly "must attend" in order to get an idea of what's in store for the Las Vegas economy and the real estate industry. Did your real estate agent attend? If not, ask them why as surely anyone who takes the market here seriously should know it's the number one informational and networking opportunity Las Vegas has to offer.

Yesterday's event featured speakers Rossi Ralenkotter (President/CEO of the Las Vegas Convention and Visitors Authority), Jeremy Aguero (a principal of Applied Analysis), Guy Kawasaki (Managing Director of Garage Technologies Ventures), and finally keynote speaker Richard Lee (Vice President and Director of Public Relations from First American Title).

I thought Mr. Kawasaki's presentation on marketing innovation alone was worth the $80 price of admission, but there were a number of takeaway points that were also quite interesting from the event as a whole:

1. For almost 100 years now, the mainstream media have declared Las Vegas a "dud investment". Yet the city continues to consistently grow and prosper.
2. 2007 obviously was a pretty bad year real estate wise, but there are signs that the end of the downturn may be near. We need to stick it out a little while longer as the high foreclosure rate is still a major concern.
3. Employment growth is the number one indicator to watch for year 2008. As more and more high rise condo projects come online, the more jobs will be created, fueling more people moving to the area, which inturn will help stabilize the housing market.
4. Record amounts of foreign investments continue to funnel into Las Vegas real estate and although many high rise projects have been canceled, many more will become reality in the upcoming years, both on the Strip, south of the Strip, off the strip, and downtown Las Vegas.
5. Create meaning in your business. There's so much noise and distractions in today's media and advertising. Do something remarkable or you'll just be invisible.

We try to approach real estate in that remarkable way via blogs, videos, special events, and reporting stories in an unbiased fashion. Once again, I'd like to thank all my readers for your support of this blog and for the many kind words I receive in bringing it to you. The Preview Las Vegas event really just echoed a mantra of mine that I've mentioned time and time again: Las Vegas is a great long-term play. We will certainly face more real estate challenges in 2008, just as we did in 2007, but for those who can weather out the storm, the real facts and numbers show good things in the future.