BloggerView: Michael Rea - Spa Lofts

Today's BloggerView is from Michael Rea of one of Las Vegas' most interesting condo developments, the SpaLofts project. Here's how Michael responded to our questions:

Q: Tell us a little about your background and how you ended up at SpaLofts.

My background was originally in Food and Beverage. As CFO for The Light Group, then a New York City and Southampton, New York company, I was responsible for the financial well being and development growth of a dynamic enterprise headed by Andrew Sasson. The Light Group’s origins in New York City nightlife and hospitality eventually brought the company to Las Vegas in 2001, and what was to quickly become a very successful partnership with MGM/Mirage.

The emergence of The Light Group as a lifestyle company, encompassing restaurants, lounges and clubs, led to an evolution into residential development. It became clear that the Las Vegas housing market needed products to appeal to the changing demographic evidenced by the phenomenal embrace of our company’s hospitality endeavors. This realization led to the birth of the Panorama Towers project, and a partnership with Laurence Hallier. Panorama Towers represents a vertical living lifestyle with an incredible location and a change to an existing paradigm of urban living in Las Vegas. While Mr. Sasson was highly instrumental in the conceptualization and marketing success of the project, he has since divested himself of his interests in the development.

As the costs of high-rise development have climbed, we realized that there was a large void in the housing market between single family tract homes and high rise Strip living. We then decided that we would develop a mid-rise lifestyle housing product targeting this great in-between buyer. We could offer great finishes and resort-style living at a far more competitive price than the latest generation of high-rises. SpaLofts was born.

Q: What is the current status of SpaLofts?

SpaLofts is rapidly approaching groundbreaking sometime in September. We have been in for permit with Clark County for some time and are in the final stages of our approvals.

Q: What are the unique features of your project that sets it apart from the other projects in town?

SpaLofts features a signature gym and spa amenity, as well as a central courtyard with two pools. The 5,000 square foot gym and spa will be attended and feature concierge services for personal trainers, massage, and various classes. SpaLofts also boasts a great location at Rainbow Boulevard just south of the 215 Beltway with unfettered access to the Strip, McCarran Airport, golf, and shopping at the brand new Arroyo Commons, an 80 acre shopping center.

Additionally, SpaLofts contemporary and world class design by Graham Downes Architecture and the standard high-end finishes provided to all buyers gives a complete package of style and quality.

Q: What is your opinion of the Las Vegas high rise condo market in general?

Generally, the high-rise condominium market in Las Vegas is going to experience the same slowdown as the housing market in general. It is difficult to anticipate what the total inventory in this category will be over the next few years, but projects such as Project CityCenter will create a standard of quality and excellence that will help define what this market can attain. There is a certain evolution of a city such as Las Vegas as an urban center, and Project CityCenter is the jumping-off point in that evolution.

As the current generation of high-rises is delivered, absorption will level off and market conditions will dictate which high-rise developments are actually feasible.

Q: Condo or Condo/Hotel... what makes better sense and what are the good and bad points of each?

The Condo/Hotel product is somewhat unproven as an investment vehicle. Without the association of a major flag or resort-style development (including a casino in Las Vegas), it is difficult to meet any expectation of net income, if that is the buyers intent. If the buyers intent is merely to have a second home, then Condo/Hotel provides a great convenience of service and maintenance with the added benefit of some carrying cost offset via rentals.

Condo is for the buyer that wants a residence or second home and is content with the possibility of future appreciation of the asset. It is also generally a larger unit with more unit amenities, and a corresponding higher price.

Q: Who is the target market for SpaLofts? What attributes describe your typical buyer?

SpaLofts is a great product for a several different types of buyers. At a much more affordable price point, it has a tremendous appeal for the local Las Vegas market looking for a resort lifestyle in the place they live. The location in particular is ideal for the hospitality employee looking to live a higher end suburban life in a home that is progressive and modern in design. For the second home buyer, it is the opportunity to own a home of distinction and style for far less than a Strip high-rise, yet still have a true resort-style oasis.

To the extent that we have a ‘typical’ buyer, they share a common sense of appreciation for a modern sense of stylized living, and a spa and gym amenity that ensures a complete lifestyle environment.

Q: How are you building your brand and marketing to your target audience?

The SpaLofts brand is being built via its close association with The Light Group and the sense of belonging to an extended family lifestyle products. Our marketing in general is alternative and more direct. The large numbers of loyal clients and contacts developed over the years have evolved into a large network of discriminating individuals and groups who have come to expect excellence from their experiences with our company. While not the most conventional technique, it speaks to the exclusivity of SpaLofts as a boutique real estate product.

Q: What is the process at this point to reserve a unit at SpaLofts? What is available and at what prices?

There are a limited number of remaining SpaLofts units available. Anyone interested in a preview of the project may contact Sarah Hutnick at our Sales Center at 702-367-4111, or visit the gallery at 4230 South Decatur Blvd., Suite A, Las Vegas, NV 89103. You may also visit our website at www.spalofts.com

The units are priced from $450,000 to 576,000 and a buyer enters into a Purchase Agreement with a 10% deposit. We anticipate that the project will be completed in December, 2008.

Q: Do you have any social events, open houses, etc. that showcase your project to the public?

Stay tuned for a major groundbreaking event, to be announced. Any interested party can visit the sales gallery seven days, from 10:00AM to 6:00PM.

Q: Any advice, insights, etc. for high rise shoppers?

Be sure the project is real, and have realistic expectations for appreciation.

Q: Describe SpaLofts in one sentence.

SpaLofts is the ultimate residential lifestyle product for the discriminating buyer, offering location, amenities, and high-end finishes at a great price.

And I'd like to thank Michael for taking the time to answer our questions. If you have any questions or would like more information on the SpaLofts, he can be reached at 702-693-8300 or via email here. Tell him you read his BloggerView!

Las Vegas SpaLofts Preconstruction Mid Rise Condo Project Announces Release of Exclusive Developer Reserve Residences

Millions of people visit Las Vegas every year. Countless thousands purchase real estate in Vegas as well. Very few, however, really live life to the fullest and take advantage of all this amazing city has to offer. VERY FEW, trust me. Well, your opportunity has arisen in the form of the SpaLofts mid-rise condo project, which just went public with their release of their exclusive developer reserve residences.

Owning at SpaLofts provides a very unique lifestyle and is meant for the Vegas local who wants to truly enjoy the "work hard, play hard, and relax hard" way of life, close to the strip, but away from all the hassles. If you're into luxury Las Vegas condo living, dining first-class in upscale restaurants, and visiting the hottest nightclubs in town on a VIP basis, then you should definitely be thinking about purchasing a preconstruction condo unit at the SpaLofts development. SpaLofts is the vision of Andrew Sasson, the founder and CEO of the Light Group, which operates some of the hottest and most popular restaurants and nightclubs in Las Vegas, including Fix, Caramel and Light at the Bellagio, and Jet and Stack at the Mirage. The Light Group was also the driving force behind one of Las Vegas' first high rise projects, Panorama Towers, which by all accounts has been an incredible Las Vegas high rise condo success story.

Purchasing a unit at SpaLofts gives you automatic "Gold Member" status with the Light Group for which you get instant entry to any Light Group nightclub or lounge, preferred seating and reservations which allow you to get the best tables even on the busiest nights, Gold Concierge service where a personal guest service representative assists you with reservations and event planning, and finally the ability to make the club your own and hold your very own private event at any Light Group venue at exclusive member's savings.

If you've done the club scene in Vegas, you know how long lines can be to enter the many exclusive nighttime hot spots the Light Group operates. How cool would it be to walk right in, see those velvet ropes part for you, and get the VIP treatment where ever you go? Talk about impressive! And not just once, but EVERY TIME you go. Remember, we're talking about venues that aren't just known in Vegas, but where people worldwide just dream about going!... all available to you as a result of being a SpaLofts owner.

Now here comes the best part: SpaLofts are actually selling at affordable pricepoints! The first 80 units were quickly snagged by friends of the Light Group and include some of the most interesting and dynamic movers and shakers of Las Vegas, including poker superstars Antonio Esfandiari, David Williams, and Josh Arieh and 944 & Racket Magazines owner Justin Weniger. Just today, Key Financial Investment Co. and the author of "Living Rich - A State of Mind" Josef Quieroz and his wife Maricel spoke with the Light Group's CFO Michael Rea regarding a penthouse unit. Many other significant names have already purchased into SPA Lofts. Now here's your opportunity to purchase at exclusive developer reserve prices.

1276 square feet, 2 bedroom, 1 1/2 bath, 2 terrace units start at $449K and go to $576K for a 1,500 square foot, 2 or 3 bedroom, 2 full baths, and 2 terrace unit. Search the entire Las Vegas high rise and mid rise condo marketplace and you'll be hard pressed to find anything better, both from a pricepoint and amenity point of view. Out of 147 units, only 35 remain. I believe this project represents an excellent value for all the above reasons. So if you want to live the Las Vegas life like it's supposed to be lived, you better act now.

Success of World Market Center Again Boosts Potential of Downtown Las Vegas High Rise Condos

Whatever you do this week, don't go downtown to the World Market Center - you'll be too tempted to buy a downtown Las Vegas high rise condo.

The World Market Center is having it's bi-annual convention this week and expect over 50,000 of the world's biggest movers and shakers in the furniture industry to attend. In just a short period of time, furniture industry insiders are saying the World Market Convention brings them more leads and sales than they ever had at their traditional North Carolina location - and that's excellent news for downtown Las Vegas.

And what does that mean for you, the investor and/or high rise condo buyer? While still in its infancy (it just opened in 2005), the World Market Center already's drawing record crowds from around the country looking to make deals on merchandise displayed in over 500 showrooms and is proving to become the centerpiece of downtown revitalization. Little by little, you'll see the entire industry shift to Las Vegas. Is it far-fetched to think suppliers, vendors, manufacturers and just about everyone involved in the furniture market would perhaps need a upscale condo to live in or rent?

You see where I'm going here with the potential. And right now, you can still get into a downtown Las Vegas high rise or mid rise condo at attractive pricepoints that make sense to the small investor. How about Juhl, which is walking distance to the market? Or Verge with its exploding sales. Or perhaps for real high rise living, try Streamline Tower.

The bottom line is that the World Market Center's already a success. You can see it with your own eyes this week. And with plans to expand the World Market Center to over 7 buildings and 12 million square feet by 2013, it's providing forward-thinking investors with a tremendous opportunity. The question remains: Are you ready to act on it?

What Happens in San Diego... May Just Happen in Las Vegas, High Rise Condo - wise

One of the greatest things about living in Las Vegas is its proximity to a number of amazing other cities you can visit with just a short car-drive away. As I write this, I'm sitting in my hotel room after a long day of looking at high rise condos and lofts in the San Diego area. What does this have to do with the Las Vegas high rise condo marketplace? Well, it just so happens that the developer of the Juhl Las Vegas downtown Las Vegas condo project has already created a number of highly successful projects in the downtown San Diego area.

And I wanted to see for myself just what the buzz was all about. If the completed Juhl project is anything like the properties I saw today, ladies and gentlemen, we'll have a winner.

CityMark's 90-feet tall Fahrenheit project is located at the corner of Island Street and Tenth Avenue and offers 77 lofts of 640 to 2,390 square feet. Then, in the heart of downtown - near Market and Tenth street - their M2I lofts offer views of Petco Park, East Village, and the downtown skyline. The company also built the Egyptian which contains 80 urban residences at Park Boulevard and University Avenue. And located in the Little Italy section of downtown San Diego stands Doma, 121 units distinguished by a preserved historic clock tower and a rooftop entertainment deck offering panoramic harbor views. Then there's Paseo, consisting of 18 townhouses offering spacious living, access to restaurants, shopping, entertainment, and trolley access. Finally, Cortez Hill was named the Best Attached Housing Product in 2002 and all homes offer private backyards and intimate roof decks.

In Las Vegas, you have to do your homework with respect to a project's developer. It's perhaps the biggest indicator of whether or not your Las Vegas condo project will succeed. With Juhl, you have a project from a developer who's string of successes is about as solid as it gets. Add to that all the positives you're already seeing in Downtown Las Vegas and the picture's clear: Juhl is happening... and it's affordable... and the numbers make sense. Get into this project right now.

It's happened already in San Diego and I've seen it with my own eyes. It'll happen in Vegas too! Only with this project, you don't have to keep it a secret from your friends.

Pinnacle Las Vegas to Demolish Building to Make Way for Their $850 Million High Rise Condo Resort

On Wednesday morning, July 11th, the Pinnacle Las Vegas will present quite a press event and photo opportunity. They'll be bulldozing an existing building to make way for construction of the new condominium resort-hotel. The press event will be highlighted by action footage of an existing structure being bulldozed to the ground and the opportunity to meet Pinnacle developer Michael Bellon.

Remember that The Falcon Group has owned the 12-acre Pinnacle Las Vegas site for the past 20 years and has carefully planned their development since 2005. At the height of construction, the project will generate approximately 2,000 construction jobs and stimulate millions of dollars in tax revenues. Upon opening in 2009, Pinnacle will generate more than 500 permanent jobs.

I've been telling you for a long time now how great this project is. Now we're finally seeing physical movement. Register to get more info on unit pricing and availability, then attend the event on Wednesday by RSVP'ing to Kurt Ouchida at 702-300-5756 or Jackie Dennis at 702-408-2759

DATE: Wednesday, July 11, 2007

TIME: 10:00 a.m.(sharp)

PLACE: Pinnacle Las Vegas Construction Site - 4645 W. Tropicana Avenue across from The Orleans (Parking available off Cameron Avenue and Tropicana)

Las Vegas Temperature Not A Factor for July 4th High Rise Condo Fun

Out of all the postcards tourists send back home from their many trips to Las Vegas, do you know which one sells the best? It's the one with the Vegas skyline at night with fireworks going off all across the sky. I know you've seen it. Last night, I experienced the real thing at a July 4th party held at a 22nd floor high rise condo unit to watch the incredible celebration of lights. I spoke to the owner of the condo who told me his wife and him travel from Seattle to Las Vegas every July 4th because "it's the only place to be to celebrate America's birthday".

And it got me thinking: surely they're not the only ones. Surely people hear the latest weather reports of record high temperatures in Las Vegas right now. And how they're calling for even higher temperatures throughout the weekend. Yet people keep coming. McCarren Airport passenger traffic constantly sets new records... just about every resort is running at 100% occupancy... traffic coming into Vegas from the I-15 is constantly crawling... And it's 115 degrees!!!

With its mild climate and gorgeous scenery, I would think there's probably no place better to spend a nice comfortable July 4th weekend than in Seattle. Yet here's a couple who have the ways and means to go anywhere, and they choose Las Vegas in the heat of summer. It's that very reason that they bought their Las Vegas high rise condo to begin with - Vegas is completely unique. There's no place in the world that can even compare.

That's why on July 4th with 115 degree weather, you still won't find a hotel room if you book last-minute. Now what if you had your very own unit instead that you can use when you want and rent it for income when you're not in town? What if you could host a party like I went to last night to impress just ONE client on July 4th that may dwarf the price of what the unit costs you? Think about that for a moment, then contact me and we'll talk about which high rise you'll be hosting your own July 4th party next year.

CondoCasts Showcase the Uniqueness of Your Las Vegas High Rise Condo Project

For all you Las Vegas high rise condo developers out there, do you want to know how to better market the originality of your high rise condo hotel project? Consider employing a "CondoCast" as part of your marketing strategy. They're totally professionally done, amazingly affordable, and get your message across so much better than those "cool" websites the so-called "marketing pros" at many web development companies offer. Here's an example of what I'm taking about:

I personally know the principals involved in the creation of these movies and can vouch for them with the utmost in confidence. Note the high video quality, quick download time, and professionalism of the presentation itself. Nothing else comes close - plus, once a CondoCast is done, you can add it to your own website, use them as email marketing pieces, and really show off your concept in a way that certainly showcases your Las Vegas high rise condo as a unique investment.

Developers are spending tons of money each month on traditional ineffective marketing. Isn't about time you spent your advertising dollars on something that works instead?

Verge Downtown Las Vegas Condo Buyers Spellbound with Mid Rise Project's Magic

So what was it that made the recent 229 unit one-day sales record at the Verge mid rise condo project in Las Vegas so magical?

Was it the $149,900 pricepoint and the ease of terms to buy a unit?... Or was it the fact that the Verge project was nominated for the "Best Architectural Design and Achievement" award by the Best of Nevada Real Estate awards?... Maybe the educated public is doing their homework in comparing the profitability potential of downtown Las Vegas high rise and mid rise condo projects versus their higher cost Strip condo counterparts?...

Or perhaps it's just the magic of the Verge's developer, Darren Dunckel. After all, he's married to Erin Murphy who just happens to have played the original "Tabitha" character in the classic TV show "Bewitched". (And how ironic that she actually married someone named Darren!). As Elizabeth Montgomery's witch daughter in the series, Tabitha would twitch her nose with her finger, and amazing things would happen. However, in reality, I think it's Dunckel's accessible, approachable, and humble nature that make him stand out from the large number of Las Vegas high rise condo developers, many of whom seem to constantly want to Trump Steve Wynn.

Instead, he put his mind to address exactly what the market is calling for - Dunckel envisioned Verge as a majestic, affordable, amenity-rich, live/work/play product and was able to successfully communicate that value in a way other developers have yet to achieve. He creates his own magic by personally attending to each and every perspective buyer. How many developers can say that?

Now here's an interesting scoop for you: Rumor has it that John Lewis, UFC championship fighter and one of the Most Influential People in Las Vegas Nightlife, plus a very recognizable Playboy centerfold, and finally real estate junkie and "Best Sales Agent" nominee Shari Sanderson all recently met with Dunckel to decide which 2 bedroom downtown-facing unit they all wanted to purchase. This particular playboy centerfold already owns a unit in Park Place. She's invested at the Red Rock Country Club, and lives at Turnberry. Shari Sanderson created the Putter's Bar and Grills in the Las Vegas valley with her husband and knows a thing or two about making money herself. And John Lewis' resume speaks for itself.

These people can buy anywhere in town - and they're choosing Verge. Do you think these people know something? You bet they do! (read the Verge BloggerView) And 229 people just magically shared their vision. Do what successful people do and you too will be successful.

Finally, let me tell you this: Verge knows what kind of product they have. The $149,900 bargain pricepoint won't last long. In fact, just as they had the largest sales day in Las Vegas history, they're also planning the largest price increase in Vegas history as well in the very near future. Instant equity is calling... anyone home?

Remember, we're mere mortals. Twitching our noses won't do us any good. However, if you take action and move on this Verge opportunity, magical moments surely await!

Downtown Las Vegas' Verge Mid Rise Condos Sells 229 Units in One Day!

Remarkable! Unbelieveable! Incredible! Choose your own superlative. Either way, it's true - last week, the Downtown Las Vegas' Verge mid-rise condo project sold 229 units in a single day. And that's not just refundable reservations, those are totally bona fide hard contract sales.

Now obviously, something good has to be happening downtown when a condo project can sell 74% of their development in one day. And I know what you're probably thinking (I was thinking this myself when I originally heard the news) - Oh, they brought in one of those investment groups who negotiate tremendous terms with developers in exchange for the ability to flip their contracts without ever having the intention of closing. (which, by the way, is an excellent means for investing in preconstruction projects)

But, no. The real story is how Verge marketed this event so that individual buyers waited in lines actually crawling over each other at the chance to snag units starting at $149,900 with more than 300,000 square feet of residential living space. Talk about downtown revitalization! As mentioned in my previous post, now you have 229 more reasons why downtown Las Vegas should be your destination for condo bargains in Las Vegas. And remember, the majority of these purchasers intend on using Verge as their personal residence. The Verge is scheduled to break ground this summer and will most likely be completed in the fall of 2008. Tremendous prices, tremendous amenities, and now a tremendous marketing strategy.

Do the math. If 74% sold in just one day, that means 26% or less is probably still available. Can 229 people be wrong? I doubt it. Download the purchaser's guide and get into Verge today - and if not Verge, you owe it to yourself to at least consider another Downtown Las Vegas condo project. This is unbelieveable, great news for the revitalization of downtown. You too can be on the verge of something special if you follow my advice.

High Rise Condos and Mid-Rise Condos Are Successfully Transforming Downtown Las Vegas

Okay - very important... I want you to stop wwhatever it is you're doing, grab a cup of coffee, and take 10 minutes out your busy day to read this article published today in the Las Vegas Review Journal.

It's basically validation for all the bullish posts I've been making on this blog for the past year or so regarding Downtown Las Vegas high rise and mid-rise condos.

The article talks about how projects such as SoHo Lofts, Newport Lofts, Streamline Tower, and Juhl have been so impressive in the progress of their respective developments with realistic (and sometimes bargain) prices compared to their high rise condo hotel competition located on the Las Vegas Strip or close to Las Vegas Boulevard.

Whether you're an investor or looking to live in a Las Vegas condo yourself, I don't know how much clearer it can be that downtown's the place to go for value. And that's not me saying it this time - it's right there in print for you. If you've visited the Gaslamp Quarter of San Diego recently, you'll get an idea of where downtown Las Vegas is heading. As mentioned in the article, once the "cool factor" of downtown Las Vegas living is discovered, you'll soon own a very attractive piece of real estate and people like me will be saying "told ya so!".

So I reiterate, if you haven't done so already, contact me and let's get you into one of these downtown units while they're still at attractive pricepoints. I've put my money where my mouth is as well having snagged a unit a Juhl awhile back. You should do the same.

And one more thing: my next post will cover a downtown Las Vegas condo success story that's so unbelieveable (in a good way), that I still need to verify what I heard because I just can't believe it's true. Remember to subscribe to this blog so you'll be the first to read it. I'm telling you, it's absolutely amazing!