The exciting new MGM Project City Center, a $7 billion 66 acre mixed-use resort between the Bellagio and Monte Carlo resorts, is one of two major development projects transforming the center Strip area around Las Vegas Boulevard and Flamingo Road. The other is the five star Cosmopolitan Resort Hotel and Casino, a smaller $2 billion condo hotel and mixed use project already under construction between the Bellagio and the City Center, whose opening day sales in 2005 shattered local records.
In June MGM Mirage began pouring the foundation of the MGM City Center, the largest private development under construction in the United States. The City Center will be an upscale urban residential district complete with high end shops, gourmet restaurants, cinemas, parks and unique pedestrian environments.At the rear of the seven tower project will be a 60 story resort hotel and casino featuring two massive curved hotel towers with 4,000 rooms plus an ebony condo hotel tower with 1,543 units. At the north and south ends of the project will be two small boutique hotels including the 215 room Mandarin Oriental Hotel and Residences, which is expected to draw sophisticated overseas guests. The project’s centerpiece will be two glass residential towers with a total of 810 lofts and over 500,000 square feet of retail space.
Over the next 15 years, all new projects will have different, unique elements and mixed-use profit centers.
"This is the catalyst for our next wave of development," said Richard Lee, real estate analyst for First American Title Company. "Over the next 15 years, all new projects will have different, unique elements and mixed-use profit centers."
A perfect example of this new wave is another exciting project on the new "South Strip" which broke ground last week, Urban Village. Urban Village will be a 50-acre, $1.5 billion project of brownstones, lofts, condo hotel units, and flats at the corner of Las Vegas Blvd. South and Pyle Ave. This project will have over 2900 total residences starting in the high $300s for 800 square foot condos and a full array of commercial services and amenities in its own self contained neighborhood. Urban Village will be located between the new South Coast Hotel and Casino and the upcoming Station Casino development, and offer an affordable alternative to the higher priced center Strip developments.
MGM said their project will create 7,000 construction jobs. And when it opens in 2009, Project City Center will create 12,000 full-time positions - the largest single infusion of jobs in Las Vegas history. Next door, the Cosmopolitan condo hotel project will generate approximately 3,000 construction jobs and upon opening in mid-2008 will create approximately 5,000 jobs. Urban Village will add substantially to these totals, making Las Vegas an employment mecca in the immediate future, and luring thousands of new working residents in addition to the retiring baby boomers.
Based on these projections, Las Vegas real estate may be facing another wave of massive growth and appreciation in the next few years.The official sales center for MGM City Center is scheduled to open in January 2007. More details, floor plans and estimated pricing should be available by late July to mid August. Please call 702-985-7654 or go to our web site to be placed on the interest list for updated information and priority reservations which will start later this fall.
Saturday, September 09, 2006
The MGM City Center Condos are Coming!
Las Vegas Foreclosures
Las Vegas Foreclosures - Who is at Risk?
"Nationally, the foreclosure rate is 0.99 percent, but in Nevada it is 0.32, which is in line with very strong job growth and housing growth in Nevada."
While Nevada’s foreclosure rate may be below the national average, it is still up considerably over previous years.
2005 First Quarter
January - 1056
February - 1007
March - 1126
April - 920
2006 First Quarter
January - 1201
February - 1429March - 1529
April - 1266
In July, Nevada had the second-highest foreclosure rate in the nation after Colorado for the second straight month, with 1,626 properties entering some stage of foreclosure, a 31 percent increase from the previous month. Nationwide, foreclosures were up 5 percent in July from the previous month and 18 percent from a year ago, RealtyTrac reported.
And the reason many Las Vegas homebuyers face foreclosure isn't the result of an unforeseen tragedy. Most are people who experienced excessive amounts of appreciation in their homes in recent years. They took out equity lines or refinanced their original loans to pay for luxury items, and are now having problems making the payments on adjustable loans whose interest rates have risen considerably.
About 30 percent to 40 percent of the people who get behind in their payments never even
contact their lender. Many times they don’t think the lender can do anything for them, and they feel too overwhelmed to save their homes. Often there is still plenty of room to negotiate with the lender, but the homeowner doesn‘t realize that this type of negotiation is an option. With good documentation from the borrower, the lender may be able to arrange a repayment plan based on the current financial situation, and may even provide for a temporary reduction or suspension of payments.
The borrower may also be able to arrange a short sale of the property, where the lender is willing to take less than the amount owed against the mortgage rather than have to take the property back through foreclosure. Or as a last resort, the borrower may be able to arrange to “give” the house back to the lender by a deed in lieu of foreclosure. While this won’t save the house, at least it is less damaging to the borrower’s credit than a full foreclosure would be.
To learn more about foreclosure proceedings or to inquire about the possibility of purchasing a home in preforeclosure, please contact us and we will be happy to provide you with information and listings.
Trump Tower Waikiki
Trump Tower Waikiki
Trump Tower Waikiki has finally released its floor plans and starting prices! Currently we are sending out registration forms for the pre-grand opening which will occur at 8 am Hawaiian standard time on September 25th.
On that date reservations will commence based on the Exclusive Priority interest list with a $20,000 totally refundable deposit. Registrations will be faxed on the 25th along with a copy of the deposit check and original checks must be received within 5 business days. All registrants will then be given access to preview the property details and an opportunity to purchase at the Sales Selection event on November 10th.
Reservations will go to contract on November 10th with the balance of a 10% down payment. An additional 10% down payment will be made about six months later and the balance will be due at closing in 2009. Please call us immediately at 702-985-7654 to be placed in line for your new Hawaiian condo hotel or email us at sold@greatlasvegashomes.com.
This project is the only new high-rise tower to be built in Waikiki in 25 years: The Trump International Hotel and Tower at Waikiki Beach Walk! Trump Tower Waikiki will offer all the comforts of a personal residence combined with the services and amenities of a 5 star luxury hotel, with ocean views, amenities and services beyond compare. There will be a range of floor plans from studios to penthouses, and an architectural design of sophistication and timeless elegance.
The tower will be 350 feet tall with 460 luxurious units, sizes will run from 500 square feet to 3000 square feet and pricing will start in the high $500s. This is fee simple ownership with no use restrictions.The location will be at the corner of Kalia Road and Saratoga , adjacent to Fort De Russy Park. This property will be the cornerstone of the new 1 Billion Dollar Beach Walk Redevelopment Project. The Beach Walk Project will be completed within the next year, well before the Trump Tower Waikiki opens.
As you know, Trump Hotels are quickly gaining recognition and notoriety as being among the finest hotel-condominium properties around the globe. This Tower will be the new "Icon" and benchmark for luxury hotels at the world famous Waikiki Beach where there are currently no five star hotels. Here is an article that describes what is going on:
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