Make Sure Your High Rise is Low Risk!

There are currently over 100 Las Vegas high rise projects approved by the Clark County Commission and more on the way as developers from all over the world are vying for a spot along the hot Las Vegas Strip. Fueling the Las Vegas condo market are retiring baby boomers who are purchasing second and even third homes in warm climates with low or no taxes, as well as an emerging generation of young urban professionals who prefer the low maintenance high rise as a counterpart to their harried business lives. Fears of overbuilding have been put to rest by millions in market studies showing that only the tip of the burgeoning condo market has yet been realized.

But despite brisk sales, Krystle Sands, a 568 unit luxury high rise condominium project scheduled to be built in a premium location on the site of the former Algiers Hotel, closed its doors. The land was adjacent to a parcel zoned for a new hotel and casino already owned by Turnberry Associates, and Turnberry ended up purchasing the project when its development proved unfeasible. Several previous projects, most notably the Versailles and the Magestic (which reopened and then closed down again), suffered the same fate. And Las Vegas real estate experts predict more to come.

Conversely, investors in the sizzling Cosmopolitan Resort and Casino experienced spectacular gains as over 1200 units were sold in little more than a month. And buyers in this luxury project have more windfalls to look forward to as the second tower was just released and the general public is just beginning to realize how incredible the proposed $4 billion dollar MGM City Center directly to the south is going to be.

The difference? Developer Bruce Eichner of the Cosmopolitan had final financing in place before the first units were even put on the market. Eichner had already proven himself previously in both the Miami and New York markets. Investors who placed reservations with Krystle Sands will eventually get refunds on deposits that were held in escrow, but they have lost months of valuable time and possibly over a hundred thousand dollars in appreciation that investors in Cosmopolitan garnered during the same period.

According to Victor Altomare, developer of Ivana, “Unless a residential condo is at $600-$800 per foot, I question the project's viability. Construction costs the same next to the Bellagio or on an old downtown redevelopment site. Although land is expensive, it's content is minor compared to construction costs. A hotel condo needs to be forward priced at $800-$1,200 per foot, or it's just not viable. Land and construction costs are skyrocketing, which inevitably means fabulous capital gains for the buyer upon delivery. In the short to medium term (2-5 years) capital gains in Vegas are assured. The risk for buyers is the knowledge, experience and judgment of the developer in forward pricing accurately. The trick for buyers and their estate agents will be to buy in a project where the developer has charged enough in the first place!”

How can would-be investors cash in on the profits? Pick an experienced real estate agent who knows the market and has researched the developers! “We’re happy to say that we did not have a single customer in the Krystle Sands development,” said local Las Vegas Realtor Judy Campbell of the Tonnesen Team at Prudential Americana. “We had researched the project and were just unsure of the developer’s ability to deliver, so we tried to give our clients better alternatives. We were lucky to be able to reserve over 100 units for our customers in the Cosmopolitan so far, and we have more waiting for the second tower.” Some of the Tonnesen Team top picks for current developments include Cosmopolitan Resort, the Residences at MGM Grand, Hard Rock Hotel and Casino, Las Ramblas, Streamline Towers and the Palms. For information and reservations on any of these Las Vegas preconstruction condos call your Las Vegas high rise real estate experts from Prudential Americana at 702-596-7821.

Las Vegas Condos: Hard Rock has New Inventory; Cosmopolitan Releases New Tower; Las Ramblas Still on Fire

Frustrated Hard Rock buyers have a second chance as the trendy watering hole adds more condo hotel units to its project. In addition the Cosmopolitan has finally released its long awaited "Tower 8," and Las Ramblas sales are smoking!

October 21, 2005 -- Cosmopolitan, still the undisputed best location for a Las Vegas high rise, has now released its second tower called "Tower 8" overlooking Las Vegas Boulevard. "Tower 8" consists of corner one bedroom suites with 1249 square feet and 456 square foot wrap around balconies starting from the $1,300,000 mark.

There are also two different studio floor plans being offered with approximately 600 square feet and 100 square foot balconies.Initially a few of the studio units facing west will be bargain priced from the low $600,000s, welcome news for those just hoping to get into the project at the lowest possible cost. There may also be some exclusive residence units from 2000 square feet on up designed for the top floors which will afford breathtaking views of the Las Vegas Strip.

"Tower 8" is going directly to contract - no waiting - with a 20% deposit. To find out current availability for "Tower 8" please call 702-985-7654 as soon as possible.

HARD ROCK HOTEL AND CASINO - Last spring when the Hard Rock Hotel and Casino created its priority list for 800 condo hotel units, over 2700 buyers subscribed and many were left frustrated and angry over their inability to purchase a property.

In response to the pent up demand for its condo hotel units, the Hard Rock has converted a portion of its planned residential expansion into more than 300 condo hotel suites that are now on sale from the low $600s, some with Strip views. In addition, several of the early successful buyers who bought multiple units are already reselling these units at modestly increased prices in Towers one and two.

These units are currently on sale and available for immediate purchase. Please call 702-985-7654 for contract assistance, pricing and availability.

LAS RAMBLAS - Las Ramblas sales have been booming. The new George Clooney project along the hip hop Harmon Corridor has fired the imagination of investors and owner occupied buyers alike with its more elegant shops and five star amenities on over 25 acres.

Las Ramblas has both condo hotel suites and residential condos for sale and the property will have the following features:

*Panoramic views of the Las Vegas Strip or surrounding mountains from within your unit or private terrace
*Five star service starting upon arrival and including covered valet parking, white gloved doorman, concierge, state of the art on-site security, and 24-hour room service
*Cascading pool overlooking the boulevard and offering private patios, cabanas and gardens
*Priority access to on-site gourmet dining created by internationally renowned chefs
*Short elevator ride to the casino, a sophisticated atmosphere featuring a classic poker room, table games, slots, race and sports, and high limit wagering
*Professionally managed spa and fitness center
*Business center and conference facilities
*Fully furnished units with exquisitely designed contemporary interiors and furnishings by internationally acclaimed Keith Hobbs of London-based United Designers
*European style kitchens with granite countertops and state-of-the-art appliances
*Gorgeous bathrooms with elegant marble flooring and countertops, twin sinks, custom-designed vanities, walk-in marble showers and spa tub in master bath
*Flat screen plasma televisions, providing immediate access to personalized amenities and services that guarantee comfort and define luxury
*Studio, one, two and three bedroom units, as well as penthouse suites and pool-level bungalows
*Multi-story penthouse residences and bungalows with private rooftop terraces and pools
*The city’s first ever open air pedestrian promenade
*Restaurants, clubs and lounges from Rande Gerber’s After Midnight Company and additional renowned restaurants
*Private bungalows with pools and a large main pool area with private cabanas
*A 30,000 square foot spa

Las Ramblas will go to contract on its first phases in November. For reservations and pricing information please call 702-985-7654.

There are over 30 other new projects currently taking reservations and more new ones coming on line shortly.

For the latest information on other Las Vegas high rise projects and to be placed on the priority lists of upcoming projects please call 702-596-7821 for immediate assistance and pricing. The Tonnesen Team of Prudential Americana Group Realtors in Las Vegas is committed to keeping our clients informed on the latest developments in the high rise market.

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