Owning
Las Vegas Condos is fast becoming the
choice for people that want a
second home in fabulous Las
Vegas but don't want the hassle
of taking care of the property.
With the price of land over
$600,000 per acre, the best use
is now an upward trend. Why build 6 homes per acre when
you can build hundreds?
Thus the Manhattanization of Las Vegas has begun.
The Las Vegas luxury condo market has been explosive over
the past 12 months with over 150
proposed projects throughout the
valley. "Las Vegas is running
out of developable land and is
therefore being pushed skyward".
The Las Vegas Condo skyline will be reinvented as growth has caused land prices to soar and has attracted developers from across the globe. "In the next 10 years Las Vegas will be a completely different city", according to experts. "You will see luxury high rise condos, mid rise condos, and low rise condos popping up all over town".
"With all the Las Vegas Condo projects going up, it’s a numbers game. Some will make it, some won’t. Obviously, everything on the drawing board will not be completed", stated Rob Emerick, a Las Vegas High Rise analyst. "We have seasoned developers and newcomers alike jumping into the Las Vegas Condo market. Some of them will simply under price the costs of doing business and they’ll be caught in a tough squeeze play".
"Others might simply find an easier way to cash out their land, like Krystal Sands". Emerick was referring to the first Las Vegas high rise to go south, Krystal Sands (renamed Krystal Tower shortly before it was cancelled). The developers of Krystal Sands were over 90% sold out when the developer sold the land to rival high rise developer Turnberry Associates for an estimated $70 million. This caused a PR nightmare for the emerging Vegas high rise market as buyers of Las Vegas condos were caught completely off-guard.
Diversified Real Estate Concepts, Inc., developer of the now defunct Aqua Blue, has built a neighboring Las Vegas condotel high rise called The Platinum. While it doesn’t have the superstar backing of Aqua Blue, The Platinum has already been completed and was sold out in 2004.
Other completed Las Vegas Condo projects are Allure Las Vegas, Manhattan Condos, Metropolis, Newport Lofts, One Queensridge Place (luxury condos), Panorama Towers, Park Avenue condos, Sky Las Vegas, SOHO Lofts, Spanish View Towers, Streamline Towers, Turnberry M G M Grand (condotel rentals), Turnberry Place (luxury condos), and Viera Condos.
The MGM City Center is under way and is selling fast. The MGM recently announced that Dubai World has formed a relationship whereby Dubai World will invest approximately $5 billion in the MGM projects. The Las Vegas condo Vdara is up to level 22, the Mandarin Oriental is up to level ten and several levels have been built of each Veer tower.
The Harmon Hotel, Spa & Residences, the fourth and final residential development at CityCenter was released for sales. It features 207 ultra luxury residences and are destined to become the flagship of what is hip, luxurious and exciting right in the heart of Las Vegas. And for the few willing to embrace this exceptional lifestyle, this will be home.
Harmon is now almost 50% sold out. It's not too late to get in on this wonderful opportunity to buy a unit in a world famous hotel! Call 702-236-6966 with any questions or to schedule a visit to view any properties in Vegas.
