What the Cosmopolitan Resort Casino’s location means to a possible foreclosure.
Posted by Luxury Realty Group - January 17th, 2008
Categories: High Rise Condos
Deutsche Bank started the foreclosure process on the Cosmopolitan Resort Casino in Las Vegas on January 15th, 2008. But does this mean the project is doomed?
Many feel that the Cosmopolitan Resort Casino has the best location on the Las Vegas Strip as of 2008. Why? Because it sits directly next to the $7.8 billion MGM MIRAGE CityCenter and also features dead on Bellagio water fountain views. If you can name a better location to sit out on a balcony in the Resort Corridor I’d love to hear it. It’s very important we realize how crucial of a piece of land this is and how that could impact its construction.
It’s my belief that only the Palazzo luxury condo tower has a better opportunity for condominiums with Las Vegas Strip views going forward. Why? Because it sits directly on the Strip and has nice orientation for both north and south views. It’s north views look towards the future The Plaza Hotel, Echelon, Wynn, Encore and more. It’s south views will look down the Strip towards Caesars Palace, Treasure Island, Cosmo and more. Its frontage is only feet from Strip. What about The Harmon Hotel you ask? Of course, The Harmon Hotel’s location is awesome. But its Bellagio water show views are blocked by the Cosmo Beach Club Tower for the most part.
The Clark County assessors office recently announced that land in CORE areas of Las Vegas Boulevard appreciated up to 99% in 2007. Contact me here and I’ll send you the PDF of Brian Wargo’s article which announced the assessor’s office reassessment statistics.
While the Deutsche Bank situation is on a commercial level, we all know that condo hotel financing for owners has been hit very hard by the mortgage meltdown. Trump International has been hit with bad press in early 2008 in regards to this very matter. Yet still, I’m getting what I would call a decent amount of interest from potential buyers for Palms Place and Signature at the MGM Grand. Call it what you want, buyers are still looking for good bargains. Could the “Perfect Storm” be brewing in Sin City?
REALITY CHECK. Very few pieces of dirt or “implodable casinos” remain. The Cosmopolitan, along with it’s direct Strip location is as good as it gets as of today for a property located on Las Vegas Boulevard. How much do you think it’s land is worth? Well, if Sky Las Vegas’ dirt went up in value 800% in just four years, and CityCenter’s dirt was just appraised at roughly $40 million an acre, some could say Cosmo’s land might be worth $50 million an acre. This development was to be the most dense of all Strip properties.
The Cosmopolitan Resort Casino is 84% sold out and offers fully furnished, turn key, condotel units which can be thrown into a nightly owners rental program. It is scheduled to be managed by the Grand Hyatt, if all goes according to plan. Who knows what impact a potential investor will have on the Grand Hyatt…along with retail, restaurants, spas, convention space etc.
With over a billion dollars worth of condo sales to date and continuing strong interest from buyers, Bruce Eichner has one of the best pieces of real estate on the fabulous Las Vegas Strip.
Aaron Auxier, REALTOR® can be reached at 702-205-1818.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
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Copyright © 2008 Aaron Auxier. All Rights Reserved.
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All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive. See DISCLAIMER.
Copyright © 2008 Luxury Realty Group LLC. All rights reserved.