Las Vegas High Rise Blog

Why Fontainebleau Resort in Las Vegas Changes Everything

Bruce Hiatt — Sat, 29 Nov 2008 01:22:32 +0000

How can Fontainebleau Resort Las Vegas change everything when it is still under construction you ask? It has already and it’s incredible as no one thought this benefit would be so amazing.

As the glass rises on Fontainebleau Resort Las Vegas, its mirror effect is bringing great benefits to residents of the ultra luxury high rise condo tower called Sky Las Vegas. Imagine buying one of the few luxury condo foreclosure deals currently available in Sky Las Vegas, some of which are as much as $200,000 less than the original purchase cost. Then you look through your windows, assuming you purchase one with a view of Fontainebleau, and you can’t believe your eyes. Sunsets, colorful skys, Strip traffic, night lights and much more are so spectacular in Fontainebleau’s mirrored glass windows. Thank you Fontainebleau for such amazing mirror views Sky Las Vegas residents never expected. What a great place to live!!

Luxury Realty Group selected as Exclusive Smarter Agent Partner

Bruce Hiatt — Mon, 24 Nov 2008 21:18:32 +0000

Smarter Agent announced the launch of its nation-wide real estate mobile search service today. For the Las Vegas area, Luxury Realty Group is Smarter Agent’s exclusive partner.

The Smarter Agent service is the first of its kind to allow a real estate buyer to view property, see photos, get recent sale data and much more on their cell phone. Imagine a buyer in front of Turnberry Towers in Las Vegas. Using GPS technology, that buyer now has extensive real estate information on their cell phone such as an iPhone. Should that buyer wish more information or see luxury condos of interest or luxury homes, they can be connected immediately to a Luxury Realty Group real estate agent.

More information about this great Smarter Agent mobile real estate service can be read on RISMedia.

A Sky Las Vegas Condo on the Strip Under $300,000?

Bruce Hiatt — Thu, 02 Oct 2008 02:14:10 +0000

Sky Las Vegas is the only luxury high rise located in the prime Strip Resort corridor. Now you can buy a one bedroom Sky condo under $300,000 which is an amazing price.

Tax records show the owner of this Sky condo paid $370,000. Currently priced at $292,000 makes this condo opportunity available to you at a stunning 21% discount!! With this being a luxury condo on the Strip with custom cabinets, granite counters in the kitchen, jetted tub in the master bath and many more upgrades, this is a great opportunity for the right buyer.

Contact Luxury Realty Group today at 702-456-7080 x201 for this opportunity and all of your Las Vegas luxury real estate needs. Bruce Hiatt can assist you about this and other opportunities in Las Vegas luxury real estate.

Where is the Bottom of the Las Vegas Luxury Real Estate Market?

Bruce Hiatt — Tue, 23 Sep 2008 04:27:50 +0000

Could the Las Vegas luxury real estate market, especially for luxury high rise condos, be nearing a bottom? What does the recent major events on Wall Street tell us about bottoms of markets?

More and more each week I am reading how Wall Street financial implossion situations are creating a market bottom for many things including real estate. The question is how to read the financial tea leaves to determine when is the real estate bottom?

I am told by various Wall Street contacts that when you have such massive events of such extremes as the US is now experiencing that the bottom is near. It is typified by panic and a rush for the exits. It is often described as an overcorrected mode and that seems to be in the cards now lately. So how is this related to Las Vegas luxury real estate?

What indicators might tell us we are heading towards a luxury real estate bottom in Las Vegas for luxury high rise condos?

Las Vegas luxury high rise condos in some cases are selling up to 30% below what the buyer originally paid
Luxury high rise condos in prime locations are selling in some cases below what it would cost to rebuild them
Very limited supply in prime locations. Currently there is only ONE luxury high rise in the Strip Resort corridor with a Las Vegas Blvd address which is Sky Las Vegas. It has a total of 409 condos.
Stated income loans are available for a limited number of luxury high rise towers in prime locations
Credit markets greatly restrict the ability to build more high rise towers resulting in constrained supply
The number of foreign buyers is greatly increasing for luxury high rise condos
Owners of luxury high rise condos are leasing and holding onto their properties rather than selling them resulting in a lower supply of condos available for sale
The media is over hyping the bad real estate news in Las Vegas, especially exaggerating the inventory of luxury high rise condos by 200% or more
Media continues to equate Miami luxury high rise condo inventory with Las Vegas when Las Vegas has significantly lower high rise condo inventory in equivalent areas than Miami

Las Vegas Allure Condo Developer Now Has Special Incentives

Bruce Hiatt — Wed, 27 Aug 2008 21:57:00 +0000

Just when you thought you had heard of all of the great buyer investor incentive programs, here comes an amazing one from the developer of the luxury Allure condos in Las Vegas.

That’s right, if you buy one of the remaining new Allure luxury condos through Luxury Realty Group, the Allure developer will give you the following amazing incentives for a limited time:

Allure now has a special investor incentive program that is most attractive in this challenged real estate climate. Contact Bruce Hiatt for the latest investor program details.

Bruce Hiatt REALTOR®, Broker can be reached at 702-456-7080 x201

Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion which may differ from the opinion of Luxury Realty Group LLC, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.

When is Las Vegas Real Estate Nearing Its Bottom?

Bruce Hiatt — Thu, 21 Aug 2008 17:40:36 +0000

Timing is everything when it comes to Las Vegas real estate and everyone wants to know when is the bottom of the market.

When it comes to timing any market, supply and demand along with pricing gives great indicators of market direction. The Las Vegas real estate market is now reaching close to an eight month supply. As that supply dips to seven and then six months quite possibly by the end of 2008 or early 2009, expect to see significant interest in Las Vegas real estate from homes to high rise condos.

The second indicator of pricing is also one to monitor. Home prices continue to show weakness but the quality of what is available at low prices is decreasing. Likewise for luxury high rise condos like Sky Las Vegas, Turnberry Towers, Allure, Panorama Towers and Turnberry Place. There are a few good opportunities to buy in these premium luxury high rises with the inventory of such opportunities continuing to shrink each month.

If you are on the fence about buying Las Vegas real estate, ask to be placed on our market watch email list to be notified about good opportunities in your price range.

Bruce Hiatt REALTOR®, Broker can be reached at 702-456-7080 x201

16th annual AFIRE Foreign Investment Survey - Las Vegas named 8th most desired city in the world.

lrg — Tue, 08 Jul 2008 02:15:45 +0000

The results of the 16th annual AFIRE Foreign Investment Survey named Las Vegas the 8th most desired city to invest in the world for foreign investors. This represented an eight-spot jump (from 16) in 2006, one of the highlights of the results.

Overall, the United States dominated the top-10 list of cities (globally) with New York taking the number-one spot. Las Vegas finished just behind Shanghai, Singapore,and Tokyo. The results were calculated in the fourth quarter of 2007.

Other items of interest from the 16th annual AFIRE Foreign Investment Survey

San Diego fell to 15th from 5th in 2005.
London finished 2nd compared to 1st in 2006.
Washington DC finished 2nd from 4th in 2006.
Singapore climbed all the way to 6th from 24th in 2006.

While the Las Vegas real estate market has taken an epidemic pounding from the national press, many facts have been left out or flat out misreported.

Las Vegas’ noteworthy AFIRE accomplishment made little news compared to several recent articles saying that Las Vegas was going through an “unemployment crisis”. Those report cited 400 layoffs by MGM MIRAGE yet failed to acknowledge approx. 4,000 new jobs at Palazzo and the Venetian, as well as Wynn Resorts’ recent announcement that Encore would begin hiring for approx. 5,300 new jobs in July 2008. MGM MIRAGE is expected to begin hiring for approx. 12,000 jobs in 2009 for its multi-billion-dollar CityCenter mega-resort.

Want to learn more about the current Las Vegas real estate market? Check out the below articles.

You HAVE to See This!

Another Day in Doom and Gloom Paradise.

Aaron Auxier REALTOR®, ABR can be reached at 702-456-7080 x201

West Nile Virus! Mass Layoffs! RUN from Las Vegas! - Really?

lrg — Mon, 07 Jul 2008 07:48:08 +0000

Ohh, I’m certain THAT headline will get some attention. Over the past year, Las Vegas has become the go-to chump — a prime target for sensationalized news reporting.

Am I missing something here? Today, I was scared into thinking I should be wearing a netted suit for fear of catching the West Nile Virus in Las Vegas. Hmm, personally, I haven’t seen a mosquito in Las Vegas in years.

One article said that there are massive layoffs in Las Vegas. Shortly after the article was printed, doom-based real estate blogs were repeating the story with headlines - MASSIVE LAYOFFS IN VEGAS!

Ok, so because MGM MIRAGE laid off approx. 400 managers (which was the bulk of what the writer pointed out), all of a sudden that means Las Vegas is going through “massive layoffs”?

Did anyone see the announcement that Wynn Resorts just announced they were hiring for approx. 5,300 jobs (for Encore) starting in July?

Did anyone see that MGM MIRAGE is planning to start hiring for approx. 12,000 jobs (for CityCenter) sometime in 2009?

Did anyone mention that Sands Corp. hired for approx. 4,000 jobs earlier in 2007 to staff the Palazzo and Venetian?

Much like a famous boxing match

Vegas, you’re getting you’re you know what kicked. And there comes a point and time, where you need to start punching back.

Read You HAVE to See This! Here.

Aaron Auxier REALTOR®, ABR can be reached at 702-456-7080 x201

Disclaimer: All information in this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

A New Angle on Veer Towers at CityCenter

Bruce Hiatt — Sat, 05 Jul 2008 17:03:07 +0000

The famous Veer Towers at MGM MIRAGE CityCenter are beginning to take shape with a new angle on architecture.

There’s no doubt that MGM MIRAGE CityCenter and its Veer Towers will become a landmark in Las Vegas. Just watching the leaning Veer Towers under construction is a tourist attraction unto itself. In fact, it’s fun just to watch Las Vegas tourists as they stop in their tracks in amazement to see the various angles forming for Veer Towers.

So beyond the angles what else is interesting news about Veer Towers? Well, for a limited time and limited select inventory, you can purchase a fully furnished Veer Towers luxury residential studio condo at no additional increase in price for an unfurnished unit. These are strictly for residential use so nightly rentals are not permitted in Veer Towers per CityCenter. Prices are projected to be in the low $500,000 range.

Bruce Hiatt, REALTOR®, Broker can be reached at 702-456-7080 x201 PST

Disclaimer: All information in this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

Blogging Before Burgers.

lrg — Sat, 05 Jul 2008 06:49:23 +0000

What a beautiful day it was. Everyone was outside laughing, together with family, and this evening - lighting off fireworks. Check the time of this post, it’s approx. 11:00 pm here in Las Vegas on the 4th of July. Nightclubs and parties are happening all over the Las Vegas Strip, gatherings at parks and backyards are taking place. But where have I been almost all day? Right here, in front of the computer, blogging. Why?

Because the Las Vegas real estate market and those who have invested into it need people who are willing to put in the hard work, even on holidays. Times have never been more tough in this market, and the media has never been more focused on spreading negativity. I don’t accept that.

The 4th of July is a wonderful holiday that shouldn’t be missed by anyone. But this year, there’s bigger things to focus on - that’s the Las Vegas real estate market. I owe that to this city, I owe that to my clients, and I owe that to myself.

On this Independence Day - Enjoy the three articles below.

You HAVE to see This!

How a Bad U.S. Economy Can Play in Vegas’ Favor.

Dear Las Vegas,

Aaron Auxier REALTOR®, ABR can be reached at 702-456-7080 x201

Disclaimer: All information in this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.