The Plaza…The Palazzo…In Las Vegas, funny money rules all.
Posted by Luxury Realty Group - May 18th, 2007
Categories: High Rise Condos
Forget no limits poker…lets play no limits land prices. Las Vegas luxury condo properties are about to enter an entirely different realm. With 5 MAJOR announcements in the North Strip over the last two months, things are headed high-end. That’s what happens when land costs 33 million an acre.
Can you name one other place in the United States where there is over $30 BILLION dollars worth of new construction going on in less then a 4 mile stretch?
LV Boulevard from Tropicana to Sahara has approximately $30 billion of construction going on or planned within the next next year.
In this blog we are going to focus on the north section. (Spring Mountain to Sahara Boulevard)….$20 of the $30 billion is happening in this corridor alone.
$10 Billion of new construction is expected to fill this photo by 2011.
Five Facts
Fact 1 Every time the press has said that Strip land would go down in price over the last 3 years value has instead gone up.
Fact 2 Outsiders do not understand that we have a shortage of land, especially on LV Blvd. That is why a company like ELAD Properties spends 33 million an acre for The Frontier just to blow it up.
Fact 3 There is a shortage of construction workers in town. This has drive hi rise prices up and been the culprit to many cancellations.
Fact 4 The focus in 2007 has shifted to LV Blvd locations. Investors, primary residence and vacation home buyers want to own direct core locations.
Fact 5 Construction companies have the upper hand as they are stretched so thin. Want your project built before the other one down the street? Show the money.
RESULT Developers paying 33 million an acre and a shortage of construction companies to actually build the proposed projects is causing prices to rise.
Two Las Vegas luxury condo properties that may raise the pricing bar. (follow each link to register for VIP interest list)
Plaza Hotel Las Vegas Get on our VIP Interest List Today. This hotel and residential real estate development will cost over $5 billion dollars according to ELAD Properties. That will make it the 2nd most expensive project in Vegas history only behind CityCenter. The project will be a replica of the historic Plaza Hotel in New York and according to the developer will be on a level never before seen in Vegas. The word is it will have 3,500 hotel rooms and 300 condominiums. No prices have been released. Scheduled to open in 2011.
Palazzo Luxury Condos Sign up for our VIP Interest List. Sands Corp. recently announced they are building 300 residential units and that prices could surpass those of The Residences at Mandarin Oriental which averaged over $1,500 and square foot. Global savvy buyers will want to add these to their investment portfolio.
Below is a list of the only “residential” Las Vegas luxury condo properties with LV Blvd addresses planned or done as of May 2007.
1. Mandarin Oriental CityCenter 227 Units Complete late 2009
2. VEER Towers 670 Units Complete late 2009
3. The Harmon 209 Units Complete late 2009
4. The Palazzo 300 Units Complete 2009 (no confirmation but not yet vertical)
5. The Plaza 300 Units Complete 2011
6. Sky 409 Units Complete NOW
Total = 2,115 many of which will not be done until 2009-2011. No others are planned as of right now.
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 © 2007 Aaron Auxier. All Rights Reserved.
Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often times considered time sensitive.
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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.