Bastante es bastante - el último que comprobé, las amenidades en las torres del Panorama y las torres de Turnberry parecían operacionales. Actualización del mercado de propiedades inmobiliarias de Las Vegas - mayo de 2008
Fijado por el grupo de Luxury Realty - 8 de mayo de 2008
Categorías: Condos altos de la subida
La prensa nacional está buscando para historias del horror sobre Mercado de lujo high-rise del condo de Las Vegas. Recientemente, recibí una llamada de un periodista que buscaba la información sobre cómo es horrible se había convertido para vivir en las características high-rise del condominio tales como torres del Panorama y torres de Turnberry. El periodista deseó hablar con los dueños que pasaban con ejecuciones de una hipoteca, buscando historias sobre cómo su calidad de la vida se ha afectado, intentando ver si las amenidades de los edificios habían sido comprometidas. ¿Pero es avería de la prensa' que ven cosas esta manera?
No es siempre la avería del periodista
El trabajo del periodista es encontrar historias y crear el entusiasmo. Hay un viejo refrán en periodismo…” si no sangra, él no conduce.” Piense de cómo Peter Parker (hombre araña) está consiguiendo siempre gritado en por su redactor. La copia marginal es más valiosa que copia del borde no-que conduce. ¿Oyó siempre el término el sensationalizing? ¿Piense de esto… qué la mirada nacional actual del mercado de propiedades inmobiliarias como si no había divulgación negativa? ¿Asustarían a la gente menos para comprar características? ¿Es posible la prensa negativa está componiendo el problema?
Las firmas que consultan y los analistas locales necesitan hacer un trabajo mejor de proporcionar números a la presión. You can’t expect to tell a journalist (who is just doing their job) that 50,000 units have been cancelled in Las Vegas and not expect them to go after doom-and-gloom. Las Vegas handled its maturation into a high-rise city very poorly. There never seems to be an attached explanation of why so many units were cancelled: how some cancelled projects were developer land flips, how expensive construction costs became, how most of these properties were never expected to be built anyways, etc. In many ways, 50,000 or more cancelled units reflects some positive signs about the value of land and high cost of building - limiting inventory.
Check out the May 2008 edition of Aaron Auxier’s VIVA VEGAS! Luxury Real Estate Update Here
Panorama Towers in Las Vegas
Amenity doom-and-gloom
What’s next? Are we going to start hearing stories how the glass at Sky Las Vegas and the upcoming Fontainebleau Resort is starting to look less blue? Perhaps that Signature at MGM Grand and Trump Towers don’t look as gold as they used to? Or maybe that the Stratosphere is starting to get shorter.
ATTN PEOPLE OF LAS VEGAS: Wake up and start better representing your environment.
I visited both Panorama Towers and Turnberry Towers in late April 2008 and can safely say that I saw people using the amenities. At Panorama Towers people were swimming in the pool, enjoying the fitness center, using the saunas and spas, shooting a game of pool in the rec room, etc. In addition, the racquetball court looked ready to be played on and the business center was prepared to handle action. At Turnberry Towers people were swimming in the tropical white-sand beach pool, practicing on the putting greens, and exercising in the state-of-the-art fitness center while enjoying views of the waterfalls at the pool.
Want to see the MLS resale inventory of both Panorama Towers and Turnberry Towers as of late April 2008? See the April 2008 Las Vegas Pre-Construction vs. Resale High-Rise Condo Blog. Here you can view how many escrows there were, how many listings, how many listings under 500k, and how units were priced per-square-foot (all of late April 2008). Also included are sales updates for pre-construction residential projects such as Veer Towers, Mandarin Oriental, The Harmon Residences, and Panorama Towers building 3.
Turnberry Towers in Las Vegas
Questions easily answered
- Have prices dropped in resale towers? In many cases, yes.
- Is the resale Las Vegas high-rise condominium market challenged? Yes, but remember not to compare condotel to residential (two different products, lending challenges, and market). However, both have experienced challenge.
Questions that others have to decide for themselves
- Is it possible that the Las Vegas high-rise condominium market has been harmed by negative press, challenged lending, and an overall US housing slump?
- Is this a “too much” inventory issue or is this caused by several “off site” factors?
- If built today, what would be the replacement costs of these buildings?
- How do you factor in rising land values?
- Has the huge numbers of cancelled units scared buyers away, even though the true reasons for cancellations may not always be understood?
- What does less built inventory mean to the future value of existing product?
Nobody can make predictions. Only the buyer/seller/reader can decide. It is important to digest as much information as possible before you draw your own conclusion.
The $8.4 billion MGM MIRAGE CityCenter well under construction
Several facts to think about:
- Last year, when talking to one national reporter about how Sky Las Vegas is (and will be until late 2009) the only high-rise condominium tower on the Strip, the journalist looked at me and said…”We don’t feel the need to emphasize that.” So the fact that only 409 completed condos will exist in the Resort Corridor 2007 - late 2009 is not of importance?
- Recently, there was a story reported that the company who owns the Tropicana claimed bankruptcy because of poor Strip performance…I guess the writer of this article didn’t read that one of the main reasons why they had to file bankruptcy was because they lost their gaming license for another casino property in New Jersey (Atlantic City), causing cash flow problems.
- Rarely do you see anyone report that MGM MIRAGE had over $1.6 billion in sales since opening the CityCenter Sales Pavilion in 2007. A fact is a fact, it should be reported.
- Not often do you see reporting being done on the rising land values in the Resort Corridor. The Clark County Land Assessor recently reported that land in the prime-location section of Las Vegas Boulevard (known as the “Resort Corridor”) went up in value up to 99 percent in 2007. This story got no steam.
- Several penthouse condos at The Harmon Residences at CityCenter (read more) recently sold for the top-three residential price-per-square-foot records in Las Vegas history. I think in total, one small blurb of this was made in one local paper. What if the three lowest price-per-square-foot records were set and the media found out about it?
- Local analysts need to do a better job providing numbers to the associated press and giving explanations of what happened with the land that those “supposed units” were going on. They also need to explain how expensive it has become to build high-rise condominiums in Las Vegas and the reasons why mega-resort casinos take precedence.
The upper parcel of vacant land in this photo sold for approx. $34 million an acre in 2007
Las Vegas real estate market update (sign up for Aaron Auxier’s monthly email)
The Greater Las Vegas Association of Realtors recently reported (per the Las Vegas Review Journal May 2008) that single-family home sales in April 2008 rose nearly 30 percent from the number of sales in April 2007. According to the report, this was the first annual month-to-month comparison where the sales rose in the same month as the previous year, since September 2005. The article said that sales have risen every month for four consecutive months and that more than half of the monthly sales are short sales or bank owned properties.
The above report by Hubble Smith of the Las Vegas Review Journal does a good job of showing the value in local press doing their research and refusing to tell nothing but negativity. At some point, the doom-and-gloom tactics of the national press will run out of steam. If you’re a Las Vegas real estate agent and an out-of-state journalist calls you: take a deep breath, think before you talk, and don’t get suckered into saying something false about your market…
This is where you live, this where you own a home, this is our city…Enough is Enough.
Aaron Auxier, REALTOR®, ABR can be reached at 702-205-1818.
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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.