2 reasons why the media has misreported the Las Vegas Strip.

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2 reasons why the media has misreported the Las Vegas Strip.

Posted by Luxury Realty Group - January 1st, 2008
Categories: High Rise Condos

While most of the times unintentional, the media has misreported key facts for the Las Vegas high rise market. Two problems are to primarily blame for this, and it’s not always the writers fault.

A pressure on writers to write “Doom and Gloom”.
A simple misunderstanding and lack of knowledge.

The fact that the Strip land has increased in value 8x in four years has been heavily misunderstood. Parcels worth 4 million an acre in 2003 are now worth close to 30 million. Proof is at Sky Las Vegas (the land cost $4 million an acre four years ago) and the recent New Frontier sale just 3/4 of a mile down the Strip which sold for $34 million an acre.

Appraisers will have a field day when they can use MGM MIRAGE CityCenter comps in late 2009, that are triple what they are today at places like Panorama Towers, Turnberry Place, Turnberry Towers and Signature at MGM Grand. Also, properties like The Plaza Hotel and future MGM MIRAGE developments on the north end of the Resort Corridor are poised to reflect higher land costs in their pre-construction phase pricing for condominiums.

One of the reasons I stepped down as the columnist for the “Last Word” section of 944 Magazine was to focus my attention on ALL press outlets, local and national, in 2008 as opposed to just one magazine.

Now that the New Year is here, I look forward to being a friend of the press and helping them better report the market.

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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All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive. See DISCLAIMER.

Las Vegas High Rise Blog

2 reasons why the media has misreported the Las Vegas Strip.