Grey Shell luxury penthouse facts - Who is buying these and what are they doing with them?
Posted by Luxury Realty Group - May 8th, 2007
Categories: High Rise Condos
With projects like the Palazzo luxury condominiums, The Residences at Mandarin Oriental and The Harmon Hotel it is clear that luxury penthouse condos on the Las Vegas Strip are all the rage. Let’s take a deeper look at grey shell units in particular. How much do people spend designing them to their liking? You wont believe it, read on to find out.
Over the last three weeks I have had quite a few bankers, real estate agents, and appraisers calling me and asking about prices on residential luxury penthouse property located on Las Vegas Boulevard; particularly grey shell. These appraisers and bankers are comparing our pre-construction prices to properties in their city to try and get comps.
The 5 biggest cities appraisers and agents have been calling from
1. New York
2. Chicago
3. Miami
4. San Francisco
5. Los Angeles
They have been calling because of all the news hitting the market such as the upcoming condos at Palazzo Las Vegas, the near sell out sales at Mandarin Oriental as well as the excitement for projects like The Harmon Hotel at CityCenter. The biggest questions I have been getting asked is about grey shell units.
3 Facts about grey shell units
- Usually available in the pre construction opportunity phase of a highrise developments sales
- Purchased by high end buyers who want to custom design their own unit from the floor up
- Can cost anywhere between $400 - Up into the thousands per square foot to design (in addition to purchase price)
Want more detailed facts, tips and information regarding these types of properties?
Contact Aaron Auxier today to access all of Luxury Realty Group’s grey shell advice. This is an area we have experience, having helped design custom units in Las Vegas hi rise condominium projects.
How much do people spend designing custom penthouse grey shell condominiums?
Recently someone spent around 8 million on their shell and are putting in over 20 million designing it. They will spend nearly three times more finishing and customizing the space then they did buying the actual real estate. Is this typical? No. But it gives an idea to the level of finish a person can do. Its endless.
Last I checked those who wanted to own grey shell property at the Residences at Mandarin Oriental in CityCenter could pay MGM MIRAGE an additional 500 dollars per square foot to have the unit finished.
Lets say you spend 6.7 million buying a 4,200 sq ft unit…at $500 a foot it would cost you an additional 2.1 million. About 1/3rd of the purchase cost bringing you to a total of 7.8 million. So how does one spend 3 times the purchase price?
Some of the amazing things a person can do to a grey shell.
- State of the art fiber optic lightshows in ceiling
- Indoor infinity edge pool and jacuzzi
- Basketball and racquetball courts
- Liquid neon bubbling water pipes in bathrooms and kitchen
- Indoor gardens
- Lavish kitchens and flooring
- Heated floors
- Million dollar aquariums built into walls and separating rooms
So how many luxury penthouse condos on the Las Vegas Strip exist and will in the next 10 years? Who is buying these?
Stay tuned for a future blog to find out real facts on numbers and the types of buyers.
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.