Bogus media reporting exaggerates condition of Luxury Real Estate market in Las Vegas
Posted by - October 29th, 2007
Categories: High Rise Condos
Media reporting on the overall state of real estate has led to misleading numbers, especially with regards to the Luxury High-Rise Market…
Most media reports combine statistics for residential housing with luxury high-rise condominiums, if they do referance only high-rise condominiums, they combine statistics in Las Vegas with markets like Miami, where there are 40-50 thousand high-rise units under construction! In fact, with the actual number of units in the pipeline in the Las Vegas market, one could easily make the case there will be a shortage of inventory once speculative owners are flushed out of the market.
DO YOU KNOW THE ANSWER TO THIS QUESTION?
How many Luxury High-Rise condominiums currently exist on the Las Vegas Strip?
Answer;
ONE! That’s right…ONE. Between Sahara and Mandalay Bay (commonly referred to as The Strip) there is one Luxury High-Rise condominium, Sky Las Vegas. Also, no further inventory is coming to market on the strip until late 2009, when MGM Mirage CityCenter comes on line. (Which by the way, are selling briskly between $1000-$3000 a square foot).
MGM MIRAGE owns the Circus Circus Hotel and Casino property and recently purchased the land to the west that surrounds Sky Las Vegas. This means more big things to come…contact Tom Garcia (702)-250-6355 or Amy Garcia (702) 994-3850 and become a client for information and insider strategies for selecting the best Sky Las Vegas unit.
“SKY Las Vegas” located dirctly on the Las Vegas Strip
Sample interior finishings for SKY Las Vegas.
GOOD NEWS FOR BUYERS IS BAD NEWS FOR SPECULATORS
The bad news for the speculators is that unless they have staying power, they may end up selling their units for less than they paid. This is because the negative media has most prospective buyers lining up on the fence waiting for someone to say its time to BUY, (as if one day the master real estate wizard in the sky will issue a press release) The fact is we are in the middle of a HUGE buyers market, not likely to be repeated in the Vegas luxury high-rise market.
With prices starting under $500 a square ft. this puts these properties in the “under replacement cost” category. Much of this is due to the cost of land which for prime strip frontage has gone from a couple of million, to over 30 million per acre in the last several years. Additionally, labor and material costs have also seen a strong surge.
Savvy foreign buyers have been quietly stepping to the plate and grabbing these deals. They are taking advantage of not only the favorable exchange rates but the fact that the prime strip area has a stunning 30 Billion dollars of luxury resort development underway or breaking ground soon…Its hard to miss projects such as MGM Mirage CityCenter (7.8 billion, abeam the Bellaigo) Echelon (nearly 5 billion, site of the old Stardust) the Plaza (5 billion, site of the soon to be imploded Frontier), or Fountainebleau (3 billion, going vertical directly across the street from SKY Las Vegas).
We are luxury high-rise experts and well informed on the new development on the North Las Vegas Strip. Hiring an agent well versed on these projects is a must…call Tom Garcia (702) 250-6355 or Amy Garcia (702) 994-3850.
Turnberry Place, Turnberry Towers, and Sky Las Vegas, in the north strip corridor, Panorama Towers directly across from CityCenter and Allure on Sahara Blvd. all come with an endless array of amenities. As an owner in one of these luxury projects you will enjoy privacy, pampering, personal service and much more.
View Southwest from high in Turnberry Place IV. Overlooking Fountainebleau site.
At Luxury Realty Group we are preferred agents for all the above mentioned projects. Our clients have access to inventory not available through traditional marketing channels. To hire the experts call Tom Garica (702) 250-6355 or Amy Garcia (702) 994-3850 or email Tom@LuxuryRealtyGroup.com or Amy@LuxuryRealtyGroup.com
Direct Tom (702)250-6355
Direct Amy (702)994-2850
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