Signature at MGM Grand could benefit big from an NBA/NHL arena by AEG. Resale statistics included.
Posted by Luxury Realty Group - January 13th, 2008
Categories: High Rise Condos
As far as Las Vegas condotel developments go, Signature at MGM Grand could end up with a massive location boost very soon. So how could the three towers, which feature fully furnished, turn key residences end up bettering their location so dramatically? A full fledged NBA and NHL arena built by Anschutz Entertainment Group (AEG) sure would help.
In mid 2007, Harrah’s Entertainment Group announced they had partnered with the very well respected Anschutz Entertainment Group to build a 22,000 seat arena behind Paris Hotel (see link for details on AEG and the arena). A spokesperson for AEG confirmed in late 2007 that they intend on breaking ground on an arena behind Paris by Summer 2008. (many feel this location is challenged, as traffic would increase dramatically in the area)
Signature at the MGM Grand is a luxury condo hotel project built by Turnberry Associates in conjunction with MGM MIRAGE. The towers of Signature sit on Harmon Blvd, just behind the MGM Grand Hotel. While the location of the development is not as spectacular as some direct Las Vegas Strip properties such as Cosmopolitan (condotel), Veer Towers (residential), The Harmon Hotel (hotel/residences), and Mandarin Oriental (hotel/residences), it does feature many amenities not found in other developments.
Pricing of Signature
The price per square foot for resale property in Signature is low, compared to units at Trump International and Vdara at CityCenter. The value of parcels of land on the Las Vegas Strip have increased in value 8x in last four years. How will this affect future value at this development?
Some perks of staying at Signature
- Close proximity to the monorail station at MGM Grand (good for convention and business guests).
- Private pool for each tower.
- Balcony access on many studio and one bedroom floor plans.
- Located near 20+ restaurants at MGM Grand including Joel Robuchon.
- 24-hour security and guard gated entrance.
- Soon to be professional sports in less than half of a mile?
The proposed arena by AEG would sit less than a half-mile away from Signature
Concerts and now possible NBA and NHL games?
Signature is already sitting pretty near the MGM Grand Garden Arena where major concerts and boxing matches regularly take place. Could you imaging what adding an NBA/NHL arena less than a half-mile away would do for the projects location and future value?
Las Vegas high rise bargain opportunities
As of today, there are many Las Vegas luxury condo bargains in Signature. These units can be thrown into a nightly rental program by the owner and come fully furnished with Sub-Zero refrigerator and Meile appliances. While not overwhelming, savvy investors are buying these units which has recently caused a fairly significant drop in inventory.
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Changing inventory statistics and listing information
- Signature features 1728 total units
- As of 1/13/08 there was 150 listings for sale at Signature in the Multiple Listing Service (MLS).
- Inventory has dropped 6% since November 2007.
- Available inventory is at 8.6% as opposed to 15% in November 2007.
- Pricing ranges from $369,500 to $875,000 for studio floorplans.
- Prices range from $495,000 to $1,295,000 for one bedroom floorplans.
- Prices range from $1,495,000 to 3,100,000 for high floor penthouse two-bedroom combo units.
- 13 units are pending, contingent or have closed escrow since December 2007.
We know how to find deals for you
Luxury Realty Group is a globally recognized and nationally award-winning boutique high rise firm in Las Vegas. With over 200 luxury condo clients on or near the Strip, let our experience and cutting-edge tools help you find the TRUE bargains in Signature.
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 © 2008 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.