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So what makes Turnberry Place such an incredible value as the las Vegas market consolidates following the amazing runup of the

Posted by - June 28th, 2007
Categories: High Rise Condos

The original buyers in Turnberry Place purchased their units “without exception” before the start of the huge price escalation in “Strip Area” Real Estate… One must remember that Turnberry and associates, paid next to nothing, years ago, for the 15 acres that is Turnberry Place.. At current land prices this parcel could have very well cost 15-20 million per acre, or 300-400 million for the dirt!!! Turnberry was able to achieve a very nice return by charging $300-$500 a sq ft. for their bare floor units. (for more details on “bare floor” contact me at tom@luxuryrealtygroup.com)

Currently resales in Turnberry Place average $450-$700 a Sq. ft. depending on location and interior finishings. This represents a tremendous opportunity to own property on the booming north end of the Strip where the final assimilation of land, by the Titan strip developers is nearing its end!

MGM has recently purchased the parcel on Las Vegas Blvd and Sahara Ave, that ties into their large, and underutilized holdings at Circus Circus. Expect to see plans for a “City Center” like project within a year. Take one look at the prices for pre-sales at MGM City Center residential condo projects ($1200 a sq ft and higher!) and the value in Turnberry Place hits home big time!

Adjacent to Turnberry to the west is the Fontainbleau Project… Out of the ground and going vertical!!…. At 65 stories, it will be among the tallest vertical structures on the strip, it is sure to turn heads towards the north end of the strip. At a cost of 2.8 Billion it will surely be the catalyst for the future of the north strip development,… and next door to Turnberry Place!!

A great time to look at Turnberry Place! contact me if you would like a list of available inventory! Tom@luxuryrealtygroup.com

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