Station Casinos has announced plans to build a $10-billion development just west of the Las Vegas Strip. The project (for now) is being called Viva, and is expected to consist of several casinos, hotels, and possible Las Vegas high-rise condominiums. We have included the first rendering and a map of the location.
It is worth noting that should this property be built (not expected to start for two to three years) that Panorama Towers (a residential high-rise condo project just west of the Las Vegas Strip) could potentially find itself virtually in the middle of approx. $20 billion worth of new development. MGM MIRAGE CityCenter sits to the east of Panorama Towers and Viva (if built) would sit to the west.
It should be interesting to watch the development of the Viva announcement considering the current challenged resale condo prices at Panorama Towers. As of April 2008, buyers could swoop up MLS resale inventory at Panorama Towers in the mid $300 dollar price-per-square-foot range. Compare that to recent record penthouse sales just across Interstate 15 at The Harmon Residences for over $2,000 and $2,400 a square foot. (see link for latest Panorama Towers Inventory as of April 18, 2008)
First released rendering of Viva by Station Casinos
Read 10 Tidbits about a possible $10 billion development in Las Vegas Here (Includes current land issues, questions about the impact on properties such as The Plaza Hotel, construction questions, eco-friendly building materials, CityCenter facts, and more)
Map showing location of Viva
(Courtesy of VegasTodayAndTomorrow.com)
Are you looking to purchase property on or near the Las Vegas Strip?
The real estate market in Las Vegas is going through tremendous change. Land on the Las Vegas Strip has gone up in value substantially while the cost of resale residential and condo-hotel condominiums have continued to be challenged. Then we have properties such as the Palazzo Luxury Condominiums, Veer Towers, Mandarin Oriental, and The Harmon Hotel selling (or expected to sell) at costs approx. $1,000 a square foot and higher (in some cases over $2,400 a square foot).
If developers are now paying over $30 million an acre for remaining land in the prime-location Resort Corridor, what will they have to charge for luxury condominiums on that property? Can they charge $400 a square foot? Do they have to charge $2,000 a square foot? Will the market fall? Is it setting itself up for a boom? Nobody can make predictions. But what you CAN do is perform your research.
Before you buy your next primary residence, vacation property, or second home in Las Vegas, make sure to consult someone who has the experience and integrity to help educate you in regards to your investment.
Learn important Questions to Ask a Las Vegas real estate agent Here
Learn several Las Vegas High-Rise Condo Tips Here
Aaron Auxier, REALTOR®, ABR can be reached at 702-205-1818.
“Hollywood’s Connection to Vegas”™
Luxury Realty Group is recognized by the press as a leading high-rise condo and luxury home brokerage in Las Vegas. They can be seen on networks and in publications such as CNBC, Forbes, FOX News, Details Magazine, Wall Street Journal, CBS News, Fortune, and more.
Copyright © 2008 Aaron Auxier. All Rights Reserved.
Disclaimer: All information in this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
