Las Vegas High Rise Blog » condotel

Red Carpet rolled out for Palms Place Grand Opening Party in Las Vegas.

lrg — Sun, 01 Jun 2008 23:49:47 +0000

George Maloof threw yet another succesful party last night for the Grand Opening of his Palms Place Las Vegas condo and hotel project. As usual, the red carpet rolled out while celebrities came to celebrate.

Palms Place is a 599-unit luxury condotel property, meaning unit owners have the option to throw their condominium property into an owners rental program. Units are delivered turn-key, fully furnished.

Real Estate Investment?

As of late, tightening mortgage industry guidelines have made it difficult for would-be buyers to obtain condotel property financing. Many celebrities and professional athletes are rumoured to have paid cash for their studio, one bedroom, and penthouse floor plans at Palms Place.

The news media has had a field day telling the world about the challenged Las Vegas real estate market when in reality, several great things are happening such as the exciting construction progress and record sales at the approx. $9.2-billion MGM’s CityCenter on the Las Vegas Strip. The media was reluctant to share the top-three residential price-per-square-foot records that were recently set when several penthouses sold at The Harmon Hotel, Spa & Residences.

See renderings and learn more about the Palms Place Grand Opening in Las Vegas Here

About Aaron Auxier

Aaron Auxier has earned the nickname “Hollywood’s Connection to Vegas” because of his Los Angeles entertainment background and Las Vegas connections. He is responsible for selling some of the most glamorous penthouse and luxury high-rise condominium properties in the history of Las Vegas.

Aaron Auxier can be reached at 702-456-7080 x201

Disclaimer: All information in this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

Trump Hotel lobby vs. Palms Place lobby (Includes Photos and latest MLS resale listing inventory)

lrg — Thu, 27 Mar 2008 06:46:29 +0000

Two new Las Vegas high-rise condominium projects have opened, Trump Las Vegas (sophisticated luxury) and Palms Place (edgy cool). These are not residential condo developments such as The Harmon Hotel, Spa & Residences, Veer Towers, Turnberry Place, Sky Las Vegas, or Mandarin Oriental. These are full blown condotel properties, a product which has suffered due to the challenged mortgage industry. Regardless, the projects (combined) add roughly $2 billion worth of new luxury hotels to the city. Inside we compare their lobbies and see some resale inventory off of the MLS.

Trump Las Vegas

The Trump International Hotel and Tower primarily appeals to those who seek a sophisticated luxury experience. Fine woods and crystal chandeliers grace the lobby while the location next to the Fashion Show Mall lends itself well to a day of shopping.

Trump Las Vegas MLS resale inventory as of 3/26/08

There was only one unit listed for resale at Trump as of 3/26/2008. The unit is a corner one-bedroom floor plan with views towards the Las Vegas Strip.

Palms Place

Palms Place is a hip and trendy building that features a real good vibe. As seen in the below photo, metallic surfaces and slate accents grace the development. Amenities include Drift Spa, La’s Sunset Tan, and a SIMON Restaurant.

Palms Place MLS resale inventory as of 3/26/08

There was only three units listed for resale at Palms Place as of 3/26/2008. The units all have views towards the Las Vegas Strip.

Are you looking to make an investment into condotel or residential condo properties in Las Vegas?

Aaron Auxier has earned the nickname “Hollywood’s Connection to Vegas” for his Los Angeles entertainment background and Las Vegas connections. He is responsible for selling some of the most glamorous penthouse and luxury high-rise condominium properties in the history of Las Vegas.

Aaron Auxier, REALTOR®, ABR 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, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.

Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

That new Las Vegas high-rise condo smell – Part 1 of 2 – Palms Place (MLS Inventory Update and Pictures)

lrg — Wed, 19 Mar 2008 04:12:01 +0000

Hey you, United States economy! We’re sick and tired of your doom and gloom. We’ve waited for over two years to peak a glimpse inside Palms Place and Trump International Hotel and Tower. This is Las Vegas’ moment, celebrating the opening of two new and exciting buildings that cost nearly $2 billion to build. And we’re going to enjoy our moment, even if you won’t lend anyone money to buy one.

For the first time, I recently toured both Palms Place and Trump International Hotel and Tower. What’s better than buying a new car and enjoying the new car smell? Walking into a billion dollar building and getting that same sensation.

Rather than sensationalizing the good news like some like to sensationalize the bad news, I’ve simply added a light description, a few photos, and the latest MLS stats for each project. The units are sexy, refreshing, and fun. Quality felt good and the views worked just fine.

See the Trump Tower Blog Here (with MLS Inventory and Photos) Part 2 of this series.

Part of the lobby of Palms Place

The entrance to Drift Spa which also features Vegas’ first hamman

Las Vegas just added two very different, top-tier condotel buildings to its repertoire. KUDOS to Maloof and Trump. Each project appeals to its own niche audience.

One bedroom floor plan – living area

One bedroom floor plan – kitchen

Want to learn about some of the celebrities who purchased in Palms Place? (See Link – hint – Jessica Simpson, Hulk Hogan, and Eminem)

One bedroom floor plan – master bedroom and bathtub

Palms Place Description

Palms Place is a condo hotel project standing 47 stories tall on Flamingo Ave, adjacent to the Palms Casino and Fantasy Tower. There are approx. 599 fully furnished units. The development includes floor plans ranging from studios to penthouses. Certain units have a balcony with views facing the Strip, or the mountains. Penthouse units also come equipped with private balcony pools. Amenity list includes: pool, spa, valet, 24-hour room service, and a moving walkway called the SkyTube, connecting to the Palms Casino.

Studio floor plan – living area and bed (features two plasma tvs)

Studio floor plan – kitchen

Palms Place latest MLS Inventory (as of March 26, 2007)

Resale listings at Palms Place are now hitting the market. As of March 26, 2007 only five are listed, all of which face the Strip. Prices range from roughly $700k to over $1.5 million, the unit listings include three studios and two one-bedrooms.

Would you like to own property at Palms Place? It should be interesting to watch how much inventory hits the resale market at Palms Place and Trump International over the next 6 months as condotel financing has become more difficult to come by. Will prices fall like Signature at MGM Grand? Only time will tell.

The famed LA Sunset Tan inside Palms Place

This room is perfect for a day of healing after a night of partying

Aaron Auxier is your inside source to Palms Place

Aaron Auxier (see bio) has earned the nickname “Hollywood’s Connection to Vegas” for his Los Angeles entertainment background and Las Vegas connections. He is responsible for selling some of the most glamorous penthouse and luxury high-rise condominium properties in the history of Las Vegas.

Aaron Auxier, REALTOR®, ABR can be reached at 702-205-1818.

Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

FEB 2008 Update- Latest resale inventory and pricing in Signature at MGM Grand and Sky Las Vegas.

lrg — Tue, 26 Feb 2008 08:34:33 +0000

Studio units at Signature have dropped as low as $345,000. This is fairly surprising given the successful sales of the Vdara Condo Hotel project at MGM MIRAGE CityCenter. Then again, CityCenter is an $8+ billion mega-resort development. Regardless, 345k at Signature should get the attention of buyers. Sky Las Vegas (the only high-rise condominium tower on the Strip), currently has 70 listings on the market, with one bedrooms as low as $365,000.

Signature at MGM Grand (condotel)

Overall inventory in Signature has dropped roughly 6% since November 2007. Buyers are purchasing units in the three towers, however condo hotel financing is difficult to come by.

As of February 26th 2008, out of just over 1,700 units, there are 157 listings on the resale market in Signature ranging from $345,000 to $2.1 million (according to MLS). A two bedroom penthouse (one-bedroom and studio floor plan with common entry) is also available for over $3,000,000. 157 units represents less than 10% of total inventory.

Sky Las Vegas (residential)

Sky Las Vegas, the only high-rise condominium tower on the Strip as of 2008 and until almost 2010 when Veer Towers, Mandarin Oriental, The Harmon Residences, and Cosmopolitan Resort Casino open. Sky’s resale units are selling at prices reflective of what the developer paid for the land four years ago (approx. 4 million an acre). Today, the land could be worth as much as $30 million an acre.

As of February 26th 2008, there are 70 resale units on the MLS with pricing ranging between 365k for a one bedroom to approx. 4.9 million for a penthouse. Out of 409 units in the building, the 70 resale units represent approx. 17% of total inventory. How much would it cost to build a 45-story residential high-rise tower on the Strip today? As a developer, if you paid $30 million an acre for your land, what would you have to sell condos for?

Topsy-Turvy Real Estate

With land values continuing to rise in the prime locations of Las Vegas Boulevard, the Resort Corridor continues to hold fairly strong. Doom and gloom media has contributed to the overall pain of the market yet projects like CityCenter continue to prove that buyers are willing to spend record-setting money to buy into the lifestyle.

I recently set the top-three price-per-square-foot records for residential sales (homes/condos) in las Vegas history (read more). This is great news for Vegas and lends credible evidence to the fact the luxury market is holding its own and is in fact setting records.

Some parcels of land in the Resort Corridor have experienced up to an 800% increase in valuation in just four years yet sellers continue to unload their units. Then again, their equity lines are tapped and they need to get rid of their investment properties in order to keep from losing their primary residences. It’s tough times and there is no easy answer. By educating yourself on the latest news and information (not just the kind you see on TV), you can help maximize your next purchase in Las Vegas.

Want us to set you up on an MLS search for Signature or Sky inventory?

Call or email us with your criteria and we will set you up to receive latest resale inventory via email.

Aaron Auxier, REALTOR®, ABR 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.

We use Copyscape.com to monitor plagiarism.

Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

What the Cosmopolitan Resort Casino’s location means to a possible foreclosure.

lrg — Fri, 18 Jan 2008 07:38:28 +0000

Deutsche Bank started the foreclosure process on the Cosmopolitan Resort Casino in Las Vegas on January 15th, 2008. But does this mean the project is doomed?
Many feel that the Cosmopolitan Resort Casino has the best location on the Las Vegas Strip as of 2008. Why? Because it sits directly next to the $7.8 billion MGM MIRAGE CityCenter and also features dead on Bellagio water fountain views. If you can name a better location to sit out on a balcony in the Resort Corridor I’d love to hear it. It’s very important we realize how crucial of a piece of land this is and how that could impact its construction.

It’s my belief that only the Palazzo luxury condo tower has a better opportunity for condominiums with Las Vegas Strip views going forward. Why? Because it sits directly on the Strip and has nice orientation for both north and south views. It’s north views look towards the future The Plaza Hotel, Echelon, Wynn, Encore and more. It’s south views will look down the Strip towards Caesars Palace, Treasure Island, Cosmo and more. Its frontage is only feet from Strip. What about The Harmon Hotel you ask? Of course, The Harmon Hotel’s location is awesome. But its Bellagio water show views are blocked by the Cosmo Beach Club Tower for the most part.

The Clark County assessors office recently announced that land in CORE areas of Las Vegas Boulevard appreciated up to 99% in 2007. Contact me here and I’ll send you the PDF of Brian Wargo’s article which announced the assessor’s office reassessment statistics.

While the Deutsche Bank situation is on a commercial level, we all know that condo hotel financing for owners has been hit very hard by the mortgage meltdown. Trump International has been hit with bad press in early 2008 in regards to this very matter. Yet still, I’m getting what I would call a decent amount of interest from potential buyers for Palms Place and Signature at the MGM Grand. Call it what you want, buyers are still looking for good bargains. Could the “Perfect Storm” be brewing in Sin City?

REALITY CHECK. Very few pieces of dirt or “implodable casinos” remain. The Cosmopolitan, along with it’s direct Strip location is as good as it gets as of today for a property located on Las Vegas Boulevard. How much do you think it’s land is worth? Well, if Sky Las Vegas’ dirt went up in value 800% in just four years, and CityCenter’s dirt was just appraised at roughly $40 million an acre, some could say Cosmo’s land might be worth $50 million an acre. This development was to be the most dense of all Strip properties.

The Cosmopolitan Resort Casino is 84% sold out and offers fully furnished, turn key, condotel units which can be thrown into a nightly owners rental program. It is scheduled to be managed by the Grand Hyatt, if all goes according to plan. Who knows what impact a potential investor will have on the Grand Hyatt…along with retail, restaurants, spas, convention space etc.

With over a billion dollars worth of condo sales to date and continuing strong interest from buyers, Bruce Eichner has one of the best pieces of real estate on the fabulous Las Vegas Strip.

Aaron Auxier, REALTOR® can be reached at 702-205-1818.

We use Copyscape.com to monitor plagiarism.

Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often times considered time sensitive.

Signature at MGM Grand could benefit big from an NBA/NHL arena by AEG. Resale statistics included.

lrg — Mon, 14 Jan 2008 06:49:29 +0000

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.

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.

We use Copyscape.com to monitor plagiarism.

Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often times considered time sensitive.

Palms Place and One Queensridge Place in worlds of their own. Literally.

lrg — Tue, 01 Jan 2008 07:40:53 +0000

Pick your place…Palms Place or One Queensridge Place. Both high rise projects, very different from each other, have done well, even without having locations on the Las Vegas Strip. What “Magic 3″ components did both of these developments have that guaranteed they would be built?

KUDOS to The Maloof brothers and Executive Home Builders. They’ve created successful “Off Strip” projects when almost every other high rise project without a Strip or near Strip location experienced challenge in 2007.

The Strip has dominated the luxury condo market for two years straight. So how did one hip condo hotel tower, and one exquisite luxury residential development stand out from other “Off Strip” properties?

In my Aaron the Genie 2007 article (see link for my 2007 opinions), I coined the term “The Magic 3″…Location, Brand and Construction. I said that in order for a project to survive and do well in 2007 and beyond, it had to have at least two out of those three components.

Palms Place and One Queensridge Place are rare examples of high rise condominiums, not located on or very near the Strip, that have all three.

What’s the hardest component of the “Magic 3″ to pull off when you’re not on or near the golden four miles we call the Resort Corridor? Location.

You can build a brand anywhere.
You can get a construction company to build it (although challenging and expensive in Las Vegas).
The trick is finding a location that buyers and investors are willing to spend top dollar on so the developer can afford the cost of the land and construction.

Rendering of Palms Place

Palms Place “Magic 3″

Location- Featuring trendy ultra lounges like Ghostbar, nightclubs like Moon and Rain, all the way to delicious restaurants such as N9ne Steakhouse, the Palms Casino and Palms Fantasy Tower have it all. Want to stay in the Hugh Hefner Suite? Perhaps book the Hardwood Suite and have a basketball half-court complete with cheerleaders in your room? These are just some of the reasons why the Palms location is loved by celebrities, athletes and the party crowd.
Brand-The above description covers this quite well. The Maloofs know how to provide a good time that you’ll never forget.
Construction- Palms Place broke ground in 2006 (official groundbreaking party was 5/4/06) and is finishing up construction early 2008.

Amenities, prices and other tidbits.

Floor plans-Studio, one bedroom, two bedroom (combo units) and penthouse floorplans complete with pools hanging off the side of the building were offered. (100% sold out during pre construction)
Pricing- 600k to over 6 million.
Number of Units- 599. An extremely low number for a condo hotel building making this tower very exclusive.
Amenities-50,000 square foot pool and spa, Sunset Tan (seen on E! Entertainment), balconies with Las Vegas Strip views, 24 hour security and room service, business center, conference rooms.

Aaron’s Opinion

Very few people have called me wanting to list their units. I feel that owners may want to hold on to their property here.
Awesome for those who want to live the life of a super-star when they come town.
Great price for what you’re getting!

Want to have VIP access to resale inventory?

Call Aaron Auxier 702-205-1818

Rendering of One Queensridge Place

One Queensridge Place “Magic 3″

Location- Located just outside of Summerlin, the nation’s largest master planned community. Directly across from Boca Park which features some of the finest boutique shops in Clark County as well as hip restaurants such as Kona Grill. A new retail mall (also developed by EHB) has broken ground diagonally from these two amazing residential towers. The Village will consist of 29 acres of mixed-use development and will contain 700,000 sq ft of restaurants, high-end retail, office property and condominiums.
Brand-Yohan Lowie (CEO of EHB) has an established reputation for creating breathtaking custom homes in Las Vegas. Elegance and stunning architecture are two thoughts that come to mind when thinking of homes designed by Yohan.
Construction-One Queensridge Place broke ground in April 2005 and completed late 2007.

Amenities, prices and other tidbits.

Floor plans-two, three and four bedroom floorplans available. Larger units are available on top four floors including two-story penthouses of over 16,000 square feet.
Pricing- 1.5 million to over 22 million.
Number of Units- 219. Roughly 109 units in two 18 story buildings.
Amenities-25 seat media room, concierge, card room, lap pool, indoor pool, conference room, private garages, casitas and landscaped yards for some homes.

Aaron’s Opinion

The finest high rise tower in Nevada and one of the finest in the country.
An ultra-luxury lifestyle with attention to detail rivaled by none.
Stunning to see in person, convenient location.

Want to have VIP access to remaining inventory?

Palms Place and One Queensridge Place are in their own worlds, worlds that operate just fine even though they are off the Strip.Whether you’re looking to invest into a vacation home in a fully furnished, turn key, condotel product or a full time, primary residence in a residential condominium project, both of these developments will please.

I can be reached for confidential conversation and a more detailed look into either project.

Aaron Auxier, REALTOR® can be reached at 702-205-1818.

We use Copyscape.com to monitor plagiarism.

Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often times considered time sensitive.

4 Bargain Listings at Vegas Condo Hotel Project

lrg — Sun, 25 Mar 2007 04:21:47 +0000

Are you looking for deals on hotel condos for sale in Las Vegas? If so it would be a good idea to take notice of a particular project in town. Signature at MGM Grand is a trio of boutique hotels located near amenities, dining and entertainment. The project features fully furnished units for resale and at great prices compared to other condo hotels.

Where else in Vegas can you get a guard gated fully furnished luxury condo with plasma TVs and high end appliances starting in the 400’s?

Interior of one bedroom floorplan

FAST FACT…

MGM Signature was recently ranked number one from global travelers on TravelAdvisor.com. Give us a phone call for more interesting stats.

Before we talk about the four special listings please note…many listings at Signature have come on the market lately. Brokerages with extensive knowledge of the buildings and floor plates are able to locate the true “bargains”

Why is it so hard to identify the true bargains when looking for hotel condos for sale in Las Vegas?

*With over 200 current listings in this project it can be difficult to locate the best deals when it comes to price per square foot analysis. Comps need to be analyzed in a different way then in a single family neighborhood. They vary due to location and you must understand what locations carry premiums.

* Factors such as 38 floors, floor plate location, penthouses units, Strip, mountain and/or pool views make it hard for someone with little knowledge of the buildings to locate the best price per square foot listings.

* Tower A features a certain location perk that is impossible to achieve in B and C. The units located near this at a low price are hot tickets. Many do not know this and they misjudge the price per sq ft.

We have developed a special technique to locate the units that offer the best opportunities.

FOUR units offer outstanding opportunity as of this blog when compared to the comps and other projects.

In case you think to yourself, wow, 200 units. What’s going on? I don’t want to buy in such a property. That’s why a few bargains have appeared with sellers thinking the same way. BUT, the real facts tell you a very different story.

When you contact us we’ll tell you these secrets that only savvy buyers know about this property.

-Would you like to take advantage of our experience and see how our pricing technique helped us find these?

-Would you like to know the “location perk” I speak of above and how not understanding it could cost you?

These four units are attractive. I will give you a hint, one is a penthouse at a great price and one features the “location perk” There are many hotel condos for sale in Las Vegas, but these four units offer fantastic value.

Aaron Auxier, REALTOR® can be reached at 702-205-1818.

We use Copyscape.com to monitor plagiarism.

Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often times considered time sensitive.