Units at The W Hotel for sale again? Trump now has residential condos? Huh!
Posted by Luxury Realty Group - August 2nd, 2007
Categories: High Rise Condos
Have you ever cruised the internet trusting to find solid info regarding the Las Vegas luxury condo market? You are probably doing so right now…after all, many real estate agents are experts on this niche…right? Some are even nice enough to keep projects on their websites that were cancelled three years ago.
Recently, I decided to pretend I was a person who wanted to educate myself on the strip high rise condominium market.
Below are just 2 examples of false info I found (both of these findings were posted in July 2007)
1. Units at The W Hotel in Las Vegas are for sale!
Reaction
This project was cancelled a long time ago.
Who does it harm?
If a buyer came across the same article I did they would be lead to believe that The W Hotel Casino was still for sale. Even worse, the person who posted the blog was saying how they could get their clients in VIP. This was NOT an old blog, it had just been posted in July 2007. What if it was the project YOU were seeking? What if you sent your name to this person and waited to be contacted?
The Truth
The W was officially cancelled MONTHS before July 2007 and was well known by all those involved in the industry.
2. Trump International Hotel and Tower offers RESIDENTIAL condominiums!
Reaction
Trump International is Condotel.
Who does it harm?
If a person was searching for info on a residential project to use as a vacation property or primary residence the article I speak of could be very harmful. Imagine if you actually put down a deposit only to find out later that the unit you purchased was fully furnished and was considered to be a condotel? It has happened.
The Truth
Trump International Hotel and Tower is considered to be a condotel building. There are NO residential units in the building. Are there large penthouses available? Yes. Could a person make this tower their primary residence? Yes. Just be aware…There is NO option to buy an unfurnished unit, why would you ever pay the additional money to buy a furnished turn key unit only to have to rip everything out? Either that or live in a unit that resembled 1,200 others. This project is mainly geared towards someone looking to throw the unit into a nightly rental program or use for corporate events or weekend getaways.
Why the bad info keeps happening
As of late many agents are trying to cash in on blogging and selling Las Vegas luxury condo product because of the slow single family home market.
The problem is…
- Not many understand the complexities of issues in high rise such as lending, title, insurance, building locations and more.
- Very few provide recent news, pictures and newest renderings. If they do they are usually cell phone photos.
- Many keep writing the same boring story about land shortages. DUH!
- Few are considered as VIP by the big developers in town.
Selling highrise is much different then selling wood homes. Make sure to consult a proven expert.
5 Tips on how to find the right agent
Imagine if you were seeking the latest info on Las Vegas luxury condo developments such as MGM MIRAGE CityCenter, Soho Lofts, Streamline Tower, Veer Towers, The Harmon Hotel, Sky Las Vegas or The Cosmopolitan Resort Casino. Could bad information be harmful to your investment? Yes it could and in more ways then you could imagine.
Before you believe everything you read, ask the agent….
- How many units they have sold?
- Do they PRIMARILY sell concrete and steel high rise?
- Is their brokerage a specialty firm or does it primarily sell wood homes? What is the percentage breakdown?
- Have they ever been selected as “preferred agent” at a project? Where?
- Does the press contact them as Las Vegas luxury condo experts? If so who?
Great Info and News!
- Las Vegas Strip Condo One of our “Up to Date” Websites
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 © 2007 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.