Oh No - A bunch of fake projects have failed…Vegas is slow.
Posted by Luxury Realty Group - May 19th, 2007
Categories: High Rise Condos
Did you hear the news? Some say that Vegas high rise condo property sales have slowed citing out of the 100,000 proposed units only 13,000 are under construction in 2007.
So sales are bad because 87,000 units are not getting built?…..
The focus in 2007 is on tangible “on Strip” locations like Vdara and The Cosmopolitan Resort
6 Facts
- Construction costs, land flippers and the misjudgment that buyers wanted to purchase off strip are to blame for most projects failing.
- The Residences at Mandarin Oriental sold 90% of their units within weeks at an average of around $1,600 a foot.
- Veer Towers has sold 250 units in three weeks. MGM MIRAGE has sold every Veer unit that they have released to the market.
- The Frontier Hotel just sold for about 33 million an acre setting a new record in Vegas. A replica of The Plaza Hotel out of New York will replace it.
- The Palazzo luxury condos may easily hit the 2k a square foot mark and might be sold to high rollers before the public even has a chance.
- Right now there are only 409 residential highrise units ( Sky ) with a core LV Blvd address and there will not be anymore until 2009 when Mandarin Oriental, Veer Towers and The Harmon open.
Latest picture of the main resort casino at CityCenter. May 2007
Final Conclusion
Of course many projects were not ever built nor should they have ever been. We could not have absorbed 100k high-rise condominiums within a 5-10 year period. What you have to understand is many of these developments were never real to begin with.
For someone to site we are slow because they are not getting done is silly. There is over 30 billion dollars worth of new construction happening in a 4 mile stretch on The Strip. (Tropicana to Sahara) In total the MGM MIRAGE CityCenter project has sold over 1.1 billion in real estate in 100 days.
Do you want advanced insight and analysis?
Consult a brokerage that specializes in this niche section of the market. Would you get brain surgery from a general practitioner? Many websites continue to market hi rise projects that were cancelled 6 months ago.
Most complaints the we hear by clients is that their previous real estate agent didn’t know where the sales offices were, had no clue what they were doing in high-rise and did not have access to the same knowledge as they were finding on our blogs.
Now imagine what information we provide only to our direct clients
Luxury Realty Group…..
- Tracks true statistics with great granularity and provides to their clients.
- Has helped their clients earn millions in equity by making smart investments in the high end condominium market.
- Has only marketed one pre construction project out of all the failed projects. ( W Hotel ) We knew the rest would fail.
- Has an advanced review process that we put developers through to gauge their product. This protects you as the consumer.
- Has experience of over 150 high rise transactions.
- Will provide you with the latest renderings, images, news and information, many times before others are given.
- First brokerage invited to sell Trump Towers, the highest dollar selling brokerage at Sky and have been VIP at every major project.
Whether it be a primary residence, 2nd home or vacation home, do your research before you invest into a Vegas high rise condo property.
To help gauge if you are working with an expert, see these questions to ask your agent.
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.