Video-City Center Las Vegas High Rise Condos Slashed 30% in Pricing

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Another Low Blow To The Las Vegas Condo Hotel Market

In America and maybe around the world at the moment there is a whole bunch rumors and half truths floating around about the Las Vegas High Rise Condo & Condo Hotel market. There has been weak lawsuits filled, incompetent speculators making a lot of unnecessary noise about their mistakes, and mis leading article's one after another from the media about what is actually happening in the Las Vegas High Rise Condo & Condo Hotel markets. It's time to clear the air about what is going on and make a few things clear about what is happening here in Las Vegas. First off i want to talk about the lawsuits that have been filed and talked about over and over again. Owners of Condo Hotel units at The Signature At MGM are saying they are not receiving a certain % of compensation they were told they would for renting out their units through MGM's nightly rental program. If the disgruntled buyers are correct in their allegations and have proper documentation stating that the Signature sales staff promised a certain return to them then they might have a good chance of winning their cases appeal. If the upset owners have the documentation that shows a promise to them in writing from MGM for a certain % of compensation they should have, in my opinion, already won their cases and not had to take it to the supreme court. In the lawsuit they state that buyers were lead to believe they would receive a higher nightly rental rate from exaggerated sales pitches. If this is true, the buyers were not represented properly by their Realtors, this should be a lesson to everyone who is looking to purchase any type of Real Estate "Make Sure You Have Proper Representation When Purchasing Real Estate".

The Las Vegas High Rise Condo & Condo Hotel market is doing just fine and is continuing to become more and more popular by the day. People from around the world have come to Las Vegas to purchase a piece of our new skyline plopping down tens of millions of dollars to have their own luxury Las Vegas High Rise Condo or Condo Hotel. The media must be blind to all of the construction in the Condo Hotel sector here in town because it seems to me a large majority of what is currently being built is Condo Hotel properties. You have Vdara at MGM's City Center and Fontainebleau which will both be completed in 2009 adding more than 3500 Condo Hotel unites to our market. Trump International recently had it's official opening and is closing escrow on many of it's units as we speak which will add over 1000 more Condo Hotel units to our market here in Las Vegas. So why does every one think that Condo Hotels wont last here in Las Vegas, honestly i don't have a clue, maybe they really believe the city with the highest room occupancy rates in the country can't fill the rooms, i don't know. I do know that High Rise Condos & Condo Hotels are defiantly here to stay in Las Vegas no matter how bad the media makes them sound.

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DownTown Las Vegas (Are you ready ?)

Many of you may not be aware of whats taking place Downtown Las Vegas. There are many projects planned and underway that will add to our ever changing Sky line. Down Town Las Vegas is going through a huge revitalization process which will add more High/Mid rise condos,Fine dinning,shopping, Medical District, Jewelry Center and more. Over the last 5 years land prices have quadrupled down town and with New High End Loft Style residential offerings you can expect to see prices go much Higher in the coming years. Check out todays podcast at www.LetsTalkLasVegasHighRiseCondos.com to listen to todays show. I discussed more in detail about Down Town Las Vegas and some of the opportunities that are currently available. CLICK HERE to view some of the best deals available at Newport Lofts these condos are priced way below builder pricing and what they were originally purchased for. If you would like Information on other condos available Down Town or any where else in the Valley visit www.MakeaTurnercbw.com

Check out this video tour of Newport Lofts

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High End LV High Rise Condos Hit NEW Heights

For several months here in Las Vegas there has been all kinds of news and information about our local High Rise Condo & Real estate market coming from every which way at an extremely quick pace that sometimes can confuse or even misinform it's viewers and readers. It's no secret that the Real Estate market as a whole has taken a huge Hit. Las Vegas had lead the nation in highest foreclosure fillings for several months straight and we have had our median home price dragged through the mud. But the one thing that you didn't hear a peep about was how successful the High End High Rise Condo sector has done. Some people may have reported on the luxury Home sector doing just fine through out all the chaos but no one but myself has actually reported until now on how much of an extremely huge increase in value the Ultra High End LV High Rise Condos received from the beginning of this year to date compared to all of last year.

Lets get straight into the numbers here. Last year from 1/01/07 to 12/31/07 there were 94 recorded High Rise Condo Closings. From just the beginning of this year to date there have been 95 recored closed High Rise Condo transactions. Interesting, but wait it gets better. Last year the recorded median sold price per square foot for the entire year for a High Rise Condo was $505.68. From the begging of this year to date the median recorded sold price per square foot is $455.93 a 9% decrease which isn't bad considering all of the current market conditions like the tightening of lending regulations. On the High end side of things it's a whole new ball game. OK, last year the recorded high end sold price per square foot for the entire year for a High Rise Condo was $1134.62. From the begging of this year to date the High end recorded sold price per square foot is $1830.66 which is a whopping 38% increase. Thats a staggering increase and it's due to several things. The first thing i feel is a major contributing factor is several developments have been completed adding to our resale-inventory and world wide interest in Las Vegas's High Rise Condo living opportunity. Another thing that has happened that i feel is creating an increase in purchasing of Las Vegas High Rise Condos is the affluent foreign buyers are taking advantage of the weak dollar and are purchasing Real Estate particularly Las Vegas High Rise Condos on the higher end. Things may be down a little but i can certainly tell you that the higher end High Rise Condos are not phased at all by anything happening economically. The next six month of this year will be more exciting than ever before so continue to read and enjoy.

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THIS JUST IN>>> Construction Workers at MGM's Multi Billion Dollar City Center Walking Off Job Tonight

This late breaking news has just hit about 20 minutes ago. The Las Vegas Sun is reporting a massive walk off from construction workers at the multi billion dollar development City Center. According to the article that was published at 9:20pm on 06/02/08 "Union leaders affiliated with the Southern Nevada Building and Construction Trades Council agreed that workers will walk off the job because of safety concerns and the lack of proper response from the site's general contractor, Perini Building Company, according to Steve Redlinger a consultant for the council.
Workers will picket in front of CityCenter until an agreement is reached, Redlinger said" I didn't have a clue this was coming and i don't think anyone else knew either based on how this story has been released. Construction workers will begin picketing at midnight to night and wont stop until there is some type of resolution. Will there be a resolution before midnight to night so that the show can go on or will this massive multi billion dollar super development come to a scretching hault, check back soon for more updates.

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Sky Las Vegas High Rise Condominums BEST Deals Above 1100sqft

Is there still good deals in the Las Vegas High rise condo market? You better believe it quick and jump all over them because the boom is on it's way back! There is still a definitely demand for luxury High Rise Condos here in Las Vegas. We have seen projects flop and watched others make it to the top. One of the most successful developments that was completed was Sky Las Vegas. Sky offers an array of amenities to their residence while providing some of the BEST views Sin City has. I was searching through the MLS today and picked out the most exciting and impressive deals at Sky Las Vegas. The deals range in square footage from 1100 to over 5000. Please keep in mind these were the cream of the crop picks ladies and gentleman not just average deals that our laying around out there waiting to be found. These DEALS are such a tremendous value and provide so much I can definitely say people won't be seeing these types of deals in the near future once projects like MGM City Center & Fountianbleua open their doors. Ok enough of me blabing about the BEST Deals at Sky Las Vegas check them out for yourself by clicking here.

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Tough Talking From Sullivan Square

Sullivan Square is a Mixed Use development located at Durango and the 215 beltway. This 16 acre planed development will have 1,300 High/Mid rise residential units, 45,000 square feet of retail and office buildings, and a central park. Over the last few months their has been a growing concern among construction contractors and home owners that are involved with Sullivan Square because of talks that the development might not go up. According to a lawsuit, filed in Clark County District Court by one of the developments partners GSG, alleges breach of contract by Harcourt Nevada , a 60% Partner in Sullivan Square, for failure to perform funding obligations and breach of fiduciary duty. GSG's Lawyer John Manly says "Essentially, Harcourt is pushing Glen, Smith & Glen out of the project and they intend to build it themselves," the California lawyer said. "It amounts to economic bullying." This is bad news for anyone involved with Sullivan Square because the allegations in the filed lawsuit can only bring on one thing and thats a Hold Up in the Finishing of this project which anyone familiar with Construction or Land Development knows is a big deal. Click here to read the whole article by Hubble Smith a reporter for The Review Journal

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MGM Grand Towers Faces Lawsuit

Last night on our local news i watched an interesting story about how Las Vegas MGM Grand Signature Towers is being sued by Condo owners. This lawsuit has been going on for several months now and it is no surprise that there have been allot of disgruntled buyers of MGM Grand Signature Towers Condos. The lawsuit alleges that the buyers were mislead by sales staff when they purchased their condos and a stipulation in the contract specifically covered MGM in case a sales agent made a promise that held no merit. MGM is now having to have this lawsuit go before a jury to find out whether or not the Condo buyers were in fact mislead into purchasing Condos with in MGM Signature Towers by promises of extremely high financial gains. This is a perfect example of why any High rise Condo buyer must have proper representation before they even consider purchasing any style High rise Condo, whether it be a Vacation home, Primary residence, or Investment like a Condo Hotel. The Condo buyers in the Lawsuit said they had promises made to them by sales representatives that stated they would receive higher nightly rates than what they are now currently receiving by having their condos enrolled in the MGM resort rental program. People have to keep in mind that nobody can make you any type of promise as to what you will receive in the future because no one can control what happens in our daily lives like WAR, economical down turns, tourist trends, and especially future nightly room rates & if they do make you an outrageous promise run and run fast. If you are interested in buying a High rise Condo for what ever reason i can guarantee you only 1 thing and that is you need to be represented by a professional who understands what your needs are and has your best interest before anything. The disgruntled Condo buyers that have this on going lawsuit with MGM must not have had proper representation because it was said that they purchased their condos form any were between $600K-$800K and were promised nightly rates to be $300 + per night. Now with that said lets do some simple math to figure out if this would have even been a halfway decent investment, lets say they got extremely lucky and their condo was rented out every night for $300 which would equal $9000. The average cut for a condo hotel is 60-40, 60% going to the owner and 40% going to the resort, this is not to bad because you would be left with $5400, but this would mean your condo was rented out every single day of the month which is highly unlikely. Lets cut the number of days your condo was rented by half which would mean that it was only rented for 15 days out of the month. This would total $4500 and now subtract the 40% and it would leave you with $2700 and i don't think that their mortgages were any were close to that with purchase prices of $600K-$800K do you? Like i stated earlier in this post it is a MUST you have proper representation when purchasing a High rise Condo for what ever the reason.

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Looking to Invest in Las Vegas Real Estate? Look no further.

People all over the country are claiming that there isn't any good deals in Real Estate right now because of the horrible housing market and credit crunch. These voices can be heard through out any city in America. But if you pay close attention to who the voices and comments are coming from you will soon see that they are defiantly not coming from people who invest in Real Estate. Our great city of Las Vegas is home to some of the most lucrative deals in Real Estate at the moment. I specialize in representing High rise Condo Buyers in their purchasing of a Las Vegas Vertical property so i will stick with deals that have to do with High rise Condos which i have encountered in the last few weeks. I have see several High rise developers offering lease back opportunity's on selective unites that are currently for sale which means that the builder will lease the Condos back from the purchaser for a certain amount of time and price per month. These deals are commonly found with model unites that the developer needs to sell for one reason or another but they still need to use these unites to show prospective buyers how they're s can look. Right now you can have your pick in size and price which makes it an even more appealing to investors. If you click here you can see 3 separate High rise Condo listings that offer this type of opportunity at Turnberry Towers, which is the newest addition to the NEW Las Vegas Skyline. If you are an investor who is interested in High rise Condo investing in Las Vegas these deals are perfect because they allow you to have a long term tenant in place ( the developer) will you accumulate the appreciation that comes along with time. If you would like more details on these deals or similar deals like this please contact me by clicking here.

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Some Las Vegas High Rise Condos Make Bank Black List. What Does This Mean?

Last night on our local news there was a story about how a particular banking institution is no longer providing mortgages for certain Las Vegas High rise Condo property's. OMG you might be thinking right now, is the High rise Market not doing well. In the story they made a very strong statement and if you were not paying close attention you could have missed this very important tid bit of info. What the bank said was they are not lending on certain property's because of a high investor interest in these developments. What that means is investors had purchased allot of condos banking on high appreciation and now they are unable to sell their property's to receive their returns and are defaulting on there loans. This is only 1 bank out of thousands of banks who are still loaning money to buyers to purchase these kinds of property's. If you are purchasing a Las Vegas High rise Condo as a second home or vacation home you should not have any problems finding financing but if you are an investor i am sure the bank would like to see a plan of attack that is sound before lending you the money to purchase. This is nothing new but over the last couple of years banks had very open regulations on lending and are now suffering from their mistakes. The mainstream media still continues to mis represent our amazing High rise Condo market here in Las Vegas by circulating stories like this and similar ones without saying a word about how strong it really is. If i am not mistaken this story was ran a few months back and now they are just revisiting it for some reason. Another good point about this misleading story was that the local news forgot to mention that Las Vegas High rise Condos were not the only High Rise property's on this Black list, areas like Miami and San Diego were also listed on this Black list. Also the Black list is just a reference of property's for the banks to look at before making their final decisions and high rise Condos were not the only style of property's listed on this infamous black list. Every bank has a similar style list of property's that they review before lending on anything to make sure that they are making a good choice when lending their money out. IT IS NOTHING NEW FOR A BANK TO HAVE A LIST LIKE THIS. To all my readers please trust what i say when i talk about the High Rise Condo market here in Las Vegas is some of the best market reporting you will receive. Thanks for reading and i promise to always provide the best info to all of you.

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