THE LAS VEGAS STRIP IS ALIVE AND WELL!

There has been a flurry of news surrounding Real Estate on the Las Vegas Strip this week. Planet Hollywood has now officially emerged from the shadow of the Aladdin. With their “soft” opening on Tuesday they help reinforce the amazing changes going on at Harmon and Las Vegas Blvd. With MGM/Mirage’s CityCenter and The Cosmopolitan serving as neighbors to the west that intersection will boast one of the premier locations for residential real estate in the country as well as for entertainment, shopping, dining, and gaming.

Adding to this, the Las Vegas Sands Corp. has announced even further expansion to the already under construction Palazzo with at 300-unit condominium tower. The new high-rise condominium is boasting price points that will be some, if not the most expensive seen on the Las Vegas Strip approaching $2,000 / sq. ft. and beyond. As we continue to become a cosmopolitan city, real estate and residences on the Strip will gain in popularity in the global market offering great opportunities for those looking long-term in their investments.

With this week’s announcements, the north end of the Strip could be forever changed. MGM/Mirage has purchased two key parcels of land that provides for more than 100 acres (including Circus Circus) at their disposal. This is another opportunity for the development of a major project that will continue to make Las Vegas one of the world’s top destinations.

Just across the Strip, the Fontainebleau Resort, a 4,000 room, $1.5 Billion hotel and casino project announced a 20% buy-in by Australia’s largest casino operator. Site work is already well under way for the project located at the north end of the Las Vegas Blvd. where the El Rancho once stood. These announcements certainly bode well for those who are condominium owners at Sky Las Vegas, Allure, and Turnberry Place. At their current prices, they are very attractive given the amount of growth that is forthcoming.

TRUMP LAS VEGAS RELEASES TOWER II

Although it isn't official until April 8th, to coincide with the Apprentice episode, the Trump Organization is ready to take unit-specific reservations for their second luxury high-rise condotel in Las Vegas. The first Trump Tower is virtually sold out of its 1,282 units. Like any of the pre-construction projects, the key is getting in early, to capture the early pricing. One of the benefits of the Trump release is that the entire building, aside from the Penthouses, are available to be reserved.
More details and view video on VegasVerticals.com

MAXIM OBTAINS USE PERMITS FOR CONDO PROJECT

Concord Wilshire Development company, who is proposing a Maxim magazine-themed condo-resort project, was granted use permits yesterday. The mixed-used project planned for the 7.7-acre site near Circus Circus and Sky Las Vegas would include a three-tower resort hotel with 300 rooms and 1,860 condominiums along with casino, shops and restaurants.

To read the full story click here

Panorama Towers

The first of two luxury high-rise condos is now coming on line at Panorama Towers, Initially, these units were not thought to be in a great location across I-15 from the Strip. Now that the $7 billion MGM/Mirage’s Project CityCenter and the $2+ Billion Cosmopolitan are under construction the location is now in pole position for the Strip view.

From a Buyer’s perspective, the Panorama Tower units now becoming available through resale offer a great opportunity. Many of these units were purchased by investors/speculators that had no intentions to hold the property long term and are anxious to liquidate. In these cases it is likely that there will be opportunities to purchase units just over $500/sq. ft. and possibly less. Once CityCenter and Cosmopolitan are completed in 2009 the value of the view will definitely go up in value.

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Welcome to the VegasVertical.com Blog. Here you will find current information and discussion on the Las Vegas High Rise, Mid-Rise, and Loft projects going on throughout the valley.