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.