When we call Las Vegas the Glitter Capital of the World, we aren't referring to the vast proliferation of neon lights illuminating the Strip - we're talking about the City's ravenous lust for luxury.
Rare and exclusive wines, tender Kobe beef, Manolo Blahnik and Dior Homme boutiques, Oscar de la Renta, Five Star Restaurants operated by world-class chefs such as Alain Ducasse, Daniel Boulud, Julian Serrano, Joel Robuchon and Guy Savoy are among many other famous culinary artists here or preparing to come here.
And now a new phenomenon has hit Las Vegas - luxury condos! A proliferation of high-priced (very high-priced) luxury condominium construction has begin in Las Vegas with no end in sight. High rollers, celebrities, wealthy executives and professional people are the target market objectives. And the objectives of the condo builders are being met! Many of the high rises, if not most, have been purchased at pre-construction prices.
The condo explosion in Las Vegas has been propelled by land-starved developers. Since the United States Government owns 80% of Nevada's land, the demand for housing in Las Vegas has literally forced builders to go vertical. Condos for people of average means are emerging from apartment conversions but luxury condos are springing up in even greater profusion.
Many of these high-priced condo projects are directly tied to the local casinos. Luxuriously-appointed condominium apartments such as Cosmopolitan, Aqua Blue, the Residences at MGM Grand and high rises adjacent to and owned by the Palms and the Venetian, among others, are being built with state-of-the-art appointments such as spectacular views of the Strip and in the complex itself, there are high-end restaurants, Rodeo-Drive level boutiques, lavish exercise facilities, etc.
Adjacent to the Palms Hotel and Casino is Palms Place, a high-rise luxury condo which will be connected to the Palms Hotel by an enclosed, elevated, moving walkway - allowing 24-hour access to the hotel's amenities.
Equipped with a 50,000 square foot swimming pool and spa, valet parking and gated entryway, fully furnished condominium apartments will range in size from 600 to 7,000 square feet. Prices range from $500,000 to $7,000,000.
"The Flats", which is the Hard Rock Hotel's high rise project will consist of 800 condo hotel units. "The Residences" consist of 372 luxury high rise condos and "The Bungalows" are 36 private beachside villas which are adjacent to the pool area. All units will be ultra modern and high-end furnished. Restaurants, retail shopping and a boardwalk complete the scenario.
Most of the units have already been purchased. "The Bungalows" are completely sold out. The single-family villas with private swimming pool have sold at over $2,000,000. Some of the buyers are Jim Carey, Britney Spears and the Dixie Chicks.
One of the most luxurious - and that's saying a lot - condominium high rises to tower over the Strip is the MGM Grand "Residences". These are built by Turnberry, the experienced high-rise developers of high-end condos in North Miami Beach and the developer of Turnberry Place in Las Vegas, four fabulous 45-story towers of one to three bedroom residences from 1,500 to 8,000 square feet are priced from the mid $900,000's to over $8,000,000.
"The Residences" at MGM Grand, a 38-story complex of 576 units range from approximately $500,000 to over $2,000,000. In addition to access to all the amenities of the MGM Grand Hotel and Casino, "The Residences" offer a fully staffed owners' lounge, gated security and an elegant private pool.
It almost goes without saying that this lucrative market would sooner or later attract none other than "The Donald". The Trump International Hotel and tower will be 50 stories in height. This structure will be modeled on Trump's Manhattan Tower and adorned with a 24-karat gold and glass top.
Not to be outdone by her ex-husband, Ivana Trump will "trump" the Donald with a soaring 923 foot, 80-story condominium project which, when completed, will be the tallest building in Las Vegas. In fact, it will be the tallest building in the entire State of Nevada!
To be constructed by Australian developer Victor Altomare, the structure will consist of 943 lavishly appointed condominiums topped by a penthouse of nearly 20,000 square feet that is expected to sell at more than $35,000,000. Unit prices are expected to range between $555,000 to over $3,000,000.
Las Vegas continues to offer an ever-changing lifestyle experience for all.