Las Vegas Condos - A Fast Growing Phenomenon
The comparatively recent explosive proliferation of condominium construction in Las Vegas has created a new real estate market in the Valley. At the present time, this market is blowing hot, warm or cold, depending on the specific development. Funding has dried up on a few, such as Ivana Trump's project, while others have sold out during construction.
A progression of condo development projects is developing rapidly with most of the larger Strip casino resorts building condo and condo-hotel annexes. A prime example of such a project is the Residences at MGM Grand. Three 40-story condominium towers now under construction will provide residents with direct access via an enclosed moving walkway to MGM Grand's 171,000 square foot casino, four swimming pools with private cabanas, name brand shopping, fine dining in restaurants operated by award-winning chefs, and entertainment by internationally famous stars.
Each of the three towers will feature 24-hour front desk and concierge service, in-suite dining, a gated, guarded entrance, a modern fully-equipped fitness center, private swimming pool and lobby lounge. Tower Three offers designer-furnished one and two bedroom residences at prices ranging from $650,000 to over $2.5 million, and is nearly sold out. At the time of this writing (January 2007), Towers One and Two are nearly sold out with less than 90 residences remaining, despite the fact that these buildings are still under construction.
The sudden explosive growth of condominium development is due to the interest shown by business persons and international travelers desiring easy access to the Strip and/or international visitors who form a lucrative market of buyers desiring either permanent or part-time Las Vegas residency.
The Trump International Hotel and Tower is another example of the attractiveness these projects have for higher income bracket buyers, of which there appears to be little shortage. This 64-story hotel-condominium is currently under construction on Las Vegas Boulevard, and although completion is not expected until early 2008, it is completely sold out. The overwhelming response to this project has inspired the planning of a second tower which will be built adjacent to the first tower.
Easy access to the Las Vegas Strip, and first-class amenities available in these high-rise communities have proven irresistible to celebrities, international business people, and many of the top professional poker players who derive much of their income from the area, as well as the so-called "high-roller" gamblers so dear to the hearts of the casino operators.
Located just off the Strip at Paradise Road and Karen Avenue, Turnberry Towers is a fine example of the type of luxury condo development literally springing up throughout the Las Vegas Valley. This project consists of twin 45-story high-rises, an East Tower and a West Tower. The East Tower is scheduled for completion by mid-2007, and the West Tower by Spring 2008. Selling at pre-construction prices ranging from $550,000 to more than $1.3 million, the towers will feature such luxuries as Italian marble baths, Jacuzzi whirlpool tubs, granite-topped counters, European kitchen cabinetry, GE Monogram appliances and nine-foot ceilings. Additionally, the Towers will each have their own fitness centers and 24-hour security, and residents will receive free membership in the Sterling Club, an 80,000 square foot private club across the street.
Turnberry Ltd., the developers of Turnberry Towers are world-renowned constructors of these kinds of projects, and in fact have developed more high-rise residence towers than any other developer in Las Vegas. In addition to the Turnberry Towers project, Turnberry Ltd. is developing the Residences at MGM Grand, and Turnberry Place, four 40-story towers, with three towers completed, and the fourth scheduled for completion in September 2007.
Penthouses at Turnberry Place offer fabulous views of the Strip and surrounding mountains. Included are a private rooftop pool, a spa and fireplace. These so-called "Sky Mansions" are currently being offered at a mere $6 million.
An interesting twist on the Las Vegas condo craze has been the creation of "condo-hotels." These are primarily second homes for frequent visitors to Las Vegas who want a home-away-from-home while they are visiting. These luxury apartments are fully furnished, and room service is available.
An aspect of purchase that makes these condo-hotels appealing to buyers is that the management can arrange short-term rental of the premises on behalf of the owner whenever the owner has left the area.
Excitement over the profit potential has caused many owners of middle-class rental apartments to convert their properties to condominiums. This trend has had the unfortunate effect of displacing many blue-collar workers who lack sufficient funds for a down payment, or could not obtain financing due to a poor credit history.
With all of this building going on the Las Vegas skyline is rapidly changing to resemble the skylines of other major cities. However, one project in particular will do more to change the inner structure of the city than any other, built or contemplated. That project is the gargantuan $7 billion, 66-acre MGM Project City Center now under construction. The Center is being built between the Bellagio and Monte Carlo casino-resorts and will additionally encompass the vacant areas behind New York New York and the Monte Carlo.
This project is an undertaking that will dwarf anything ever built in the Valley, a town known for its over-the-top mega-resorts. The MGM Project City Center will be a city within a city, with its own fire department, park and recreation areas, a 4,000 room, 60-story City Center Resort and Casino that will be known as "Cesar Pelli" in honor of this world renowned architect, designer and builder of the City Center Casino Resort. The casino itself will occupy 165,000 square feet . 400 hotel-residences will cater to second-home buyers. Twin luxury condominium towers of 350 units per building are being constructed for those buyers with more frequent or continuous occupancy. Additionally the Center will have a 2,000 seat theatre, 70,000 square feet of luxurious spa, a 7,500 car capacity parking garage, people-movers and an on-site power plant that is being designed by Siemens at a cost of $100 million. Add to all of this a 225,000 square foot Convention Center and meeting space, and you have as impressive a development project as has ever been seen anywhere.