. Since January 1st the Las Vegas High Rise Condo market has had 20 re-sale transactions. Half of those sales were in developments that are strictly residential and the other half were from Condo Hotel developments like MGM's Signature Towers. The new year has brought many challenges for our city to over come. Foreclosures have swept the valley leaving no community untouched. As previously reported there has been an increase in Bank Repossessions in our High Rise Condo market which in turn has made prices drop significantly making it an awesome time to purchase. Out of the ten strictly residential High Rise Condo re-sales 7 were bank owned properties which had an average Days On Market of 90 days. The 10 Condo Hotel re-sales that were recored had 7 Bank Repossessions as well with an average Days On Market of 51 days.
These numbers may not seem like the best in the world considering the amount of inventory that is currently for sale on the High Rise Condo re-sale market. One thing that I can say I see happening in the near future is that a wave of Bank Owned High Rise Condos will hit the market with prices that will be close to the prices that we are seeing REO High Rise Condos listed & selling at currently. Some may say that prices will continue to drop even lower in the next couple of months but I feel that we should see a huge increase in interest in our High Rise Condo market which will bring back the demand for these types of properties meaning that prices will start to rise. I can not speculate on a specific time frame of when the demand and prices will start to rise but from my professional view point I can say that interest is rising while more and more REO High Rise Condos come on the market with prices that can't be ignored. . The down side to buying a REO High Rise Condo here in Las Vegas is that you run the risk of not having the best view. Yes Bank Owned High Rise Condos are allot more affordable than traditional High Rise Condo re-sale unites but if you want a certain view or specific unite style you may come up short with a Bank Owned High Rise Condo due to that fact that the REO High Rise inventory is substantially less than traditional re-sale High Rise Condos. Unlike the single family housing sector here in Las Vegas Bank Owned High Rise Condos do not surpass the traditional sales on the re-sale market. Thats the latest Las Vegas High Rise Condo news for you so learn and enjoy.
A brand new luxury resort is opening it's doors during the worst economic crisis this country has seen in decades. First Aliante Station then Encore now M-Resort by Anthony Marnell. The M-Resort is strategically located on the far south strip at St Rose & Las Vegas Blvd on 90 acres. It will be interesting to see how this casino performs in it's first year of operation considering the horrific economic condition this nation is in. I am sure if the M-Resort can survive it's opening year they should be just fine in the future and the same goes for the rest of the resorts that were opened in this time period in history. Check out the video below to see the M-Resort and hear what they're plans are for this luxurious Casino Resort on the Las Vegas Strip.
Tuesday, February 10, 2009, 11:43 AM PST
[General]
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Clark County has ordered MGM Mirage to verify that CityCenter’s towers are structurally sound.
The order, in a letter Monday from Development Services Director Ron Lynn to MGM Mirage Vice President Bill Ham, came six months after significant structural defects were found at the Harmon, one of seven buildings simultaneously rising at the company’s $9 billion project.
After the engineer of record on the project raised concerns, the county determined that 15 floors of reinforcing steel at the Harmon had been improperly installed by subcontractor Pacific Coast Steel, which is overseen by CityCenter general contractor Perini Building Co.
The problems were repeatedly missed by third-party private inspector Converse Consultants, hired by MGM Mirage to ensure the complicated tasks were properly executed.
Though the inspectors employed by Converse Consultants — Scott Edberg and Joseph Glenn Laurente — had not worked on any other CityCenter buildings, the county nonetheless wants MGM Mirage to reassure the public that all parts of the project inspected by the firm are free of structural problems.
Converse is performing the bulk of the private inspection work at CityCenter. The county’s Development Services Department oversees the work of such third-party inspectors.
“At this point in time we have no reason to think that there’s an issue at any other parts of CityCenter,” said Assistant County Manager Phil Rosenquist. “We just want to be sure.” Read The Full Article Click Here
..> 2009 is off to a fast start here in Las Vegas and across the country. Many big events have taken place national and here locally as well. In our local High Rise Condo market we have had some major events take place in the last 30 days. MGM’s multi billion dollar development City Center has made the decision to scale down it’s Harmon Hotel/Spa & residence in height by eliminating the residential portion of the building due to an engineering mis-hap. Allot of people have reported on this story for the last couple of weeks and not many of them have highlighted the positive effects of this decision. One of the biggest pluses that I have be able to see is that the development as a whole will probably be completed slightly sooner than expected despite the rumors of delays. Another big plus about the decision is that buyers in Veer Towers who purchased unites on the North side of tower 2 will have a good view of the Cosmopolitan & their sandy beach style pool area. ...ZLlKU/s1600-h/the+harmon.jpg"> Another big story that has been broadly reported about is Trumps choice to turn his remaining Condo unites that haven’t sold or unites that he has had to take back from buyer fall out into apartment rentals. Trump has made this move before in past developments so this isn’t the Donald’s first walk in the park even though it may have been portrayed that way. The Trump International Hotel Las Vegas is still operating and is filling their rooms with guest on a nightly basis. The decision is a smart move on the Trumps behalf for a couple of reasons. One of the obvious reason is he is allowing time for the markets to correct so buyers with conventional financing can begin to re-enter the market.
Wednesday, January 28, 2009, 02:15 PM PST
[General]
JUST REDUCED BRING ALL OFFERS TODAY
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