Las Vegas High Rise Market -- Detailed Project Status Report for Investors
Many high rise purchasers are finding that they are wasting time and tying up resources on developments that never come to fruition.
With even extremely high profile projects like Ivana in question, which developments CAN prospective buyers have confidence in?Despite substantial sales hype over the past year and several lavish promotional events, Australian developer Victor Altomare announced that he has closed down operations on his Las Vegas high rise condo project, Liberty Towers.
Even though it was over 85% sold out, the Liberty Towers site has already been purchased. Unlucky buyers in Liberty Towers believed they had firm contracts on their units, but the developer has definitely confirmed that this project is not going forward. And the highly touted Ivana site is now for sale at $49 million with presale contracts.
Earlier this year several other high profile projects also tanked, including Krystal Sands, Michael Jordan s Aqua Blue, and the Conrad Majestic. Vegas Grand re-priced their units up more than $100,000 above original reservation estimates, shocking buyers who had waited over a year to go to contract.
With so many excellent projects to choose from, these buyers are angry that they have lost huge potential profits waiting on projects that were well-advertised but under-funded. In an effort to provide consumers with information on which projects seem most viable, below is a list of the 40 most well known developments, their price ranges, and their current status.
Already Under Construction or Completed:Cosmopolitan -- with over 1800 condo hotel units, Cosmopolitan broke ground in August of 2005 with estimated completion early 2008. Prices range from the low $600s to $1.9 million.
Streamline Towers -- with 251 residential units in the emerging downtown entertainment district, Streamline broke ground fall of 2005 with estimated completion early 2007. Prices range from the low $400s to $1.1 million.
Panorama -- with more than 1200 residential units priced from the high $400s to over $2.5 million, Panorama already has resales in the first tower which is due to be completed early 2006.
Turnberry Towers -- with 636 residences, Turnberry has limited inventory priced from $500,000 to $1.3 million. The project broke ground in June of 2005 and is scheduled for completion in March of 2008.
Residences at MGM Grand -- with over 1600 condo hotel units, the Residences are priced from $550,000 to over $2.5 million. Towers A and B are under construction and completion of Tower C is estimated for mid-2007.
Allure -- with 404 residential units, Allure has already broken ground on the North Strip and is priced from the mid $400s up to $4 million.
Sky Las Vegas -- with 409 residential units priced from $500,000 to more than $5 million, Sky broke ground in spring of 2005 with estimated completion in late 2006.
Trump Towers -- with 1,282 condo hotel units, construction began on Trump Towers in late summer of 2005. Prices range from the low $600s to over $3 million with estimated completion in mid 2007.
Soho Lofts -- due to be completed in January of 2006, Soho Lofts near downtown has 120 residential units. Resales have already started and are priced from the $600s.
Metropolis -- overlooking the Wynn golf course, the 19 floor Metropolis is almost complete and there are "new" resales available starting in the $800s.
Park Towers -- completed in 2004, Park Towers is comprised of only 84 exclusive residential units ranging in price from $1.79 million to over $8 million.
Platinum -- with 255 condo hotel residences, Platinum is sold out and scheduled for completion around June of 2006. There are several units available on resale priced from the $600s.
Boca Raton -- with 756 low rise residences, Boca Raton broke ground in November 2004 and should reach build-out by 2009. Prices start in the low $300s.
One Queensridge Place -- with 219 custom residential condos, One Queensridge Place ranges from $1.2 million to $20 million. The project broke ground in April of 2005 and phase one is scheduled for completion in late 2006.
Manhattan -- already under construction, Manhattan will have 700 residential low rise units. Prices start modestly in the low $300s and estimated completion is late 2006.
Newport Lofts -- with 168 loft units in the downtown arts district, Newport Lofts has started construction with scheduled completion in late 2006. Prices range from the low $500s to $1.5 million.
Loft 5 -- a 272 unit midrise, Loft 5 s 10 acre site has been fully graded and foundations poured with estimated completion spring of 2006 and prices starting in the $300s.
C2 Lofts -- Already under construction in the popular Summerlin are, C2 Lofts will feature residential lofts priced from the $600,000s to over $900,000.
Spanish View Towers -- under construction in April 2005, Spanish View Towers will consist of 405 custom residential condominiums. Prices start in the $800s to over $5 million and estimated completion for the first tower is mid 2006.
Likely To Be Completed: Hard Rock -- with approximately 800 condo hotel units and 400 residences, Hard Rock is priced from the high $400s to over $3.5 million and ground breaking is scheduled for spring of 2006 with completion estimated in spring of 2008.
Palms Place -- with 599 condo hotel units, Palms Place is scheduled to start construction in early 2006 with estimated completion in late 2007. Prices start from the mid $500s.
Pinnacle -- with 1095 "managed resort" residences, Pinnacle has started presales and will open to the general public in January 2006. Prices start in the mid $300s and estimated completion is late 2008.
One Las Vegas -- with five 20 story high rise residential buildings, One Las Vegas is being developed by local builder Amland on the new South Strip. Prices start in the high $300s and construction is slated to begin in 2006.
Vegas 888 -- with 542 six star luxury residences starting from the $700s, Vegas 888 has enough estimated presale buyers to obtain construction financing before the grand opening.
Who Knows?Icon -- with 514 residences, great location, prices from the high $400s, and excellent presales, Icon seems to have it all, but recent rumors in the local press indicate that Related Group may pull out of Las Vegas entirely?
Las Ramblas -- with more than 4,400 total residential and condo hotel units and a great theme, again there have been local press reports that Las Ramblas may fall if Related Group pulls out of George Clooney s project? v The Curve -- scheduled to break ground in early 2006, the Curve will have 376 residential units priced from the mid $400s.
Sandhurst -- with 398 residential units in the downtown area, Sandhurst prices start in the mid $300 s and go beyond $2 million. Construction was expected to start in fall of 2005 with completion in summer of 2007, but has not yet commenced.
HUE Lofts -- with 278 residential units in the heart of the downtown arts district, HUE was scheduled to break ground in November of 2005 with completion in early 2007.
Juhl Lofts -- with 341 residential lofts, Juhl will have a 15-story glass tower and feature over 100 contemporary floor plans.
W Hotel Las Vegas -- expected to have over 3,000 condos with prices starting in the $500s, W Hotels have the name, but details have yet to be announced.
Las Vegas Central - with approximately 1,000 residential units, Las Vegas Central is boasting presale prices at $139,900 way too good to be true?
Club Renaissance -- heavy presale advertising with prices starting at $149,000 generated intense interest, but Club Renaissance fell short of expectations at the public grand opening where units actually started in the $400s.
Vegas Grand -- Bella Venezia I and II will encompass 425 luxury residential units starting in the mid $300s. Bella Venezia I is scheduled for completion in early 2007 with Bella Venezia II following later that year.
17th and Vine -- being built as a mixed-use project, 17th and Vine will have 466 residential condos starting in the high $200s. Groundbreaking was set for July of 2005 with estimated completion in July of 2007, but so far has been delayed.
Dead Projects (may be purchased later by another developer):Ivana -- site currently on the market
Aqua Blue -- site sold but no announcement yet on new use
Majestic -- rumors that this project may come back
Krystal Sands -- site sold to Turnberry
Liberty Towers -- site sold to another Australian developer
Urban Village -- site sold to Centex Homes
(PRWEB) December 29, 2005 --
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