[007 license to sell]

Originally Posted by ocean2026

I don't want to be slammed for going off topic---- but what about the current state of the real estate market in Las Vegas (lol)? Actually what's the latest with the High Rises and Condo Hotels?

Highrise properties are still stuck after depreciation of 60% sales have been slow. Prices seem to be stabilizing a little depending on the property due to the foreclosures and short sales have been cleaned out over the past two years not totally but a good share of inventory.
CityCenter only lowered their prices on their condo inventory 30% that is actually the price they were selling in the first phase of their reservation process which means the average selling prices are from $1100.00 to $1400.00 a sq/ft versus the average highrise condo can range from $150.00 to $350.00 a sq/ft depending on the community and what floor.
The highrise market is still soft and it's a buyers market however sellers/banks are still controlling prices for the most part. There are great deals in highrise properties right now, one must keep in mind that HOA's are high in these types of properties and continue to get higher due to the foreclosures, short sales and REO's that don't pay the HOA's during the time they are on the market are putting pressure on the HOA to have to raise monthly dues to continue the upkeep of the building and pay for security and building insurance, concierge, valet, ect.
Prices could still go down that is a given in any type of property right now so whatever you purchase now has the risk of that happening. That is why you purchase any property now for the enjoyment not to make a profit.
Analysts say to hold on to a property any where fro 5 to 10 years before selling. Vegas is very volatile due to the fact we are heavily dependant on tourism and until people get jobs in other states and they see stability in their own lives they will either put off coming to Vegas or continue to come on the cheap which is what is happening now causing casino revenues to fall and airlines continue to cut flights to Vegas.
Condotels are still considered a bad investment by the banks making them impossible to get loans on.
Condotels are a glorified time share except more expensive, they are fine if you want to buy one to enjoy and use yourself but don't plan on making a profit by renting them out.
Also when you purchase a condotel, you as the owner are liable for all damages caused by a hotel guest staying in your unit. The Hotel will try to charge the guests credit card for the damages first , but in most cases the guest has already canceled the credit card and you are stuck replacing broken TV's burn holes in mattress's and oh if the guest brings their bed bugs with them you get to have someone fumigate the place.
When you purchase a condotel and regular highrise property you are buying a life style completely different then a single family home or a regular condo. So plan on paying more than the average condo or single family homes HOA, even more than a luxury home in a high-end home community.

[olecapt]

Originally Posted by ocean2026

I don't want to be slammed for going off topic---- but what about the current state of the real estate market in Las Vegas (lol)? Actually what's the latest with the High Rises and Condo Hotels?

Here you go...

http://www.city-data.com/blogs/blog1...august-30.html

[aitchem]

I love the verbal

[Swigchow]

Originally Posted by olecapt

Here you go...

http://www.city-data.com/blogs/blog1...august-30.html

Why is there so many owner occupied units at Turnberry Towers and Turnberry Place compared to the others?

[Bart9399]

All good information. Keep it coming.

Ten years ago, everyone I knew was a high tech investor and expert. After the crash, people became more humble investors...but technology has improved over the last decade. (Remember those old bricks for cell phones from not too long ago? Apple Computer Inc. almost went belly up. Hard to believe.)

Five years ago, everyone was a real estate expert. Now, everyone is a little more humble. There must be a wash out. This is always healthy. In a few years, however, there will be winners (as well as losers). The hard part is determining who the winners will be.

We might never see Nasdaq 5000 again in our lifetimes. We might never see the insane real estate bubble again, either. But it will be fun to see how all this pans out.

g.

[007 license to sell]

Originally Posted by Swigchow

Why is there so many owner occupied units at Turnberry Towers and Turnberry Place compared to the others?

Turnberry Place and Towers offers more of full time living environment than the other towers offer in the respect to their location and atmosphere and owner demographics . The high-end buyer like celebrities, and local celebrities, CEO's, sports celebrities, business men and women looking for privacy and total convenience to amenities without having to go out and look for them else where. [SIZE=2] [/SIZE]
[SIZE=2]HOA's are much higher than other highrise properties such as Allure or Panorama, Sky,Newport Lofts or One Las Vegas or Soho Lofts or Metropolis, that is because there are so much more amenities offered at Turnberry Place and Turnberry Towers . High HOA's also dictates the type of buyer that will purchase in those types of properties.[/SIZE]

Turnberry Place and Towers offer more of a solitude and quiet atmosphere with elegant surroundings.

Turnberry Place doesn't only have the 24 hour guard gate and Concierge, Turnberry Place also offers the sterling club:
Which is 75,000 square feet of convenience,for workouts on the
equipment in the huge exercise center , there is a the indoor, heated lap pool ... plus a whirlpool,sauna, or steam ...you can get an aroma therapy
session and a deep message, Plus there is a restaurant and meeting rooms for residents. Each tower has their own concierge and Valet as well as the use of 4 stretch limos for the residences . No other highrise has the amenities of Turnberry Place.
[SIZE=2]Turnberry Towers with it's guard gated entry and Valet and Concierge along with Community amenities include two swimming pools with whirlpools, tennis courts, state-of-the-art fitness center, and conference and social rooms. High end buyers look to these two places because of the amenities and privacy that isn't seen as much as other highrise properties. It is close proximity to the strip just 5 minutes from the monorail and 7 min walk over to the Hilton without all the traffic makes this property very desirable. Turnberry Towers offers Tennis courts and resort size pool, which other highrise properties other than Turnberry Place have to offer. If you own a turnberry Tower unit you can buy a separate membership to the Sterling club, as well.[/SIZE]
[SIZE=2][/SIZE]
[SIZE=2]There is allot more security with Turnberry Place and Turnberry Towers as well, so the buyer that is security conscious, and gravitate to these properties.[/SIZE]
[SIZE=2]I am not saying the other properties aren't secure there is just different levels of security.[/SIZE]

[olecapt]

Originally Posted by Swigchow

Why is there so many owner occupied units at Turnberry Towers and Turnberry Place compared to the others?

Look at the Regency Tower as the prototype. These are simply the places that are pitching a residence location rather than a strip experience. Add Boca Raton and One Queensridge to the list.

[SportyandMisty]

Originally Posted by Swigchow

Why is there so many owner occupied units at Turnberry Towers and Turnberry Place compared to the others?

The number may be a bit misleading. For example, I have friends who live in Turnberry Place full-time, so they are probably included in the owner-occupied count.

However, those friends spend about 6 months of the year, more or less, on cruise ships. Not all at once, of course. But they might go for a month, come back for a month, etc. Their longest cruise so far, I think, is 72 days on a single cruise, although they are looking at one that lasts 120 days next year.

And, of course, their unit is unoccupied when they are at sea.

[007 license to sell]

Originally Posted by SportyandMisty

The number may be a bit misleading. For example, I have friends who live in Turnberry Place full-time, so they are probably included in the owner-occupied count.

However, those friends spend about 6 months of the year, more or less, on cruise ships. Not all at once, of course. But they might go for a month, come back for a month, etc. Their longest cruise so far, I think, is 72 days on a single cruise, although they are looking at one that lasts 120 days next year.

And, of course, their unit is unoccupied when they are at sea.

That is a good point, also regarding Olecapt the Boca Raton is a midrise and doesn't fit in the same catagory as Turnberry Place or Turnberry Towers.
And I didn't include One Queensridge since it is not close to the strip it is in Summerlin.

[ocean2026]

Do any of you resourceful folks have any chart with the HOA fees for those developments/high rises?