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Old 09-01-2010, 03:13 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,087,545 times
Reputation: 2661

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Actually the official list of high rises is somewhat different then what one would expect...to wit...

ALLURE
CTYCNT
COSMO
FONTNB
HARMON
JUHL
L5
MANDRN
MANHATN
MANHTW
METROP
MGMSIG
NEWPL
ONELV
OTHER
1QUEEN
PALAZO
PALMSP
PANORA
PANORAMAN
PARKAV
PARKT
PLATINUMH
PLAZAL
REGENT
SKYLV
SOHOL
STREAM
SULVQ
TRUMPL
TURNBT
TURNTW
VDARA
VEER

007 is correct that Boca Raton is not included...though it likely should be...and we can probably do without Harmon, Sullivan Square and a couple of others.

This is, by the way, the official list of the hi rise projects from the MLS form.

Don't look at me...I have no idea how they were selected either...

I will try and pull together an HOA fee list in the next week.
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Old 09-01-2010, 08:36 PM
 
Location: North Las Vegas
1,631 posts, read 3,942,348 times
Reputation: 768
To help buyers looking at highrise condo's here is some history on each of these properties. I hope this isn't too long but I think you will find it informative. I am not sure why some of these properties are under highrise either since what constitutes a highrise is 10 stories or more and LD is only 5 stories.

ALLURE
Allure opened in 2008 it is currently 60% sold out cannot get bank financing, cash only.

Allure had a second tower planned to be built as a condotel but was shelved and Allure plans to build a casino on that site once the economy turns around.


CTYCNT is the casino itself I have no idea why the put this in MLS since the building that are available are only Veer, and Mandarin and Vdara.


COSMO Cosmopolitan Beach Club/Cosmopolitan Casino /spa tower: Deutsche Bank foreclosed on the developer and took over, condominium sales efforts were canceled and unsold units were turned into hotel rooms. Since this has only happened recently maybe why it still shows up in the MLS

FONTNB Fontainebleau: was to have a condotel as well and this project is on indefinite hold until the economy turns around. This property was forced into foreclosure and Carl Icahn purchased this property in a auction and has no current plans to finish for now, He does keep the building permits currently

HARMON the condos that were to be built in the Harmon were canceled and 20 floors were eliminated due to structural problems and the buyers were offered to purchase in either the Veer,Vdara, or Mandarin. There is litigation going between the MGM and Perini that did the construction on the property.

JUHL Has 341 units, this property was foreclosed on by the bank and later the bank was taken over by FDIC. The FDIC bundled this property and One Las Vegas remaining units for sale, along with Streamline and the remaining units for sale in Newport Lofts And sold them to Starwood Hotels real-estate division. Streamline and Juhl are on Hold for now and units aren't available for sale or lease in Juhl or Streamline buildings. Juhl does have a realtor in the sales office on site from time to time but she can only give tours she cannot sell or lease the units.


L5 has 284 units it was built in 2007 it too was a victim of the bad economy, there were many cancelations there are both resale and new however the new is only for lease.



MANDARIN Mandarin Oriental in CityCenter 227 units as of mid July 43 units sold

MANHATN Manhattan was completed and sold completely out. There could be just a handful of new units left but I don't see their sign up any more advertising new.

MANHTW Canceled it was partially built but due to building defects and going over budget the developer filed bankruptcy and the project has stood partial finished for 2.5 yrs


METROP Metropolis was finished in 2006 it was very successful everything sold out. There is only 1 tower with 71 units

MGMSIG MGM Signature 4 towers tower A opened in 2006 , tower B opened 2007, Tower C opened 2007, This project is a condotel and banks will not loan on this project because it's a condotel.All of the condos sold in all of these towers only resale's available.


NEWPL Newport Lofts sold all the remaining units except for a couple as of July. The last I checked banks would finance units in this highrise.

ONELV One Las Vegas has a total of 359 units,only 55 had opened however they are selling new but they are cash only. There is two towers the other two were canceled because of the economy and the casino that was to be built in front of the highrise property was canceled as well.

OTHER


1QUEEN One Queensridge towers 1 and 2 opened 2007. There may be some litigation on this property the home owners were having the governor look into the work that Perini did on this property.In 2009 Perini was seeking foreclosure on the units in order to recover what the developer owed them. Perini construction had filed a $490,million dollar lien against the property. Only 80 percent of One Queensridge 219 units were sold, but about 15 percent of the sales were canceled, there could be more sales of new but highly unlikely since the developer refuses to lower prices to market values.



PALAZO Actually the name was going to be St.Regis at the Palazzo has been put on indefinite hold until the economy turns around. It was suppose to be built between the Palazzo and Venetian you can see the metal skeleton
sticking up for the last 4 yrs.

PALMSP Palms Place is a condotel that was built to go with the Palms Casino, this property didn't finish selling all their units there were cancelations. The remaining unsold units are in the rental and leasing program and are available for sale.

PANORA Panorama 1 opened in 2006 and Panorama 2 opened in 2007, and sold out all units in both buildings,They were very successful when they were released and sold out within hours. Decaprio and Pamela Anderson had purchased in there along with other movie and sports celebrities. Allot of professional card players live in there usually leasing.
Panorama 3 which is now called Panorama North finished in 2009 it was a victim of the economy and the developer let this tower go back to the bank. And investment bank currently owns this property and is selling the units, there is financing available for these units.


PARKAV sold out in 2005 there are only resale's in this property.

PARKT Park Towers was very successful there are two towers these towers are close to the strip and have a rose garden there are 84 residences.

PLATINUMH Platinum Hotel condotel This was completed in 2007.

PLAZAL The Plaza was canceled it was going to be built where the New Frontier was they were going to be a condotel attached to the casino. The Plaza casino was to be a replica of the Plaza in NEW York. This to was a victum of the band economy and never ever was started after they imploded the New Frontier casino.

REGENT Regency built in 1974 it housed all kinds of local celebrities at one time. Janet Jackson had a condo in there.

SKYLV Sky Las Vegas Has roughly 60 new units left, The developers are looking to sell at $300 per sq. ft. Perhaps they would accept $275 per sq. ft. depending on the unit. There are 500 units in this building, Financing is available on units .

SOHOL Soho Lofts There were 120 units this property completely sold out and opened in 2006.

STREAM Streamline opened in 2008 only 20 units ever closed. The bank foreclosed on this property and then the bank was taken over by the FDIC which as I said previously that Starwood's real-estate division purchased and is not currently selling any units. It's up in the air if this will be a highrise rental property or if they will continue to sell the individual units, or turn it into a hotel, it all depends on the economy.

SULVQ Sillivan Square Canceled never was built victum of the bad economy.

TRUMPL Trump Towers is a condotel,Roughly 450 units have sold and closed out of 1295 units. There new units for sale they most likely are in the rental fleet. Mr. Trump put all most all the remaining inventory into rentals.

TURNBT Turnberry Tower 1 or East tower opened 2007 and Turnberry Tower 2 also called west tower opened in 2008. Turnberry tower 1 only has resale's, there are new and resale in the 2nd tower. Turnberry's bank foreclosed on remaining unsold units and the bank is selling the remaining new units in tower 2.

TURNTW Turnberry Place, all the towers were sold out and only resale properties are available. Financing is tricky on this property but some lenders will lend. The last I heard tower 4 and 3 were in litigation over the HOA .

VDARA Vdara is a condotel, there is absolutely no financing on these units.There are a total of 1543 units as of mid July 121 units sold there is rumors that MGM may turn this into a hotel only for the rest of the units. It hasn't been decided.

VEER Veer Towers in CityCenter has a total 670 units as of mid July 70 units closed there are already resale's as well as new in this property.
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Old 09-02-2010, 06:34 AM
 
2,036 posts, read 4,232,639 times
Reputation: 3201
Quote:
Originally Posted by olecapt View Post
the Las Vegas "steel mill" is intact and working. There are the large number of jobs in the tourist industry. The industry is coming back as we speak. It will provide the basis for a substantial recovery over the next few years.

The residental construction industry is on its back. I would in fact like to see it stay there at least partially...though I do not think it will. But we are beginning to recover anyway.

My worse fear is not a prolonged unending recession. It is that the boom will start again and drive up the hill to a new cliff.

And this is just the place to do exactly that.
I wish I shared your enthusiasm.
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Old 09-02-2010, 06:49 AM
 
Location: North Las Vegas
1,631 posts, read 3,942,348 times
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Here is an article from the RJ this morning that goes over August 2010 economic data.
Southern Nevada economic indicators stay flat in August
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Old 09-02-2010, 09:26 AM
 
375 posts, read 605,438 times
Reputation: 576
Default Get

Quote:
Originally Posted by 007 license to sell View Post
Here is an article from the RJ this morning that goes over August 2010 economic data.
Southern Nevada economic indicators stay flat in August
and another from the Sun
All signs point to continuing Las Vegas exodus - Thursday, Sept. 2, 2010 | 2 a.m. - Las Vegas Sun

This exodus good in the sense that there is no reliable water source for the city at the rate that it was growing. Water is going to be the next "Gold".
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Old 09-02-2010, 09:36 AM
 
Location: North Las Vegas
1,631 posts, read 3,942,348 times
Reputation: 768
Quote:
Originally Posted by Coop01 View Post
and another from the Sun
All signs point to continuing Las Vegas exodus - Thursday, Sept. 2, 2010 | 2 a.m. - Las Vegas Sun

This exodus good in the sense that there is no reliable water source for the city at the rate that it was growing. Water is going to be the next "Gold".
That's true, with our water supply down another 15 ft this year and I was told our rain fall is the lowest since 1943 , there could be a silver lining in all the bad news.
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Old 09-02-2010, 11:08 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,087,545 times
Reputation: 2661
Default HOA Fees

Here are the HOA fees for most of the joints..

http://www.city-data.com/blogs/blog1...-hoa-fees.html
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Old 09-02-2010, 02:46 PM
 
Location: North Las Vegas
1,631 posts, read 3,942,348 times
Reputation: 768
Quote:
Originally Posted by olecapt View Post
Here are the HOA fees for most of the joints..

http://www.city-data.com/blogs/blog1...-hoa-fees.html

This is a nice list you compiled.

Olecapt, Turnberry Towers have two HOA fees, and you probably knew that and added them together in your list , it's something buyers should know.

Also a portion of the HOA fee for Turnberry Place is $400,00 for the sterling club.
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Old 09-02-2010, 02:53 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,087,545 times
Reputation: 2661
Quote:
Originally Posted by 007 license to sell View Post
This is a nice list you compiled.

Olecapt, Turnberry Towers have two HOA fees, and you probably knew that and added them together in your list , it's something buyers should know.

Also a portion of the HOA fee for Turnberry Place is $400,00 for the sterling club.
A number of the places have two fees...Sometimes a master plan fee sometimes two associations. In fact we RE Agent don't know how to handle all that so the same place sometimes has one fee two fees and three fees and sometimes they are obviously wrong. The rack is my best estimate of the total fee.

and then there are the rental arrangements.. I am not going there.
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Old 09-03-2010, 09:10 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,087,545 times
Reputation: 2661
Default August is pretty well settled. Tony will not be pleased.

The official number should be out Tuesday or Wednesday.

SFR will be around 2820. That is down a lttile month over month and a little more year over year but still the second best in the last five. So very nice volume.

Median price is back up to $140. That gives both a substantial increase year over year and month over month. Would indicate that July was more the reaction to the exuberance of June than any real trend. Tony won't like that.

The average is up to 169K a substantial increase both month over month and year over year.

The results do not suggest that things are taking off or anything. More that they are staying the same. But they do indicate that no down trend was established in July.

We remain in the doldrums. Bouncing along waiting for something good to happen .
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