Future of Las Vegas

http://www.vegastodayandtomorrow.com/page2hotels.htm

I came across this site and I was hooked for over an hour looking at all the proposed projects and future maps. I really think it's amazing that they are still building like crazy. I have a few ideas of my own to stake my own claim... it's a very exciting time.

 

Some of these will happen, and some will fall by the wayside (some already have). That's been the story of Vegas for years.

In addition to its status as the capital of several other things, Las Vegas is the "announcement capital" of the world.

 

With all the building there are some great deals to be found now.. the Real Estate market is starting to get soft (Condos). I spend a lot of time in Vegas, was there for over a week last month, and will be returning to break in my partners new "Luxo" condo just off the strip that he purchased last week at a "discounted" price. Another is upgrading his condo and will be using it for vacation/executive rental. I think if you look in the right places, like the buffets, Vegas still has a good deal or two to be found.

so.. investment? well...Invest in the FUN factor of being in Vegas, its hard to go wrong, just be careful not all Deals are good ones! Do your homework.. Talk to Bobleb (F-Chatter above) he and his wife know the area very well.

Good luck!

 

Is that the same place as you were a couple of years ago (corner of Flamingo and Koval)? If so, I have another friend who lives there, and he says that those condos are definitely very soft.

Thanks for the endorsement, BTW!

 

Yes, it doesn't surprise me that a lot of the condo high rises went under before they could start construction... there just aren't that many people that can afford a million dollars for a place like that. However, I think a lot of the casino hotel projects are cool and have a better chance of getting built. My interest in property out here is the area around UNLV though, the school is growing very fast, and the slum around it won't last.

 

Yes, I agree the Meridian is getting old, they are doing a big upgrade now which is nice and over due, and you cannot beat the walk (two blocks) to the strip.

 

I remember back around 1967, when Howard Hughes announced that he would build the largest resort in the world on the Sands Hotel property (which he had just bought). He made that promise in return for some favorable treatment by the Gaming Commission, which he naturally received.

Of course, Hughes never built anything there (among his many broken promises). But the ironic thing is, that when Sheldon Adelson finishes the Palazzo addition to the Venetian, the largest resort in the world WILL be on that property ... 40 years later!

 

cool site

 

I wonder with the softness of condo's, whether ProjectCityCenter will become a goodbuy? Owning a property on the strip is like owning a space in New York's Manhattan district or a place on Wilshire in West LA IMO.

Bob, can you shed and info that you may know about the CityCenter?

 

Jim - I've put in a couple of links below. The first to a thread with my answer to a similar question a little while ago. The second is to the City Center web site.

http://ferrarichat.com/forum/showthread.php?t=136731

http://www.citycenter.com/

Let me know if I can tell you more.

 

Thanks for the links Bob.

Unfortunately they don't disclose much about the floorplans and such for the different residences at CityCenter. Have you stepped into the CityCenter sales office? If so do you know if they have any floorplans and their respective prices?

I'll try to go in myself the next time I'm in town.

On another note, I just wished they cleaned up or developed the stretch of road from where the 146 ends towards LLV.

 

Can any of you guys recommend a commercial real estate agent that would know the area east of the strip (around UNLV)? I would like to look into some of these old run down low rent apartment complexes.

 

Unfortunately, at CityCenter today, a wall fell and killed 2 construction workers, as well as inflicted serious injuries on 2 more. Tragic event.

 

I just saw that on the news... they dropped a 3000lb concrete wall on them. Ouch! Poor guys RIP...

 

I take it you're in Vegas right now then...

 

Yup, I could see the channel 8 helicopter circling the site out of my window as I watched the live feed on tv.

 

Im nowhere near there to see the helicopters. Im up in Summerlin, and I try to stay up here as much as possible, as I cant stand the heavier traffic of the middle of town.

 

Vegas is an interesting creature. I've spent the last 4 yrs there and the amount of change I saw there was substantially more than I saw in the 20 plus yrs I've lived in the Boston area. As many things as I dislike about Sin City, its the modern day equivalent of what it would have been like to see New York or Chicago sprout up 100 yrs ago.

While I imagine the condos being built on the strip will be able to hold their value, as there isn't too much build able space left, the high rise and condo projects off the strip are just unrealistic in their pricing. A highrise condo in Summerlin, One Queensridge Place, starting in the Millions? Vegas is nice and all, but its still desert, and with a very very nice single family home in the same price range right around the corner from most of these places where is the need for the highrise, other than view.

People have long been talking about the Manhattanazation of Las Vegas, but I've spent the last 3 weeks in Manhattan and Vegas just doesn't offer nearly the variety or ease of getting from one area of the city to another sans a car.
And frankly in the future I don't see this changing very much. New York was designed from the get go for high rises and car free transport, Vegas is trying to recreate that way of life sporadically throughout the city. New York works in that each part of the city is like its own puzzle piece and the aggregate creates the picture. If you were to isolate Broadway between 60th and 72nd it would work- or carry nearly the value. Its the fact that its right next to a subway that can take you to times square or wall st., or a your own two ft to central park. Vegas is as if someone took a Chicago or New York broke it into pieces and tossed it in the air.

Anyways my point is that order for Vegas high rises off and possibly on the strip to get away with charging the enormous premium they are over single family homes ($200 /sq ft vs. $1000/ sq ft.) there needs to be far more infrastructure and continuity in place. I know that many of these condos are adding dry cleaners, small markets, and even resturants to their property's, but airports have those things two and I don;t know many people who would want to live there. I love the aesthetic of most of these new high rise developments and if these things where more in line with SFR values I could see there appeal, but at there current prices and given the influx of these things hitting the market in the next 2 years- I see a very strong buyers market.
Have your cash ready.

 

Many of the condos around the Strip are being marketed kind of as permanent hotel rooms so to speak for a wealthy individual. There are many people who dont stay here all the time, and come in and out for business, and a high-rise condo gives them the ease to not have to worry about yard maitenance, and the like. Also, most Vegas locals hate the Strip area as Im sure you would know, and for some reason, many do like high-rise living. I personally would prefer a modest size home with a large garage and a pool over a condo.

 

^ ?

 

I agree with you and the traffic, but unfortunately I work down near the strip, and it would make more sense for me to live down near it rather than driving the 20 some miles each way pretty much 7 days a week.

I have looked into a new high rise condo/loft near the strip, but can't see living in a hotel room (like a lot of them actually are), and can't justify spending the big money on a residential like condo (Turnberry, etc.). I am thinking the same, that prices will be much more realistic coming up in the future, and will reconsider things at that point.

 

I'm posting this link here because it's the most recent topic about Vegas real estate, but it also applies to the several other threads about condo purchases here and the like: http://www.reviewjournal.com/lvrj_home/2007/Feb-13-Tue-2007/business/12551564.html

 

Are there any future plans for Circus Circus ?

 

Surpisingly I heard Circus Circus was one of MGM's more profitable hotels- prolly given the fact they put no money into it. I can't imagine it lasting too much longer though