GreenDoberman said:
Don't bother, waste of your time and money. WildBill said it perfectly.
I agree somewhat, but what is this based on...Newport Lofts? Those are nasty looking, downtown, and not a good example. Turnbury is also not a good example. Completely different product and marketing strategy.
The only high-rise condo that has opened so far is the first building at MGM Grand. Panarama I and II are sold out and not open yet (non-strip but on Dean Martin). Trump is sold out and under construction and will start selling Phase II next year. Palms is sold out and under construction. Allure is under construction and recently announced plans that Phase II will be bigger. Allure is a total dog location too.
There were over 100 projects proposed, and probably around 30,000 to 40,000 units. The few that are being built (and will be built) are 95% pre-sold with deposits and on the strip, and probably comprise less than 5,000 units. When you think about it, that is a pretty small inventory, and quite frankly, a very limited supply in comparison to the total number of rooms available on the strip.
The strip units aren't going to crash in value, and I think the condo/hotel concept will work at a property like Cosmopolitan, which has a limited supply of rooms but A+ location. I've seen the units, they are bad ass. If I'm weighing my options between a 400 SF room at Bellagio or a 1,000 SF suite at Cosmopolitan and the price is the same, it's a no brainer. All the same amenities and if I want to go smell the pumped-in purfume at the garden in Bellagio, I'll walk right next door.