Vegas high rise condos ?

Any know anything about the pinnacle of Vegas condos? www.thepinnaclelasvegas.com <?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o></o>
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<o>I read that the housing market in Vegas is going down so looking to see if it was a good time to invest in a property there? Any other good places for a studio or 1 BD condo?</o>

oldirtyku said:

Any know anything about the pinnacle of Vegas condos? www.thepinnaclelasvegas.com <?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o></o>
<o> </o>
<o>I read that the housing market in Vegas is going down so looking to see if it was a good time to invest in a property there? Any other good places for a studio or 1 BD condo?</o>

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There are no good investments in these, not now and probably not for a long time. They aren't really even part of the Las Vegas housing market per se because almost no one lives in them. They talk about them being "dark window" buildings, meaning unless you are there during the most premium times half or more of the windows are dark. There is no legitimate rental market in them either. Almost all of them have been purchased by wealthy people who use them as vacation homes. If you buy one basically you are going to have to use it yourself or hope to get really lucky in selling one to a very limited market.

If you think you can make money on this segment more power to you. But don't for a second think these types of projects reflect market conditions in Vegas, whether good or bad. There are some projects near downtown which reflect Vegas market conditions a bit better, but not really that much.

Thanks man... Thats the type of information that I needed... I was thinking of using it as a vacation home/rental. But if the market on them is that bad does not not look good.

Luuuuuuuuuu. Very doubtful Pinnacle will get built. If you are going to buy a Condo, buy one on the strip. There is a reason these are the only projects with cranes in the ground. All of the other 90 projects off the strip have about a 10% chance of ever being built.

If you are serious, I would focus on several properties....

The Cosmopolitan - north side. Sits directly over the water feature at Bellagio. You cannot go wrong there. Read about it here.......
http://www.condohotelcenter.com/condo-hotels/featured-properties/cosmo.htm

MGM City Center - just south of Cosmo. The biggest privately funded development in the world. Read about it here.

http://www.citycenter.com/?CMP=KNC-Google-City_Corp
http://www.citycenter.com/?CMP=KNC-Google-City_Corp
both of these projects are under construction. The only other projects I would consider off strip is the Palms, which is sold out, but there will always be demand for this project, and the W, but there are already rumors the developer is looking to sell the project off.

Damn... LUUUUUUUUU... Dude. What do 1 BD run in those places?

Don't bother, waste of your time and money. WildBill said it perfectly.

GreenDoberman said:

Don't bother, waste of your time and money. WildBill said it perfectly.

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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.