According to a recent story by the local CBS affiliate, the Las Vegas high rise market has seen an increase in sales. Without actually citing any specific sales numbers, channel 8 interviewed a couple of local realtors to base their story on. Interestingly enough one of them stated that the high rise market is catching up with the single family home market.

If you have been watching the market, you will have watched prices on high rise condos steadily decrease right along with single family homes for the last several years.  There hasn't been a recent price drop. The problem most communities faced over the last few years was the unavailability of financing for customers already under contract. Its the very reason that forced CityCenter to lower its prices so customers under contract were able to obtain financing for their units. The report did get one thing right, it is a good time to buy a high rise condos and prices may go down further.

So where are the "great" deals? That really depends on the style of community you want to live in. One of my favorite communities is One Queensridge Place.  When it comes to elegance, no other community can compete. The units are large (starting at 2,000 square feet) and  is located just minutes from world class shopping, several golf courses and the I95 freeway. Prices started in the millions originally when the project was announced. 

If you would like listings of some great high rise condos, feel free to contact me at 702-493-8033. Thanks for visiting our Las Vegas real estate blog. 

When it comes to beating the odds, the Cosmopolitan is at the top of the list. Developer Ian Bruce Eichner defaulted on its $760 million dollar construction loan and the project went into limbo. The lender Deutsche Bank began foreclosure proceedings in January of last year. Things were looking pretty grim for the future of the project.

However, the Cosmo's luck changed in September when Nevada Property One, LLC (an affiliate of Deutsche Bank) bought the property out of foreclosure for a cool one billion dollars. The original contractor Perini Corp has been retained to complete the project.

The Cosmopolitan is a condo-hotel that will feature 3,000 condo and hotel rooms upon completion. Sources say that the project currently has 1,800 units under contract.

Another high rise condo project has stalled, this time its the green project Sullivan Square. As with other projects, lack of funding is behind the project's collapse. However, unlike other projects, interest in owning a piece of it were high and the developer had enough funds contractually to complete the mixed use project.

Locally based Glen, Smith & Glen Development is now suing its equity partner in the deal, Harcourt Developments, a private company from Dublin, Ireland, which had agreed to finance up to $800 million for the Sullivan Square project. The lawsuit alleges breach of contract and breach of fiduciary responsibility by Harcourt Nevada for failure and refusal to fulfill its funding responsibilities according to the contract.

According to the contract filed with the lawsuit, Harcourt Nevada and its principal, Patrick Doherty, received a 60% interest in Sullivan Square in return for providing all funds for the development and construction. Oversight of the development and construction was the responsibility of Glen, Smith Glen, who also owned the land and had obtained the entitlements.

Glen, Smith Glen has charged in the suit that Harcourt never provided the necessary funds despite repeated attempts to collect them. It also alleges that Harcourt was trying to force out the Plaintffs so that they could assume control of the project. Harcourt repeatedly stated that funding was imminent and their principal personally met with them in February of this year.

This isn't Europe

Unlike European countries, punitive damages can be assessed should the lawsuit be won. In Irish courts the worst that happens is you pay what you owe (seems like there is no consequences for bad behavior). It makes you wonder if Harcourt is just gambling a little to see if they could bankrupt Glen, Smith & Glen and take over the project, thinking that there is minimal risk. They might be in for a big shock after the trial.

So Sullivan Square is now officially in limbo. I'm pretty sure the project will go forward, but as to who will be officially developing it is anyone's guess at this time. One thing is for certain, because of the amount of money involved it is going to be at least a year or two before anything is settled. As to the impact this will have on the Las Vegas high rise condos market, it will probably be minimal.

UPDATE:

A Clark County District court dismissed five of the seven claims against Harcourt by Glen, Smith & Glen. Judge Mark Denton dismissed the bulk of the claims due the lack of protections under the law to members of limited liability corporations, which is how the Sullivan Square development partnership was structured.

If you have been waiting for resale opportunities at Trump Towers, your wait is now over. Units in tower one at the Trump International Hotel and Tower Las Vegas are now popping up. Now is your chance to be able to live in a ultra-luxury condo at the Trump Tower without having to wait.

Despite a downward market, the Trump brand helped ensure near sell out status of tower I in 2006. In April of 2007, a second tower was announced. Sales for tower II are ongoing, so if you prefer to have a unit built to your tastes you still can. Call me at 702-493-8033 for the latest available Trump condos for sale.

While the decline of the dollar hasn't been good for the US, our neighbors to the north and across the oceans have been quick to take advantage of it. The increased value of the Euro and Loonie over the last few years has spurred foreign investment in the high rise and housing market. Combined with a surplus of inventory, investors are scooping up luxury properties at bargain prices. Currently there are several completed high rise condos ready for move in, both on and off the strip.

Strip Area:

• Sky Las Vegas
• Trump Towers
• Allure
• Turnberry Place
• Turnberry Towers
• Platinum
• MGM Signature

South Strip:

• One Las Vegas
• Boca Raton
• Manhattan

Foreign investment in strip properties has been increasing as well. Israeli owned Elad Properties is in a joint venture to redevelop the site of the former New Frontier into a multi-billion dollar hotel casino resort with seven high rise towers. MGM CityCenter is in a partnership with a Dubai real estate development company.

As the dollar continues to decline, it's a safe bet that the level of foreign investment in the Las Vegas area will only increase and property prices will start to go up.

Related:

The Canadians are coming

Another new resort will be opening this spring just off of the Las Vegas strip. The Trump International Hotel & Tower Las Vegas is set to open its doors at the end of next month. Trump Tower will join sister properties in New York and Chicago as part of the newly founded Trump Hotel Collection. In typical Trump style, the property is being marketed as a new level of luxury in high end travel accommodations.

Although the street address is 3128 Las Vegas Blvd S, Las Vegas, NV 89109, the property resides further back from the strip.

Due to the success of first tower sales, there is a second tower being constructed and sales are ongoing. If you missed out on tower one, there are units still available in both towers.  Call 702-493-8033 for more information.

Past Trump posts:

Trump being sued

Trump gets his name on the strip

Its not coming up all rosy for the "Don". A dispute over the Trump Towers Las Vegas leasing has evolved into a $4 Billion lawsuit filed against Donald Trump. The suite is being brought by a Las Vegas property management company accussing him of monopolizing the market in the city.

The property management company, Nights at Vegas, takes a 20 percent cut of the rental income when it leases out an condo in the tower. The management company that Trump owns takes 50 percent of the lease income (its no wonder he's got a few bucks). The dispute arises from a claim by Nights at Vegas employees that Trump has forbiddened them from using the Trump name in marketing the Trump condos, making it impossible for them to market the property at all.

The suit was brought on the grounds of unfair competiition, false promotion and violation of anti-trust laws, etc. Nights at Vegas is seeking a huge judgement against Trump, a whopping $1 billion in compensation and another $3 billion in punitive damages. No word yet on a trial date or whether it will even make it to trial.

Related:

Trump gets his name on the strip

Las Vegas Central has overcome the odds. Announced back in 2005, the project stalled when the FAA retracted its approval of the twin 47 story tower design. Because of the redesign, refunds had to be given to purchases whose condos didn't exist under the new design.

Last year the LLC was forced to file bankruptcy and was able to secure a 12 month bridge loan. The convention center has decided on a billion dollar plus remodel that will place the entrance to the convention center about 300 feet from the Central project site (the current address is 3150 Paradise Road, Las Vegas, NV 89109). Several national hotel operators have expressed interest in building a hotel on the site instead. According to the developer, its very feasible  to change the design to a hotel instead. The new plans also call for the top floors to hold luxury penthouses. With the high rise market still going strong, I'm sure they'll have no problem selling the penthouse units, especially located next to one of the largest convention centers in the world.

No official word yet on when the project will be completed or condo pricing.

With so much hype about CityCenter, its easy to overlook some of the other great projects in and around the strip. Last year, residents moved into Sky Las Vegas, currently the only residential high rise on the strip. Earlier this week, Allure received its initial certificate of occupancy for phase one. Residents were able to move in before the end of December, just in time for the New Year's Eve strip fireworks.

Allure condos

The community is planning for another tower in phase two. Allure still has units available in phase one. For a list of available condos, pricing and location within the building, email or call (702) 493-8033.

Usually you only see specials and deals right before the holidays and of course, the day after Christmas and Thanksgiving. With several builders showing a surplus of new homes, there are bargains everywhere when looking for a single family home. There are lots of places where buyers can still put very little down and purchase a home. When it comes to high rises however, they are a lot more scarce.

There are some high rise projects that are trying a little harder to entice buyers. Streamline Tower in downtown Las Vegas in zip code 89119 (entertainment district) is currently having a special. Currently, buyers will only put down a 5% deposit, making it one of the lowest deposit requirements in the market. Construction on Streamline is well under way and the tower "topped off" in June of last year. No word on the official move in date for residents, but I expect it will be towards mid year.

If you have been thinking about buying a Las Vegas high rise as a seasonal or primary residence, there hasn't been a better time to buy. Streamline is located just a few blocks from the Union Park development that will host the new Alzhiemer's center, World Jewelry Tower (with high end residential condos), World Market and the premium outlet mall, not to mention the new downtown amenities. Streamline Tower is being represented by the high rise division of Prudential Americana Group, REALTORS.

Feel free to contact me with any questions or reservation requests at 702-493-8033 or by email.