The Las Vegas Sun put together this short video about construction on the Las Vegas strip and the true cost involved.

Another developer is having trouble making their loan payments. This time, its Focus Property Group not making its February payment on $500 million dollars in loans. The loans were for some 4,800 acres of land in Las Vegas, Pahrump and Victorville, California. Focus certainly isn't the first developer to hit a bump in the road. The company has several residential projects around Las Vegas, including Inspirada in Henderson and Providence in Las Vegas, plus the masterplan for Mountain's Edge.

The impact to these communities will probably be minimal, if any. According to the RJ, their lenders have suggested that Focus give them a portion of the profits when the land is sold.

This year we'll an influx of high rise and loft units come into the market. Several towers are due to be completed this year. Here is the short list:

• Loft 5
• One Las Vegas (2 towers)
• One Queensridge Place
• Vantage lofts
• Trump Tower (1)
• Allure (tower 1, residents have moved in)

There are also several projects slated to be completed next year, most notably among them is CityCenter. While the high rise craze has leveled off, because of Las Vegas' status as an international tourist destination, demand has been steady over the last year and will continue to be this year as well.

Related:

Allure gets certificate of occupancy

One Las Vegas nears completion

Trump gets his name on the strip

Yesterday I took I hard hat tour of One Las Vegas. Phase one is due to be completed within the next few months and I was invited to take a look behind the scenes and see how far along construction has come.

One Las Vegas Overview

One Las Vegas will consist of five residential towers and two newly added hotel towers in the front of the property. The original renders released only showed the residential towers without the added commercial property, but in this market is a smart bet to build mixed use, since the commercial market is still booming in the valley.

Both towers have some great views of the surrounding mountains and the city. We weren't able to stay too long due to the strong fumes from the new paint and carpet being put down. Crews are finishing up individual units and will then move on to finish the rest of the building. 

If you are interested in buying a One Las Vegas condo, there are units available in this phase and future phases. The model pictured above is located in the sales office (along with the a unit model). The towers in front will be the hotel towers. There may also be some residential units located in each, but there isn't anything set in stone yet.

Not all of the cranes in strip and downtown area are building new casinos. Today, the Verge lofts had their ground breaking ceremony downtown. Local city officials and other dignitaries were on hand for the ceremony.

Verge Pre-construction Pricing

The ground breaking celebration is continued with an open house starting tomorrow through December 16th at the Verge lifestyle center. It will be the last chance for buyers to take advantage of pre-construction pricing and a small 5% deposit requirement.

Despite a relatively cool market for lofts and high rises, Verge is already 80% sold out. One of the reasons of Verge's success is due to being a LEED (green) project and the variety of floor plans being offered. There are still units of all sizes available, but they will not last long.

If you are thinking about buying a Verge or other Las Vegas loft, feel free to contact me for the latest available units and pricing.