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  #2021  
Old Posted Apr 15, 2007, 6:09 PM
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philip philip is offline
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Well, some of these penthouse units are really overpriced. I mean, 6-10 million dollars for what essentially is a 3 bedroom apartment (example, Mandarin Oriental), even the super rich know that you can buy a castle in Vegas with all that money.

In addition, most condo owners are buying these units as vacation houses. Not only they may not use it most of the time during the year, they may not need more than 2 bedrooms or even a penthouse location. I think the people who are buying the multi-bedroom penthouses are people who will use it as primary residence, and there aren't many people that rich in Vegas.

And for the rich people that do live in Vegas, they may opt for a house or wait a while to fully assess the true value of these penthouses. This is a substantial investment even for the rich, they can't just casually throw a couple hundred-dollar bills like they do when they shop for cars and vacation homes. So it takes time.
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Last edited by philip; Apr 15, 2007 at 6:21 PM.
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  #2022  
Old Posted Apr 15, 2007, 6:22 PM
RazzMan RazzMan is offline
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PH's

Agree Philip.....but a 3 BR is still much nicer to have.....studios and one BR are tiny....cant party in those...The rich can really have fun in a 3 BR PH....Even a good write off for a corporation....not may units arounds, may 15 in total.....I bet they will sell after project completion when you can walk in them..
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  #2023  
Old Posted Apr 15, 2007, 6:38 PM
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I agree, RazzMan. And I think the penthouses that will sell more quickly after completion are the ones with a highly recognized name (Trump, Mandarin Oriental at CityCenter). You are not paying 10 million dollars just for the penthouse (the construction material certainly doesn't cost THAT much), you are also paying for the brand name. And hopefully, the ones with a more exclusive name is worth every penny.
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  #2024  
Old Posted Apr 16, 2007, 5:47 AM
MsuMix MsuMix is offline
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I worked on Queensridge, Shaq bought the top penthouse in Tower 1, around $10M, however he gets 2 floors and almost 6k square feet. Heard Tom Hanks bought Panorama Tower 2 Penthouse.
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  #2025  
Old Posted Apr 16, 2007, 7:38 AM
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Quote:
Originally Posted by justdefended View Post
Since there seems to be interest in this among some members here, here is a place to discuss anything Vegas condo hotel related, i.e. all the management talk, fees, rentals, that aren't contruction related:

http://ownvegas.ning.com/
That was a good idea

what happened

Looks like this is turning into a real estate forum again.
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  #2026  
Old Posted Apr 16, 2007, 8:13 PM
justdefended justdefended is offline
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Quote:
Originally Posted by jazfingr View Post
That was a good idea

what happened

Looks like this is turning into a real estate forum again.
Yes, anyone who wants to discuss Vegas real estate can do so here. There are already several condo owners and real estate agents on board for some good old fashioned discussion.

http://ownvegas.ning.com/
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  #2027  
Old Posted Apr 16, 2007, 9:56 PM
Silas Silas is offline
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I've seen some interesting posts on the real estate business side of things and how that ties in with the construction. Other than that, nothing much lately posted.

VegasTAT dude's opinion does not count, as he is only trolling for photos to put on his 'labor of love' (with donations accepted).
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  #2028  
Old Posted Apr 16, 2007, 10:23 PM
bobmcelligott bobmcelligott is offline
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Silas

You're very confused. Pay attention to the posts and you may indeed learn something. Oh, and stop standing so close to the microwave
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  #2029  
Old Posted Apr 16, 2007, 10:54 PM
RazzMan RazzMan is offline
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agree w/ Bob........SILAS does not get it....and maybe it's because you don't own a highrise and understand the power of Brand selling and how real estate actually works and appreciates. 5 years from now you will look back at the North Strip and say I remember when $1200 Sq/ ft sounded expensive.......and now its, well....Yikes!!
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  #2030  
Old Posted Apr 17, 2007, 12:01 AM
Silas Silas is offline
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I admit to being confused, so no biggie.

Here is a story about cover up of murder at Panorama.

http://www.kvbc.com/Global/story.asp?S=6374975&nav=15MV

Not sure if murder cover-up trumps branding or not. Pretty sure that Panorama is not in best neighborhood and not too sure about some of north strip. But that is just me.
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  #2031  
Old Posted Apr 17, 2007, 12:26 AM
VegasBound VegasBound is offline
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Quote:
Originally Posted by RazzMan View Post
agree w/ Bob........SILAS does not get it....and maybe it's because you don't own a highrise and understand the power of Brand selling and how real estate actually works and appreciates. 5 years from now you will look back at the North Strip and say I remember when $1200 Sq/ ft sounded expensive.......and now its, well....Yikes!!
As buyer I certainly hope you are right. But personally I doubt we will be seeing sky rocketing highrise prices in the next few years. If you told me now that we would have modest increases I would be satisfied with that.

What forces do you see coming into play to create such increases? When City Center is completed it will free up building resources and help moderate building costs in this town. Also I don't see interest rates being taken down in any major way in the next few years. Seems the fed will only act if a full blown recession is staring them square in the face. And not even then if inflation is still a threat.

G.
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  #2032  
Old Posted Apr 17, 2007, 1:07 AM
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Originally Posted by VegasBound View Post
As buyer I certainly hope you are right. But personally I doubt we will be seeing sky rocketing highrise prices in the next few years. If you told me now that we would have modest increases I would be satisfied with that.

What forces do you see coming into play to create such increases? When City Center is completed it will free up building resources and help moderate building costs in this town. Also I don't see interest rates being taken down in any major way in the next few years. Seems the fed will only act if a full blown recession is staring them square in the face. And not even then if inflation is still a threat.

G.
bob...Where did you buy??? I think Trump, Cosmo and City Center will appreciate significantly after completion. I think Trump will most likely increase the most but not until Tower I opens its doors. Also Echelon needs to get underwayt and something needs to happen soon w/ the Frontier site. I dont think the high end units will have much of a problem in resale but people may get hurt if the own a blah location on a studio. Trump II sales are strong....stay w/ the large brands in this market. And the North location will rise but will take 3-5 yrs. I own Trump and not worried.....
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  #2033  
Old Posted Apr 17, 2007, 1:50 AM
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Quote:
Originally Posted by Silas View Post
I've seen some interesting posts on the real estate business side of things and how that ties in with the construction. Other than that, nothing much lately posted.

VegasTAT dude's opinion does not count, as he is only trolling for photos to put on his 'labor of love' (with donations accepted).

Silas Dude, I have been an active member of this thread for almost two years now. VegasTaT has earned respect from the many who post here and I have been invited to use the photos by the posters here (they enjoy seeing their credited photos on my site). The site has much traffic now (last week I had over 35,000 visitors). I pay about $1,400 a year for dedicated hosting of VegasTaT and most certainly accept donations (as do many other privately owned and run sites like "five hundy by midnight").

This thread has been free of flamers and one shouldn't flame a friend of the thread, perhapps you should open the original thread and read the whole thing. You'll find thousands of posts about the buildings (this is, after all, a skycraper forum), only recently has this thread turned toward real estate and I'm not the only one that's trying to keep it on its original path. Most of the real eatate conversation has been moved to http://ownvegas.ning.com/ Go check it out.
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  #2034  
Old Posted Apr 17, 2007, 2:46 AM
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What the hell? I thought I already said it, ugh.
This Thread is for Buildings not Real Estate thingamajigs
I'm sorry but thats it, please take the discussions elsewhere, go to that website suggested um, OwnVegas.com

Quote:
Originally Posted by Silas View Post
VegasTAT dude's opinion does not count, as he is only trolling for photos to put on his 'labor of love' (with donations accepted).
Oh no you dint. *snap snap*

Jazfingr, has been controbuting to this thread for over two years, his website is just plain amazing and helpful. All you've done is brang this thread more off-topic. :/
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  #2035  
Old Posted Apr 17, 2007, 3:18 AM
Silas Silas is offline
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I accept the end to the real estate investment postings.

I agree that this site and VegasTAT site are fantastic web sites. I will probably continue to view but will refrain from posting.

That other condo site is a good idea but pretty weak as mostly it is riddled with sales guys making things sound better than they are. But that is another story.

Good luck to everyone with their own agendas ......
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  #2036  
Old Posted Apr 17, 2007, 4:23 AM
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Cool Sky PH

Quote:
Originally Posted by RazzMan View Post
Aaron, I thought all the SKY units are still available, I saw them still on the websites for sale around $3M. Also the $5.7M PH at Turnberry still exists as well as Cosmo's. I think Trump has a couple left in both buildings....I would think these should do well. The Mandarin link you sent also shows all the high end PH's still out there....
Correction - Sky Las Vegas Sky Suites are the only three story penthouses as far as I know in Vegas and their price tag is a lot higher than $3M - try $5 and $6M and ALL are sold. Sorry to add to the real estate discussion guys but I had to correct misinformation.
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  #2037  
Old Posted Apr 17, 2007, 7:52 AM
MrV MrV is offline
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MGM's un/underdeveloped acres

Mdiederi's post on page 80 of this thread features an image from an MGM investor presentation that indicates which acres they own on and near the strip and which of those are undeveloped or underutilized.
In reaction to the rumour of MGM buying land near the Circus Circus RV Park, some posters said that MGM will first develop areas behind the Monte Carlo and New York New York and on the south part of the strip. Are these areas behind the mentioned hotels and other undeveloped acres in that area, for example behind the Excalibur and Luxor, really suitable for the development of a new resort, or would they be used to expand City Center (more condo's?) or one of the other existing properties?
As for the piece of land on the south strip, next to the Tropicana, it seems to me, (someone who's only been to Vegas once and knows basically nothing about casino's, hotels etc.) that it is a bit small to build a new (mega). Would that be the possible location for the ‘non-gaming hotel’ (which in my opinion would need way less space then a resort with casino) which MGM seems to be planning with Mubadala, are they waiting for a chance to expand that lot (have they considered buying the Tropicana when it was for sale), will they build a resort like the Cosmopolitan (deep in the ground and high in the air), or am I just wrong and will they do something completely different.
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  #2038  
Old Posted Apr 17, 2007, 9:13 AM
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Thanks for the support, Patrick. Oh no you dint. *snap snap*

No issues, Bruce, you're the man

Don't refrain from posting Silas, just discuss development / construction / design etc.

Welcome to the thread, MrV.

The land next to the Trop 14.69 acres and is big enough for a large resort. Both IP and Cosmo are on 9 acre lots. The last project (roughly) proposed for that site was Harrods of London.
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Last edited by jazfingr; Apr 17, 2007 at 9:23 AM.
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  #2039  
Old Posted Apr 17, 2007, 11:33 AM
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Mark fantastic site One thing I have noticed though is that you have downgraded Gold Coast to a 71,000 square foot casino from a 120,000 sq footer i think. Now I stayed a week in the gold coast back in february and I thought the casino was massive, much bigger than places I have stayed in the past such as Sahara, Flamingo and New York but yet you have all of them larger. Just wondering why the downgrade?? sorry to be nitpicking, maybe I completely off and just assumed Gold Coast to be a massive 100,000ft+ casino

BTW i can't see Harrods ever getting the light of day. I think they were about 15 years too late announcing that one! surely the day of the highly themed resort is dead??? And then along comes Planet Hollywood

I can see more lifeless condos going in that spot some day or hopefully the Trop will purchase it and expand south
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  #2040  
Old Posted Apr 17, 2007, 2:25 PM
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Jazfingr,

Fontainblaeiou has finally come out of the closet and admitted in an article in the newspaper that they "quietly" broke ground in February and are underconstruction.

Will they release the renderings now?

Also, James Packer has bought in as a partner. Everybody knew he was shopping around to buy something on the Strip, so he's probably out of the market to buy any other strip property now.
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