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Las Vegas Condo Hotels - Las Vegas High Rise Condos - Las Vegas Investment Condos

Las Vegas Condo Hotels
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What CNN Money has to say about Las Vegas Condo Hotels as Investments

Construction of condo hotels, condominium investment units that can be rented out in the owner's absence, has become the biggest new development boom in the Las Vegas Valley. In January of 2004 Turnberry Associates, the Florida-based developer that set a trend for high-end condo living in Las Vegas with Turnberry Place, began sales for The Residences at MGM Grand, a luxury condominium-hotel on the northeast section of MGM's 116-acre Strip property. Prices originally ranged from $350,000 for studio units to $1.5 million for high-end suites, and a 6,000-square-foot sales and information office opened in MGM Grand's Studio Walk displaying a designer-furnished two-bedroom model residence. At this time the first tower has been completed and reservations are being taken on behalf of the owners.

This set a trend for the future skyline of the Las Vegas Strip as many other developers quickly followed with announcements of their own projects. Platinum Condominium Development, a joint venture between Marcus Hotels and Resorts and Diversified Real Estate Concepts, introduced plans to build the Platinum luxury condominium hotel on Flamingo Road, one block east of Koval Lane. The proposal included 255 one- and two-bedroom condominium units, from 900 to 2,160 square feet, priced from $300,000 to $1 million, and an onsite hotel rental program allowing owners to generate income from the units. Platinum finished their project in June of 2006 and is also in the process of taking hotel reservations.

Resales are also available in both the Residences at MGM and the Platinum at this time. For more information on purchasing a resale please call us at 702-985-7654.

One of the hottest entries into the field was 3700 Associates with their Cosmopolitan Resort Hotel and Casino, a company led by former Venetian attorney David Friedman, who filed early in November of 2004 for plans to build two 53-story towers with 2,400 condominium, time-share and hotel rooms, 300,000 square feet of entertainment and retail space, 180,000 square feet of convention and meeting space and 70,000 square feet of casino space. This project wraps around three sides of the Jockey Club near Harmon and Las Vegas Boulevard. The Cosmopolitan will not be finished until spring of 2008.

Trump Towers, Palms Place and the W Hotel are the other three viable condo hotel projects currently in process. Palms Place is sold out for reservations and will be completed in late 2007. Trump Towers is currently going to contract on their condo hotel units and the W Hotel is in the reservation phase. Upcoming projects that are developing interest lists are the MGM City Center, Urban Village and One Las Vegas. All three of these projects will offer both regular residential units as well as condo hotels. Maxim brand also announced a new condo hotel project to be built next to the Circus Circus on the north end of the Strip with estimated completion in 2010.

Please bookmark this page for future reference as we continually update our comprehensive list of condo hotels for investors.

 


 

 

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