Monday, November 28, 2005

Vegas888 - Press Release

VEGAS 888 is going to be 50 Levels of Spectacular Pacific-blue Glass that wraps itself around this modern day master piece.

Del American, is launching VEGAS 888, The Ultimate Luxury Resort Condominium Residences. VEGAS 888 is a 50-story tower located between the Las Vegas Strip and the Palms Resort Casino at Flamingo Road and Hugh Hefner Drive, in Las Vegas, Nevada.

Vegas 888 is now accepting individuals to register to be the first on the exclusive VIP reservation list. These luxury Condominiums residences will offer 50 levels of spectacular Pacific-blue glass in one-, two- or three- bedroom Penthouse Lofts, Sky Villas and High-Life Suites ranging from 800 to more than 8,000 square feet of living space with astonishing Las Vegas Strip views.

This vision was embraced for VEGAS 888 by Del American and its award-winning architectural team, to create three original interior design styles: Tech Italia®, Trada Eleganta® and Pacifica Exotica® with lavish finishes from Snaidero, Vitraform, Miele, Wolf, Sub-Zero, Poliform, Dornbracht, Lutron, Raydoor and Toto. Sumptuous Spa Baths®, steam rooms, soaring 20-foot, floor-to-ceiling glass, stone to wood flooring, private balconies, granite to stainless steel counter tops and sleek glass stairs.

The intimate world-class luxuries of VEGAS 888 will be unprecedented. Thirty-five levels above the Strip, Spa 35® will house a 12,000-square-foot, multi-level and full-service resort spa. The Riviera Hot Spot® will be a private European sunbathing oasis for residents. This area will also contain plunge pools, outdoor rain showers, exotic edgeless pools and spas. After an exotic dining experience at VEGAS 888's signature restaurant you will party close to stars with your membership to The Whale Club®, VEGAS 888's exclusive Strip-view night club

The VEGAS 888 pool areas will contain private multi-level poolside Villas with rooftop hot tubs and outdoor rain showers. Three-room Bungalows or Cabanas with private patios, will be available for residents only. VEGAS 888, the Ultimate Luxury Resort Condominium Residences, will be operated by a five-star resort staff who will offer residents and their guests the ultimate in personalized services 24-hours a day. Our VEGAS 888 Blue Glove Service® will encompass Private Butlers, Concierges, Doormen, Bellmen, Valets, Housekeepers, Spa and Pool Attendants and Dining Staff whose sole mission is to anticipate and fulfill every desire of each resident.

The luxury condominiums are priced from $750,000 to more than $10 million. Pre-register for this unique opportunity at http://www.oliviasellsvegas.com/, or call the Olivia at 702.372.2671 or email our sales team directly at olivia@oliviasellsvegas.com. Construction is set to commence in the first quarter of 2006 by Tutor-Saliba-Perini.

Wednesday, November 2, 2005

Condo Conversion Market Creates Gap in Housing

It is estimated that another 4,100 apartment units are in the process being converted, while another 2,900 are n the planning stages, with estimates of over 15,000 ultimately planned. These condo conversion projects meet the price range needs of first time home buyers, lower incomes, and investors.

Currently, over 23 condo conversions are in planning or sales stages, with many in final sales stages. These conversions have seen a dramatic price increase in the first half of the year. In January 2005, the average price for a two bedroom condo was about $150,000. As of September 2005, the median sales price was over $208,000, on average selling for over $200 a square foot, but with the median home prices reaching just almost $300,000, for the same month, a condo has now become an affordable entry level option.

The condo conversion market is also creating an appealing rental market for investors. As 7,000 to 15,000 rental units are converted, this is having a positive impact the rental prices. As the demand of new residents, many of whom are being relocated and can afford higher rents, more Class-A apartments are being built but since June 2005 only 355 apartments units were built to meet this demand. Rents are already starting to increase as the supply diminishes with the condo conversions and the demand continues with the influx of new residents and businesses.

Olivia