Aquitania Lofts is coming to Vegas via Newport

A 2.7-acre parcel on the northeast corner of Main Street and Bonanza Road is Aquitania lofts, a proposed commercial and residential mixed-use project.

The project is slated to have 296 units in eight stories with two levels of underground parking. The first floor would have 35,000 square feet of retail space.

Lofts range from 825 square feet for one-bedroom units to 1,600 square feet for three bedrooms, selling from the low $200,000s. Dennis Rusk is the architect.

For more infomation about Aquitania Lofts call me.

Olivia

Olivia McClellan, REALTOR® GRI, ABR, RRG
Sweet Home Realty
7935 W. Sahara Ave., Ste 101
Las Vegas, NV 89117
Direct: 702-372-2671
Fax: 702-543-4845
email: olivia@oliviasellsvegas.com
Website: www.oliviasellsvegas.com

Las Vegas High Rise Real Estate Market News June 2006

The High Rise market in Las Vegas continues to grow despite cancelled projects.

The announcement of Las Rambles and the Hard Rock condos cancelling has many people scrambling over the demise of the Las Vegas high rise market and expecting a screeching halt to the Las Vegas market growth.

In the fact the truth is just exactly the opposite.

One May 12th 2006 The Hard Rock Residences cancelled plans to build their condo project allowing Morgan’s Hotel Group to purchase the Hard Rock casino and Hotel along with the 23 acres originally slated for condo/hotel development for $770 million in cash. This is hardly a story of the real estate market losing ground. Peter Morton originally built the Hard Rock for $80 million in 1994 and expanded in 1999 at the cost of another $100 million. The sale of the project and land for $770 million in cash is a realized appreciation of more than 200% over just 12 years. The net profit to Mr. Peter Morton was over $731 million. The 23 acres are being developed on every side and if the new owner, Morgans, decides not to develop the land, they have expressed the possibility of selling it so someone else who can develop.The same is true of The Related Las Vegas project, Las Ramblas. The cancellation of Las Ramblas does not signify a loss. Far from it, in fact. Related and its partners sold the 25-acre site for $202 million, more than twice what they paid just a year ago. The buyer, the Edge Group, plans to develop an upscale, boutique hotel-casino complex, adjacent to their other project currently in pre-construction sales, being co-developed with the W Hotel. The W Las Vegas condominium-hotel is a $2.5 billion, 4,000-unit project. The Edge Group now controls 50 acres in the Harmon Avenue area just off the Strip.

These cancelled projects are simply the nature of a growing market in which some developers will choose to cash in and let someone else do the building. The fact they’ve been able to cash in with such enormous gains is the true indicator of the land value and the long term value of the Las Vegas market.

With all the craze of investors, speculators, and double digit appreciation, the truth seems to get lost in the shuffle. The truth is Las Vegas is growing and with land costs rising, just as in any cosmopolitan city the development is by shear nature of land scarcity becoming more dense and ultimately vertical. Las Vegas continues to show a strong job market, historically low vacancy rates, and remarkable year after year tourism growth.
Not every high rise proposed will get built this year or ever, but remember New York City wasn’t built over night. The fact that only about 17 projects have currently broken ground with only about half of these actually coming to the market in 2006 keeps the market from being flooded with too much inventory. This will help to maintain competition and increase demand allowing owners to preserve property values. This is important in an economy were national data suggests that 39% of major housing markets are over-valued. Most cities included are markets that have had major increases in appreciation over the past few years but the population growth and the job markets are also taken into consideration. Equally important, is that Las Vegas despite the double digit appreciation as the hottest market in the country for the past few years is not included in the top twenty on this list, which includes cities in California, Arizona, and Florida.Las Vegas as a city beyond the Strip, is in its’ infancy and although we won’t meet the unrealistic expectations of double digit appreciation year after year, Las Vegas continues to be a solid investment, so if you’re interested in the high rise market for residency, second home, or investment, the potential to get into a property on the ground floor still exists.

If you are interested in information about Las Vegas high rises, please contact me Olivia@OliviaSellsvegas.com

Olivia McClellan, REALTOR® GRI, ABR, RRG
Sweet Home Realty
7935 W. Sahara Ave., Ste 101
Las Vegas, NV 89117
Direct: 702-372-2671
Fax: 702-543-4845 Office: 702-228-307
0email: olivia@oliviasellsvegas.com
Website: http://www.oliviasellsvegas.com/

Spa Lofts in Las Vegas

Spa Lofts in Las Vegas

The rendering of Spa Loft looks amazing. Another wonderfully designed project has joined the mix.

Location: South West Las Vegas 215 PKwy/RainbowBldg.
Type: Condo/LoftsNo. of Towers: 3
No. of Stories: 3
No. of Units: Unit Sizes:
Lofts, 2, & 3 bedrooms
Price Range: Square Footage: 1276 sf - 1500 sf
Status: Pre Public release June 2006Estimated
Break Ground Date:
Estimated Completion Date: Developer: The Light Group

Call me for more info

Olivia

Edge Resorts aquires Las Ramblas

Edge Resorts aquires Las Ramblas, the 25-acre Las Ramblas development site along Harmon Avenue, between Paradise and Koval roads, just west of the Hard Rock Hotel & Casino. Edge paid $202 million for the property, which sits next to the W Las Vegas project it is developing in partnership with Starwood Hotels and Resorts Worldwide.

George Clooney and partners announced the closure on 6/5/06 after months of speculation.

Olivia McClellan, REALTOR® GRI, ABR, RRG
Sweet Home Realty
7935 W. Sahara Ave., Ste 101
Las Vegas, NV 89117
Direct: 702-372-2671
Fax: 702-543-4845
Office: 702-228-3070
email: olivia@oliviasellsvegas.com
Website: www.oliviasellsvegas.com