I’ve notice an increase in foreclosed properties in the Luxury market here in Las Vegas. Now when I say increase, I’m talking 12 additional properties. That is no where near the numbers for properties under $800,000 but there continues to be great opportunities for people to invest in luxury properties at a huge reduced price from 3 years ago. Let’s go over some statistics about our luxury market as of July 18th, 2008:
1,357 homes are on the market over $800,000
40 of these homes are in Short-Sale or pre-foreclosure.
36 of these homes are Bank Owned properties
934 of these homes were built in 2000 or newer
Please click on the following link to view Luxury Foreclosures in Las Vegas. Pay particular attention to the first property on the list. The address for this property is 1805 Plantea Ave. I’ve shown this property 5 or 6 times to separate clients. I think there is TREMENDOUS potential in this home. This is a bank owned home with 6,700 sq ft on half an acre. It’s in a small gated community with 8 custom homes. It’s currently listed at $829,000 which is $123 a sq/ft. For a custom home this is VERY well priced. Here’s what this property needs: A complete paint job, new carpets, new fixtures, a new kitchen and landscaping. I assume it’ll take a minimum of $100,000 to fix it up to luxury standards. The reason why I think this is an incredible deal is a similar home just sold in April of this year for $1,425,000!! Take a look at that home by clicking Sold Luxury Home in Vegas. This home needs someone with a little vision will to put in some work. If you’d like to take a look at this home, or any other home on the market, please contact me directly at 702-683-2169 or email me at Felipe@felipecrook.com
I recently had the pleasure of touring One Queensridge Place on the west side of Las Vegas. I have been to the old sales center before with a “working model” of one of their units, but that cannot compare to the actual building’s grandeur. These two high rise buildings are comprised of 219 units and 70 which are still available for purchase. One reason I love these units is their pass-through feature. Almost all of the units have windows on both sides of the buildings, which gives you beautiful mountain views and the exciting lights of the strip. Truly a breathtaking experience. So here’s the OFFICIAL One Queensridge Place description from their website:
All elements of One Queensridge Place – exteriors, interiors, public areas, private residences and the gated entry - appear to be the work of fine European artisans. Everywhere there is evidence of gifted stone masons, cabinet makers, iron craftsmen, lighting designers and faux finishers who are bringing museum-like quality to a residential setting. One Queensridge Place is significantly more than a vertical condominium community. It is a residential environment created like a fine work of art. It is a limited edition collection of what has been fittingly named as ‘custom homes in the sky.’
While this is a great description, it can’t give you the scale of beauty this building possesses. I was BLOWN-AWAY at the attention to detail in EVERY nook and cranny in this masterpiece. That sounds so over dramatic, but I’ve never seen anything quite like it. Even the floors are hand laid marble mosaics made by a Greek family that took five years to make! It’s like you’re transported into an old European castle with all of the modern conveniences a discerning resident expects. Take a look at this great article about one-queensridge-place-article. Another feature worth noting is the privacy factor. There are no hallways in these two towers except for the first floor. Each unit has a private elevator going directly to their unit which is only accessible with a key. If you want to escape the world and retreat to your own sanctuary, One Queensridge Place is the answer to your desires. Away from the hustle and bustle of the strip, these buildings sit on a golf course near the master planned Del-Web community of Summerlin on the west side of Las Vegas. Here are some pictures of the property.
Luxury High Rise Living in Las Vegas
Luxury Living in Las Vegas
One Queensridge Place Night view
Private Resident Dinning Room
Wine Cellar hallway
Keep an eye out for a video I’m producing about this project. If you’d like a tour of One Queensridge Place, please contact Felipe Crook toll free at 1-866-589-1646 or email me at Felipe@felipecrook.com
I just read an encouraging post from our corporate broker here at Prudential. 2008 Las Vegas Real Estate forecast. As he said in his post, a huge number of closings are bank owned properties right now, which makes sense since almost 45% of our listing inventory is either bank owned or short sales. I’m currently seeing a huge amount of movement with foreclosures because they tend to be the best priced properties in the market. Traditional sellers are having a hard time competing. The good news is our sales from June of 2008 are WAY up from last year and close to 2006 sales volumes. Take a look at this graph:
The Las Vegas Real Estate Market
Certain price ranges and areas are getting multiple offers because they are priced so low. This has been a strategy with the banks regarding their properties. They price properties so low that it creates an un-official auction which then drives up the price. I called a listing agent for a foreclosure and she told me she had 15 offers in on one property that had been on the market a week! There are some wonderful opportunities right now. If you’d like more information on foreclosures, please contact Felipe Crook at 702-683-2169.
One fact I always tell my clients about Vegas is how much construction and development is happening in our fast growing city. There is currently $30 Billion (that’s with a B) of construction happening on Las Vegas Blvd. It is absolutely astounding to me how has been built even since 2002 when I moved here. Well, one of my clients recently told me about a great website called Vegas Today And Tomorrow. I checked it out this morning and I was really impressed with all of the information on this site. There was one video on the site that is a perfect illustration of how much construction is happening in Las Vegas. Mark Adams is the Owner/Operator for the website. Many Kudos for Mark for providing such a great, informative site. Check out one of his videos:
A couple of construction projects worth noting:
Fontainebleau Resort and Casino. This is a beautiful project on N. Las Vegas Blvd. There is a great video on the project. Fontainebleau Resort Las Vegas
Echelon Resort. I’m really excited to see how this project shapes our skyline. I’ve been focusing so much on City Center that I haven’t given as much attention here. There are some big Hotel names coming to this project, like Delano, and Mondrian, just to name a couple. Echelon Resort Las Vegas
Encore Las Vegas is the second tower of Wynn. The $1.9 Billion tower will add 2,045 all suite rooms to the Wynn. Encore Las Vegas
City Center Las Vegas. This $9 Billion project has captured the imagination of some of the world’s top Architects. Bringing art, entertainment, residences, and resorts to our fabulous city. City Center Las Vegas
If you’d like anymore information on current construction projects, visit Vegas Today and Tomorrow. If you need any help with your real estate needs, please feel free to contact Felipe Crook at 1-866-589-1646 or email me at Felipe@felipecrook.com.
I have recently been in contact with a seller of a penthouse unit in Panorama Towers in Las Vegas. This unit has been completely remodeled by designer Mark Tracy, who was recently awarded the “Best Designer” by Las Vegas Home and Design. If you’d like to see his online portfolio visit his website at Chemical Spaces. It has absolutely breathtaking Las Vegas Strip Views from the 33rd floor.
Beautiful floors
Granite counter tops
Recessed lighting
Balcony with 180 degree strip views
A kitchen a chef would love to cook in!
I recently visited the unit and recorded my experience. Here’s the penthouse video:
There are currently 93 properties on the market in Panorama Towers with bulk investor pricing available. Click here to view Panorama Towers Las Vegas Condos. If you’d like more detailed information regarding any of these units, please contact Felipe Crook directly at 1-866-589-1646 or email me at Felipe@felipecrook.com
I recently had the pleasure of previewing a few units in Turnberry Towers. I had many preconceived notions of the property because I’ve seen many units at Turnberry Place and Signature MGM Grand which Turnberry developed with MGM. I have to say that I was thoroughly impressed by the design of these two towers. They are sleek, modern, and very urban with all the amenities you would expect from Turnberry. Turnberry Towers has two buildings, a east and a west tower with 316 units in each. There are four different floor plans ranging from 814sq ft to 1658 sq ft. There are one bedroom, two bedrooms, two bedrooms plus a den, and a three bedroom floor plans. Some amenities include:
Electronic Concierge systems in every unit
Spectacular view of the Las Vegas Strip
Contemporary design
Italian marble baths with Jacuzzi whirlpool Tubs
Granite-topped counters with European Kitchen Cabinetry
Fully fitness facility
24 hour building and community security personnel and systems
24 hour valet
24 hour doorman
I put together a short video tour of Turnberry Towers. The pictures are from a two bedroom plus a den, two bathroom model unit. It’s 1657 sq ft with gorgeous views of the valley and downtown.
There are currently 85 properties on the market in the two towers. Click here to view the current resales available in Turnberry Towers. If you’d like more information on any of these units, please contact Felipe Crook Toll Free at 1-866-589-1646 or email me directly at felipe@felipecrook.com
I have recently been in contact with a gentleman who has a current contract for sale on a Palms Place unit in Las Vegas. He’s interested in assigning his unit to another buyer. Currently there are 6 one-bedroom units on the market. The cheapest one bedroom unit available today is west facing for $850,000. We are looking at all offers and we can beat ANYTHING on the market at the moment.
Yesterday I was able to walk the unit to take pictures and see what kind of view it has. This unit is on the 10th floor, corner unit, west facing, with a great side balcony that give you strip views of everything south of City Center. I was a little surprised to see how good the views were. I took a video of my tour of the units. Check it out:
I also took some still photos of the property.
Palms Place Condo
Master bath
One bedroom Palms Place
Strip Views
This has some great investment potential. For more information, please contact Felipe Crook toll free at 866-589-1646 or email me at felipe@felipecrook.com
I am writing this blog post as a huge response to the scandal Vlad Zablotsky is going through with Eperks. I was quite surprised to hear how Eperks has handled the situation. Here’s the story as I’ve read it from RSS Pieces:
1. ePerks solicited editorial advertising (blog posts recommending their service) on real estate blogs
2. Vlad wrote such a post and was complimentary
3. Commenters on the post came in and talked about how bad the ePerks service was and how they felt they were swindled
5. Comment frenzy ensues on this post. At some point the comments turn into a battle between a number of anonymous commenters plus one person who claims to be an employee of Eperks. The suspicious part is that all these commenters seem to come from the same block of IP addresses (76.206.0.161 - do a trace route on this ip) that when traced lead you back to the San Jose area (where ePerks lives). This IP block has been verified as coming from ePerks in many posts where people published images of emails with header details from ePerks and this is this same IP was used in stealth marketing tactics where employees of ePerks would comment on various forums positively about the company with multiple identities.
Ok, so this is what I would say about this ridiculous business behavior. We ALL know that in business the ones that survive provide a great service that people need. Businesses that cannot adapt to the market will be left behind, and when people who don’t have a good experience complain, that is a good indication you should change what your business is doing. Blogs are a way to discuss businesses, services, and experiences-ALL kinds of experiences. A company can’t solicit a blogger’s advertising and punish him for comments he received from consumers. That is free speech. It’s important that business owners listen to consumers and provide what they need. I am constantly listening to what my clients need and that has enabled me to survive in this tough market we’re in right now. Blogging is a VERY powerful tool for marketing, and it’s a bad idea to threaten bloggers because of our strength in numbers.
I’ve been in contact with a current buyer for a couple of units in Trump’s Condo/Hotel here in fabulous Las Vegas. We’ve been talking about his units, which are on the 29th floor with fantastic south strip facing views. He has a 1 bedroom, and a studio next to each other. He’d like to assign the contract to a new buyer at his original 2005 price!! This is a great opportunity for someone looking to purchase in Trump Condo/Hotel. These units are some of the most desirable positions in the building with beautiful views of the strip.
I’ve been showing a lot of high rises lately, and Trump is in a unique location on Las Vegas Blvd. It’s right in the middle of everything: The Wynn, Fashion Show Mall, The Palazzo, Venetian, and the new $6 Billion dollar project called ECHELON and a Turnberry Developed fontaine-bleu-las-vegas. The development on Las Vegas Blvd is moving to the north instead of moving South because of FAA height restrictions on buildings close to Macarran International Airport. Those restrictions have forced developers to seek out strip frontage property on north Las Vegas Blvd. It’s quite exciting to see all of the cranes in the sky when you’re looking at the strip.
But back to these units available for assignment in Trump:
The ONE Bedroom is currently available for assignment at $855,000. This buyer is losing money at this price. Just to give you an idea of what’s currently available for one bedrooms, click HERE. You will see that there is only one unit available under this price on the 16th floor.
The Studio is currently available for assignment at $615,000. Same situation on this property. This is the cheapest unit in the building by $60,000!! Yes, folks this is a GREAT DEAL! To see the other Studios currently on the market, click HERE.
Please contact me directly to get more details on these units. My toll Free number is 866-589-1646 or you can email me at Felipe@felipecrook.com.
