Aaron Auxier's VIVA VEGAS! Luxury Real Estate Update - May 2008.

Aaron Auxier's VIVA VEGAS! Luxury Real Estate Update - May 2008.

As of May 2008, only four residential high-rise projects (on or near the Strip) are selling pre-construction inventory: The Harmon Residences, Veer Towers, The Residences at Mandarin Oriental, and Panorama Towers T3. In this edition, you'll be updated with the latest statistics from those buildings as well as four residential developments which feature MLS resale inventory: Turnberry Place, Turnberry Towers, Sky Las Vegas, and Panorama Towers T1+2. The statistics for total resale units, current units in escrow, and price-per-square-foot are quite interesting.

Even though the land values in the prime-location Resort Corridor have risen sharply, the resale sector of the Las Vegas high-rise condo market (residential and condo-hotel) has been hit hard. In some cases, resale high-rise units are being priced reflective of near 2004 land values and construction costs. A fair example is Sky Las Vegas, the only open high-rise condo property on the Las Vegas Strip. Sky will continue to be the only open high-rise condo tower located directly on the Las Vegas Strip until nearly 2010, when four projects open their doors: Cosmopolitan Resort, The Harmon Residences, Veer Towers, and The Residences at Mandarin Oriental.

How will the reality of next-gen land values and construction costs affect future high-rise condo pricing such as the Palazzo Luxury Condominiums? Will it be 2011 before the high-rise market rebounds? Is it possible that the Las Vegas high-rise condo market has over corrected? Have people misunderstood the current challenges of condo-hotel financing with residential high-rise? Rather than trying to prove any of the above, my goal is to provide factual happenings and statistics so that people can come to their own conclusions.

Focused less on selling and more on educating, luxury, and lifestyle

I want to emphasize my brokerage's focus on Las Vegas luxury real estate, client education, and lifestyle. Operating as a high-end boutique firm enables us to work with a smaller number of clients, giving each one of our seven agents an exceptional level of integrity. Bruce Hiatt and I inject a level of pride and tradition into our company that is unique and organic. Every hand-selected member is chosen because of their ability to recognize and respond to our principles, benefiting not only themselves, but most importantly our clients. At Luxury Realty Group, we truly live the term "Walk the Talk".

Years ago, I set a personal goal to become internationally recognized for representing the best interests of high-profile clients when purchasing luxury properties...think sports agent for real estate. My new website VegasCondoScene.com does a good job of demonstrating my focus and success with that goal. Make sure to check out the KUDOS and BIO sections to learn more about my reputation in this business and the level of service in which my firm provides.

We look forward to sharing the value of our brokerage's traditions with you in the future.

Exciting Penthouse Sale

We recently listed and successfully closed another one of the six Sky Suite penthouses at Sky Las Vegas. After we listed this three-story penthouse (at just over $5 million), we had it under contract in just 88 days. In other cities, the average time on market for a property in this price range can be over a year. This penthouse recently closed escrow for approx. $4.75 million (approx. $922 a square foot).

Luxury Realty Group has now been involved in three of the six total Sky Suite penthouse sales since Sky Las Vegas' opening last year. And guess what? We just listed the Sky Suite at the very front of the building. This three-story Las Vegas Strip penthouse condo is located directly on the Strip and features bi-directional views towards the Strip. See pictures and pricing below.

Los Angeles' Connection to Vegas

I'm excited to say that my recent recognition as the top-dollar-selling agent at The Harmon Residences at MGM MIRAGE CityCenter (a chic and trendy building geared towards those in entertainment), as well as other Luxury Realty Group accomplishments, have opened up doors in other cities. With Las Vegas being our primary focus, we've decided to accept two cities (outside of our own) which offer our clients unique residential high-rise opportunities...Los Angeles and New York.

I now have three exciting boulevards in which I can help you access opportunity (including the most fabulous of penthouses)...

- Hollywood Boulevard - W Hollywood Hotel & Residences (Call me to get connected).

- Wilshire Boulevard - The Carlyle Residences (Call me to get connected).

- Las Vegas Boulevard - But you already knew this.

What's Coming in the next VIVA VEGAS! Luxury Real Estate Update?

- My new blog, LasVegasStripDaily.com will be live and fully operational. I'm excited about this blog and can't wait to share it with you.

- A brand-new Strip construction photo update. Witness all of the latest construction at properties such as CityCenter, Cosmo, Fontainebleau, and Palazzo.

- FOLLOW ALL LINKS BELOW FOR LATEST ARTICLES -

Resale vs. Pre-Construction Comparison
Compare the resale MLS listings in four residential Las Vegas luxury high-rise condo projects to four residential pre-construction buildings on or near the Las Vegas Strip. Includes current number of escrows, units under 500k, units under $500 a square foot, and more.

Aaron Auxier awarded as a Rising Star of Business
Recently, Mayor Oscar Goodman and the Las Vegas Business awarded me as one of ten Rising Stars of Business in Las Vegas. The link above will take you to a PDF of the article written by the Las Vegas Business Press. Thank you to MGM MIRAGE for allowing me to use The Harmon Hotel model as the backdrop for my photo shoot.

10 Tidbits regarding a possible $10-billion Las Vegas development
Is Panorama Towers a couple of years away from finding itself virtually in the middle of $20 billion worth of mega-resorts? Read 10 important tidbits in regards to Viva, a $10-billion project recently announced by Station Casinos (includes first rendering and map location).

Website geared towards celebrities, music artists, and athletes hits the scene
The official press release for VegasCondoScene.com. "I want celebrities and athletes to know that they have rights when it comes to purchasing high-rise condos in Las Vegas," says Auxier. "Many times, they don't know how easily they
can lose those rights."

Pictures of my recent appearance on FOX 5 News and accepting award for Rising Star
Recently, I made a live in-studio appearance on FOX 5 News. In this blog you can see a picture of me as I prepared to film. Also included, photos of me and Las Vegas Mayor Oscar Goodman, as well my acceptance of the Rising Star Award.

Rare three-story penthouse on the Las Vegas Strip
Being one of only six three-story high-rise condominiums on the Strip and sitting at the very front of the building, this professionally-decorated masterpiece is unique and rare. How would you like to be one of the numbered few who can claim they own something this exclusive? Offered at $7.9 million, see pictures inside - Call me for a private and confidential showing.

Latest News

-According to the Las Vegas Review Journal, Crown Las Vegas has been cancelled and the land is for sale. With a height approval of over 1,000 ft, it will be interesting to see how much this land is worth.

-The Hard Rock expansion is fully under construction. See photos on the Hard Rock page or the Updates & News page at VegasTodayAndTomorrow.com

-New York-based FX Real Estate and Entertainment filed with a Securities and Exchange Commission to continue forward with plans to develop a resort on approx. 18 acres across from CityCenter.

-Steve Wynn recently announced his plans for the land currently being used as a golf course behind Wynn Resort. Wynn says he is planning to add two hotels and a spectacular meeting and convention center. He also mentioned that a 20-acre lake (twice the size of the lake at Bellagio) with special effects, could be built on the property.

Aaron Auxier REALTOR®, ABR can be reached at 702-205-1818

Copyright © 2008 Aaron Auxier. All Rights Reserved.

Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.