Bruce Hiatt

The first ever 3 story penthouse on the Las Vegas Strip is for sale. This over 5,000 square foot penthouse is located in the only luxury high rise condo on the Las Vegas Strip called Sky Las Vegas.

With amazing Strip views of Wynn, Trump Las Vegas, Encore's Shangri-La and the prime areas along Las Vegas Blvd, it doesn't get better than this. Just consider you will be living in luxury in ways you haven't considered before.

• On the first level, just imagine:
• Your wine collection is chilled in two different wine coolers
• Guests, using the private guest bedroom and bath, are gazing at Trump's new condo hotel a short distance away
• Friends sit at the wet-bar by the entertainment area of your two story great room
• Glass walls soar two stories with Strip to City to Mountain views while friends gather on the over-sized sofa watching events on the suspended Plasma TV
• Your private chef is preparing a meal in the spacious kitchen using the large island's 5 burner cook-top under the large suspended exhaust hood. The warming drawer keeps the earlier prepared vegetables warm while the convection and Advantium ovens are searing in the final minutes of a great gourmet meal
• The walk-in pantry is filled with key ingredients for tonight's meal while the multiple-pullout storage systems in the kitchen area contain your special spices your chef will need tonight
• Your chef realizes some guests have gone to the 3rd level entertainment area and the penthouse's private elevator takes specially prepared appetisers quickly to them
• On the second level, your private living space awaits:
• The spacious master suite has two walk-in closets containing that special wardrobe for tonight
• Earlier you bathed in the jetted tub overlooking the Strip surrounded by soft candle light
• Your significant other relaxed in the over-sized stone tiled shower under the gently falling water from the rain-head while being washed from two separate shower systems
• Guests are still getting dressed in the guest room with its own private bath. They are late because the nearly 180 degrees of glass walled views has captured their minds in a zen like world. Your guests are amazed how the expansive glass wall stays in place that overlooks the two story living room and at the same time allows direct views through the two stories of glass below them and at eye level
• On the third level, none of your guests care about events taking place one or two stories below them
• Some of your guests are watching a movie in the home theatre area
• Two of the guests are working out in the den that has been transformed into a personal gym with views of the Red Rock mountains
• A few of the guests are sitting at the wet bar enjoying a beverage using ice from the ice maker
• The majority of the guests are in conversation on the over-sized outdoor terrace with its glass walled balcony, travertine stone floors and are gazing at the incredible views of the Strip and City.
• Course a few guest just couldn't wait to try out the private spa so they too could claim they sit in a spa on top of the world and under the twinkle stars
• The chef drops by in the private elevator to serve more appetizers and heads outside to the terrace. There the chef checks on the steaks grilling on the outdoor complete kitchen's dual burner grill. "Anyone need ice" says the chef while pulling another beverage out of the outdoor bar refrigerator.

Could I go on? Yes but this Blog post would take pages to complete the detailed description of this amazing and unique 3 story Sky penthouse.

Currently priced at $5.9 million and at $1,145 per square foot, this incredible property is listed considerably below market. Compare to top floor prices per square foot already under construction and under contract at MGM MIRAGE's CityCenter. Prices at CityCenter for those top floor penthouses are closing in at $2,600 to $3,000 a square foot.

Live in the only luxury high rise on the Strip and in the first of its kind 3 story penthouse to become available in Las Vegas. Other high rises near the Strip only have two story penthouses and finishes that are dated compared to this new penthouse. Never lived-in and ready for your designer to add furnishings and possibly color changes (walls are custom smooth finished in neutral colors), this is a once in a life-time opportunity for the right buyer.

For a photo tour of the amazing Sky Penthouse property, click on this link.

Call Bruce Hiatt at (702) 456-7080 x201 PST for more information and to schedule your private tour.

Just as you are getting tired of the nightly news attempting to crush the Las Vegas real estate market, here comes the report about a future Las Vegas housing shortage that we've been predicting in our Blog posts for some time. I guess the news media have decided that real estate bad news makes for higher ratings now than the Irag war news. The irony is that real estate remains a local market with special local dynamics and the news media have never figured that out.

In the Las Vegas local market, the supply is shrinking for luxury high rise condos. This is due to so many cancelled projects over the past three years plus soaring Strip land costs rising from $4 million to $34 million an acre. Developers will tell you that no one can make a profit from building inexpensive luxury high rise condos now.

We've known for some time that the new home builder permits are substantially low for Las Vegas. With over 6,000 people a month still moving to Las Vegas (for 15 years now), it remains one of the most robust and healthy economies in the US. Likewise, with over $40 Billion in construction along the Strip resort corridor, the number of new jobs created over the next three years is in the tens of thousands.

So what is driving this future housing shortage as the news media don't think that is the case in Las Vegas?

For starters, Las Vegas is no longer the old buffet and middle class location it once was. Las Vegas just EQUALED New York City for the total number of AAA 5 diamond awards for fine dining and luxury hotels. It is already projected that in three years Las Vegas will be the #1 city in the US with the most AAA 5 diamond award establishments.

Dubai World's recent investment into MGM MIRAGE's CityCenter further underscored just how international Las Vegas is becoming to the rest of the world. So what does all of this have to do with the local housing shortage prediction? Plenty.

Just this past week we identified that the Las Vegas hotel condo supply has dropped 6% in just the past three months. Savvy buyers are grabbing the luxury hotel condo deals now before the rest of the public realizes the bottom is now. This is one indicator that we have found for you to illustrate how the Las Vegas luxury condo market along the Strip corridor is going to experience stronger demand in the future.

So what are the other indicators?

• Buyers do not want long commutes, especially with soaring gas prices
• There are more single female buyers than every before and they want luxury high rise condos
• Aging Baby Boomer's are increasingly moving to Las Vegas and they do not want the maintenance headaches that come with a single family residence. They only want the luxury condos, especially those along the Strip corridor
• Professional real estate analysts are already predicting demand for luxury high rise condos in Las Vegas is 2:1 over single family homes
• The number of International buyers for Las Vegas luxury condos is increasing dramatically each year, especially with the weak US dollar
• The Las Vegas population will exceed 2 million by 2008 and is still strongly growing with an annual 4% population growth year over year
• New single family home construction permits are down by 39.3% this year
• Longer life spans by retirees is now showing they only want luxury high rise condos
• Increased premium on quality personal time and convenience which living on the Las Vegas Strip in the only luxury high rise condo on the Strip called Sky provides its owners.
• Future water restrictions will be imposed on single family homes as luxury high rise condos return a high percentage of its water back to the recycling water treatment system. Single family homes waste over 40% of the water in Las Vegas just for landscaping irrigation.
• In Sky Las Vegas, out of 409 luxury residential condominiums, only 44 are for resale. That is not Miami as the news media would have you believe. How does 44 equate to Miami's 50,000 and growing inventory numbers for luxury condos?

So what are next steps for undecided buyers for Las Vegas luxury condos? Buy them now as the price per square foot still reflects the land prices of $4 million an acre instead of the current $34 million an acre. Why is this the case? Because so many cancelled projects kept new higher priced supply from hitting the market until 3 years from now then the next high rise condos are delivered.

For example, you can purchase a one bedroom in Sky Las Vegas in the low $400,000's now that if it was being built now and delivered in 2010 like MGM MIRAGE's CityCenter it would cost you anywhere from $600,000 to over $900,000. As the new Plaza in Las Vegas or Palazzo luxury condos get announced for their prices, expect the price per square foot to be even higher. Savvy buyers have discovered these facts and now see recent land sales along the Strip are not showing any reductions in land costs.

Call Bruce Hiatt at (702) 456-7080 x201 PST if you want to buy one of these amazing luxury condos at today's prices. Or, you can wait and pay for the ones to be announced soon at substantially higher prices. Whatever happened to the saying "The Time Value of Money"?

The implosion of the New Frontier early this morning marked the end of an era. Gone are the $44.95 a night room specials that were so interesting as they were advertised over the multi-million dollar sales center for Trump Las Vegas. Gone are the mechanical bull rides and one of the few places where you could have your dog stay in your room.

Enter the new era that the New Frontier's implosion brings. This new era is one of luxury living. Whether fine dining in AAA 5 diamond restaurants or world class rooms and spas, there is no doubt the future Plaza Hotel in Las Vegas will reset the level of luxury living in Las Vegas.

The Plaza Hotel in Las Vegas is owned by the same owners of the famous New York Plaza Hotel. There's little doubt that the level of price per square foot for the future ultra luxury condos in the Plaza in Las Vegas will set new price records in Las Vegas.

The irony is there are amazing deals NOW in the ONLY luxury residential condo on the Strip called Sky Las Vegas. It is nearby the Plaza in Las Vegas. Course who would want to buy a luxury condo in Sky in the $500 to $900 a square foot range when they can wait and buy one costing 4 times as much? The media would have you delaying your purchase and ignore that as of today Sky only has 37 luxury condos available for sale on the market. In fact, I have one amazing one bedroom deal in Sky Las Vegas priced at $400,000!!! In a luxury high rise like Sky, with its top prices in the $10,000 range, this is an amazing opportunity to get into a high end high rise condo on the Strip.

Whether Plaza in Las Vegas is your taste or Sky Las Vegas, contact Bruce Hiatt at (702) 456-7080 x201 for more details.

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