Bruce Hiatt

I find it interesting that speakers at Las Vegas real estate meetings are now attempting to project the timetable to build the next condominium high rise in Las Vegas. The latest projection was presented last week at 10 years by a prominent businessman who was involved in the development of Panorama Towers.

The curious part of such presentations is on what basis are these projections made? Is it labor cost or raw materials? Is it land costs? Is it supply and demand? Is it the current credit crunch? Sure these play a part in any developer's decision to build or not but how can one predict it will be EXACTLY 10 years when the next luxury high rise gets built? Careful running out and telling your clients this information without doing your own homework first.

I spoke with a very prominent Canadian client of Luxury Realty Group yesterday and I couldn't get him to stop laughing on this 10 year projection. Why was he laughing? It seems in Toronto, a developer is currently building a luxury high rise building that is very unique and prices begin at CDN$3 million. This developer researched the market and demand and concluded that his high rise condo project would attract the upper end of the market globally and demand would be strong. Turns out he is right so far.

So the lesson learned in all of this is while we have strong economic barriers to entry in Las Vegas for building new luxury high rise condominiums like Turnberry Towers or Sky Las Vegas, if the market will support a specific high rise project then it can get built and demand may very well be there.

The good news for Las Vegas is supply in the prime Resort Strip Corridor is already very limited for luxury high rise condos unlike Miami. So if another high-end luxury condo high rise project gets built in 3 years or 5 years, the market is ideally in a position to handle it if it is unique and demand is there.

So be careful what you assume when you see projections in any real estate market. Know the numbers and assumptions behind those projections before you declare them to your clients as fact.

Contact Bruce Hiatt at (702) 456-7080 x201 and let's create a referral opportunity for your buyer and Luxury Realty Group. You can also follow Bruce on Twitter @LuxuryRealtyGrp or subscribe to our RSS feed at www.LasvegasHighRiseBlog.com or www.FineVegasHomesBlog.com.

Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.

Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

Smarter Agent launched its Homes for Sale mobile search service in Las Vegas today and across the US. Currently available on the Sprint and AT&T networks with over 130 million customers, Smarter Agent will extend its current converage by year-end 2008 to a wider variety of cell phones than today.

Smarter Agent will allow Las Vegas cell phone users to see homes and condos for sale using GPS technology, property photos, property data and much more. Should the mobile user wish more information about a specific property, including the one the home or condo in which they are standing in front to view, they can be connected to one of Luxury Realty Group's agents to assist. Imagine standing in front of Sky Las Vegas to review current luxury condos for sale, photos and recent sales and more data on your cell phone.

Bruce Hiatt, Broker and owner of Luxury Realty Group, says "Smarter Agent in this real estate climate delivers a key mobile service highly desired by real estate buyers in Las Vegas". Bruce also said, "With the iPhone increasingly being carried by our clients and prospected clients, Smarter Agent will provide a whole new level of real estate services while the client is in front of the home or condo of interest to them." He further said,"Of course the iPhone is just one of many mobile device types supported by Smarter Agent."

For the Las Vegas area, Luxury Realty Group is the exclusive provider of the Smarter Agent service.

Additional information can be read on the RISMedia website with the following article:

http://rismedia.com/wp/2008-11-23/nations-leading-real-estate-brokers-enter-red-hot-mobile-space-via-smarter-agent

Contact Bruce Hiatt at (702) 456-7080 x201 and let's create a referral opportunity for your buyer and Luxury Realty Group. You can also follow Bruce on Twitter @LuxuryRealtyGrp.

Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.

Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

Just as the federal bailout plan was passed and signed into law today, look at what happened next regarding California and New York with regard to their financial situation.

Both states declared they are in financial trouble. California sent a request to U.S. Treasury Secretary Henry Paulson for a $7 Billion bailout to rescue to pay "teachers' salaries, nursing homes, law enforcement and every other state-funded service" this month, Gov. Arnold Schwarzenegger warns as stated on CNNPolitics.com today. If California doesn't get this bailout then won't taxes increase for Californians to pay down the state's debt?

We've seen this scenario in the past when the two governors of Nevada and California began aggressive marketing campaigns to educate (and to to counter such ads) California businesses and residents as to why Nevada is the better place to grow your business and live. With no state income tax, Nevada is well positioned to once again take full advantage of California's high tax and deficit situation.

Nevada saw a huge influx of luxury single family real estate and luxury high rise condos in 2005 as a result of Californians moving or investing in Nevada real estate, especially in Las Vegas. So why wouldn't you not expect this to happen again?

Consider that right now you can buy a one bedroom luxury condo on the Las Vegas Strip in Sky Las Vegas under $300,000 and no state income tax. With a low cost of living, great climate and low real estate prices in comparision to California, seems like Las Vegas is positioned for a huge spotlight of low cost opportunity by the media. At Luxury Realty Group in Las Vegas, we are fully prepared to assist your buyers with the latest list of luxury real estate opportunities.

Contact Bruce Hiatt at (702) 456-7080 x201 and let's create a referral opportunity for your buyer and Luxury Realty Group. Keep in touch with the latest Las Vegas luxury high rise trends at LasVegasHighRiseBlog.com

Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.

Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

It's very unusual knowing the high land prices for a Las Vegas Blvd premium address to see a luxury condo come onto the market under $300,000. That has just happened in Sky Las Vegas which is currently the only luxury high rise located on the Las Vegas Strip resort corridor.

The one bedroom condo is currently priced at $292,000. This condo has many upgrades such as granite kitchen counters and a jetted tub in the master bath.

With only 4 miles of the Strip resort corridor which consists mainly of casino hotels like Bellagio, Palazzo and Wynn, available land to build is very limited and expensive even in these times. The developers of Sky Las Vegas informed me that you could not rebuild this one bedroom condo for its current price in today's market. Of course we're not implying instant appreciation but replacement cost analysis will show this condo to be a great opportunity for the right buyer.

Contact Bruce Hiatt at (702) 456-7080 x201 and let's create a referral opportunity for your buyer and Luxury Realty Group.

Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.

Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.

One of the newest luxury high rises to be recently completed near the Las Vegas Resort Corridor has taken the buyer incentive program to a new level.

Luxury Realty Group is one of a few select brokerages to be given access to this highly creative buyer investor incentive program for Allure luxury condos in Las Vegas. For existing developer inventory purchased through Luxury Realty Group, the following buyer incentives are available:

• A special investor incentive program is more enticing than most in today's challenging real estate market place. Contact Bruce Hiatt for the latest details as this developer continues to announce new components to this investor incentive program at Allure.
• Developer inventory through Luxury Realty Group prices start in the high $300,000 range and go over $1 million.

Contact Bruce Hiatt today at (702) 456-7080 x201 more details and our agent referral program.

Copyright © 2008 Luxury Realty Group. All Rights Reserved.

Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion which may differ from the opinion of Luxury Realty Group LLC, 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.