Las Vegas Properties Blog

In the midst of the real estate “slump” and long list of cancelled luxury condo projects, a few Las Vegas luxury condo developments continue to thrive.  Palms Place luxury condominiums in Las Vegas is one of the success stories of the Las Vegas luxury condominium market that started in 2006. Several of the new residents of the famous Palms Place are the “rich and famous,” but many are local and international buyers looking for a vacation home.  Some want to own a Las Vegas luxury home for those times that they visit, since they are able to take advantage of the finest amenities and services offered by any Las Vegas resort.  Palms Place had a unique and very successful marketing plan that attracted luxury condo buyers from around the world, some as homeowners and some as investors.

 In the midst of a “credit crunch” and declining property values, several Las Vegas condominium projects have cancelled.  Some condo buyers in Las Vegas are still awaiting their earnest money deposit refunds, while others have received refunds, but are still disappointed that their new luxury condos will not be built.  And, with other condo owners in litigation over the rental pools at the MGM Signature, possible delay of Cosmopolitan Condominiums and Mira Villa’s bankruptcy, Palms Place condo buyers are excited and happy to be closing escrow.

Maloof Brothers Succeed at Palms Place

The Maloof brothers seem to have what the luxury condo market requires – a celebrity audience, upscale amenities, name recognition and the financial ability to have built the property and opened on time.  The 47-story luxury high rise  features 599 suites, and is attached to the popular Palms Casino by an enclosed, elevated “SkyTube” that moves residents to and from their condos on moving walkways. 

The 520-foot tower offers 600 square foot studios, 1,200 square foot one-bedroom units and 21 penthouse condos that range from 2,000 to 7,000 square feet.  The tower features a 50,000 square foot pool and spa complex, a Turkish bath treatment and Sunset Tan studio.    Studios start in the $600,000’s and penthouses are priced as high as $5 million.

Condo owners can enter into the hotel rental program, whereby owners will receive 50% of the rental money under subleasing agreements with The Palms.  Palms guests will be able to use the Drift Spa at Palms Place, which has a separate staff facility.  Guests will also be able to enjoy The Simon Restaurant and Lounge.  There are cabanas for rent and the pool are also features waterfalls and fire pits.

Read the rest of this entry

Las Vegas Summers

When people think of the Las Vegas climate, they think “dry” and “desert.”  We love our weather, with the sun shining about 340 days of the year!  For those of us who moved to Las Vegas from the midwest or northeast, we are thrilled not to face the snow and cold!  Our summers, though, are hot.. we in Las Vegas call it a “dry heat!”  And summers in the desert also bring the “Monsoon” season, when we see rain storms from Mexico during July and August.

Do I Need Flood Insurance?

Many of my clients ask if Flood Insurance is necessary in Las Vegas and Nevada.  While it might not be necessary (meaning that the Las Vegas mortgage company does not require this insurance) it is still a very good idea.  I, personally, am not an advocate of buying unnecessary insurance of any type.  But, having lived in Las Vegas for 19 years and having lived in Tucson, Arizona for 10 years, I always suggest to my clients that Flood Insurance offers great piece of mind.  Las Vegas has added excellent flood control structures and drainage systems during the past 15 years, but those are no guarantee again water damage in a heavy rain.

Homeowners insurance policies have many exclusions; most homeowners never take the time, and cannot understand the insurance jargon to understand what the exclusions mean.  I have found that an insurance company can deny a water claim for any number of reasons and call it “flood damage.”  If your insurance company does deny a claim, it would take too much time, effort and probably a good attorney, to win the argument.  In the meantime, it is up to the homeowner to coordinate and pay for repairs, construction and temporary living accommodations.  So, it is better to be “safe than sorry.”

The National Flood Insurance Program advises that, although you might not live in a “flood plain,” you face the possibility of flood damage during heavy seasonal rains.  Flooding can be caused by rains, drainage systems and failed flood control structures.  The term “100 -year flood” does not mean that there is only a major flood every 100 years. Read the rest of this entry

We are all really excited to see the ongoing development of the MGM City Center on the Las Vegas Strip.  This unique luxury condominium/resort development is scheduled to open fall 2009.  City Center offers an exclusive collection of residences, including a 4,000-room resort, casino, 1,850-seat showroom theatre, spa, fitness center, salon and four pools.  The Crystals is CityCenter’s beautiful retail center, showcasing top brands and high-end couture.   Residents and guests will enjoy a choice of 18 restaurants, 6 bars and cocktail lounges, a nightclub and the CityCenter automated transit system connecting to Bellagio and Monte Carlo. 

MGM City Center offers VDARA – an upscale condo hotel with internaional flair located on the Las Vegas Strip.  This 57-story condo hotel features a unique crescent shape and patterned glass, creating a unique and beautiful design.  VDARA will offer 1,543 residences, open floor plans with unparalled views of the mountains and city.  These condos are fully furnished, delivered to condo buyers as a “turn key” home.  VDARA offers studios, deluxe studios, one and two bedroom residences, studio, one and two bedroom penthouses.  VDARA offers a great lifstyle for a primary or vacation residence.  Floor palns range from 500 to 1,750 squre feet and connecting units are also available.  Amenities include a beautiful pool deck, lobby lounge, destination restaurant, branded salon and full-service wellness spa.  Conference suites are available for executive groups and events for 10 – 250 guests.  Residents and guests will also enjoy the gourmet coffee bar, grocery, fully-equipped fitness center, in-suite dining, banquet and catering services.

To learn about availability and pricing, call Las Vegas Properties.  We will send you a complete brochure and price list of available condos.  Call 1-888-876-8383 or email terrilvp@cox.net.

Scenes and improvements are not within the project, are proposed, artist’s renderings only and NEED NOT BE BUILT.  Plans, architectural renderings, specifications, pricing and locations are subject to change without notice.  ©2006 Project CC, LLC.  Unauthorized use of the images, artist renderings, plans or other depictions of CityCenter is strictly prohibited.

Las Vegas’ McCarran International Airport is the 5th busiest airport in the country.  Since the Las Vegas population has more than doubled over the past 10 years, the North Las Vegas Airport has become a popular choice of private pilots, scenic airlines and tourist airplanes and helicoptors.    Originally, the North Las Vegas Airport was developed to keep smaller, private jets from clogging runways at McCarran International Airport, one of the nation’s busiest airports. Managed by Clark County Dept of Aviation, North Las Vegas Airport was a conduit for more than 230,000 takeoffs and landings in 2006, making it the second busiest airport in the state.

Among the amenities offered at North Las Vegas Airport is the 15,600 square-foot terminal, pilot lounge and weather station, discount jet fuel and great location with easy access to I-215 and US 95. In addition to transient flyers, North Las Vegas Airport has 685 airplanes based in 259 hangars, 66 of which were built through public private partnerships in the past two years. Tenants or developers typically build the hangars, leasing the land from the county for $.90 per square foot per annum. The Aviation Dept also shares from 1-5% of the revenue of the 25 commercial operations, which include rental car companies, aircraft maintenance shops and flight instruction schools. Las Vegas Metro Police and Bureau of Land Management both operate onsite flight support facilities. Metro is planning to add a 38,000s square-foot facility at the airport within the next 2 years. The airport employs 30 county workers and is responsible for more than 1,700 private sector jobs in Clark County.  The growth of this airport is another facet of the growth and popularity of the City of North Las Vegas, one of the fastest growing cities in the country during the past 3 years.

With new Master Planned Communities such as Aliante and the future Park Highlands, as well as the new Aliante Station Resort Casino, the city of North Las Vegas has become a great choice for new residents to buy homes in the more suburban area of Las Vegas.  North Las Vegas is a great place to live!  For a list of communities and city resources, contact Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.