[Aaron Auxier]

Thank you everyone. I love Las Vegas and will do everything I can to raise awareness and do what I feel is best for the people who also love this city.

The world is changing because of the Internet. I will be talking about this in next month's VIVA VEGAS! Luxury Real Estate Update. I'll post a link when it's done.

For anyone who missed Aaron's Annual Thoughts - Las Vegas - 2009 (http://activerain.com/blogsview/860312/Aarons-Annual-Thoughts-Las-Vegas-2009) - make sure to check it out.

[MsuMix]

MsuMix, Any hints to where cosmo is headed in the near future in terms of hotel operator? Last I heard was an annoucement was coming in two months, but that was over three to four months ago??? You seem to have your ear to the ground when it comes to the cosmo. Any info you can provide us would be helpful. Thanks in advance.

There is a new operator in place, although I'm not sure its public info yet. I also understand they haven't fully decided on the property "brand".

You probably won't find any current plans on the internet... podium and rec deck are still under final architectural development. However the new operator has changed this property for much improvement over Eichner's designs.

[mac78130]

Cosmo vs. Jockey Club
flickr photo by mary2678
http://flickr.com/photos/mary2678/3183769646/sizes/o/
http://farm4.static.flickr.com/3085/3183769646_c699304a2c_o.jpg

[RandalR]

Any hints to where cosmo is headed in the near future in terms of hotel operator?

Rumor says it's Hilton.

[Aaron Auxier]

While I don't get out much, over the last three days, I've had clients in town and have been going out. I have to admit, I've had fun and made many new terrific friends.

I've twice went to Encore and wanted to share my opinions.

Encore (when it comes to vibe), almost gives me a Red Rock feeling - just higher end, much more elegant, and "the new".

- Botero - Standing in Botero, I had an epiphany - Vegas has changed. From the mosaics on the floor to the fab menu, the vibe was one of WOW. This is not your old-school steakhouse.

- Sinatra - I actually was lucky enough to have dinner at the table next to the man himself - Steve Wynn. My experience at Sinatra was stellar. I'd call the menu nouveau Italian. Our waiter was fantastic, I feel "artisan" would better represent how he presented the experience.

- Switch - I have not tried Switch.

- XS - I'm not a club person but was invited to drop in and meet some friends. Real money was falling from the sky (the drop it from above). The ambiance and decor was spot on, bass was poundingly terrific. Lots of beautiful people and an outdoor component (like Tryst). Victor Dre does it again.

Forgive the bad quality of pic below, but my small camera is no good. This is the pool at XS.

http://item.slide.com/r/1/106/i/xiKGCmZu0j-b9JCU6n0rNqDJyuLigOKd/

[Zach6668]

Thanks for the Encore review, Aaron.

Wynn sent me an offer for 3 free nights, and a $150 restaurant comp (like I'm sure thousands of others got, because I've barely even gambled there), so I decided to take advantage of it.

I'm reallllly looking forward to 3 nights at Encore, all on the house. I leave tomorrow.

Can't wait to get down to Vegas again! I feel like it's been forever, but it's only been since July, hahah.

[mdiederi]

Cosmopolitan is huge !

Yep. :yes:

http://img.photobucket.com/albums/v120/mdiederi/Cos.jpg

[Aaron Auxier]

That's an amazing photograph right there.

[gmcclenon]

Ok, wandering around the CES show yesterday (that's my story and I'm sticking to it) and snapped these off as I walked by:

http://i127.photobucket.com/albums/p131/gdog137/Fontainebleau/fbpalm.jpg

http://i127.photobucket.com/albums/p131/gdog137/Fontainebleau/fbsign.jpg

http://i127.photobucket.com/albums/p131/gdog137/Fontainebleau/fbskystrat.jpg

http://i127.photobucket.com/albums/p131/gdog137/Fontainebleau/fbstrat.jpg

I'll have a few more tonight or tomorrow of the podium from an interesting perspective.

[mdiederi]

Didn't notice before, but that part on the left edge that sticks out where the glass looks darker only sticks out for a few floors and the newest glass is back to the same place as the lower floors.

[sw5710]

Didn't notice before, but that part on the left edge that sticks out where the glass looks darker only sticks out for a few floors and the newest glass is back to the same place as the lower floors.

It looks like there are different floor plans hotel or condows. The windows look different at different floors as you go up.

[neworleans]

Didn't notice before, but that part on the left edge that sticks out where the glass looks darker only sticks out for a few floors and the newest glass is back to the same place as the lower floors.

that's because they haven't finished installing the glass around the corner. you can see from the first pic that the top floors have a slightly different angled corner then the lower floors.

[sw5710]

That would be a great corner view!

[mdiederi]

Had the Aria sign been posted yet?
Didn't even notice this yesterday when I was shooting, so had to crop it out from a small section of a bigger photo.
http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/AriaSign.jpg

Top of the Mandarin Oriental
http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/MandTop.jpg
Not sure what to make of that? Looks like a white fence from someone's yard put on top of a skyscraper.

Bottom of the Mandarin Oriental
http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/MandPod.jpg

[justdefended]

Had the Aria sign been posted yet?

Didn't even notice this yesterday when I was shooting, so had to crop it out from a small section of a bigger photo.

http://img.photobucket.com/albums/v120/mdiederi/buildings/citycenter/AriaSign.jpg

I saw this lit up the other day, it seemed like a work in progress because the lighting was a bit off, i.e. the R and I were dimmer or something.

[Aaron Auxier]

I saw this lit up the other day, it seemed like a work in progress because the lighting was a bit off, i.e. the R and I were dimmer or something.

I concur that the lighting seems a tad off on a couple letters (saw it the other night).

BTW - Has anybody thought about this? Palms Place now stands as the primary celebrity-oriented condo property in Vegas. Soon, I'll be doing a press release in regards to a Palms penthouse that I'm involved with (it is entire south side, top floor of building - hanging pool and everything). It's an awesome piece of real estate.

Also, One Queensridge Place is a property that I'm telling many of my high-profile clients about because of its utter elegance and focus on security. Great place for an athlete to train and heal during off season.

Losing The Harmon was upsetting, but re-energized my focus to Palms Place and One Queensridge Place.

[ScottG]

i saw the aria a day ago too - its seems a little small for a tower that big - i never did like the font nor the name for that matter - its werid to put signs ontop of the towers- its abeling them - weird -

i wonder what will happen to all the adertisments and websites with renderings of city center showing the harmon full height? will they all be revoked and replaced with new renderings on a shortened harmon?


btw - cosmo is unbeleiveable- being the real thing is just as amazing - both towers are great - alternating blue/ grey glass - full length balconies - GREAT location - i love this project - i think it will be among the best places to go - - the structure for the club is currently in the works now.


i heard from an employee at TI that MIRAGE HAS BEEN SOLD. the announcement should be made soon....she also said that mgmmirage is going to sell all their pproperties except for mandalybay, city center, and bellagio.....

not too sure on her credability tho.

encore is amazing - i walked there through wynn - was amaze with wynn, as always, experienced encore with my mouth open and wallet tight, then walked back to wynn and felt like i was in palace station - encore really takes the apeal away from wynn - what a great casino.

[gmcclenon]

Couple more of FB:

Main pool taking shape 80 feet above the strip:
http://i127.photobucket.com/albums/p131/gdog137/FBpodium.jpg

'European style' pool hiding there to the right:
http://i127.photobucket.com/albums/p131/gdog137/fbpooldeck.jpg

View from across the street tonight:
http://i127.photobucket.com/albums/p131/gdog137/FBdusk.jpg

[Aaron Auxier]

Nice bottom pic G.

[mdiederi]

Wow, that glass looks so different in that light and from that angle. Awesome view from up there. I think Sky is in an enviable location.

[mac78130]

Does anyone think it's going to be extemely, extemely hot during the summer time with all the glass reflecting the heat around citycenter and cosmo? The Cosmo angle fascade looks interesting but is it going to turn into a magnifying glass burning the pedestrians like little ants?

[mac78130]

Lou Ruvo Brain Institute
Looks like melted steel
Flickr photo by Otomatsu (http://www.flickr.com/photos/otomatsu/3190687867/)

http://farm4.static.flickr.com/3384/3190687867_a3a1a341a9_b.jpg

[mdiederi]

Does anyone think it's going to be extemely, extemely hot during the summer time with all the glass reflecting the heat around citycenter and cosmo? The Cosmo angle fascade looks interesting but is it going to turn into a magnifying glass burning the pedestrians like little ants?
It's gonna be extremely, extremely hot this summer with or without glass. :cool: Look at that building in the photo above, it's already melting.

[Aaron Auxier]

For once, a local journalist has had the integrity to write the truth about Strip condo numbers. Liz and I put this article together last week. I'm glad she was able to get it printed.

However, I need to ask you Liz...why no credit to me for making the article happen and providing all the stats? :eeekk:

http://www.lasvegassun.com/news/2009/jan/12/harmon-isnt-strips-only-troubled-condo/

[neworleans]

i wonder what will happen to all the adertisments and websites with renderings of city center showing the harmon full height? will they all be revoked and replaced with new renderings on a shortened harmon?

they've already deleted all the links to the harmon residences, but i'm sure they'll just leave all the renderings because that seems like it would be too much work and it looks better w/ it there anyways. Plus, a lot of projects tend to deviate from their renderings anyways.

[mac78130]

It seems that orange wall is going to be everywhere
flickr photo by El Caganer (http://flickr.com/photos/seat850/3192211404/)

http://farm4.static.flickr.com/3439/3192211404_f02c4e9420.jpg?v=0

[justdefended]

It seems that orange wall is going to be everywhere
flickr photo by El Caganer (http://flickr.com/photos/seat850/3192211404/)

http://farm4.static.flickr.com/3439/3192211404_f02c4e9420.jpg?v=0

I like the orange plates around the glass, it gives this unexpected dash of color in an area with dense glass buildings.

About The Harmon, Jim Murren says the shortened building won't hinder the appeal of the project:

http://www.lasvegassun.com/news/2009/jan/08/company-exec-says-scaling-down-most-logical-move/

CityCenter, the company’s multibillion-dollar joint venture resort complex with Infinity World Development Corp., was originally designed with much shorter buildings in front so it wouldn’t be as imposing to pedestrians, Murren said.

In a departure from the typical casino resort, the main gaming hotel is behind hotel and condominium towers that face the Strip. A shorter hotel is expected to complement CityCenter’s Crystals mall, a low-slung building with boutiques that open to Las Vegas Boulevard, he said.

In time for CityCenter’s grand opening late this year, The Harmon’s exterior will be complete and the building will be lighted as if it is occupied, Murren said. Interior work on the hotel, now expected to debut in late 2010, will begin after the other buildings are up and running.

[tumbleweed]

http://www.lvrj.com/news/breaking_news/37462974.html
Harrah's Entertainment has suspended completion of the 665-room Octavius Tower at Caesars Palace from its scheduled mid-summer opening “until a period of stronger demand,” the company confirmed today.

Other parts of the company’s $1 billion expansion, including the 110,000-square-foot meeting space, will open on schedule.

[mdiederi]

Gees, and that's not even a condo tower. But, Harrah's is so strapped for cash it's not that much of a surprise, really.

[Krases]

Suspended!?!?!

Crap! That was going to be a nice addition! That really sucks.



i heard from an employee at TI that MIRAGE HAS BEEN SOLD. the announcement should be made soon....she also said that mgmmirage is going to sell all their pproperties except for mandalybay, city center, and bellagio.....


I don't think MGM is going to be cashing in that many chips yet. :jester:

[mac78130]

So are they at least going to complete the outside part?

[patrick84]

So are they at least going to complete the outside part?

Construction on the exterior of the hotel tower, however, will continue, said Jonathan Halkyard, Harrah's chief financial officer.

Once customer demand improves, Caesars will be able to bring the rooms online in a matter of months, he added.

[voice of reason]

Las Vegas' version of the 'domino theory' is playing out. I respect the executives making the tough calls. I think it is time that the Cosmopolitan management comes out of their bunker and faces reality. There is no way that they can complete the condo/hotel concept since the bottom has fallen out of the Las Vegas economy and financing for these properties is non-existent. Stop the charade and come up with Plan B because Plan A is dead and everyone knows it.

[Aaron Auxier]

The insane market and world is giving me lots of blog fodder.

If anyone is interested in easily following my latest blogs via Twitter or adding me as a friend on Facebook, below are links to both.

I blog a few times a week so you can automatically get the latest news I post, comment on them, etc.


Aaron Auxier Twitter page (http://twitter.com/AaronAuxier)

Aaron Auxier Facebook page (http://www.facebook.com/profile.php?id=537765417)

[MsuMix]

Las Vegas' version of the 'domino theory' is playing out. I respect the executives making the tough calls. I think it is time that the Cosmopolitan management comes out of their bunker and faces reality. There is no way that they can complete the condo/hotel concept since the bottom has fallen out of the Las Vegas economy and financing for these properties is non-existent. Stop the charade and come up with Plan B because Plan A is dead and everyone knows it.

Hate to tell ya buddy, but I work for the GC on this project - cosmo is very well funded and construction is going strong to completion in all areas including condo/hotel tower build out.

[CTLV]

Rumor says it's Hilton.

Do you think it will be a Conrad or Waldorf?

Can anyone heard any other news lately regarding sales or what the rooms will look like?

Thanks in advance,

[RandalR]

Do you think it will be a Conrad or Waldorf?


I think it will be the new Las Vegas Hilton. The existing one is in line for a name change later this year, anyway, when the owners' licensing agreement with Hilton runs out.

[voice of reason]

Hate to tell ya buddy, but I work for the GC on this project - cosmo is very well funded and construction is going strong to completion in all areas including condo/hotel tower build out.

My comment did not state that the building wouldn't get built, obviously it will. It just wont get SOLD in the original format (condo/hotel) because their is NO MARKET for it at the original contract prices and their is NO FINANCING available for this product, even if the original clients were unsavy enough to go thru with their purchases. buddy wuddy. I wouldn't brag about working for Perini after the week they had.

[True Blue]

Las Vegas' version of the 'domino theory' is playing out. I respect the executives making the tough calls. I think it is time that the Cosmopolitan management comes out of their bunker and faces reality. There is no way that they can complete the condo/hotel concept since the bottom has fallen out of the Las Vegas economy and financing for these properties is non-existent. Stop the charade and come up with Plan B because Plan A is dead and everyone knows it.

I agree 100%!! The same thing will happen to the Cosmo as it did the Trump! Only 25% of the owners at the Trump were able to close their unit. Many units closed before the credit crunch fully took its toll. I'm sure the ones that did close wished they didn't because of the large negative cash flow and decreased value. Most owners walked away from their 20% down payment or joined a class action lawsuit against Trump. The Cosmo has 1800 or so units under contract. The only ones that could close would be all cash buyers. Does the future owner of the Cosmo really want to go down that road? If they do, they will be trying to sell unsellable units and face countless lawsuits!

I love the building and location, but there are no buyers for a condo/hotel in todays market. If I was a large hotel chain looking to purchase the Cosmo, I would cancel the Condo/Hotel component and make it Hotel Casino with the best location on the strip. Perhaps in 10 years the hotel chain could put the units up for sale again, but at top dollar when the demand is at its peak.

[mdiederi]

Found the Hilton rumor.
http://www.lasvegasweekly.com/blogs/luxe-life/2008/dec/22/gossip-grab-bag-britney-benji-out-town-and-fergie-/
*Just asking! Is it true that the Cosmopolitan condo-tel under construction alongside the whopping MGM CityCenter project has signed Hilton to run its hotel under a new “H” branding? Whispers also say convincingly that former Mandalay Bay head honcho Bill Richardson will run the casino there for mortgage holder developer Deutsche Bank!


And this was in the same gossip column:
Another dual tower of condos will be converted into a regular hotel operation as so few apartments have sold and more are unlikely until the nation’s financial crisis is solved.
Only dual condo towers I can think of are the Veer towers.

[Aaron Auxier]

Found the Hilton rumor.
http://www.lasvegasweekly.com/blogs/luxe-life/2008/dec/22/gossip-grab-bag-britney-benji-out-town-and-fergie-/


And this was in the same gossip column:

Only dual condo towers I can think of are the Veer towers.

It would really be a shame to lose Veer Towers. Veer is one of only two pure residential high-rise buildings on the Strip. Mandarin is residential, but has boutique hotel component below. Sky owners would probably rejoice if this happened.

Let's not forget, Cosmopolitan is also two towers and would make more sense to make into hotel only. Then again, he mentioned slow sales. Cosmo is approx. 85 percent under hard contract so seems unlikely.

[mac78130]

Maybe make one Veer Tower residential and the other a hotel.

[justdefended]

Wow a positive story about Vegas and CityCenter on one page!

MGM Mirage has received about 35,000 applicants for CityCenter positions in one week.

CityCenter extending hope on a huge scale

http://www.lasvegassun.com/news/2009/jan/13/citycenter-extending-hope-huge-scale/

[mac78130]

I think I saw on a few photos on the web that they are taking down the tower cranes at Planet Hollywood? I wonder if the second tower will ever be built?

Another tower crane is being removed from Aria as well.

[heyyoucharlie]

Rumor I heard from a friend in construction on the strip: Wynn is in contract talks to buy out Echelon.

Don't know how serious he is or not, but that would be HUGE for the North strip!!!

[DMaldon762]

Why doesn't Maloof ever get involved with the Strip?

[DrT]

Re: City Center, Cosmo, FB

At this point, the goal of the developers, banks and investors is simply to minimize losses. Had this horrific market been anticipated, none of these projects, like City Center or Cosmo, would have gone forward.

So, how do they minimize losses? Slow sale of condo-hotel units, slow sale of pure condos or an operating hotel/casino with ongoing losses.

These are the choices facing these executives, none which are particularly appealing. "Shelling" and waiting for better times is a last resort, also involving an ongoing loss.

These projects are so unique and desirable that, inspite of the economy, they can be sold, not at the bubble prices of the recent past, but at lower prices. The banks/developers may have to bite the bullet and take some losses by re-pricing units at much lower price points. A condo that will not sell at $1,100/foot would probable sell like a hot cake at $550/foot. "Everything has it's price".

[mdiederi]

Why doesn't Maloof ever get involved with the Strip?
I heard a rumor that he was thinking of buying Bally's and Paris from Harrah's, which makes sense since he owns a major league sports franchise and that purchase would include the land approved for an arena.

[DMaldon762]

I heard a rumor that he was thinking of buying Bally's and Paris from Harrah's, which makes sense since he owns a major league sports franchise and that purchase would include the land approved for an arena.


Las Vegas Kings has a nice ring to it.

[Aaron Auxier]

George will move at his own pace. He stands for as the role model for "Pride of Ownership" in this city. Wynn would be up there with him.

[voice of reason]

George will move at his own pace. He stands for as the role model for "Pride of Ownership" in this city. Wynn would be up there with him.

From a perspective of your living in Vegas for a handfull of years, I can understand your opinion. In the historical view of the town, putting Maloof in the same league as Wynn (love him or hate him) is incorrect at best. Maloof is making his mark on Vegas but keep it in reasonable perspective, please.

[Aaron Auxier]

Today, I released my monthly VIVA VEGAS! Listing Update. In it, I include over $85 Million worth of our luxury listings in Vegas (note that the Sky penthouse is Luxury Realty Group's listing).

See photos of the direct Strip Sky Suite as well as our $28 million listing in The Enclave below

VIVA VEGAS! Listing Update Jan. 09 (http://activerain.com/blogsview/879021/Aaron-Auxiers-VIVA-VEGAS-Listing-Update-January-2009) (links to properties and pictures at bottom)

[Aaron Auxier]

From a perspective of your living in Vegas for a handfull of years, I can understand your opinion. In the historical view of the town, putting Maloof in the same league as Wynn (love him or hate him) is incorrect at best. Maloof is making his mark on Vegas but keep it in reasonable perspective, please.

I disagree. I don't see anyone who does what George Maloof does. Perhaps I have a different perspective as I see it in person.

Wynn, as I said, is also up at the top.

[Jake2006]

Penn National says it is not buying the Mirage.

http://www.lvrj.com/business/37559834.html

[vanlaw]

From a perspective of your living in Vegas for a handfull of years, I can understand your opinion. In the historical view of the town, putting Maloof in the same league as Wynn (love him or hate him) is incorrect at best. Maloof is making his mark on Vegas but keep it in reasonable perspective, please.

If the original assertion was "Maloof has done as much for Vegas historically (i.e. change in style of hotels, sheer number and size of hotels designed, built etc) as Wynn" then you are correct. There is no doubt that Wynn has single handidly changed the face of Vegas more than any other individual.

However, I think the point was "Maloof takes a huge amount of pride in what he owns, much more so than others, and therefore isn’t as willing as others to spread himself too thin or jump too quickly into other ventures at the expense of what he already owns"

[Aaron Auxier]

If the original assertion was "Maloof has done as much for Vegas historically (i.e. change in style of hotels, sheer number and size of hotels designed, built etc) as Wynn" then you are correct. There is no doubt that Wynn has single handidly changed the face of Vegas more than any other individual.

However, I think the point was "Maloof takes a huge amount of pride in what he owns, much more so than others, and therefore isn’t as willing as others to spread himself too thin or jump too quickly into other ventures at the expense of what he already owns"

Thank you Van - that is exactly what I was getting at in regards to George Maloof (along with his constant involvement with his clients and product - Some may not be aware of that as they never have seen it).

[CosmoVegas]

Hate to tell ya buddy, but I work for the GC on this project - cosmo is very well funded and construction is going strong to completion in all areas including condo/hotel tower build out.

Are you sure about that, Deutsche is funding the Cosmopolitan:

"How much longer can Deutsche Bank continue to convince investors it doesn't need to raise new capital?"

"The German giant has successfully maintained its high wire act since the start of the credit crisis despite being one of the most highly leveraged banks in the world."

http://online.wsj.com/article/SB123194185392681211.html?mod=yahoo_hs&ru=yahoo

[leftopolis]

Not exactly high-rises--but there's been a bit of doom and gloom on this thread recently--and I thought I'd post some good news wrt development in LV:

Sansone Development continues projects despite dismal economy(full story @ LV Business Press) (http://www.lvbusinesspress.com/articles/2009/01/12/news/iq_26167341.txt)
Roland Sansone knows development. He's a long-serving member of the Clark County Planning Commission who has built nearly a half-million square feet of office parks, shopping centers and industrial complexes in Southern Nevada during the last three decades. His company, Sansone Development, has $206.8 million in projects under way in the Las Vegas Valley.

Sansone is one of the few developers proceeding with construction in the dismal economy. He remains poised and confident about the future. "I feel that by 2010 the financial markets will begin a rebound," Sansone said. "People are still looking to move. It's all about location."
Sansone's four active developments are all along the Las Vegas Beltway... Sansone, is building a $30 million office and retail complex at St. Rose Parkway, just south of the Beltway in Green Valley. The five-building development, on 6.5 acres, totals 83,500 square feet... There is a three-story, 62,364-square-foot Class A office building, with space divisible down to 1,800 square feet.Sansone St. Rose Coronado Office Park broke ground in December, yet its already 25 percent preleased with such tenants as Community Bank of Nevada, Starbucks, Dunkin Donuts, and 3 Tomatoes & A Mozzarella. Onsite banking and dining amenities let workers easily handle errands and manage lunch hours without driving across town. The project is scheduled to finish in the second quarter of 2010.

Sansone is also building an adjacent project called Sansone St. Rose Park. The $18.3 million development calls for two office buildings totaling 53,000 square feet. The project, on 4.5 acres, also has a 3,500-square-foot restaurant pad. The complex, which broke ground in December, will finish in the third quarter.

In the southwest, the company is developing another office park along the Beltway at Rainbow Boulevard. The $38.5 million project consists of two buildings and a garage. The complex, on five acres, features a three-story, 58,772-square-foot building plus a four-story, 68,000-square-foot building.Plans, meanwhile, are under way for a three-building, 300,000-square-foot office park at Sunset Road and the Beltway. The development, on 10 acres, calls for two three-story structures and one five-story building. Yiliong Liu & Associates designed the steel-framed, glass-skinned office buildings. There will also be an eight-level, 1,025 space parking garage and a restaurant pad. Sansone 215 Sunset Office Park has planning approval, but the $120 million project won't break ground until next summer.

[mdiederi]

Are you sure about that, Deutsche is funding the Cosmopolitan:

"How much longer can Deutsche Bank continue to convince investors it doesn't need to raise new capital?"

"The German giant has successfully maintained its high wire act since the start of the credit crisis despite being one of the most highly leveraged banks in the world."

http://online.wsj.com/article/SB123194185392681211.html?mod=yahoo_hs&ru=yahoo
So I guess that means that Deutsche won't be able to finance the condo buyers? I was kind of thinking they would since they were already so deep into it, but now I don't know.

[ted carter]

My parents and I used to go to Las Vegas Nevada (http://www.las-vegas.cc/) in the 60's and there wasn't much going then, but now there are so many projects and Las Vegas Hotels (vegas-nevada.com/las-vegas-hotels.php) are being built everywhere. The city is overbuilt and too crowded now-definitely booming.

[CosmoVegas]

So I guess that means that Deutsche won't be able to finance the condo buyers? I was kind of thinking they would since they were already so deep into it, but now I don't know.

I don't think they would have financed the buyers anyway, look at what is going on with Trump in Chicago, they gave him a loan and sold most of it to other banks quickly to lower their exposure. This was before the credit market froze up so bad. Besides, it is doubtful they want anymore of this project then they already have, it's bad enough as-is. I do know they are trying to get some preferred lenders on board to finance the buyers, but good luck in this market. BTW, how is MGM doing on finding preferred lenders for their condo-hotels?

[Jake2006]

I don't think they would have financed the buyers anyway, look at what is going on with Trump in Chicago, they gave him a loan and sold most of it to other banks quickly to lower their exposure. This was before the credit market froze up so bad. Besides, it is doubtful they want anymore of this project then they already have, it's bad enough as-is. I do know they are trying to get some preferred lenders on board to finance the buyers, but good luck in this market. BTW, how is MGM doing on finding preferred lenders for their condo-hotels?

As of this week MGM had not lined up any lenders.

[Aaron Auxier]

I am stunned by the banks' refusal to see the new market. Last week, they offered to RAISE my principal!

As to not get off topic on the forum, if anyone is interested, I recently wrote an article called The Fico Forgiveness Act of 2012? (http://activerain.com/blogsview/876663/The-FICO-Forgiveness-Act-of-2012-Principal-reduction-Bailouts-for-Homeowners-Someone-better-start-paying-attention) (read here). It has generated dozens and dozens of comments.

I am concerned about any more condotels opening in Vegas anytime soon. We should just stick to dealing with Trump, Cosmo, Palms Place, Signature, and Platinum.

Also, I recently wrote a blog about what properties celebrity-type clients are calling me on as far as options to The Harmon. I'm saying Palms Place, One Queensridge Place, and guard-gated homes in places like The Ridges (http://activerain.com/blogsview/880896/With-The-Harmon-Residences-cancelled-celebrity-focus-goes-to-Palms-Place-One-Queensridge-Place-and-guard-gated-luxury-homes). See link for the reasons why.

Bottom line, there is no perfect replacement for The Harmon. It was residential, celebrity-oriented, and on Strip.

[CosmoVegas]

I am stunned by the banks' refusal to see the new market. Last week, they offered to RAISE my principal!

As to not get off topic on the forum, if anyone is interested, I recently wrote an article called The Fico Forgiveness Act of 2012? (http://activerain.com/blogsview/876663/The-FICO-Forgiveness-Act-of-2012-Principal-reduction-Bailouts-for-Homeowners-Someone-better-start-paying-attention) (read here). It has generated dozens and dozens of comments.

I am concerned about any more condotels opening in Vegas anytime soon. We should just stick to dealing with Trump, Cosmo, Palms Place, Signature, and Platinum.

Also, I recently wrote a blog about what properties celebrity-type clients are calling me on as far as options to The Harmon. I'm saying Palms Place, One Queensridge Place, and guard-gated homes in places like The Ridges (http://activerain.com/blogsview/880896/With-The-Harmon-Residences-cancelled-celebrity-focus-goes-to-Palms-Place-One-Queensridge-Place-and-guard-gated-luxury-homes). See link for the reasons why.

Bottom line, there is no perfect replacement for The Harmon. It was residential, celebrity-oriented, and on Strip.

Banks are still lending, but they will only lend at current market value, the problem is the current market value is based on recent sales from mostly foreclosed, bank owned properties. So after you find a bargain priced piece of real estate (the only thing they will lend on) the next step is down payment time, good luck:

Option A) Come up with 20% down, fine but you must live on/in the property, the only way to get this loan for a second home is by purchasing a duplex...but if you don't live there full time you fall under Option B below.

Option B) If you do not live there but the property is residential you get the loan but only after you cough up a 30% down payment...but guess what, there is a stipulation; it must be multi-family or mixed use, something like retail space on bottom and lofts on top. If that does not work then you fall under retail income property, option C.

Option C) If you do not want a residential loan then your property is retail income, this seems to be what condo-hotels fall under. In this case you get the loan with 40% down. If your property does not fall under option A,B or C, no problem...option D:

Option D) 50% down will get you whatever you want few questions asked unless it's bare land...option E.

Option E) Dirt loans, not a problem, just come up with 100% down or owner financing.




It's ugly out there my friends.

BTW, what do you mean raise your principal?

[Aaron Auxier]

Banks are still lending, but they will only lend at current market value, the problem is the current market value is based on recent sales from mostly foreclosed, bank owned properties. So after you find a bargain priced piece of real estate (the only thing they will lend on) the next step is down payment time, good luck:

Option A) Come up with 20% down, fine but you must live on/in the property, the only way to get this loan for a second home is by purchasing a duplex...but if you don't live there full time you fall under Option B below.

Option B) If you do not live there but the property is residential you get the loan but only after you cough up a 30% down payment...but guess what, there is a stipulation; it must be multi-family or mixed use, something like retail space on bottom and lofts on top. If that does not work then you fall under retail income property, option C.

Option C) If you do not want a residential loan then your property is retail income, this seems to be what condo-hotels fall under. In this case you get the loan with 40% down. If your property does not fall under option A,B or C, no problem...option D:

Option D) 50% down will get you whatever you want few questions asked unless it's bare land...option E.

Option E) Dirt loans, not a problem, just come up with 100% down or owner financing.




It's ugly out there my friends.

BTW, what do you mean raise your principal?


Nice job CosmoVegas.

Also, what I mean by "raise my principal" is that after six months of losing my paperwork and leading me on, my bank came out and appraised my half-value home (in order to do a loan mod). Their solution to keeping me in my 300k upside down home? Lock my rate for one extra year and RAISE my principal.

[True Blue]

Option A) Come up with 20% down, fine but you must live on/in the property, the only way to get this loan for a second home is by purchasing a duplex...but if you don't live there full time you fall under Option B below.

Option B) If you do not live there but the property is residential you get the loan but only after you cough up a 30% down payment...but guess what, there is a stipulation; it must be multi-family or mixed use, something like retail space on bottom and lofts on top. If that does not work then you fall under retail income property, option C.

Option C) If you do not want a residential loan then your property is retail income, this seems to be what condo-hotels fall under. In this case you get the loan with 40% down. If your property does not fall under option A,B or C, no problem...option D:

Option D) 50% down will get you whatever you want few questions asked unless it's bare land...option E.

Option E) Dirt loans, not a problem, just come up with 100% down or owner financing.


I was trying to finance a one bedroom unit at the Trump 6 months ago. To get a loan, I would fall under your Option D)......in addition to qualifying for a loan with 50% down, I would have to pay 4 points @ 12% Interest. OUCH!

Like you said, the 50% down payment is based on current market values and not the price you paid 4 years ago. How many owners at the CityCenter and Cosmo would be able to qualify for a loan with these terms? Not many! I believe most owners at the Cosmo are your average Joe speculator. Most don't have the capital needed to finance their units anymore. Walk away or sue will be their only options.

[justdefended]

Banks are still lending, but they will only lend at current market value, the problem is the current market value is based on recent sales from mostly foreclosed, bank owned properties. So after you find a bargain priced piece of real estate (the only thing they will lend on) the next step is down payment time, good luck:

Option A) Come up with 20% down, fine but you must live on/in the property, the only way to get this loan for a second home is by purchasing a duplex...but if you don't live there full time you fall under Option B below.

Option B) If you do not live there but the property is residential you get the loan but only after you cough up a 30% down payment...but guess what, there is a stipulation; it must be multi-family or mixed use, something like retail space on bottom and lofts on top. If that does not work then you fall under retail income property, option C.

Option C) If you do not want a residential loan then your property is retail income, this seems to be what condo-hotels fall under. In this case you get the loan with 40% down. If your property does not fall under option A,B or C, no problem...option D:

Option D) 50% down will get you whatever you want few questions asked unless it's bare land...option E.

Option E) Dirt loans, not a problem, just come up with 100% down or owner financing.

It's ugly out there my friends.

BTW, what do you mean raise your principal?

I think a lot of people who purchased at CityCenter are concerned about borrowing. From the most wealthy from the well-to-do everybody had their money in property and stocks, the latter of which really tanked.

Mandarin and Veer being residential condos should be reasonable to lend for. Vdara and Cosmo will be difficult unless there's more than 20 percent down. The problem is I don't think buyers are willing to farm out any more cash in this economic state.

On the same token I doubt that the builders will cancel contracts who don't close immediately. They know how bad the situation is and would rather hold onto a potential buyer than risk losing one.

[Aaron Auxier]

A major wake-up call could soon be on the horizon. Is it time to cancel upcoming condotel projects and turn them into hotel only?

[True Blue]

A major wake-up call could soon be on the horizon. Is it time to cancel upcoming condotel projects and turn them into hotel only?

You're 100% correct Aaron. I just wish the condotel project owners would come to that conclussion. They must feel their project won't have the same problems everyone else has. What are they smoking?

I got a newsletter from the Cosmopolitan today. It was just a PR progress report saying how the unit owners can't wait for the project to be completed. Total B.S.! Most Cosmo owners I know want their deposits back. I'm not too excited about having to make a 50% down payment with bad terms during the worst recession we've seen in the past 60 years. Not to mention the value of my unit has probably dropped from when I bought it 4 years ago.

[mac78130]

A little more on Harmon..
"Some of the steel was so badly positioned it stuck out of the concrete floor and was sawed off to conceal the mistake"
Wow that's bad..

http://www.lasvegassun.com/news/2009/jan/15/watchers-were-not-watched/

Everytime I'm in Vegas and see that building, poor construction will always cross my mind.

[worldpool]

so what your saying Aaron is that is better to bulid hotels then condotels and i agree that we should build more hotel then condos and what happen having a theme hotel then a reguler hotel so i want to see more hotels then condos

[JDRCRASH]

They were talking on ABC: Nightline last night about Vegas. CitiCenter is struggling big time to get completed, while projects like Echelon have stopped construction all together.

[worldpool]

we never hear good thing about the new hotels and stuff i think they need to find a way to fix these problems that they have i want to see echelon to come abaout i want to see the plaza and city center and the rest of the hotels that need to be done so we can injoy theme when we vist theme

[Aaron Auxier]

I'm surprised at my Vegas' lack of "listening" to those on the street.

I've been out quite a bit lately and it's been empowering. I walk up to tourists and ask them what they think of our city. They all say they love it but that we have embarrassed ourselves. I know where that embarrassment begins - ego. Ego has stood in the way of Pride of Ownership and listening.

Richard Lee and I at Mayor Oscar Goodman's State of the City Address 1-13-08
http://item.slide.com/r/1/130/i/GfS-uzn-5z_GcVmHMF4O-PpSG__zNZxh/

[mdiederi]

Everytime I'm in Vegas and see that building, poor construction will always cross my mind.
Sort of like when I look at the Stratosphere Tower I always notice that one leg is crooked because they built it wrong.

[worldpool]

you are right we got to make are voice heard from everyone who owns a casino in vegas and in are city were we live its time we do something about vegas

[True Blue]

I've been getting calls from high-level people within gaming companies over the last week and have been having private one-on-one meetings. They all want my opinion where they are going wrong. If they listen to me, if they listen to you, we have the opportunity to make real change.

I'm having a meeting with local government soon to tell them our message :)


Hey Aaron, if you can convince the high-level people to drop the condotel component like what was done at the Harmon, then you got my vote. Good Luck!!

[worldpool]

please do tell them to cancel all condo projects for us

[justdefended]

A little more on Harmon..
"Some of the steel was so badly positioned it stuck out of the concrete floor and was sawed off to conceal the mistake"
Wow that's bad..

http://www.lasvegassun.com/news/2009/jan/15/watchers-were-not-watched/

Everytime I'm in Vegas and see that building, poor construction will always cross my mind.

Here's a great breakdown of what happened exactly with The Harmon

http://media.lasvegassun.com/media/img/photos/2009/01/14/Rebar_Harmon_t652.jpg?

In the video interviews accompanying the article, a rep mentions that repairs were being made to make it a structurally safe 49-story building. Ultimately MGM Mirage felt the cost savings and less residences would be much more fiscally responsible for the company at this time.

For the construction experts out there, could MGM ever add the residences at a later point or will that be impossible after they finish the insides next year?

[worldpool]

guess what i found

Southern Nevada lands projects advance in Senate vote

By STEVE TETREAULT
STEPHENS WASHINGTON BUREAU
WASHINGTON — The Senate passed a giant federal lands bill today that advances a handful of Nevada projects that were stalled in Congress last year.

The bill was hailed by sponsors as the most sweeping conservation measure the Senate has undertaken in years, combining more than 160 individual bills that had been left over from its previous session.

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It passed 73-21, and was sent to the House for further action.

Among Nevada elements, it contains:

—A flood control bill that would release 65 acres along the foothills of Sunrise Mountain to be incorporated into the Orchard Detention Basin Project, a storm water basin being engineered by Clark County.

—An 80-acre land transfer in Summerlin, of which 24.4 acres would be granted by the Bureau of Land Management to the Nevada Cancer Institute for a campus and treatment center.

The remainder of the property at Alta Drive and Hualapai Way would be sold to the city of Las Vegas, which plans to have 16 acres developed for medical offices. The city also envisions a park and water pumping station at the site.

—A bill to study sites that played a role in the Cold War for possible inclusion in the government's inventory of historically significant landmarks.

The bill was inspired in part by efforts of Southern Nevadan Steve Ririe, who has researched and documented the site atop Mount Charleston where a C-54 transport plane on a secret flight to the Nevada Test Site crashed in 1955.

—A transfer of 502 acres from the BLM to Henderson for development around the Henderson Executive Airport.

Testifying before the House last year, Henderson Mayor Jim Gibson said the proposed acquisition was an important part of the city's long-term economic plan.

The umbrella bills would set aside 2 million acres of protected wilderness in nine states, and add more than 1,000 miles to the system of wild and scenic rivers.

The overall package became noteworthy both for its size and because it sparked a protest by Sen. Tom Coburn, R-Okla., who had blocked a number of the bills last year.

[Aaron Auxier]

Here are some photos of Ascaya - approx. 300 lots above MacDonald Highlands that many expect to forever change Las Vegas luxury. The goal is for a very natural and organic building approach that sets very high standards.

In order to stay on topic of architecture, I felt everyone would enjoy these new photos of ours :). Custom lots could sell into the dozens of millions and be the type of place where the world's wealthiest build compounds. Lots start at about half an acre and go high above, which are very hard to come by in communities such as The Ridges, MacDonald Highlands, Queensridge, Seven Hills, and more.

Enjoy the photos!
http://item.slide.com/r/1/180/i/MNSuN94ipz-dwkSy41Ox0kAVLWs2U9lx/

http://item.slide.com/r/1/222/i/RtkcEt610T95WSS5WMjg3xHzC6p9hXgb/

http://item.slide.com/r/1/29/i/DLXCovTY6T-mzzNnzqcyJowP9TDddo3x/

[ondarox]

Here's a great breakdown of what happened exactly with The Harmon

http://media.lasvegassun.com/media/img/photos/2009/01/14/Rebar_Harmon_t652.jpg?

For the construction experts out there, could MGM ever add the residences at a later point or will that be impossible after they finish the insides next year?

Justdefended-

Thanks for the rebar image. That helps explain a lot to those who are confused on how rebar works and is installed.

I too am interested in the answer to the question you posted. To my knowledge, it probably wouldn't be feasible to add floors at a later date. But I may be coming from old school construction knowledge... who knows what ppl are doing these days. (They did add the Venezia to the top of the parking garage...)

[steel]

Here are some photos of Ascaya - approx. 300 lots above MacDonald Highlands that many expect to forever change Las Vegas luxury. The goal is for a very natural and organic building approach that sets very high standards.

In order to stay on topic of architecture, I felt everyone would enjoy these new photos of ours :). Custom lots could sell into the dozens of millions and be the type of place where the world's wealthiest build compounds. Lots start at about half an acre and go high above, which are very hard to come by in communities such as The Ridges, MacDonald Highlands, Queensridge, Seven Hills, and more.

Enjoy the photos!
http://item.slide.com/r/1/180/i/MNSuN94ipz-dwkSy41Ox0kAVLWs2U9lx/

http://item.slide.com/r/1/222/i/RtkcEt610T95WSS5WMjg3xHzC6p9hXgb/

http://item.slide.com/r/1/29/i/DLXCovTY6T-mzzNnzqcyJowP9TDddo3x/
Seeing this actually makes me very sad. When are we going to stop destroying the natural landscape?

[Aaron Auxier]

In continued effort to raise awareness of the banks not working hard enough to help struggling homeowners, this article further underscores the concern. How does a bank try to RAISE principal on homes in Las Vegas - Ground Zero of the housing crisis?

http://www.lvrj.com/news/breaking_news/37582959.html

[leftopolis]

Seeing this actually makes me very sad. When are we going to stop destroying the natural landscape?

I agree. It's shameful that the fragile desert beauty--is being destroyed for/by a handful of the greedy moneyed elite--who have no appreciation of it. My enthusiasm for skycrapers and urban culture is equaled by how turned off I am by the destruction in those photos.

[CHAPINM1]

Regarding the Harmon, I wouldn't want to live there knowing that there have been mishaps regarding consturuction that may deem the building as defective. If money was not an issue and if there was reason to question the saftey, I'd say condemn the existing structure and build a new one when the economy rebounds, JUST A THOUGHT so don't get to crazy on me now...

[Krases]

I agree. It's shameful that the fragile desert beauty--is being destroyed for/by a handful of the greedy moneyed elite--who have no appreciation of it. My enthusiasm for skycrapers and urban culture is equaled by how turned off I am by the destruction in those photos.

I kinda agree. It could be a lot worse (like completely excavating/removing the mountain) but I do think that a lot more could have been done to preserve the shape of the mountains. Natural desert parks/hiking trails should be used if any expansion is done outside of whats already been built.

I hope Vegas doesn't turn into LA. I think more should be done to prevent too much expansion into the mountains. I think sprawl would be very bad for Vegas and more should be done to increase density/public transport.

Sorry I have to bash you Aaron. It does look pretty cool in a design sense and the privacy that the mountains provide is very nice, but I think there needs to be less expansion into the desert and more conservation.

[True Blue]

It sounds like Trump is now in the leasing business. In order to fill the empty building, they've decided to lease out the rooms on a monthly bases. You can stay in a studio on a years lease for $1,600 mo and a one bedroom for $2,600. I’ve also heard the nightly rates are under $100 per night. Soon you can stay at the Trump for less that what Circus-Circus is charging.

[fishordie]

I kinda agree. It could be a lot worse (like completely excavating/removing the mountain) but I do think that a lot more could have been done to preserve the shape of the mountains. Natural desert parks/hiking trails should be used if any expansion is done outside of whats already been built.

I hope Vegas doesn't turn into LA. I think more should be done to prevent too much expansion into the mountains. I think sprawl would be very bad for Vegas and more should be done to increase density/public transport.

Sorry I have to bash you Aaron. It does look pretty cool in a design sense and the privacy that the mountains provide is very nice, but I think there needs to be less expansion into the desert and more conservation.


So here is the dilemma, Vegas and the surrounding communities are left beholden to income derived from the strip, gambling or the periphral services that cater to these industries or we make attractive to new businesses and high end patrons who could bring their businesses or their retirement income to the area. I have to agree with Aaron for the following reason. The gambling industry got away from its roots as I have noted for quite some time. A great getaway for a short period of time at a reasonable rate. In exchange the patrons left a bit of their children's inheritance at the tables, shows, eateries and hotels. They came to Vegas in droves and looked forward to their next visit. Today, even with the significant hotel price reductions, the cost of visiting Vegas is just not giving enough of a reward as all the attractions and costs are out of sight due to high rents or debt.

We can no longer assume the revenue generated by visitors bent on gambling and partying will keep Vegas and the surrounding areas in reasonable paying jobs or maintain the infrastructure. Who better than the high end folks who can afford magnificent places like Aaron is describing. I may not be convinced the model the group Aaron is referring to will work but I am hoping it does as the demographic it is catering to brings lots of cash with little cost to the city. I assume the majority of these folks will not have kids using public schools and may in fact cause to be created a private school environment. These will also be folks not looking to cause undue burden on state or city run aid centers, food stamps, unemployment benefits, etc. To the contrary they will be providing the state with an influx of sales taxable purchased items and goods creating additional demand for jobs to cater to these same folks. Though I have complete disdain for Casinos to cater to the transient elite I realize the high end home owner brings a large array of support businesses, create infrastructure and jobs and bring financial wherewithal where ever they go. This demographic generally provides the most state or city dollars in exchange for their luxury environment.

I believe this endeavor will be different from places like Lake Las Vegas or other supposedly elite communities that failed in that now buyers and the homes will actually have to qualify for loans thus requiring them to put some skin in the game so to speak in that 5 or 10% down is just not going to happen nor are appraisers just going to agree to sales prices blindly. Larger down payments will insure those residents will be here for the long run.

Many gambling establishments, in my opinion, are well on their way to bankruptcy. Though jobs are being created to support the new or remodeled establishments there is just not enough revenue to pay much more than low wages and minimal benefits such as insurance or ???. The demand for these jobs is still enormous with way more applications than jobs. The ridiculous
debt burden these places have taken on is just not a recipe for success nor will the employees be paid anywhere near what similar jobs paid in the past.


In my long winded way, I am supporting the project Aaron is involved with though I am still not convinced it will succeed. I hope Aaron can convince us all differently as a successful community like this would be a financial boon to the area.

The reality of this not so brave new world is the middle class is shrinking.
The rich are plenty rich and support those who went the other way from losing much of what they owned. The state and cities are going to need an influx of new monies and sources of revenue and a project like this can certainly be a great start in changing the dynamic of what funds the area.
Best of luck to the project.

By the way Aaron, the recipe to making Vegas the way it was and should be is to allow those overly indebted projects to go into bankruptcy. Let the owners lose their fannies, assuming they have that kind of skin in the game,
and stop placing the responsibility for paying that debt on the patrons. Shame on the developers and shame on the lenders but the "People" are now in charge and not the developers. The people demand value and pleasure and really could care less about 50 million dollar paintings or Ferrari dealerships in the hotel. Sure they attract the looky loos but almost none of those folks are spending monies. Stop making Vegas the most expensive place to eat in all of the country. Sure great eateries are wonderful but the folks who pay the overhead want value NOT 50 dollar steaks and 400 dollar bottles of wine. GET RID OF THE DEBT and stop over building income producing facilities. There is just no good that can come of it.

As in our country and businesses the numbers just got out of hand. In the old days we saved our pennies. Today a million dollars is not even saved like pennies once were. Heck, in Government Billions are now spent like pennies.
We must retrain everyone, including the bloated developers, on how to save monies and recognize income producing properties, businesses or projects, must be able to pencil out not only in boom times but in moderate times as well. Folks forgot the economy can go down as well as up and everyone who did not prepare, including those crazy developers, were left upside down when the economy collapsed. Alas, the only problem with the bankruptcies is ultimately it will be we, the tax payers, who will provide the bailout which may or may not succeed. Again, the "People" have to demand more from their developers and more from their representatives in government.

Okay, Im done for now

FOD

[Aaron Auxier]

So here is the dilemma, Vegas and the surrounding communities are left beholden to income derived from the strip, gambling or the periphral services that cater to these industries or we make attractive to new businesses and high end patrons who could bring their businesses or their retirement income to the area. I have to agree with Aaron for the following reason. The gambling industry got away from its roots as I have noted for quite some time. A great getaway for a short period of time at a reasonable rate. In exchange the patrons left a bit of their children's inheritance at the tables, shows, eateries and hotels. They came to Vegas in droves and looked forward to their next visit. Today, even with the significant hotel price reductions, the cost of visiting Vegas is just not giving enough of a reward as all the attractions and costs are out of sight due to high rents or debt.

We can no longer assume the revenue generated by visitors bent on gambling and partying will keep Vegas and the surrounding areas in reasonable paying jobs or maintain the infrastructure. Who better than the high end folks who can afford magnificent places like Aaron is describing. I may not be convinced the model the group Aaron is referring to will work but I am hoping it does as the demographic it is catering to brings lots of cash with little cost to the city. I assume the majority of these folks will not have kids using public schools and may in fact cause to be created a private school environment. These will also be folks not looking to cause undue burden on state or city run aid centers, food stamps, unemployment benefits, etc. To the contrary they will be providing the state with an influx of sales taxable purchased items and goods creating additional demand for jobs to cater to these same folks. Though I have complete disdain for Casinos to cater to the transient elite I realize the high end home owner brings a large array of support businesses, create infrastructure and jobs and bring financial wherewithal where ever they go. This demographic generally provides the most state or city dollars in exchange for their luxury environment.

I believe this endeavor will be different from places like Lake Las Vegas or other supposedly elite communities that failed in that now buyers and the homes will actually have to qualify for loans thus requiring them to put some skin in the game so to speak in that 5 or 10% down is just not going to happen nor are appraisers just going to agree to sales prices blindly. Larger down payments will insure those residents will be here for the long run.

Many gambling establishments, in my opinion, are well on their way to bankruptcy. Though jobs are being created to support the new or remodeled establishments there is just not enough revenue to pay much more than low wages and minimal benefits such as insurance or ???. The demand for these jobs is still enormous with way more applications than jobs. The ridiculous
debt burden these places have taken on is just not a recipe for success nor will the employees be paid anywhere near what similar jobs paid in the past.


In my long winded way, I am supporting the project Aaron is involved with though I am still not convinced it will succeed. I hope Aaron can convince us all differently as a successful community like this would be a financial boon to the area.

The reality of this not so brave new world is the middle class is shrinking.
The rich are plenty rich and support those who went the other way from losing much of what they owned. The state and cities are going to need an influx of new monies and sources of revenue and a project like this can certainly be a great start in changing the dynamic of what funds the area.
Best of luck to the project.

By the way Aaron, the recipe to making Vegas the way it was and should be is to allow those overly indebted projects to go into bankruptcy. Let the owners lose their fannies, assuming they have that kind of skin in the game,
and stop placing the responsibility for paying that debt on the patrons. Shame on the developers and shame on the lenders but the "People" are now in charge and not the developers. The people demand value and pleasure and really could care less about 50 million dollar paintings or Ferrari dealerships in the hotel. Sure they attract the looky loos but almost none of those folks are spending monies. Stop making Vegas the most expensive place to eat in all of the country. Sure great eateries are wonderful but the folks who pay the overhead want value NOT 50 dollar steaks and 400 dollar bottles of wine. GET RID OF THE DEBT and stop over building income producing facilities. There is just no good that can come of it.

As in our country and businesses the numbers just got out of hand. In the old days we saved our pennies. Today a million dollars is not even saved like pennies once were. Heck, in Government Billions are now spent like pennies.
We must retrain everyone, including the bloated developers, on how to save monies and recognize income producing properties, businesses or projects, must be able to pencil out not only in boom times but in moderate times as well. Folks forgot the economy can go down as well as up and everyone who did not prepare, including those crazy developers, were left upside down when the economy collapsed. Alas, the only problem with the bankruptcies is ultimately it will be we, the tax payers, who will provide the bailout which may or may not succeed. Again, the "People" have to demand more from their developers and more from their representatives in government.

Okay, Im done for now

FOD

Good post fishordie.

[Aaron Auxier]

The name of Trump International Hotel & Tower Las Vegas has changed. The new name is Trump Hotel Las Vegas.

Like a wildfire, the news has hit the community about the competitive rates at Trump Hotel Las Vegas when it comes to long term leases. Long-term leases are offered on different cost terms depending on length of contract. (including three-, six-month, and one year leases).

Tonight, I was inside the top-floor penthouses at both Trump Hotel Las Vegas and Palms Place. Both properties offer quite the value to our city. I think it's genius what Trump Hotel Las Vegas has started as far as getting long-term bodies into this building. Now, we need to watch what Palms Place does.

I'll tell you what, Vdara and Cosmo better be paying attention. Trump's move is one of intelligent and pro-active thinking. One which removes inventory away from the saturated condotel scene in Vegas. How anyone plans on closing NEW condotels within the next year somewhat boggles me (I don't care how "better their product is" than anyone elses).

The day has hit where condotel buildings in Vegas are becoming ease-of-use "residential use" properties. At these prices Trump is offering, along with the fine amenities and ease of living, I'm intrigued.

And to those who think everything I contribute has a sales angle - My business is in luxury SALES and high-profile representation - not leasing. It is referral based within a tight-nit community, not web-forum based. Any other member who posted this info would be thanked for providing such cutting-edge information.

If I keep getting attacked, my posts (which I go out of my way to offer after long days of hard work) will cease. I don't have time for drama.


Notice the competitive long-term rates for studios, one bedrooms, and penthouses at bottom left.

http://item.slide.com/r/1/19/i/1PkscWgFzj959VLSUf0K7rRQI2GIp4Jy/

[LMich]

Just got here (I check this very sporadically), and I must reiterate, if it simply wasn't known, that we don't allow commercial advertising, here, especially under the guise of trying to cram it into a personal post.

I don't want to see this, again. This is not a forum for businesspersons to peddle their wares.

[leftopolis]

HEAVEN ON EARTH: New LV residents (and there are many) say positives far outweigh negatives (http://www.lvrj.com/business/37701219.html)
Las Vegas ranks as No. 1 big-city destination in 2008
LAS VEGAS REVIEW-JOURNAL

To hear recent transplants tell it, Las Vegas is like New York, with more opportunity and warmer winters. Or Boston, without the ticks and the snow. Or Dallas, with mountains.

In fact, the newbies we tracked down for this story all described Las Vegas as a veritable nirvana of life and career potential, all cloaked in great weather, gorgeous scenery and every kind of recreation you can imagine. That's why the city's above-average unemployment and struggling housing market didn't deter them -- nor thousands of others, according to a new national report -- from decamping those major national cities for Southern Nevada in 2008.

The study, from Relocation.com, says Las Vegas ranked as the No. 1 big-city destination last year for Americans making long-distance, out-of-state moves. The Web site, which provides moving advice and services, predicts Las Vegas will remain at the top in 2009 as well.

Of course, because of the economy, locals are leaving in droves, too. That's why Nevada has fallen from No. 1 to No. 8 among U.S. states for population growth based on U.S. Census numbers, and it's why statistics from Clark County show the area shrank by 10,000 residents from July 2007 to July 2008.

Still, Las Vegas remains tops among folks moving long distances. On the Relocation.com list, it beat out Denver; Charlotte, N.C.; Phoenix; Portland, Ore.; Seattle; Orlando, Fla.; Washington, D.C.; Atlanta; and Tampa Bay-St. Petersburg, Fla.

Credit factors both economic and climatic, said Brian Gordon, a principal with local economic-research firm Applied Analysis.

Maybe the Las Vegas economy is soft, but pockets of the local community provide more job opportunities than some Midwestern and East Coast economies. Also, low taxes and mild weather continue to draw retirees. Plus, the city is more affordable today, with housing prices plummeting from their 2005 highs, Gordon said.cont'd at link

[mac78130]

Encore Las Vegas has almost been opened for a month. Hopefully we will hear about it's opening success by the end of this month.
flickr photo by K&H (http://flickr.com/photos/kejie-hong/3190096813/)
http://farm4.static.flickr.com/3392/3190096813_4702f84f5f_b.jpg

[Hans Gruber]

The photographic excellence of mdiederi. Mark's photographic talent makes the board worth visiting regularly. His pictures raise the standard. Just look at the picture above taken by mac78130, nicely done!

All of us who visit Vegas regularly but live in other cities want to see lots of pics of the new developments. Keep them coming!

[mac78130]

Just look at the picture above taken by mac78130, nicely done!



That picture was taken by K&H from flickr (http://flickr.com/photos/kejie-hong/3190096813/) I search the web for news, photos and bring them here to share with my skyscraper friends:notacrook: By the years end I will be able to provide my personal pics as I will be in Vegas for the opening of Aria.

[RandalR]

It sounds like Trump is now in the leasing business. In order to fill the empty building, they've decided to lease out the rooms on a monthly bases. You can stay in a studio on a years lease for $1,600 mo and a one bedroom for $2,600. I’ve also heard the nightly rates are under $100 per night. Soon you can stay at the Trump for less that what Circus-Circus is charging.

The rental idea makes sense for Trump - and maybe for all of the other proposed condotel properties as well. They just aren't conducive to long-term residency - unless some people actually like living in hermetically sealed hotel rooms. :yuck: People with the money and desire to live on the Strip permanently will gravitate toward Turnberry Place or Sky, anyway - and there are plenty of resale units available.

Las Vegas isn't going to solve its long-term economic problems until it voluntarily undergoes a massive clean-up of government and judicial corruption - like the kind of payoff-to-look-the-other-way that led to the Harmon's failure. Short of an FBI takeover of city and county government, I don't see that happening. Too many political players like things the way they are. So Las Vegas will remain a fun place for people to move after they have made their money somewhere else, but the tax base will remain narrow.

Businesses from other states won't locate here in any great numbers because they know for a fact the playing field isn't level - you have to pay to play. Honestly, I think most California cities have become at least as bad over the last two decades, but Las Vegas has a much larger perception problem, plus it has to deal with the stigma of legalized gambling that will permanently scare away financial services firms.

[vanlaw]

" ... the project Aaron is involved with though I am still not convinced it will succeed. I hope Aaron can convince us all differently ... "

Well, if he wants to try to do that in an appropriate forum, more power to him. But please not on this forum. That project is completely unrelated to skyscrapers, and it should not be discussed here, on a blog which is very clearly called "SkyscraperPage."

I agree 100% with BuildemBig when he says "This isn't a Real Estate blog" and when he says "the endless self-promotion has got to stop." Much of what Aaron posts here is simply thinly disguised and indirect advertising for his realty business, which he constantly refers to. Please keep Ascaya and Aaron's realty business off this SkyscraperPage. Thanks.

This is not in direct defence of Aaron but just want to point something out. This site is not just for highrisies, it is a discussion for all types of real estate development, infrasturcture, politics, economy etc. Have a look at the Vancouver forum - it thrives on subsections dealing with urban design, transit, retail, politics, airports, sports, 2010 Olympics etc. and many other topics other than just straight up "highrises".

http://forum.skyscraperpage.com/forumdisplay.php?forumid=161


While I do agree that Aaron should perhaps remove some of the commercial aspects/links from his posts, having lurked on this thread for two years, he adds much more than he detracts.

[mac78130]

From the citycenter's construction webcam, it looks like they are working on the crown of the Cosmopolitan Spa tower (or I am seeing things?). Can our Vegas locals confirm this?

http://www.citycenter.com/vision/vision_construction.aspx

[ondarox]

I am disappointed to see that there is so much angst within this forum for the past few weeks. This morning I logged in and saw that there was over 2 pages of new content added to our forum- which ended up being 2 pages of nearly no new CONTENT. (But for the new pieces of content that were posted- thank you once again!)

This forum works and survives on CONTRIBUTIONS... INFORMATION POSTED BY OUR COMMUNITY... And as just witnessed, our community does not survive on negativity and censorship.

Regardless of whether or not there is a 'plug' or an 'agenda' behind some of the posts- it still is vital information that if not posted here would probably just get absorbed into cyberspace. This forum has an excellent reputation of sharing, informing and exposing the "big picture" of our common Las Vegas construction passion. Everyone has something to share and as long as the posts are professional and credit is given to the proper sources- I don't see how these valued contributors should be told to leave.

If Aaron (or anyone else for that matter...) has given up on this forum- that would be a shame. Each of us should be seen as valued CONTRIBUTORS for our forum. There is a large range of Designers, Realtors, Construction Tradesmen, Photographers, Artists, Business Professionals etc. in this group. Some of us are just lurkers... and some lurk (or chime in) from all points in the world. Regardless, isn't it amazing to see so many people from such diverse areas and backgrounds contributing nearly 300 pages of information on Las Vegas and construction?

If you don't like the content- keep scrolling. If you feel the need to flame on ANYONE who is a contributor- please do so in a professional way and send them a private message.

Regardless- I don't want to lose any contributors to our forum... it is quiet enough as it is.