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Condo Hotel Center: Property
Alert
March
20, 2004
Thousands
Consider Gamble on
Las Vegas Condo Hotels a Sure Thing
 Hello,
Joel Greene here from Condo
Hotel Center.
A
quick item to mention before we get into the “meat
and potatoes” of this Property Alert. I was
just interviewed by The New York Times
for an article about condo hotels that is to be published
next Friday, March
26, 2004. It should appear in
the “Escapes” section. If you can get your hands
on a copy of the Times, I hope you’ll take a peek
at the story.
Okay,
on to the good stuff. Today I’m going to deviate
from my usual topic of Florida
properties and tell you about some exciting developments
in the condo hotel world outside “my neck of the woods.”
MGM Grand, New Condo Hotel
in Las Vegas
Apparently,
the condo hotel concept is catching on in other parts
of the country. The area that seems to be taking
off fastest is Las Vegas.
Whether or not you’d consider a property in that part
of the world, it’s interesting to see the overwhelming
demand for the limited supply of condo hotels that
currently exist out that way.
Listen
to this. On December 19, 2003, The Residences
at MGM Grand in Las Vegas announced their first
five-star, 38-story, 576-unit, condo hotel tower to
be built on six acres adjacent to the MGM Grand, the
most famous and well-known hotel on the Las Vegas
Strip.
I
spoke to my sales consultant this week and was shocked
to hear that
100% of all
MGM’s 576 units were sold out in less than eight weeks!!!
Feeling
like you might have missed out? Don’t despair.
After the enormous success of the first tower’s lightning
quick sellout, they have decided to build a second
tower, identical to the first, to be completed in
2007.
Formal
announcement and contracts won’t be ready until May-June
2004, but they are already taking $10,000 reservation
fees, so act quickly if you don’t want to get shut
out again. (Just let me know if you want more
info. on the new MGM property, and I’ll get that right
out to you.)
Now
maybe you‘re thinking that Las Vegas would probably
make a great investment, but the glitz and glamour
of the Las Vegas Strip is not really your idea of
a vacation. Maybe 38-story towers with 576 units
are a little impersonal, and you’d like a second home
with more of a neighborly feel to it. Maybe
a laid-back, slow-paced condo hotel with a small-town
atmosphere is more your cup of tea. Then read
on about the next property.
Montelago Village on Lake Las Vegas
Montelago
Village
in Henderson,
NV is a master-planned
Mediterranean-style village community on Lake
Las Vegas,
the largest privately-owned lake in the Southwest.
It‘s
just a 25-minute drive from McCarran International
Airport and 17 miles east of the Las Vegas strip.
So you can enjoy the moonlight and candlelight, just
a short drive from the neon light. By the way,
Henderson
is the second largest city in Nevada
and one of the fastest growing cities in America.
In
addition to a 350-room Ritz-Carlton Hotel, which opened
in early 2003, Montelago
Village
will include approximately 800 luxury condominium
units built by Intrawest Corporation, specialty restaurants
and cafes and a 40,000 sq. ft. casino, discreetly
nestled among the village’s shops. You'll be
able to dine at a different 5-star restaurant every
night of the week.
You’ll
find white sandy beaches, a mile of lakeside walkways,
and harbor side boat docks. The lake affords fishing
and sailing opportunities, and the mountains offer
scenic hiking and mountain biking trails. And
at the Ritz-Carlton Hotel, village guests are allowed
usage of its 30,000 square foot spa and its 36-hole
Jack Nicklaus and Tom Weiskopf-designed course.
Want
even more golf? There are actually three tournament
golf courses at Lake
Las Vegas,
and three more are planned. The Jack Nicklaus
course is a signature course--the first in Nevada.
Lake Las
Vegas will eventually
be one of the most spectacular places to golf in the
world.
When
Lake
Las Vegas
is complete, it will represent more than $7 billion
in invested capital. It is
destined to be the premier desert resort in the Americas.
Getting
back to the 800-lakefront condominiums in Montelago
Village,
Intrawest is only a couple of years into an eight-year
build-out. The first phase, the177-unit Viera
(90% sold out), is just the beginning. (Contact
me if you’re interested. We have pricing information
available on remaining units and resales.)
The
next phase is called Luna di Lusso. It will
open the first week of April 2004 (yes, that’s in
about 10 days). Its fully-furnished condominium
suites will be reminiscent of the palazzos in Italy
and will feature stylishly modern interiors and sweeping
village views. Owners will have the option of
putting their home in a rental program, sure to be
a success as Las Vegas
is considered America’s
hottest hotel market.
Luna
di Lusso will be six stories and will feature 85 lakefront
units, only 15 of which will be 2-bedrooms.
The rest will be either studio or 1-bedroom units.
Prices will range from the low $300,000’s to just
over $1,000,000. Anticipated completion is in
late 2005.
Priority
Reservation holders--all those who have paid a refundable
$5K deposit by April 15th 2004--will get first choice
of units after existing Intrawest property owners.
Selection Day will be held in late May/early June
2004; purchase agreements will be signed shortly thereafter.
It's
a very limited offering in a once-in-a-lifetime situation.
A lakefront home in the desert with water rights--passed
by an Act of Congress in the 1930’s--is not likely
to ever happen again. In the not-too-distant
future, the only way you'll be able to get one will
be to inherit one!
Another
point worth noting--Intrawest Corporation, the developer
of the condo hotel units in Montelago has a Home Owner
Exchange Program. By purchasing a Resort-to-Resort
Membership and paying an annual membership fee, resort
homeowners have the ability to exchange use of their
resort homes for vacations at any of Intrawest’s
destination resorts, all of which are world-class
properties in premium locations.
So
there you have it. Two exciting but very diverse
condo hotel properties soon to be built in Las
Vegas, The MGM Residences in
the heart of the city and the many Intrawest condo
hotel units in laid-back Montelago
Village.
I
hope you enjoyed hearing about the world of condo
hotels outside Florida.
Consider it a “spring break” of sorts. I’ll
be back talking about Florida
condo hotels again in future Property Alerts.
As
always, if any of the properties I’ve mentioned here
or others that you’ve seen on our website http://www.condohotelcenter.com/
interest you, please let me know. I have data
sheets (size of units, price of units, maintenance
costs, etc.) that I can instantly mail you, and I
can have complete brochure packages sent FedEx if
you want more detailed information.
Joel
Greene, Broker-Associate
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd. Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
Info@CondoHotelCenter.com
www.CondoHotelCenter.com
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