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December 29, 2007

Trump International Accepting Reservations in Trump Tower 2 in Las Vegas!

Filed under: Condo Hotels,Las Vegas Condos — Vegas Agent @ 8:50 am

Trump Towers Las VegasOn the evening of April 8, 2008, Donald Trump will announce the opening of Trump Tower 2 in Las Vegas on the Apprentice Show. When The Apprentice announced Tower 1 at the end of 2004, they reserved over half the building in a matter of days!

Trump International is now accepting reservations on specific condominiums in Trumps Towers Las Vegas for Tower Two (priority list) and only a limited number of units are available at introductory prices. The early reservation program will require only a $10,000 fully refundable deposit. We have attached a map indicating the location of the towers and the floor plate which includes the unit numbers for Tower 2. Tower 2 should have better views than Tower 1 and is located closer to Las Vegas Boulevard.

The penthouses are starting at $2.8 million, the one bedrooms are starting under $1 million and the studios are starting in the low $600’s. The one bedrooms increase approximately $4000 per floor and the studios approximately $3000 per floor. Please contact us directly at sold@greatlasvegashomes.com or call 985-7654 for specific unit numbers and prices, and to obtain an official registration form.

Trump International is anticipated to be the one of the most glamorous addresses in Las Vegas. All of the units at Trump International are sold fully furnished and Trump International Hotel & Tower is located in the heart of Las Vegas, immediately adjacent to the Fashion Show Mall, in close proximity to the Venetian Hotel and the new Wynn resort. Trump is offering Studio and One Bedroom condo hotel suites and Penthouse One, Two & Three bedroom units. In addition to the elegant suites, a full complement of services and amenities true to the Trump name are planned. These amenities are destined to appeal to residents and hotel guests and the luxury Las Vegas high rise condo market.

We look forward to hearing from you soon on this project…especially prior to the April 8th announcement to millions of people on National TV!

Is the Formula for Condo-Hotel Profit Changing?

Filed under: Condo Hotels,New Condos,Real Estate — Frogman235 @ 8:50 am

Worldquest ResortThe condo-hotel phenomenon actually erupted back in the early 1990’s when lenders were not financing hotel projects at the rates they are now. Lenders would only finance 50% to 60% of a project making it harder for builders to begin development. This spurred the concept of actually selling some of the units as condos to provide additional financing for the rest of the project. As prices began to soar in the coastal cities, condo-hotel units became an irresistible investment opportunity. Owning a condo on the beach, earning rapid appreciation in value, and covering the costs with rental payments the rest of the year was a formula that made perfect sense.

 

Today, as conditions are correcting themselves in areas for Miami condos and Ft. Lauderdale condos, condo-hotels are caught in the same downshift as the regular condominium market. Some builders that had originally purchased land with plans for a condo-hotel, are now building hotels without the “condo” component. According to Tom Stieghorst of the South Florida Sun-Sentinel, “About 1,250 condo-hotel units have been opened in the past two years in Broward and Palm Beach counties, with another 2,500 units approved or under construction. That’s a small number compared with the 15,500 units proposed for Orlando or the 32,800 going up in Las Vegas.” This is not to say however that the Las Vegas or Orlando markets are in a much better position to absorb these units. Las Vegas condos are experiencing the same struggles.

 

Going back to the boom in the late 1990’s, many condo-hotel units that sold for $650 per square foot are now selling for $1400 per square foot. The typical formula from a development standpoint is that a room should rent for one tenth of 1% of the cost to build that room. If a buyer or investor purchases the room for $600,000, it would need to be rented for $600 a night for the builder to be profitable. Now that prices are much higher, nightly rates are not matching up with this formula for profitability. This is why some builders are switching their plans or changing the scope of the project.

 

The market slow-down has given pause to many of the buyers and investors out there. Now they sit on the fence so to speak and want to wait and see what happens to prices and rates. Much of this waiting is just based on negative hype and not substantiated by numbers and statistics. Many do feel though that we haven’t seen the worst of it yet. On the other hand, many real estate professionals expect a come back later this year.

 

Do to financing hurdles and high construction costs, many builders are purchasing existing hotels and converting them to condo-hotels. This is similar to a condo conversion where builders purchase existing apartment properties and convert them to for-sale housing. The idea for condo-hotels is to take an existing income producing property simply rehab it and sell a portion of the units as condos. Often times there is then a hotel management company that will supervise the rental of the buyers’ homes when they are not there. Builders are saving money doing this, but still facing the issue of finding enough luxury buyers.

 

Buyers and investors from Europe have been a great asset due to the current exchange rates. These investors are less worried about the local market conditions because the rates are favorable. For example, the Worldquest Resort in Orlando, FL sold it’s first phase primarily to investors who never even came to physically see the project.

 

NewCondosOnline.com has been handling the online marketing of this development for about a year now and most of their buyers are coming through the Internet. By the time the foreign investors call the sales center, they have already gathered all the information they need through online resources like www.newcondosonline.com. Without these foreign buyers, of whom many have no intention of ever coming to see their Orlando condos, there would have been potential problems very early on.

 

This is the exact reason online marketing during these current conditions is so crucial. The builder absolutely must open the sales channels to more potential buyers in order to capture enough pre-sales to keep moving forward.

Waldorf-Astoria Excites Beverly Hills!

Filed under: Beverly Hills,Condo Hotels,exclusive residences,parks — danielsignani @ 8:50 am

It’s Beverly Hills and just about everything gets a “lift” now and then.

While 120 private residences in three distinct buildings will be a major addition to this area, the new-er Beverly Hilton with the addition of the 120-room Waldorf-Astoria Hotel encompassing 9 acres will be just the right “lift” Beverly Hills needs.

When you think about it, the corner of Wilshire and Santa Monicahas long awaited an improvement for it is seriously lacking an aesthetically appealing outer core. But with the addition of apparently 500% more open space and gardens, improved pedestrian and traffic flow, I myself am relieved to know that beautification of some sort is on its way. In addition, one would believe, after reading the news release(http://phx.corporate-ir.net/phoenix.zhtml?c=88577&p=irol-newsArticle_Print&ID=951848&highlight=) from the Hilton Hotels Corporation that neighborhood and environmental concerns have been addressed-albeit ever so small an improvement.
Are we talking traffic problems? Come on now! Los Angeles has long fought battles over traffic and its growing pains on the city. And as long as public transportation initiatives are placed on the “back burner” I think Los Angelenos should get used to traffic as we are the sunshine. Uh, let’s get back to the Waldorf/Beverly Hilton.

Sure, I too can be as skeptical as the next and am slightly concerned that investments can cloud those “neighborhood friendly” initiatives leaving the impact to the city not so favorable. But I believe in the legacy of the Waldorf-Astoria and the Beverly Hilton to not disappoint residents and visitors alike. But I further trust that those responsible for the development have done their homework.


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