In looking at the Las Vegas Valley one would assume there is available land everywhere. After all, isn’t this the vast desert? But that isn’t the case. As mentioned earlier, what parcels that were available have been purchased for future developments. And the BLM has a limited amount of land it annually releases. So, what is a developer to do? They elected to “move up in the world” and what some call the “Manhattanization” of Las Vegas, and the “Miami Beach of the West” is happening full throttle.
Today there are over 80 high rise condominium developments being planned or already in construction, mostly in and around the famous “Strip.” Names such as Allure, Chateau Nouveau, L’Octane, Sky Las Vegas, The Summit, and Trump Towers are being talked about as the “second coming” as far as Las Vegas real estate is concerned, according to long-time real estate broker Paul Peterson of Pacific International Realty. “I’ve been here since 1978 and I’ve never seen anything like what’s happening now. The Las Vegas skyline is going to be completely re-done.”
How About A Hybrid Condo?
First you have the conventional condo developments, and now you have the option of owning a condo-hotel. And we’re not talking time-shares. With a regular condo, you buy it and it’s yours. You can live in it or rent it out. With a time-share you and several other people co-own a unit. You can use it for so many weeks per year, or you can rent it out. A condo hotel unit is different from a time-share because of the way it is owned. A condo-hotel unit is purchased by single owner, who can use the condo at any time. When the owner is not using the unit, he or she can put in the hotel’s rental pool, and it will be rented out by the night. It should be noted that at many times of the year, despite the almost infinite hotel room capacity, the occupancy rate exceeds 97%. Several of the top Las Vegas hotels are considering building adjacent condo-hotels. In fact, Turnberry's The Residences at the MGM Grand is a well underway as an example of this new type of real estate.