Veer tower residences. For real

PM The Mayor....Bob will know

 

I have followed MGM for many years. Veer is in City Center which everyone thought would go belly up. Condos in Vegas became as hard to get rid of as herpes. An investment firm, Ladder Capital, bought a bunch of these (427) Veer units at a good price and are re-selling. I figured MGM/Dubai wanted them off the books. I'm sure they are nice...but...beware.

One of the buiildings ( I don't think Veer) is in litigation...I think still is. There are "alleged" construction defects which may cause them to be torn down after building 26? stories....One side says they are fine, one side says not.....

 

The Harmon tower is the building with the "alleged" defects. the veer towers are the 2 buildings that look like they are leaning to the side away from each other.

 

Cosmo was and is always under litigation swamp. Have not heard anything negative about Veer. Would be helpful if you post more info such as sq ft and price extra.

 

The condo's in Citycenter are red hot now. Inventory is low. The highest sq of any residential unit in Nevada sold last week at Citycenter. Something like $700K for a 600 sq foot apartment.

They go for between 400K and 1.8 Million. Someone just bought an entire unfinished BARE floor at Panorama towers last week for 3.5 Million.

Living and buying there depends on what you're looking at doing.

If you want to buy a unit and rent it out to the hotel for them to put people in it, then MGM and Trump are good for this. Don't know much about Citycenter but it may be the same. You can call them and ask how it works. I'm less familiar with condo/hotels.

If you want a place to own and live in as a real residence, my suggestion is Turnberry place and Turnberry tower. You can decorate and modify them any way you want. The condo hotels come with everything already furnished and completed. Both Turnberry are near the new SLS casino, a mile from the Wynn/Encore and across from the old Hilton on Paradise. I have one rental unit in each (both 2 bed/2 bath. One 2050 sq ft and the other 1650).

Turnberry won't let you lease to anyone less than 6 months. So, it's no good as a hotel residence where people come and go each weekend.

I can guarantee you there won't be another high rise project in Las Vegas for another 10 years. So, the market is what it is. I think that they they finish the new Resorts World Chinese themed place across from Wynn, there's going to be a huge influx of Asians looking to work and do business in LV.

PM me if you want a real estate contact. She's been working with me for over 10 years now.

Best part is the F dealer is darn friendly and easy to work with because everyone is so close and local. I got an 458 spider in 6 months. I think guys in LA are still waiting years on wait lists.

And, if you do everything legal, it's possible to get rid of CA state income tax (there is no income tax in Nevada). Property tax is less, sales tax is less, gas is about 50 cents a gallon less and locals get discounts at all the LV fun stuff. Car registration is about the same HOWEVER, when you trade in your car, you get to deduct the value of it from the sale tax of the new car. You can't do that in California. Emissions is easier too.

I moved to LV in 2006. Never looked back. It's not for everyone but it worked out for me. 2008-11 was a disaster but last year it started coming back. Nevada is leading the US in price increases year to year... something like 30%. There are still bargains out there but fewer. The golden age of short sales is over.

Below is my place. Just rented it this month to a guy from LA. Vegas baby!
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Bob, what is pricing in the Turnberry's now, and how does it compare to what it was just 12 months ago? How much is the HOA? Do you see them still as an opportunity in that there are 2-3 hotels coming to the north end, plus Encore and Wynn and Trump already there?

 

Prices are rising. The problem is inventory is really low. Most buys are cash. There's nothing in the middle anymore in TB Towers. Literally nothing. It's like 200K and 700K+.

HOA's depend. Some are about a grand, others as low as 600. Depends on the size of the unit and which building.

Yes, I do see them as opportunities but not all units and all buildings in the 6 TB properties. There are differences that make some more desirable than others. Each building has it's own HOA for example. Views very a lot.

What I've found is that in general, TB Towers has a younger and hipper group that like it while TB Place is more old money.

Yes, the SLS hotel is going to be a bid deal when finished next year. Also, construction on Resort World will be a huge boost to the north end. This will be the biggest and most expensive property in Las Vegas. The problem is you still have this eyesore known as Fountainbleu sitting there and the old girls of Circus Circus and Riviera. It's an improvement but not a complete make over. Maybe Karl Ichan will do something with his investment. Fountanbleu is 70% finished.

Foreign money is pouring in on RE all over the valley-- a lot from the great white north but some from China, Taiwan, and Europe. Resort World is one of the biggest players in the Casino business -- and from Asia. They paid 3B in cash for the left over Echelon casino from Boyd group. I'm assuming they must know something.

But, the big days of great bargains of getting short sales is over. That was so 2012.

The thing is this. Anything you find in LA or Orange county you can get the same for in LV at 1/2 the price or less. Sure, it's area, area, and location but lets face it...1/2 the price ain't chopped liver.

http://www.reviewjournal.com/business/housing/housing-continues-torrid-pace-june-july

 

Dear Mayor
I have a unit at Turnberry Place Tower 2. It's being used as my home away from home but have been bleeding heavily since I've bought it at the peak of the market. Never drove my Italia to Vegas. It is a ling way and prefer the comfort of a large BMW. Condo prices seem to be inclining but that Fountain Blue project is a disaster.. Any idea if that hotel casino will be up and running soon?

 

Fountainbleu? Forget it. Years. But SLS next door opens in 12 months and Resort World in a little over 2.

If you bought at the peak, you have a wait, maybe a very long wait. If you're buying now, you get a great deal. You would have had a much greater deal last year at the bottom.

 

Bob, which tower at Turnberry is the best place for purchasing currently at the lower end of the price specturm?

 

I'll send you a PM

 

If you want warm weather, still a good deal with upside look towards Palm Desert/Palm Springs. Not Las Vegas..that's for sure, but great restaurants, golf etc. I bought a place in PD 2 years ago next month. Paid $220... it is now $370+/-. Canadians are buying the place up.

 

One of the residential towers, at City Center, has an issue REAL issue when the wind blows.
Theres whistling and rattling on the surface of the windows, as the wind travels up/around the building.

I don't know what tower it is.
Might be one.
Might be all.

I KNOW this is an issue from a friend who had to move three times, into different units, to avoid it.

 

Funny you mention that. There is a bizarre whistle at City Center when the wind blows hard. I've heard it when walking there. It's pretty annoying. I don't know if you can hear it inside though.

 

Mayor,

What percent of closings do you feel are paid with cash? I wonder if LV is getting the same type of investors as LA/OC where there are a lot of people paying cash.

 

We purchased a unit in the Veer Towers about a year and a half ago. The location on the strip is great as it is right in City Center and you can take the tram to Bellagio. When we purchased I was told they sold 6 units the year before, but recently was told they sold 50 units this year. As part of our purchase, they paid property tax for 4 years and HOA fees for 6 years.

I receive occasional updates from an attorney on the Harmon building (blue building with Elvis poster). MGM wants to take it down, while the contractor says the structural stability can be repaired.

I experienced the howling noise during heavy winds after we purchased the unit. I can see how it could be annoying, but we were made aware of it in our purchase docs, and we only visit Vegas a few times a year, so it doesn't bother me. I also understand that they are taking additional measures to mitigate the noise. When we visited last during a large thunderstorm, I did not hear the noise.

It seems to me that the residents are a lot of younger people that probably work near the strip and are leasing or older people that use it as a second home.
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60% below jumbo, 70% above jumbo.

It's still tough to get a jumbo loan on a high rise even with 20% down. It's darn near impossible to get a re-fi from any hi-rise jumbo loan earlier than 2010. Everything is upside down.

 

Can someone help me to understand why one would want to own a pricey condo on the strip? I have always wondered.

 

FYI, last week i emailed the sales@citycenter and i never heard back...i requested pricing on all available unit sizes at Veer and the Mandrian...

 

Sure. Easy access ( walking )to fancy casinos, shopping and gourmet food. And a bragging right.

 

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