BluefoxToday blog : High-rise condominium on the Strip branded St. Regis

High-rise condominium on the Strip branded St. Regis

The luxury condo tower currently under construction in front of the Venetian and Palazzo resorts was planned some years ago when the real estate market in Las Vegas was moving along very nicely. The market conditions, however, have changed quite a bit since then. The high-rise condo segment in Southern Nevada is overbuilt, demand is waning and prices predictably are softening up. The current mortgage industry woes make getting financing for purchases much harder, too.

Las Vegas Sands, developer of the condos, likely realized that going alone with the project in this less than desirable market environment was going to be tough. To bring in a world-class hotel, resort and condominium operator like Starwood Hotels & Resorts Worldwide would make it much easier, so it contracted St. Regis, a Starwood brand, to operate the tower once it's built. A separate marketing firm will be signed up to handle the sales center.

The project will carry the name The St. Regis Residences at the Venetian Palazzo, Las Vegas. It'll have 398 residences priced, at this juncture anyway, from $1,500 to $2,000 per square foot, placing them among the most expensive units in town. The St. Regis name readily brings to mind luxury and impeccable service among the wealthy across the globe and ought to be of great help in marketing the property, even in this climate. Those who are used to certain high standards trust tested brands like St. Regis.

The Venetian also houses a massive convention, meeting and event facility that is very successful and forms the backbone of its operation here. The St. Regis Residences should definitely appeal to the cultivated corporate buyer for its own officer use or as a base for an important client attending a convention. Moreover, since the condo tower sits right on the Strip many of the units offer priceless up and down views of the action below. That ought to be a big draw.

As things stand right now, the successful marketing of the residences could be accomplished without any price adjustments. By the time the project is scheduled to open in 2010, the market could be much improved.

 

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 6 commentsEsko Kiuru • September 06 2008 09:30PM

Comments

Hi - Fabulous news for Vegas!  What changes we are seeing along the strip!

Posted by June Stark, Las Vegas Condos & Luxury Homes Expert (Elite Realty-Luxury Homes & Condos On & Off the Strip) about 10 years ago

I haven't had the pleasure yet to enjoy a St Regis!

This comment brought to you via your comment on Michael's article "Do you reciprocate?"

I look forward to hearing your thoughts on my foreclosure article!

Posted by Garren Grup, REALTOR, ABR, CNE,CDPE, GRI, Naples & Bonita Springs, FL (John R. Wood REALTORS) about 10 years ago

Esko, the market can't stay this way for ever, so let's hope that you are right about anticipating a turn around by 2010.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 10 years ago

June,

St Regis is a top-notch name. Good addition for the Strip.

Posted by Esko Kiuru about 10 years ago

Garren,

Check them out. It's worth it.

Posted by Esko Kiuru about 10 years ago

George,

By 2010 the market should be improved.

Posted by Esko Kiuru about 10 years ago

Participate