Las Vegas

MGM - high rise condo / casino hotel room all in one!
Consigliereeeeeee 2011 reads
posted

I just got back from Vegas and checked out the MGM high rise condo , combined, casino suite development for sale. They sold out the first two towers, and have broken ground on a third. I thought the idea was tremendous and has a lot of potential. But I can't help but remember that these types of hybrids developed at the final up swing of the last bull market in real estate. But on the other hand, the product here is much better. They had all furnished studio, one bedroom, and two bedroom units. Choice of mountain view, or strip view. Underground valet parking, gated pool / spa, 24 hour room service, the strip rail shuttle stops right there, and it's a short walk to the casino at MGM! Also, room service, and double private entries. Each room had a TV set, and one was a pop up from the desk. Maid service was available also. The hotel or owner could lease back the unit, or have it available as nightly suite (nitely prices above $200-500, depending upon seasaonality). Bu they would not use it as overflow from the casino in event of overbooking, or late arrivals.  The only drawback was the price, at least for me and details on damage (which they assured me was covered by credit card deposit). But I was thinking of the potential this had for VEgas like minded people. They want something around $60,000 or so. And it's non-refundable deposit over three months. The prices are from $600,000 and up to slightly over a million for penthouse primo units. The ass. dues are $600 and up to 1200. These could be advertised for vacation leases, or used by reasonable owners as scheduled. I thought this was a tremondous idea for those of us you get to vegas anywhere from once a month to once a year - spreading out the cost with ten or so partners would bring the costs more reasonable. ONe would have the advantage of owning property, staying there, and leasing out when not there. I know there are logistical issues -- like people wanting to be there at the same time, property values going down, people wanting to sale. Maybe all those negatives out way the positives. I don't know. Please let me know your thoughts. I would like to hear from some people that are serious and find this idea intriguing. thanks for listening, and I am regular poster here, and I have no afflication whatsoever with MGM or this project. Please email me at [email protected] , let me know what you think. this is definately not spam

I'm all for out of towners driving up the real estate prices again.  I say go for it!

I believe it's a joint project between MGM and Turnberry (who got the luxury high rise market started in Las Vegas).  Given the track record of the 2 companies involved, this is probably one of the few projects that will get done.  A good real estate agent and a talk with a local real estate attorney are probably in order if you're going to pursue this or other projects in the area.

Bob

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