Vol. 3, No. 11, November 2007
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Steel Cities
Vertical living is the newest trend in Las Vegas
Welcome to the new Las Vegas. With the dwindling supply of developable and rising land prices, vertical living is our new lifestyle.
Whether you work-to-live or live-to-work, some things to consider when looking to buy a condo are:
• Can I live there comfortably?
• Am I buying as an investment or as a residence?
• What is the reputation of the developer, not only as a quality builder, but his ability to attract financing?
• Location, location, location!
With the level of amenities available in condo communities across the valley, almost any location will give you the opportunity to live comfortably. Virtually all the new condo communities feature clubhouses, fitness centers, concierge and maid service, shopping, restaurants, multimedia theater room, sports bar cafes, and business and media centers found in mixed use communities.
Bang for the Buck
While the high-rise communities make an interesting skyline, they are generally geared more toward the second-home owner and the filthy rich. Many of the amenities that are offered in the high-rise condos are also available in considerably more affordable units. Features like granite countertops, high-end—and in many cases stainless steel—appliances, workout facilities, pools and spas are common to many of the nicer condo communities. And in many ways, communities like Canyon Creek, Eleven11, Solevita, Dolce and Monterey at the Las Vegas Country Club actually offer more in terms of what you get for what you pay, than their highly-publicized counterparts.
All condominium units offer the turnkey lifestyle where people can take full advantage of home ownership without dealing with some of the hassles like maintenance and yard work.
“There’s no exterior work to do. No grass to cut or weeds to pull,” said John DiCarlo, new home specialist with Dolce. “When you come home you can just enjoy yourself and relax.”
Landscaping, for example, is all but nonexistent in the high-rise buildings, but condominium communities like Canyon Creek, Eleven11, Solevita, Dolce and Monterey at the Las Vegas Country Club feature mature trees and grassy public areas, something of a respite in green from the sea of desert brown.
Of course, the biggest drawback to the high-rises is the price. Again, with the communities listed above, that is not an issue. Condo units in these communities generally start in the low- to mid-100s.
Located near the Lakes and Canyon Gate Country Club, units are Dolce start in the $120,000s. The community is close to shopping and restaurants in Summerlin, and reasonably close to the Strip, while at the same time being far enough away to offer the solitude many people seek.
Solevita, in Green Valley, also combines access to the Strip with the comfort of a neighborly community. The state-of-the-art health center and views of both the Strip and mountains, defy the $130,000 starting price of units in the community.
Canyon Creek, like the previous two communities, offers gated security, but adds the additional safety of a guard station. Units in the community on Rainbow Boulevard in the Northwest part of the valley start at $140,000.
Units in Eleven11, located on Charleston west of Buffalo, start at $129,900. A $10,000 price reduction is available for units facing Charleston—because of the traffic noise—but that money can be applied to the deluxe package, which adds to the condo conversion units kitchen and bath upgrades, granite countertops, full-size washer and drier, new flooring and stainless steel appliances.
Pretty, Pricy
The most anticipated of the high-steel islands coming to Las Vegas is Project CityCenter with Vdara Condo Hotel, Veer Towers, the Harmon and Mandarin Oriental. If you were to take the virtual tour, of your new home there; you note the minimalist movement impact, with emphasis on luxurious textures. The smallest of the condo-homes may be a space that evokes an intimacy that is comfortable if you only want a second home to “lock and leave.” And the most opulent penthouse accommodations are spacious to the point you may never want to leave.
These high-rise icons are helping Las Vegas redefine what a home should look like. Front room parlors are passé and greater consideration is given to home office accommodations where parents can monitor on-line activities while being in the same activity area of the home. With floor-plan size considerations, multi-use space configurations have brought back the “Murphy bed” to transform offices to guest bedrooms as homeowners work to make every space count, and to enjoy the space in which they live.
Without sacrificing a sense of home or living space, other valley high-rises, in what may be referred to as “Urban Pods” away from the metropolitan urban hubs, encourage a maintenance-free lifestyle by providing amenities that cater to the end user with elite services. One example is One Las Vegas in the south valley, where each unit comes with a touch-screen monitor and keyboard to help you schedule as you need. Imagine walking in the door and seeing a delivery notice for flowers, deciding to reserve the tennis court for a late afternoon game and then alerting the valet to have your car delivered so you can take in a late evening show.
Wayne Krygier President of Amland Properties, the developer of One Las Vegas explained, “The Las Vegas casino industry has repositioned and elevated the service and amenity expectation, as well as bringing in a new group of employees who anticipate a more cosmopolitan atmosphere.” To meet those expectations, One has a partnership with Timewiselv.com, a service for unit owners that is similar to having a personal assistant to address the issues you don’t have time for in your fast paced life, like carpet cleaning, personal shopping, dry cleaning, arraigning for deliveries from local restaurants. While a lot of the floor plans have dens for our telecommuting lifestyles, there are hot spots near the pool to link to your lap top as you prepare for the next business meeting. If you expect a face-to-face meeting, all residents have access to the onsite business center, with all the support equipment and private meeting rooms with video conferencing.
Sam Cherry Developments has the bird’s eye view of Downtown development—literally! The company has lead the revitalization effort with three condo projects in the heart of Downtown: the 20-story SoHo Lofts sold out in 2006; the 23-story Newport Lofts only has a hand full of units available and now the 65-story Stanhi is under construction and ready to bring an additional 425 units.
In the urban pods on the west side of the valley, there are a couple of other mid and high-rise projects to consider: ManhattanWest and Sullivan Square. ManhattanWest’s architecture, with subtle touches like the gargoyles that dot the neo-gothic buildings, and the metal cladding that highlights the art deco facades, has the energy of a city coming together with different kinds of architectural styles to form a unique sense of place… and the floor plans are some of the most innovative in the valley.
Upon completion, Sullivan Square will include 1,300 residences with six options for urban living which include floor plans of varying design from Chicago-style lofts, brownstones, townhouses, live/work space, high-rise tower units, and terraced condominiums as well as office buildings and a 1 1/2-acre park. Much consideration has been given to the urban palate of the community’s retail component, Market Street, including who will occupy the 25 shops and provide neighborhood services such as an independently owned café, restaurant, neighborhood pub, florist, fresh fish market, bakery and a butcher shop. Some high-rise homeowners miss their yards and gardens, but most find it liberating to manage a smaller deck garden in pots, and believe that the large common patios and terraces give them plenty of space for enjoying plants and flowers without the maintenance.
Now’s the Time
Only you can decide whether the more affordable condo communities meet your needs, or whether you’re the kind of person who needs the additional ego boost of living in the exclusive high-rise projects. One thing that is certain: it’s not always a matter of getting what you pay for.
The smaller and less-publicized projects like Canyon Creek, Dolce, Solevita, Eleven11 and Monterey have all the same amenities as the large-scale projects. They just offer them at a considerable discount. And, in addition to offerings like state-of-the-art workout facilities, pools and spas, they have some additional advantages in terms of location and green spaces.
Regardless of your preference for vertical of horizontal living, most people seem to agree that with the continued growth of the gaming industry in Las Vegas, demand for housing will increase, and the awesome buyers market of today could give way once again, and prices could begin to climb.
Olive Knaus, a realtor working with the Eleven11 community, said there are a number of programs designed to assist the first-time home buyer that allow them to take advantage of today’s buyers market.
“We’re working with different lenders and offering some first-time buyers special programs,” she said. “There are a lot of programs people don’t know about that are out there to help them.”
