65% FINANCING AVAILABLE
65% FINANCING AVAILABLE
Over 70% Discount on Luxury New Construction in Las Vegas, Nevada
CASH OFFERS CONSIDERED – SERIOUS BIDS ONLY !!
After 18 months of searching and negotiating every possible discounted opportunity in Las Vegas, the deal is finally here. We sometimes label our launches the ‘investment of the month’ however I am relatively certain that we won’t have anything matching this value for the rest of the year. We have had many investment opportunities across Florida over the last 6 months, however in my mind there is no market in the USA with better fundamentals and in position for huge market rebound than Las Vegas. After heavy persistence over many months, we have finally been able to secure this deal predicated upon complete liquidation of lender inventory. The following is the deal located directly on the infamous Las Vegas Strip where we have secured 43 foreclosures directly from the lender on the final remaining developer units at prices over 65% less than 2006 pricing where over 650 units closed. We have been granted a 14 day window to sell the remaining inventory. All units come with tenants currently in place with average price per sq. foot on cash deals between $105-$115 (less than half of current market replacement costs). In the peak of the market in 2006, the developers closed many two beds priced between $375,000-$440,000($325-$375 per sq foot) along with the development directly across the street closing units over $500 a foot.. To many of you – I’m sure this project looks very familiar. Eighteen Months ago we turned to the Las Vegas market and after hundreds of deals looked at in Q1/Q2 2008, we actually took this project on from the original developer, with prices between $255,000-$285,000 to close out remaining units. We had conducted extensive market research concluding that this level($200-$225 per foot) was a pretty accurate measure of replacement costs and felt strongly that the Vegas market would stabilize at that level. Unfortunately this didn’t occur and we have since pinned down the lender whom is willing to liquidate at half price from a year ago. We have seen a lot of the condo conversions units dip below replacement costs in Vegas – but we have not seen anything of this quality, in this solid of location, at this sort of price level. Land in costs to build these units would without a doubt be over $200-$225 a foot. If interested in reserving here – contact us immediately as we have a very limited time window with these lenders.
WHY LAS VEGAS?
Since the first quarter of 2008, Las Vegas has been at the top of our list as the one market in the USA with the biggest potential for market turnaround. As one of the major US metropolitan cities that consistently leads the country in job growth/population growth, Las Vegas will emerge as a market that was hit far too hard in the downturn and will rebound seeing huge growth from the bottom. With sales up over 38% year on year and low-end inventory clearing as fast as its brought to market - we can assuredly inform you that the bottom is here.
- Lawrence Yun, Chief Economist for the National Association of Realtors predicts Las Vegas (along with Phoenix and Miami) to be one of three markets that will experience increased gains as much as 50% across the board in the next 5 years. If securing a heavily distressed foreclosure – this number could potentially double or even triple. (Many sales this year in this community between $140-$160 per ft)
- Studies forecast over 100,000 new jobs coming into the city of Las Vegas over the next 3-5 years
- 5,000 people are moving to Las Vegas every month
- Condo inventory in Vegas has shrunk from 24 month supply down to staggeringly low 2.5 month supply with bulk investors swarming. The average bank owned property is receiving 6-7 offers with most settling above the listing price, showing increased proof that the low end of this market has bottomed out.
- Hotels/Casinos are beginning to see large increases in occupancy rates showing recession easing and money pouring into the local economy.
- New residential construction within Las Vegas will continue however the city is landlocked with Nellis Airforce base covering the northeast, Lake Meade in the east, and mountains and tribal owned land surrounding the rest. With limited land surrounding the city leading the US in population/job growth, property values must increase.
Manhattan Condominiums is just minutes away from the heart of The Strip and brings the best of the urban lifestyle to Las Vegas. The community covers 20 acres and features over 700 elegant condominiums in nine four-story buildings. The community’s hub is a contemporary, 10,000 sq. ft. glass clubhouse. The clubhouse includes a business center and separate conference room, a screening room with state-of-the-art projection system, and a lounge with a full kitchen and bar which are available to reserve for parties. The 24-hour fitness facility has commercial grade equipment including treadmills and elliptical machines with personal entertainment centers at each work out station and a separate room featuring free weights. A sauna, massage rooms, and separate men’s and women’s locker rooms are available.
The community features extensive outdoor facilities, all in a beautifully landscaped environment. A 1.5 acre grassy Central Park is the perfect place to meet your neighbors. The area provides ample space for volleyball or lounging in the hammock and is the backdrop to the centrally located barbeque pavilion. Two pools, a tennis court lit for night use, and a basketball court are also available. The community is pet friendly and features a dog run.
Manhattan Condominiums offers an ample set of services. A full time concierge facilitates everything from dry cleaning delivery to restaurant reservations and show tickets. The community security consists of a manned guard gate, 24/7 roving patrols, closed circuit security cameras (which monitor activities and are available to view within your home), and programmable electronic key fobs which allow access to elevators and buildings. Guest suites are available to reserve for visiting friends and family. Free Wi-Fi internet is provided in the park, pool and clubhouse areas.
Features
Granite countertops
GE appliances
Expansive ten-foot ceilings
Recessed lighting
Natural wood cabinetry
Advanced in-wall wiring for satellite and internet
Indoor garage parking with elevators and climate-controlled interior access to homes
Spacious walk-in closets
Built-in microwave
*UPGRADED UNITS INCLUDE*
Upgraded black or stainless steel GE Profile appliances
Designer selected granite and marble counters
Michael Graves lighting
Upgraded tile and carpeting
Designer ceiling fans
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Contact Martin McGill for reservations.
U.S.A. (001) 321 251 7904 martin@usa-bound.com
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