Las Vegas is one of the most famous cities in the United States. It is famous for all its casinos, hotels, impersonators and of course, their quick wedding ceremonies! It is for these reasons why more and more developers are thinking of bulding condo hotels in the Sin City.In this post we will look into the Las Vegas Condo Hotel market, what is so good about Las Vegas and why should you invest in a condo hotel situated in this city. This is still part of the series Condo Hotel Buyer Guide: Where the Best Condo Hotels are located.

Las Vegas Attractions

The center of gambling in the United States, Las Vegas is marketed as The Entertainment Capital of the World, also commonly known as, as was mentioned above, Sin City, due to the popularity of legalized gambling, availability of alcoholic beverages at any time (as is true throughout Nevada), and various forms and degrees of adult entertainment. The city’s glamorous image has made it a popular setting for films and television programs. Just last year, Las Vegas was able to attract 38.9 million visitors to their city, up slightly less than 1 percent from 2005. The region managed to increase the number of visitors by boosting the occupancy rate to 89.7 percent, up half of 1 percent from the previous year.

Las Vegas Condo Hotel Market

It was not until year 2005 til the “Condomania” actually hit Las Vegas. Big time developers ranging from Donald Trump to MGM announced their plans to build high-rise luxury condominium-hotel projects. It is estimated that come 2010, there will be about 10,00 to 15,000 condo hotel units in the city alone. It is in the same year when the Las Vegas Sands breaks ground for The Palazzo, a $1.6 billion, 3,000-room resort adjacent to The Venetian. In addition, MGM MIRAGE announces Project CityCenter, an “urban metropolis” with 4,000 hotel rooms and 1,650 condominium units also in 2005. Project CityCenter will cost nearly $5 billion, making it the largest privately funded project in the United States.

Las Vegas condos are becoming the ultimate trend in urban Las Vegas living, and there are over 80 new Las Vegas high rise preconstruction condo projects in the planning stages for the downtown Las Vegas strip. All of these projects feature fabulous amenities like state of the art work-out facilities, conference centers, valet services, maid services, spas, gourmet dining and resort style pools. Pricing ranges from the low $400s for a small studio to the millions for luxury 5,000 square foot penthouse suites with incredible views. There are two different kinds of high rise condos being built: residential for long term living, and condo hotels for short term rentals.

But not all is breezy in Las Vegas, as a developer, you have to open your eyes on the following telltale signs to be able to predict whether or not your condo hotel will be built in Vegas (from Las Vegas High Rise)

1. The project doesn’t pay non-recourse commissions to real estate agents.
2. You see the salesperson from one project mysteriously working for another.
3. You see a barrage of advertising all of a sudden, then it just stops completely.
4. The project developer is in secret talks with the competition to sell their project.
5. 6 months or more have passed since your reservation and nothing has happened.
6. No one answers the phone at the sales office.
7. A celebrity attaches their name to the project.
8. The project uses a sexual connotation as the tagline on their marketing materials.
9. The owners of a high rise project are suing the owners of another.
10. The developer overly reiterates their “committment” to the Las Vegas high rise marketplace.

So… are you interested to buy one? :)

Condo Hotel Buyer Guide Series Posts:

• Chicago Condo Hotels for Sale
• Peeking at the Chicago Condo Hotel Market
• Florida Condo Hotels For Sale
• Looking into the Florida Condo Hotel Market

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Other Condo Hotel Entries

• About Condo Hotels
• Emerging Condominium Trends
• The Rise of Condominium Developments
• Peeking at the Chicago Condo Hotel Market
• Wrapping Up Where the Best Condo Hotels are Located
• New York To Zone Out Condo Hotels?
• Condo Hotels: The Hottest Niche In The Real Estate Market
• New York Condotels' State
• Benefits of Developing a Condo Hotel
• "No Market for Condo Hotels Right Now" - Robert Falor