Las Vegas Hi Rise Handbook 4th Quarter 2009 Table of Contents Executive Summary Pages 1 thru 7 Appendix Pages 1 thru 276 Statistical Summaries Pages 1 thru 8 Appendix Pages ALLURE TOWER I 1 MIRA VILLA 121 ALLURE TOWER II 9 MONUMENT (Liberty) 122 AQUA BLUE 10 NEWPORT LOFTS 123 BEACH, THE 11 ONE LAS VEGAS 128 BOCA RATON 12 ONE QUEENSRIDGE PLACE 131 BRICKWATER 19 ONYX LAS VEGAS 137 C2 LOFTS 20 OPUS 138 CITY CENTER MANDARIN 23 PALAZZO 139 CITY CENTER VDARA 24 PALMS PLACE 140 CITY CENTER VEER 25 PANORAMA I 152 CLUB RENAISSANCE 26 PANORAMA II 163 COSMOPOLITAN BEACH CLUB 27 PANORAMA III 174 COSMOPOLITAN RESORT CASINO 28 PARK AVENUE 177 CROWN LAS VEGAS 29 PARK TOWERS 178 CURVE, THE 30 PAXTON WALK 182 DISTRICT, THE 31 PINNACLE 183 ECHELON 35 PLATINUM 184 EVOLUTION LOFTS 36 PROMENADA 192 FOUNTAINEBLEAU 37 REGENCY TOWERS 193 GALILEO 38 RESIDENCES AT RED ROCK 200 GATEWAY LAS VEGAS 39 SANDHURST 201 GREEN VALLEY LOFTS 40 SKY LAS VEGAS 202 H.U.E. LOFTS 41 SOHO LOFTS 213 HARD ROCK CONDOS 42 SPA LOFTS 218 ICON 43 SPANISH VIEW TOWERS 219 IVANNA (Summit) 44 STANHI CONDOS 220 JUHL 45 STEPHANIE VILLAGE 221 KRYSTAL SANDS 48 STREAMLINE TOWER 222 L 5 49 SULLIVAN SQUARE 225 LAS RAMBLAS 50 TRUMP TOWER I 226 LAS VEGAS CENTRAL 51 TRUMP TOWER II 236 LOFT 5 VEGAS 52 TURNBERRY PLACE 237 LUNA DI LUSSO 55 TURNBERRY TOWER I 259 LUXE LOFTS 64 TURNBERRY TOWER II 260 MAJESTIC 63 URBAN VILLAGE 271 MANHATTEN WEST 65 VANTAGE LOFTS 272 MANTOVA 66 VEGAS 888 273 MERCER 67 VEGAS GRAND 274 METREON LOFTS 68 VERGE (Aquatania) 275 METROPOLIS 69 W HOTEL & RESIDENCES 276 MGM RESIDENTIAL TOWERS 73 Copyright©2009 SalesTraq™ Las Vegas Hi Rise Handbook 4 Q 2009 EXECUTIVE SUMMARY The purpose of this HI-RISE HANDBOOK is to make it easier to understand the Las Vegas Vertical Market. It is published quarterly at the Crystal Ball Seminars by SalesTraq™ and is endorsed and marketed by the Las Vegas High Rise Condominium Association. You will find details for approximately 78 vertical projects in this book which were either planned at one time in the past, or are currently under construction, or have completed construction. (Not included in this report is Planet Hollywood Towers, which is primarily a Westgate time share building, but does have approximately 19 top floor penthouse units available for purchase with fee simple ownership.) Since 1999, 14,749 units in 30 projects have been completed. There are currently another 5,947 units in 10 projects which have started construction. 26,014 units in 38 projects have been cancelled. We currently have no proposed new projects, at least any which we believe to be of sufficient substance to warrant inclusion in this report. STARTED CONSTRUCTION: The project was started and may or may not be completed, and may or may not be sold out. TOTAL NUMBER OF UNITS VALUE (BILLIONS) 10 5,947 $2.6 COMPLETED: The building is completed and has a certificate of occupancy. TOTAL NUMBER OF UNITS VALUE IN BILLIONS 30 14,749 $10.1 CANCELLED: The project may not go forward, or construction has been suspended, or foreclosure begun, or bankruptcy has been declared. TOTAL NUMBER OF UNITS VALUE IN BILLIONS 38 26,014 $14.2 Information deemed reliable but not guaranteed and is subject to change. Executive Summary Page 3 Copyright©2009 SalesTraq™ Las Vegas Hi Rise Handbook 4 Q 2009 EXECUTIVE SUMMARY These projects are located in six geographic areas: (1) STRIP (Las Vegas Blvd south of Sahara to Russell Road) (2) SOUTH STRIP (Las Vegas Blvd south of Russell Road) (3) HARMON CORRIDOR (On Harmon Ave east & west of the Strip) (4) OFF STRIP (Not on Las Vegas Blvd, but close: i.e. Flamingo & Koval) (5) DOWNTOWN (North of Sahara, South of Washington, east of I-15 to Bruce/Maryland Pkwy) (6) SUBURBAN (Summerlin, Henderson, anywhere not included in the other five geographic areas) E SUMMARY Information deemed reliable but not guaranteed and is subject to change. Executive Summary Page 4 Copyright©2009 SalesTraq™ Las Vegas Hi Rise Handbook 4 Q 2009 EXECUTIVE SUMMARY Information deemed reliable but not guaranteed and is subject to change. Executive Summary Page 5 Copyright©2009 SalesTraq™ Las Vegas Hi Rise Handbook 4 Q 2009 EXECUTIVE SUMMARY In the following pages you will find detailed audit sheets of approximately 78 vertical projects in Las Vegas, including those which “didn’t make it”. By including all the failed/cancelled projects, we provide the historical thread which weaves through time and space to provide a unique perspective of the hi and mid rise condominium market in this city. In this book, mid rise is defined as over three stories in height, and hi rise is defined as ten stories or higher. The emerging vertical market in Las Vegas, like everything else, is subject to change on a daily basis. These pages are current as of Jan 21, 2010, and while the information contained herein is deemed reliable, it is not guaranteed and of course, is subject to change. Larry Murphy, SalesTraq™ Steve Bottfeld, Marketing Solutions Information deemed reliable but not guaranteed and is subject to change. Executive Summary Page 6 Copyright©2009 SalesTraq™ Las Vegas Hi Rise Handbook 4 Q 2009 CANCELLED PROJECTS PROJECT NAME STATUS UNITS VALUE TYPE AREA ALLURE II CANCELLED 450 $225,000,000 RES OFF STRIP AQUA BLUE CANCELLED 825 $660,000,000 CONDO-TEL OFF STRIP BRICKWATER CANCELLED 178 $65,000,000 RES SOUTH STRIP CIELO VISTA CANCELLED 414 $175,000,000 RES DOWNTOWN CITY CENTER HARMON CANCELLED 228 $1,500,000 RES STRIP CLUB RENAISSANCE CANCELLED 906 $400,000,000 RES DOWNTOWN CROWN, THE CANCELLED 2,500 $1,250,000,000 RES STRIP CURVE, THE CANCELLED 389 $195,000,000 RES OFF STRIP EVOLUTION LOFTS CANCELLED 159 $71,550,000 RES DOWNTOWN GALILEO CANCELLED 320 $200,000,000 RES SUBURBAN GREEN VALLEY LOFTS CANCELLED 44 $25,000,000 RES SUBURBAN H.U.E. LOFTS CANCELLED 278 $100,000,000 RES DOWNTOWN HARD ROCK CANCELLED 2,200 $550,000,000 CONDO-TEL HARMON CORRIDOR ICON CANCELLED 502 $250,000,000 RES OFF STRIP IVANA (Formerly Summit) CANCELLED 945 $525,000,000 RES SSTRIPTRIP KRYSTAL SANDS CANCELLED 568 $200,000,000 RES STRIP LAS RAMBLAS CANCELLED 4,400 $2,200,000,000 CONDO-TEL HARMON CORRIDOR MAJESTIC CANCELLED 286 $428,000,000 RES STRIP MONUMENT (Liberty Towers) CANCELLED 132 $60,000,000 RES STRIP OPUS LAS VEGAS CANCELLED 700 $245,000,000 RES OFF STRIP PALAZZO ST REGIS CANCELLED 398 $250,000,000 RES STRIP PAXTON WALK CANCELLED 857 $350,000,000 RES SUBURBAN PINNACLE CANCELLED 1,095 $275,000,000 RES OFF STRIP PROMENADA AT RAINBOW CANCELLED 479 $200,000,000 RES SUBURBAN RESIDENCES AT RED ROCK CANCELLED 240 $200,000,000 RES SUBURBAN SANDHURST CANCELLED 409 $250,000,000 RES DOWNTOWN SPA LOFTS CANCELLED 142 $72,000,000 RES SUBURBAN SPANISH VIEW TOWERS CANCELLED 405 $400,000,000 RES SUBURBAN STANHI CONDOS CANCELLED 425 $200,000,000 RES DOWNTOWN STEPHANIE VILLAGE CANCELLED 466 $195,000,000 RES SUBURBAN TRUMP TOWER II CANCELLED 1,282 $1,200,000,000 CONDO-TEL OFF STRIP URBAN VILLAGE CANCELLED 464 $250,000,000 RES SOUTH STRIP VANTAGE LOFTS CANCELLED 115 $50,000,000 RES SUBURBAN VEGAS 888 CANCELLED 542 $1,000,000,000 RES OFF STRIP VEGAS GRAND II,III,IV CANCELLED 425 $250,000,000 RES OFF STRIP VERGE CANCELLED 296 $75,000,000 RES DOWNTOWN W HOTEL & RESIDENCES CANCELLED 800 $800,000,000 CONDO-TEL HARMON CORRIDOR WESTWARDHO CANCELLED 750 $375,000,000 CONDO-TEL STRIP 38 26,014 14,218,050,000 8% 5% 38 PROJECTS 21% CANCELLED 24% OFF STRIP DOWNTOWN STRIP 18% HARMON CORRIDOR SOUTH STRIP 24% SUBURBAN Information deemed reliable but not guaranteed and is subject to change. Executive Summary Page 7 Copyright©2009 SalesTraq™ Las Vegas Hi Rise Handbook 4 Q 2009 COMPLETED PROJECTS PROJECT NAME STATUS UNITS VALUE TYPE AREA ALLURE TOWER I COMPLETED 428 $200,000,000 RES OFF STRIP BOCA RATON COMPLETED 378 $150,000,000 RES SOUTH STRIP C2 LOFTS COMPLETED 40 $35,000,000 RES SUBURBAN CENTER CITY MANDARIN COMPLETED 227 $160,000,000 RES STRIP CENTER CITY VDARA COMPLETED 1,543 $665,000,000 CONDO-TEL STRIP CENTER CITY VEER COMPLETED 670 $350,000,000 RES STRIP DISTRICT, THE COMPLETED 88 $58,000,000 RES SUBURBAN JUHL COMPLETED 346 $120,000,000 RES DOWNTOWN LOFT 5 VEGAS COMPLETED 272 $110,000,000 RES SOUTH STRIP LUNA DI LUSSO COMPLETED 170 $85,000,000 CONDO-TEL SUBURBAN MANHATTAN COMPLETED 692 $275,000,000 RES SOUTH STRIP METREON LOFTS COMPLETED 14 $3,000,000 RES SUBURBAN METROPOLIS COMPLETED 71 $60,000,000 RES OFF STRIP MGM GRAND RESIDENTIAL COMPLETED 1,718 $1,334,000,000 CONDO-TEL OFF STRIP NEWPORT LOFTS COMPLETED 168 $60,000,000 RES DOWNTOWN ONE LAS VEGAS COMPLETED 359 $110,000,000 RES SOUTH STRIP ONE QUEENSRIDGE PLACE COMPLETED 227 $500,000,000 RES SUBURBAN ONYX LAS VEGAS COMPLETED 63 $15,000,000 RES OFF STRIP PALMS PLACE COMPLETED 599 $350,000,000 CONDO-TEL OFF STRIP PANORAMA I, II, III COMPLETED 1,701 $600,000,000 RES HARMON CORRIDOR PARK AVENUE COMPLETED 926 $300,000,000 RES SOUTH STRIP PARK TOWERS COMPLETED 84 $150,000,000 RES OFF STRIP PLATINUM COMPLETED 255 $135,000,000 CONDO-TEL OFF STRIP REGENCY TOWERS COMPLETED 218 $110,000,000 RES OFF STRIP SKY LAS VEGAS COMPLETED 409 $250,000,000 RES STRIP SOHO LOFTS COMPLETED 120 $72,000,000 RES DOWNTOWN STREAMLINE COMPLETED 275 $85,000,000 RES DOWNTOWN TRUMP TOWER I COMPLETED 1,282 $700,000,000 CONDO-TEL OFF STRIP TURNBERRY PLACE COMPLETED 770 $2,800,000,000 RES OFF STRIP TURNBERRY TOWER I, II COMPLETED 636 $250,000,000 RES OFF STRIP 30 14,749 10,092,000,000 30 PROJECTS 37% COMPLETED 17% OFF STRIP DOWNTOWN STRIP 17% 13% HARMON CORRIDOR SOUTH STRIP 3% 13% SUBURBAN Information deemed reliable but not guaranteed and is subject to change.