Las Vegas Real Estate

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Saturday, February 11, 2006

17th & Vine – Hope for the Best

One of the most eagerly awaited projects is arguably 17th & Vine. A delightful mixed-use project, 17th and Vine will have 466 residential condos starting in the low $300 000s. The location could not be better, just minutes away from the McCarran international airport near the Las Vegas Beltway on Stephanie Street and Wigwam Parkway in Henderson. 17th and Vine offers the retail and condominium real estate development features with a range of high end retail facilities and well designed mid-rise condominiums.

Sure, we have others like Urban Village with a new concept to Las Vegas real estate of medium and low rises, but 17th and Vine brings a heady cocktail of downtown living with upscale amenities. I guess you can call it the Manhattanizing of Las Vegas or even the blend of New York chic with LA ambience. The 17th & vine project envisages itself as being much more than a condominium development; it is an exclusive community. The 17th and Vine complex structures will not be higher than five stories with top quality construction using concrete, steel and wood.

Encompassing over 300 thousand square feet, the plans include a built up area of over 65 thousand square feet of retail space alone. 17th and Vine is made up of ten buildings comprising of condominiums, parking garage, retail units, restaurants, and recreation facilities. Imagine having your own restaurants, laundry, bank, beauty salon, and postal service! In house facilities will include a state-of-the-art Fitness Center with plasma televisions, steam and massage rooms and individual luxurious pools for each building.

There are murmurs in the Las Vegas real estate business circles about the difficulties some developers seem to be facing regarding some projects under construction. Some major plans, despite good response from the investors have been abandoned. Others, like 17th & Vine have fallen behind schedule, causing some anxiety. Las Vegas real estate in the last eighteen months was almost like a new twenty first century gold rush. Construction costs have shot up by almost 20 percent in the past nine months, caused mostly by shortages of labor and materials like lumber because of the building boom. I guess it had to blow its lid sometime.

In the case of 17th & Vine, groundbreaking was set for July 2005 and construction was to start in August 2005. The estimated date of completion according to the original schedule is July of 2007. So far, things are behind schedule, which is a pity, as the project is a unique mixed- use urban village lo rise condominium complex. The condos are "turn key" with upgraded features throughout. They seem to have thought of everything, including high-speed Internet access, energy efficient windows, dramatic high ceilings, and granite countertops and designer plumbing fixtures. The floor designs of the over 450 units range from one bedroom to an ultra luxury three bedroom duplex.

There has been a recent spell of aggressive marketing on the part of real estate agents. Certainly, the developers of 17th &Vine are most reputed and reliable. One can only hope for the best.