Panorama Towers - All Set for Occupation
Panorama Towers started sale almost three years ago on Industrial Road, which has since been renamed Dean Martin Drive. The first tower is nearly 90 per cent complete and the $400 million Panorama Towers has been witness to rocketing prices in the past three years. The developers say that steel prices have doubled and concrete has gone from $80 to $122 a cubic yard. Despite the high cost of construction, they have been able to manage because they spent virtually no money on sales and marketing. The building was sold out in no time at all, mostly by word of mouth.
The first 33-story, 308-unit tower should open in July after it undergoes fire and life safety testing in May. It is about six months behind the schedule. In the meantime high-rise prices have gone sky high, increasing 70 percent from first quarter 2004. The first two Panorama Towers, which were sold at an average of $450 a square foot, are in great demand. Buyers are willing to pay top dollar for resale units in the first tower at the rate of about $750 a square foot. It seems difficult to believe that Metropolis, the first to be completed in December among this new wave of high-rise luxury towers sold at an initial price of as little as $265 a square foot. Admittedly that was way too low but the current resale price for Panorama Towers is definitely over the top!
The aqua blue trimmed Panorama Towers soar over 400 feet above the Las Vegas Strip. They are meant to be the last word in luxury, elegance and sophistication. Every unit has spectacular views of LasVegas all the way to the Red Rock Mountains. They will feature in world class restaurants and the finest in shows and entertainment. The magnificent kitchens, baths, and floor plans of the luxury units make it truly unique. Each residence will be furnished like a penthouse and befit the hype built around it. The twin second tower has been topped off and is scheduled for completion in January 2007. A ground-breaking party for Tower three was held recently with celebrity resident Pamela Anderson acting as the hostess. The price for Tower Three is, needless to say, much more than what was quoted initially for first two towers. Tower Three is priced from $550 to $600 a square foot.
There are people who are paying this kind of money for luxury units in high rises in the heart of Las Vegas, right in the middle of all the action. People who are paying $750 a square foot are obviously coming here because they want a hassle-free lifestyle. Most of them are rich Californians or foreigners and people from New York and Chicago. They are certainly not looking for the life style associated a house in a gated community or resort or a villa near a golf course. They want to be in Las Vegas but a quiet life is definitely not the reason.
The first 33-story, 308-unit tower should open in July after it undergoes fire and life safety testing in May. It is about six months behind the schedule. In the meantime high-rise prices have gone sky high, increasing 70 percent from first quarter 2004. The first two Panorama Towers, which were sold at an average of $450 a square foot, are in great demand. Buyers are willing to pay top dollar for resale units in the first tower at the rate of about $750 a square foot. It seems difficult to believe that Metropolis, the first to be completed in December among this new wave of high-rise luxury towers sold at an initial price of as little as $265 a square foot. Admittedly that was way too low but the current resale price for Panorama Towers is definitely over the top!
The aqua blue trimmed Panorama Towers soar over 400 feet above the Las Vegas Strip. They are meant to be the last word in luxury, elegance and sophistication. Every unit has spectacular views of LasVegas all the way to the Red Rock Mountains. They will feature in world class restaurants and the finest in shows and entertainment. The magnificent kitchens, baths, and floor plans of the luxury units make it truly unique. Each residence will be furnished like a penthouse and befit the hype built around it. The twin second tower has been topped off and is scheduled for completion in January 2007. A ground-breaking party for Tower three was held recently with celebrity resident Pamela Anderson acting as the hostess. The price for Tower Three is, needless to say, much more than what was quoted initially for first two towers. Tower Three is priced from $550 to $600 a square foot.
There are people who are paying this kind of money for luxury units in high rises in the heart of Las Vegas, right in the middle of all the action. People who are paying $750 a square foot are obviously coming here because they want a hassle-free lifestyle. Most of them are rich Californians or foreigners and people from New York and Chicago. They are certainly not looking for the life style associated a house in a gated community or resort or a villa near a golf course. They want to be in Las Vegas but a quiet life is definitely not the reason.
posted by realestatevegas | 8:27 AM
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