ML - Vegas Magazine

2013 - Issue 1 - Winter

Vegas Magazine - Niche Media - There is a place beyond the crowds, beyond the ropes, where dreams are realized and success is celebrated. You are invited.

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REAL ESTATE NEWS success stories A n improving economy is boosting condominium sales in Las Vegas, and the Trump International Hotel Las Vegas ( is one of the prime beneficiaries. In recent months, Trump closed on 40 units in the 64-story property with 1,282 units, says Dennis Smith, president and CEO of Home Builders Research. That brought closures to 429, not counting the timeshare units that Trump recently announced it has reached with Hilton Grand Vacations. "They are doing better than anybody else in Mira Villa: terms of new sales," Smith says. "They lowered their a condo success price points to gather interest, and that has worked. story. With the increased demand, they have been able to raise prices." Trump has sold units to many Asian and Canadian customers because of the worldwide brand appeal of the Trump name, which is much stronger outside of Las Vegas, where it has to compete with MGM and other brands. Since March, prices at Trump have increased by more than 20 percent. On average, the price per square foot has increased by $106, says Matthew Brimhall, vice president of sales and marketing and broker at Trump International. Trump closed on 16 units in November, and Brimhall says he expects that trend to continue in 2013. Prices start at $275,000 for a studio and increase to more Trump's Matthew than $3 million for the largest penthouses. Brimhall Ravella is getting a makeover: The 349-room high-end Lake Las Vegas hotel is making some luxury upgrades to the property but not changing its name. The hotel's gradual upgrades will come as a result of a California real estate company acquiring the former Ritz-Carlton hotel at Lake Las Vegas and adjacent Casino MonteLago for between $50 and $60 million. Arcadiabased Kam Sang Company procured the hotel and casino building, previously owned by Village Hospitality LLC, an extension of Deutsche Bank that foreclosed on the Ritz-Carlton after it A view of Ravella's defaulted on a $103 million mortgage. bridge, modeled after Florence's The former Ritz opened as Ravella Ponte Vecchio. ( in early 2011 after it 100 Trump has worldwide appeal. One of Mira Villa's five hot tubs. was closed for nearly nine months. "It's great timing for us and for the hotel to have a nonbank owner," says Phil Wolfgramm, Kam Sang's senior vice president. "We are looking forward to getting more involved in that area of the hotel world." The Ritz-Carlton originally opened in 2002, and Wolfgramm says some upgrades and improvements will be implemented. There are no plans to change the name of the hotel: "Ravella has been open for more than a year and has name identification." Mira Villa has sold half its inventory and expects to sell off much of the remainder by the end of 2013. The luxury-condo project ( adjacent to TPC Las Vegas and Angel Park Las Vegas is viewed as one of the few condominium success stories that was hard-hit by the Las Vegas recession. The design and development for the project by Westmark Homes was halted in 2008 when it filed for bankruptcy, but lenders completed the 113-unit project in 2010 under Isaac Building and Design. Just 20 units had been sold when Colorado-based Condo Capital Solutions purchased the remaining 93 units in 2011. Since August 2011, when it reopened, 36 units have been sold valued at $18 million, says Tera Anderson, VP and managing broker at Nexus 30 Properties, which manages the sales for Mira Villa. The average sales price was $490,000 for the units that average 2,500 square feet. "We weathered the storm," Anderson says. "It made it out of the ashes of bankruptcy. A lot of projects didn't." She says the owners didn't use any cash back or other promotions, but stayed patient and let the project sell itself because of its prime location and people's growing desire for a mid-rise condo lifestyle. Mira Villa has 21 buildings of four stories each. A majority of the buyers are locals who wanted to downsize from higher-maintenance homes. V PHOTOGRAPHY BY JEFF GREEN (MIRA VILLA), ETHAN MILLER/GETTY IMAGES FOR RAVELLA (RAVELLA), TORY KOOYMAN (TRUMP) LAS VEGAS'S REAL ESTATE CULTURE DAZZLES WITH MID-RISE CONDOMINIUM BRIGHT SPOTS IN SUMMERLIN AND THE STRIP—PLUS A RENOVATED 349-ROOM HOTEL IN LAKE LAS VEGAS. BY BUCK WARGO VEGASMAGAZINE.COM 100_V_BOB_HPNews_Win13.indd 100 1/2/13 2:33 PM

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