| VERTICAL
UPDATE
High-Rise News & Updates
for Las Vegas
| 2007 Revisited: A
Look Back |
by: Brenda Calvin,
The Calvin Group, LLC
|
 2007—what
a year, what a year! Most REALTORS® in Las
Vegas saw a market that was very unusual for our valley. In
fact, this year was foreign territory for agents beginning
their careers in 2004, when our market had very little inventory
and a 50 percent increase in values. 2007 was a Real Estate
market that also included foreclosures, short sales and auctions.
Additionally, there was a shake-up of the lending industry
which also affected the market. The residential high-rise
industry was not immune. We saw some cancellations of vertical
properties, and we saw new construction projects completed
where a fairly large percentage of the units subsequently
came back on the resale market. So, what happens when you
have increasing inventory and a softer market? Prices decrease
as owners get more anxious to sell their properties. Before
you determine it’s time to drink heavily, there are
some really good things that came out of this contrast from
our normally vigorous Real Estate market. As Leonard Cohen
sings, “There is a crack in everything, that’s
how the light gets in.”
For the professional REALTOR®,
this was a year of creative marketing; expanded ways of thinking,
and cross-marketing with other REALTORS® and
other industries. It was also a time when those who intended
to stay in Real Estate honed their craft by taking classes,
learning new aspects of the business, obtaining designations,
and even taking a well-deserved vacation. Remember that we
were all highly aware going into this profession that Real
Estate is cyclical by its very nature. All in all, for REALTORS®,
this was a time of reflection and examination.
It has also been a time
for introspection. It is important to stay focused on what
it is that you want versus focusing on what you don’t
want. (This sounds so simplistic, but some of the great truths
of our lives have incredible brilliance in the simplicity.)
Do you label this market as “bad”? Do you talk
about how bad it is with people you encounter? Do you read
articles about the market and resist them or condemn the media?
If you do, you need to know about something called The Law
of Attraction. This universal law states that whenever you
are thinking and talking about something with great emotion,
you attract more of the same to you. Some “reframing”
of your perspective may be in order if you desire a change
in your reality, but what a great way to start the New Year.
 In
particular, I want to acknowledge one high-rise resale team
who is walking the walk. Turnberry Place ended 2007 with 55
sales. If you compare their number of sales for 2006 and 2007,
you will notice that they have substantially increased their
sales from one year to the next—from 36 to 55—in
a so-called softer market. Albeit, Turnberry has extensive,
far-reaching advertising campaigns, but I am most impressed
with how they successfully competed with themselves. Congratulations,
Turnberry West!
In 2007, we had some really
exceptional vertical properties completed: For high-rise condominiums,
we have Newport Lofts, Panorama Tower 2, One Queensridge Place,
Sky, Turnberry Place Tower 4, and Turnberry Tower 1. For hotel/condos,
MGM Signature Towers 2 and 3 were completed. Each one of these
properties brings its own unique flair to the marketplace.
 I
want to acknowledge One Queensridge Place, the twin 18-story
towers on the west side of town. I really appreciate the beautiful
architecture, with its exquisite ornamentation. In most major
cities, residential high-rise properties have proven most
successful in close-in, pedestrian areas near the center core
of a city. Queensridge has defied the odds by being ten miles
outside of the core of Las Vegas, and is what I consider a
“home run.” Could it be the stunning architecture?
Could it be the highly innovative marketing? Could it be the
proximity to Boca Park shopping area or the gorgeous Red Rock
Canyon? I think it’s all of the above. Congratulations
Queensridge, and Shapiro and Sheer!
Also, we had some fabulous
vertical properties commence construction in 2007 and we have
some extraordinary high-rise projects in the planning stages.
More to come on this subject in future articles. Hang on to
your hats; things are getting better and better. We have only
scratched the surface as far as residential high-rise is concerned.
To assist you in
analyzing the vertical resale market, I’ve included
below a chart of high-rise resale statistics with data gleaned
through the Greater Las Vegas Association of REALTORS®
MLS.
Source: Multiple Listing Service as of 1/1/08.
Information deemed reliable, but not guaranteed.
Knowing that Real Estate is cyclical, would this be the
right time to purchase in Las Vegas? The savvy Real Estate
buyers already know that the answer is “yes.”
Happy 2008! Here’s wishing you “elevated”
sales!
 |
Brenda
Calvin is the Broker of The Calvin Group, LLC, and has
a 20-year successful track record of selling high-rise
and mid-rise condominiums in multiple states. The Calvin
Group is a boutique brokerage specializing the innovative
sales, marketing and developer consulting of residential
high-rise properties. To contact Brenda, you may phone
(702) 939-5638 or e-mail Brenda@TheCalvinGroup.com.
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