Sunday, February 10, 2008

Turnberry Towers East Buyers-How Will they React When the West Tower Opens?

Turnberry Towers is one of the most elegant & stunning new high rises to grace the Las Vegas skyline. What I especially love about the East Tower (Tower 1) is its gorgeous views of the Las Vegas Country Club as well as the strip. I also like the fact that there is relatively little traffic on Karen Road, where the twin high rise towers are located, the proximity to the monorail, and the innovative flow thru floorplans with bi-directional balconies, and large site with tropical landscaping and every amenity possible including a high tech computerized valet & reservation system - sort of a concierge at your fingertips.

As of yesterday, Tower 1, the east Turnberry Tower, had 106 resale units on the market which exclude any remaining developer inventory. These luxury high rise condos were purchased at the peak of the market & for the buyer of 2008 - the price conscious Las Vegas condo predator(tm) - the price per square ft. is just not that attractive, despite the amazingly stunning lobby, innovative condo design. In today's market, price is key.

The West Tower, Turnberry Towers 2, will open as soon as next month at even higher prices per square ft. than Tower 1. We are now seeing MANY Turnberry Tower East units selling for as much as $100k under what the owners paid in the preconstruction stage. These owners had to put 30% down, interest free, during the preconstruction stage, then incur closing costs & mortgage payments? From an investment viewpoint, the preconstruction purchase of units in Turnberry Towers was a really poor one, despite how gorgeous these condos were. (We did not place even ONE of our clients in these towers during the preconstruction stage- little wonder we have such a loyal clientele base!). We always believe that the best way to make an good real estate investment into real estate is to make money on the way in, which always makes exiting easier. How soon will it be until we see even more huge price drops in Turnberry Towers East?

Tha Stark Team tracks the bargains and deals in each Las Vegas high rise tower. We know which owners have purchased multiple units that are vacant & which owners are becoming increasingly aggressive on their pricing. CONTACT US and ask for the high rise condo steals and deals in TURNBERRY TOWERS, they are out there. With only 4 resale units having closed in the open market - these prices have to keep on coming down. Just do the math on the absorption rate.

Interested in buying one of these amazing Turnberry Tower high rise units for a long term hold in your real estate portfolio? Register with us

No comments: