Tedpilot

I just returned from a week in Las Vegas, my first trip there in about four years. I was very surprised to see the amount of building going on in/around the northern 1/3 of the strip and vicinity. Appears to be thousands of units being built for the condo market and not many buyers as 95%+ of them appear to be vacant (no lights on at night). Is this market completely saturated with product and thus not attractive for DCs to buy due to a projected lack of appreciation? Seems that DCs could make some very good buys in this area if they held them for the long term.

LTTravel

I don't understand the Las Vegas market. High rollers like to get comped their accommodations so I don't see why they would buy a property or use a DC day to stay there. There are often outrageously low rates at some of the hotels. Even 1 bedrooms at the MGM Signature can be had for as low as $234 per night without any discounts so why pay over $1 million to buy one? I am not sure why so many condo and condo hotels were built. I think that they will either sell or rent for very low prices.

Kagehitokiri

only condos i really like in Vegas are giant penthouses like at turnberry, the cantilever glass-walled pools and being able to sleep 8 IIRC @ the palms place penthouses, and the 3BR condos at the mandarin oriental.

also looking forward to wynn encore, if they have a tower.

right now id probably go with skylofts or wynn tower for hotel.

using ER for mgm signature is ridiculous, and vdara will probably be almost as ridiculous (bad value)

Steamboat Bill

Las Vegas is the #1 adult destination in the World and I think all Destination Clubs should have one or two properties here, but could limit them to 2-3 bedroom max and try to get units on the main Strip.

High Country Club had a pre-construction unit at the W, but they never broke ground.

There are many great bargains now and it is a buyers market. It will be interesting to see how the Exclusive Resorts project develops, but the other clubs should enter this market, but in a limited fashion.

TravelGuy

The Vegas market is simple to figure out ... it's still going down! I believe that savvy investors should continue to wait it out and then consider investment once the bottom is reached (6-18 months?). A DC is primarily a real estate investment vehicle and thus many are waiting for this bottoming out before buying. The same can be said for some areas of the Florida market (ex: Miami).

Steamboat Bill

Perhaps the clubs should lease a bunch of properties at fire sale rates so the members can start enjoying them NOW!

Tedpilot

Concur, lease them up now...Daddy needs a new pair of shoes!!