Las Vegas Condominium Developers Form Alliance

Membership available only to projects under construction
RISMEDIA, Feb. 3 ? Developers representing numerous high and mid-rise condominium projects that are currently under construction in Las Vegas have come together to announce the formation of the Las Vegas High Rise and Condominium Alliance (LVHRCA), a cohesive authority on the dynamic Las Vegas condominium market.

Representatives from Allure Las Vegas, MGM/Mirage Project City Center, Hard Rock, Soho Lofts, Newport Lofts, Panorama Towers, Sky Las Vegas, Cosmopolitan, and Trump Towers met recently to share ideas about the need for and goals of the alliance and to discuss the status of their respective projects.

“No matter how you look at it, the Las Vegas high rise market is a hot topic. It’s an ever-changing market that has seen several high-profile projects come and go and unfortunately those are the ones you hear the most about,” said Bea Goodwin, Vice President of Sales and Marketing representing Fifield Realty’s Allure Las Vegas. “The Las Vegas high rise and condo market is in its infancy. Based on various market factors including limited developable land, explosive population growth and a world-renowned reputation as THE adult play land for dining, shopping, entertainment and night-life, resort condominium living in and around the famous Las Vegas strip is a lifestyle option that is being embraced by locals as well as those seeking luxurious second homes in America’s playground! Despite facing challenges of escalating costs and labor shortages, this phenomenon is here to stay, and savvy developers are in this market for the long haul. Better educating the public about the high-rise and condominium market in Las Vegas will be among the alliance’s most vital tasks.”

In addition to serving as a unified industry voice in communicating accurate market information, the LVHRCA also aims to help establish a standard of excellence for potential buyers. According to Goodwin, “Knowing that a project is a member of the Las Vegas High Rise and Condominium Alliance, will serve to assure the potential buyer that this is a solid project that is under construction and backed by credible developers.”

The Alliance came about as a result of a collaborative effort between Allure’s Bea Goodwin and Panorama Towers’ Vice President of Sales and Marketing, Paul Scaringe. According to Goodwin, “Paul and I agreed on the need for a cohesive voice in our industry. After a few discussions, the first informal alliance dinner was hosted by Panorama. From there the idea just took off and was embraced by other successful developers in the Las Vegas market.”

“Membership in the alliance is open only to representatives of projects that are legitimately under construction,” said Gina Jackson of Sky Las Vegas. “It is understandable that, in a market as dynamic as Las Vegas, many neophyte developers and investors have hopped into, and ultimately out of, the market. Even experienced developers have faced challenges due to rapidly escalating project costs and under-pricing of initial offerings. Some have fallen out of the marketplace, which is not that unusual. What is unusual is the aftershock of these predictable market ebbs and flows. Las Vegas is a high-profile city and, contrary to popular sentiment, what ‘happens in Vegas’ doesn’t always stay in Vegas. While the alliance welcomes representatives of projects that are in the reservation and contract stage to attend LVHRCA events , it’s important to note that Alliance Membership is only available to representatives of those high rise and new-build condominium projects that are truly moving forward and are, as we say, ‘in the dirt.’”

Membership applications will be accepted and election of officers will take place at the next alliance meeting scheduled for Feb. 8. For more information on the LVHRCA, or to attend an upcoming meeting, contact Bea Goodwin at Allure Las Vegas at 702-699-8998 or at
beag@allurelasvegas.com.