[looking4warm]

I'm curious what others think about that price in Trump Tower for 500 square foot studio. I wouldn't be renting it out just using it as a vacation spot. Don't know what the HOAs are. If prices are about to fall on this or others, I would wait. I read Olecapt's postings a couple years ago warning about Trump prices and he was exactly right. I wonder if the prices still have more to fall or if $300k is likely near the bottom for a studio. Also any feedback on Trump Towers and single family homes in the Anthem area. I staid at Palms Place and really liked it as well but it's not walking distance to anything worthwhile.

Metropolis seems like a good place as well -- a bit off the strip.

[JohnG72]

I'm curious why one would buy one of these places as a vacation unit when monthly HOA's are more than what it would cost to stay in one for a three day weekend. Same is true of Signature and I believe Palms Place as well.

And I'd argue that Palazzo's basic rooms are nicer than any of the above anyway. Again, around $179-259 on weekends, $119-129 on most weekdays.

[Tiger Beer]

To me, it seems that Trump Towers markets exclusively to the high end consumer. I think the kind of people that want to live in the Trump Tower want to mix it up and be neighbors with other upper end types of people.

So, my feeling is, that by default, the prices would never go down to be affordable to the 'average Joe' type of person.

[007 license to sell]

Trump the real estate developer has decided to lease units at the Trump Tower up to one year as upscale furnished apartments.
Since it opened last year, Trump has closed on nearly 400 of the 1,282 units despite having contracts for nearly all of them. By putting the units in the rental pool he has slowed the prices from going down further, they have never gotten as low as the Signature at MGM.
Buyers have complained about the location, sitting so far back from the strip with no lighting to walk, you have to go over to the fashion show and then walk over to the strip if you want to walk where it's lit better. Another complaint is it is not connected to a casino,that could change if the Plaza ever gets built where the New Frontier was.

Condotels like Trump is doing badly no one can get a loan on them and their fees are astronomical compared to other highrise properties.
Trump had laid off staff to compensate for the slow down in rentals and sales.

Metropolis is a beautiful building and isn't that far from the strip, if you want to be close to the strip for the money either Allure or Panorama 3 they have great deals right now. Sky is right on the strip just 75ft from the Las Vegas blvd they have both new and resale in there as well.

Turnberry Place does have the limo that is included in the HOA's so if you don't have a car you can have the limo pick you up from the airport or take you shopping.
Highrise properties have depreciated 51% so far this year so if you thinking of purchasing one now is the time if you don't plan on flipping, it's not to say the could still go down some more no one can seem to agree how much or when or if it has stabilized.

[Swigchow]

Originally Posted by 007 license to sell

Metropolis is a beautiful building and isn't that far from the strip

I was curious who would like the Metropolis. My wife definitely felt the "heeby jeebies" walking through the lobby and especially walking in the hallways. It felt like you were in a surreal gothic horror slasher flick.

[olecapt]

I don't believe there has ever been a resale in Trump. So it remains up in the air as to what they are worth.

We do have a listing in the $400s psf now. But mostly they are still around $1000 psf.

I would think they will end up much nearer to Signature before any real sales occur.

Note that Trump is actually better for "strip action" than Metropolis or Panorama or even Signature.

Ruffin, Trumps partner, claimed that Trump was making the mortgage payment by wholesaleing the developer owned units to other properties.

I don't think I would even think about Trump above $400...maybe less. And the HOAs are $750.

[looking4warm]

The appeal for owning in say Trump Tower is that there is no need to think about booking a hotel, watching room prices fluctuate, you always have your favorite room waiting for you, you can keep your things in your room set up the way you want, if there is a hair in the bathtub you know it's yours , you know your neighbors and the staff, you know your way around the condotel and the surrounding area.

The downside of course is that you are limited to one place to stay and your fortunes are tied to the building and it's management -- something not in your control. You also have your money on the real estate value roller coaster, for better or worse.

Being next to the Fashion Center is a major plus in my book because you can easily walk to everything you'll need.

Signature was a major pain to drive in and out of when I was there -- though it could have been the road construction. Trump was easy to access from Industrial Drive. I didn't visit Metropolis -- just saw the listing yesterday for a 2700 square foot unit which could be enough to tempt someone away from the strip. But for me the whole point is to be able to walk to things rather than deal with driving. If I'm going to drive, I'd just buy at Boca Raton or the like, or even better a single family home.

[olecapt]

Originally Posted by looking4warm

The appeal for owning in say Trump Tower is that there is no need to think about booking a hotel, watching room prices fluctuate, you always have your favorite room waiting for you, you can keep your things in your room set up the way you want, if there is a hair in the bathtub you know it's yours , you know your neighbors and the staff, you know your way around the condotel and the surrounding area.

The downside of course is that you are limited to one place to stay and your fortunes are tied to the building and it's management -- something not in your control. You also have your money on the real estate value roller coaster, for better or worse.

Being next to the Fashion Center is a major plus in my book because you can easily walk to everything you'll need.

Signature was a major pain to drive in and out of when I was there -- though it could have been the road construction. Trump was easy to access from Industrial Drive. I didn't visit Metropolis -- just saw the listing yesterday for a 2700 square foot unit which could be enough to tempt someone away from the strip. But for me the whole point is to be able to walk to things rather than deal with driving. If I'm going to drive, I'd just buy at Boca Raton or the like, or even better a single family home.

I am not sure that condohotels make a lot of sense for a unit used only by the owner. If you end up in the rental pool than you simply own a hotel room...the only thing you may get is a private owners closet...but otherwise is is equipped and maintained like all the others. And for that you pay a sizable HOA premium.

You might do better to wait for Veer. That will really place you in the middle of the strip and let you walk to wherever. I would think you will see Veer units under $500 psf in the not too distant future. High floors with good views will cost a lot more than that but lower floor units will be there.

[looking4warm]

Thank you Olecapt. Would the HOA's in Veer be much less than the $750 at Trump?

Essentially owning a closet in a hotel room has no appeal to me so if I did a condotel it would be for my use only, which I'm now understanding does not make financial sense.

Do you think that Veer will price units under $500 psf or that resales would start to occur at that price?

Curious what people think of the Anthem area or Rhodes Ranch, single family homes. Saw a 5,000 sq ft near Anthem for $399k last week. Seemed like a great deal -- though it's way more space than I'd ever use.

[007 license to sell]

Here's a example of what Veer has to offer,currently at CityCenter they have two one bedroom units 783 sq/ft for $522,000 with strip views.

Also they have a one bedroom on the 34th floor just two floors below the penthouse for $678,000 it is 1100 sq/ft.

Those were available last Thursday, availability and pricing can change without notice.

The HOA at Veer towers is $1.00 a foot. you will have to have 20% of the purchase price for the EMD and they will be closing on those in February.

One thing you should do looking4warm is to check them all out,each one has it's own personality and what one person may like about a particular property, you may not like at all. You said you liked Metropolis where as some one else said they didn't.

It goes to show you different strokes for different folks Good luck