Las Vegas Condos Real Estate - Luxury High Rises-Foreclosures

Panorama Towers-SKY Las Vegas Condos-Turnberry Towers-TRUMP-Allure-Signature at MGM Grand

TAKE ADVANTAGE OF THE STRONGEST BUYERS MARKET LAS VEGAS HIGH RISE CONDO REAL ESTATE ON & NEAR THE STRIP HAS EVER EXPERIENCED!

Please BOOKMARK www.LASVEGASCONDOBARGAINS(tm) & visit often for weekly Las Vegas Strip Vicinity High Rise Condo Foreclosure updates.

Welcome to LasVegasCondoBargains.com. ™ We are the Stark Team, the #1 top selling luxury high rise condo real estate agents in Las Vegas, having sold more luxury high rise condominiums and won more awards than any other agents in the Las Vegas High Rise condo market. We are one of the top producing luxury high rise teams in the world and are recognized by the Who's Who of Luxury Real Estate. We are the truth seekers and the truth tellers. We take great pride on our reputation and our integrity. Having lived and invested in Las Vegas for over 35 years, and with combined experience as Las Vegas real estate agents of over 30 years, the STARK TEAM is one of the most knowledgable authorities on the Las Vegas luxury high rise condominium real estate market. OUR CLIENTS COME FIRST, which is why we do so much repeat and referral business. We are here to help potential Las Vegas luxury condo real estate buyers and investors seeking high rise condos in the Las Vegas Strip or South Strip areas make the correct buying decision.

We are here as well, to help luxury high rise and condo owners/sellers make the right selling decision. But today is a different era in the real estate market, not only here in Las Vegas where foreclosures abound, but around the country and in many areas of the world. To put in bluntly, the current market is in a full blown worldwide credit crisis. You have all read about it in some form or another. Please take time to read the many articles listed on this site regarding the current state of affairs of the real estate market. They are eye-opening.

For the past 11 months, Las Vegas has led the nation in foreclosures, mostly in single family homes. This trend is now starting to slowly spread to the luxury high rise condominium market. It is not as bad as Miami, where the high rise market was so overbuilt there, that many buildings in Miami are dark (investors/flippers who bought condos but no one lives in them), or many buildings in Miami where almost entire buildings are in a foreclosure status. It has been said that it will take 10-20 years for the Miami market to right itself. This is NOT the case in Las Vegas real estate.

The Las Vegas high rise condominium real estate sector of the market is fortunate in that numerous high rise towers were not built in Las Vegas. But for those who purchased high rise condos and lofts in Las Vegas in 2006-2007, especially those who have recently closed escrow on their purchases, unfortunately bought at the high end of the Las Vegas real estate market cycle. And they are stuck in a worsening situation. To gloss it over otherwise is not truthful, and we at the Stark Team are the truth seekers.

The Stark Team did most of its luxury condo sales during the 2004-2005 time frame, when the Las Vegas high rise market was in its nascent stage and prices were reasonable. We make it a policy to place our clients first in first-stage pricing. We protected their investments from any eventual downturn because we were able to make sure our investors and future luxury condo owners received very early pricing & or discounted prices.

Unfortunately, no one foresaw the coming credit crisis. Money was freely flowing with extremely low interest rates and rampant mortgage fraud. The Federal Reserve and other federal banks around the world were attempting to overcome the stock market crash of 2000-2001 and the 9/11 tragedy by effectively giving money away at very low rates. That has come home to bite them in a big way. Dozens of major mortgage companies are now out of business. Banks and brokerages around the world have written off approximately $200 billion in bad mortgage paper and it is estimated when it's all over, some $500 billion - $1 trillion will be written off. It is estimated that $2 trillion will be withdrawn from the lending environment. That is serious money. Not only has the sub-prime mortgage market blown up, but the credit crisis is now spreading to the Alt-A and prime mortgage markets. Money is drying up, especially for jumbo loans as these loans can't be sold to Fannie Mae or Freddie Mac.

The Las Vegas luxury high rise real estate market is a jumbo loan oriented market, since many units sell for well over the $417,000 jumbo cutoff amount. So unless you have stellar credit and are willing to put up a hefty down payment, jumbo loans will be hard to come by. The credit crisis is not only upon us here in the United States but is spreading throughout the Western world.

Why? It's because banks and brokerages around the world bought our sub-prime paper sold to them by the snakes of Wall Street, who wanted to get the bad paper they created off their balance sheets and spread the risk. How unfortunate for all of us as this has created a dollar crisis by essentially printing money at an alarming rate and in turn creating an energy crisis since oil is priced in dollars. The more dollars created and/or printed, the higher the oil price goes as oil producers are paid in cheaper and more worthless dollars. Why bring up a dollar and energy crisis when talking about the Las Vegas High Rise real estate market. Because it is all related as to the price one should pay for a luxury high rise condo or loft in Las Vegas.

The LasVegasCondoBargains.com ™ site each day tracks listings, price reductions, and deals in high rise condos where the seller is selling his unit for well under what he paid for it. Essentially, we track bargains and luxury condo deals for the high rise condo predators out there looking for the ultimate buy.

For those sellers still holding on and pricing their luxury Vegas high rise condos well above the price they paid for them, we fear they are in deep denial. Especially those sellers who just closed on their units this year. What these sellers refuse to understand is that there is no way an appraiser will appraise a unit someone just recently closed on for the $50-$200k higher price the seller is seeking. The banks have been burned to the tune of hundreds of billions of dollars. The banks will NO WAY accept that higher appraisal. So for example, if you just closed on a high rise condo unit for $700K and are asking a selling price for $800-$850K, you WILL NOT GET THAT APPRAISAL FROM ANY BANK. So, as a seller you will have to find an all-cash buyer to take you out by bypassing the banking loan process. Essentially, as a seller, in today's credit crunch real estate market, your unit is only worth what you paid for it. And in many cases it is worth less. You can essentially wipe out 2006-2007 real estate prices, because we're back to 2004-2005 real estate prices.

For those buyers seeking out preconstruction deals, our opinion is that they don't exist for Las Vegas hotel-condo projects at this point in time. Sure, construction costs are soaring in Las Vegas and as a potential preconstruction buyer, you will be paying for those soaring costs. But ask the hotel-condo project owner what the future rental program split is.

When you buy a Las Vegas hotel-condo, you are essentially buying an income property. Many folks are buying this kind of property to be placed into the hotel rental pool where you share in the profits. Most hotel-condo splits are 50/50, but when you take in all the hidden costs and other restrictions, you are really winding up with about 35%-45% of the split. And that's before paying for mortgage costs and taxes.

Our advice is to Buy from those who took the plunge and bought the preconstruction unit, took possession of that unit, and have now priced that unit for TENS OF THOUSANDS OF DOLLARS below what they paid for that unit.

Lastly, it is estimated that over the next 6-7 years, the supply of hotel rooms on the Las Vegas Strip will increase by approximately 35,000 units. New magnificent units are being built at Wynn Resorts, The Palazzo Hotel (next to the Venetian Hotel), Trump Las Vegas, The Cosmopolitan Resort, MGM City Center, The Plaza Project (on the old Frontier Hotel site), Echelon Place (on the old Stardust site), The Fontainebleu Hotel (near Turnberry Place), The Crown Hotel (on the old Wet & Wild site), MGM City Center North, etc.

We recommend the purchase of residential Las Vegas high rise condominium units in SKY, Panorama Towers, Turnberry Place, Turnberry Towers & Allure ONLY at bargain prices. The only hotel-condos that we recommend for purchase today are those at the Signature at MGM Grand hotel-condos that are now selling, in many cases for as much as $200k under original cost!

So be careful out there. BUY BARGAINS. BUY FORECLOSURES THAT MAKE SENSE. BE THE LAS VEGAS CONDO PREDATOR (tm). Ask The Stark Team about the LUXURY CONDO deals and foreclosures in the Las Vegas High Rise real estate market. We are the pioneers for high rise investors and condo buyers. WE ARE THE DEAL MAKERS.

If you are a large investor or hedge fund manager seeking BULK CONDO deals, contact us. We know all the developers on a first name basis. If you are seeking a luxury home, loft, luxury condo on or near the Las Vegas Strip or downtown, we can make your dreams come true for the right price.

If you are a Seller and struggling to sell your unit, you need to talk to us. We can help.

Las Vegas High Rises, Condos, and Lofts News

Las Vegas High Rise Foreclosure Deal - 42 days ago
Looking for a foreclosure deal in a high rise condo building close to the Las Vegas Strip? CONTACT THE STARK TEAM TODAY! There is a 3150 sq. ft. 2 story loft in Metropolis listed at $ 748,500 that was originally purchased for $ 1,125,000. It features hardwood flooring on the main level & totally upgraded baths. Priced at under $250 per sq. ft. this is a solid value. We can be reached on line at www.LasVegasCondoBargains.com or www.LasVegasCondoExperts.com.Visit www.LasVegasCondoExperts.com and LasVegasCondoBargains.com

CityCenter Las Vegas News FLASH>>>>ARIA is the Centerpiece Tower - 49 days ago
With MGM/Mirage City Center is being built at what appears to be a record breaking pace - MGM/Mirage has named it's newest hotel - ARIA! To READ THE ARIA NEWS RELEASE - CLICK HEREEverytime I drive by the intersection of Las Vegas Blvd. and Harmon - I am amazed at the progress on the site of CITYCENTER. The steel structures are being clad in glass, as the frames of Vdara, Veer, the Harmon, the Mandarin and the new ARIA take shape, yet reinventing the VEGAS SKYLINE once again. With the COSMOPOLITAN being built across the street, the new Planet Hollywood Hotel & The Planet Westgate timeshare tower rising behind it, the Harmon corridor will be a new hub of entertainment and excitement. Little wonder, there has been quite alot of activity in the sale of units at Panorama Towers - just a hop - skip - and a jump from the center of what promises to be an epicenter of the Vegas strip. We have small one bedroom luxury condos on the resale market at Panorama Towers for less than $350k and a few developer units at aggressive pricing. Looking to have your own Vegas getaway place at price points far below those at CITYCENTER but close enough to take advantage of all that CITYCENTER promises to offer? Contact THE STARK TEAM TODAY!Click to View all resales at Panorama Towers listed in the MLS702-376-5220Visit www.LasVegasCondoExperts.com and LasVegasCondoBargains.com

The Cosmopolitan Las Vegas Strip Condos - Foreclosure News - 56 days ago
As the Cosmopolitan Las Vegas continues to be built - right across from CityCenter by MGM, the questions keep coming in about the outcome of the project. Here is a link to the latest news from the Wall Stret Journal as of May 9th:CLICK TO READ For the latest high rise condo news and happenings VISIT OUR SITE and our Other BLOG.Visit www.LasVegasCondoExperts.com and LasVegasCondoBargains.com

The Ultimate Las Vegas High Rise Condo Bargains Website & Las Vegas Foreclosures Deals