In the midst of the real estate “slump” and long list of cancelled luxury condo projects, a few Las Vegas luxury condo developments continue to thrive. Palms Place luxury condominiums in Las Vegas is one of the success stories of the Las Vegas luxury condominium market that started in 2006. Several of the new residents of the famous Palms Place are the “rich and famous,” but many are local and international buyers looking for a vacation home. Some want to own a Las Vegas luxury home for those times that they visit, since they are able to take advantage of the finest amenities and services offered by any Las Vegas resort. Palms Place had a unique and very successful marketing plan that attracted luxury condo buyers from around the world, some as homeowners and some as investors.
In the midst of a “credit crunch” and declining property values, several Las Vegas condominium projects have cancelled. Some condo buyers in Las Vegas are still awaiting their earnest money deposit refunds, while others have received refunds, but are still disappointed that their new luxury condos will not be built. And, with other condo owners in litigation over the rental pools at the MGM Signature, possible delay of Cosmopolitan Condominiums and Mira Villa’s bankruptcy, Palms Place condo buyers are excited and happy to be closing escrow.
Maloof Brothers Succeed at Palms Place
The Maloof brothers seem to have what the luxury condo market requires - a celebrity audience, upscale amenities, name recognition and the financial ability to have built the property and opened on time. The 47-story luxury high rise features 599 suites, and is attached to the popular Palms Casino by an enclosed, elevated “SkyTube” that moves residents to and from their condos on moving walkways.
The 520-foot tower offers 600 square foot studios, 1,200 square foot one-bedroom units and 21 penthouse condos that range from 2,000 to 7,000 square feet. The tower features a 50,000 square foot pool and spa complex, a Turkish bath treatment and Sunset Tan studio. Studios start in the $600,000’s and penthouses are priced as high as $5 million.
Condo owners can enter into the hotel rental program, whereby owners will receive 50% of the rental money under subleasing agreements with The Palms. Palms guests will be able to use the Drift Spa at Palms Place, which has a separate staff facility. Guests will also be able to enjoy The Simon Restaurant and Lounge. There are cabanas for rent and the pool are also features waterfalls and fire pits.
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