I remember when I was still buying in Las Vegas before I stopped and then started again. (Did you follow that?) In other words, a couple of years ago.
When the Trump Tower Condo-tel project was announced, my partners and I looked into buying some of the units pre-construction. The initial thought was to buy 5 @ a price tag of roughly $600,000 each at pre-construction pricing. We would ‘flip’ 3 of them after completion and keep the other 2 luxury vacation rentals. Well, we did the math and it did not appear to be very lucrative, so we never went any further with it. (I still get emails once in awhile from the sales associate.) I remember that the first tower had nearly sold out and they began preparing to pre-sell the second tower.
Fast-forward to the present day. Almost 400 of the 1,282 units have closed. That’s it. All of the other buyers have walked away and Trump has this enormous alligator on his hands, eating away at his cash. The hotel rooms have been so underused, that when a friend of mine stayed in one of the condo-tel units this week, he simply asked if he could get a nicer room and they gave it to him. Much nicer. He paid less than a suite at Encore or Bellagio, and had a spectacular view of the ‘Strip’.
So, Trump is now listing all of his units for lease, including studios, one bedrooms, two bedrooms and even the penthouses.
The lowest price is $1,600 a month for a one-year lease on a studio. One bedrooms are as low as $2,600 and a three-bedroom penthouse is $6,500 for a one-year lease. Those same units are $7,500 a month for those who only want it for three months and $7,200 a month for a six-month lease. Of course those are furnished nicely.
In the past few months, some staff members were let go and that reduced services. By bringing in more people as tenants, they should be able to increase jobs again. So has ‘The Donald’ started another trend? Are the unsold units of the condo-tels around the country going to be leased as year-round rentals? I’m certain that they will, and until the economy turns around, if you are in the market for a pretty high-end rental anyway, my guess is you’ll be able to get a significant upgrade in the short term.
The good news for me, is that these units are certainly not competing for any of the lower end rentals. That market is still strong, as long as you know what neighborhoods to buy in. If you have money and / or good credit and are ready to take advantage of the deeply discounted Las Vegas real estate market, please contact me. I have deals coming out of my ears and all of the resources in place to help you get them repaired, rented and managed. In a few years, I’ll be happy to help you sell them for a very nice profit.
Las Vegas real estate is ON SALE.
Get yours now!
To contact me so I can help you make great decisions on Las Vegas Real Estate, visit www.MyFastEasySale.com, click the “Wholesale Buyers” link, and fill out the form so I can start helping you today!