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Las Vegas Mayor Goodman touts downtown Las Vegas real estate investment opportunities. Some of the downtown Las Vegas condo projects include Juhl Las Vegas, Streamline Condos and Evolution Lofts Las Vegas.
The risks and rewards of urban investment are much debated in the real estate investment industry today, and a dozen mayors representing cities from coast to coast weighed in on opportunities and the role of government in development at ICSC’s annual Las Vegas convention.

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Las Vegas Aladdin Hotel receives $140 million face lift with set completion for the end of 2006 for this 2,587 room Las Vegas resort.

The Westgate Resorts Las Vegas timeshare and Las Vegas condos tower is located east on Harmon Avenue. The Las Vegas Planet Hollywood Towers, like the Strip façade, will be under a change of appearance.

Some construction inside of the Planet Hollywood casino will be removal of a lounge to create more casino space. There will also be a new 1,500 seat auditorium and a retail area. The Desert Passage shopping mall will have new signage and better pedestrian corridors.

Construction has been more complex and taken a little longer than expected because the property has stayed open while the crews continue with the remodel.

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The Las Vegas building boom worth $20 billion, a five year timeline, is under way on the Las Vegas Strip. It will roughly double the inventory of luxury hotel rooms costing $200 a night or more, a new Standard & Poor’s study said.

This newfound focus on upscale visitors is largely a response to continuing Las Vegas demographic shifts.

Real estate projects that S&P said probably would be completed include:

• The $1.8 billion Palazzo Las Vegas high rise with 3,025 rooms.

• The $1.7 billion Encore Wynn Las Vegas with 2,054 rooms.

• The $7 billion MGM Mirage Project CityCenter with 7,700 rooms.

• The $4 billion Echelon Place with 3,300 rooms.

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Top 2% of Luxury Real Estate Market Still Selling

Despite growing indications of a cooling housing market, one niche continues to sell briskly, luxury multimillion-dollar luxury Las Vegas homes sales including the Las Vegas luxury real estate market.

Over the past few months in the overall U.S. real-estate market, more homes have crowded the market and sales volumes have fallen. Yet one area of the market appears immune to all that: In many locations, including Las Vegas real estate, homes on the luxury end of the price scale — those costing $3 million and up — have been selling in increasing numbers.

In San Francisco, 18 homes in that range sold in the first quarter, up from 15 in the same period last year, according to real-estate information service DataQuick. In Jackson, Wyo., that number rose to 21 homes from 17, according to Jackson Hole Real Estate and Appraisal. Higher up the scale, 10 homes at $5 million or more in Palm Beach, Fla., sold in the first quarter, up from eight last year, says the county assessor’s office.

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