Hip Clubs and Swanky Restaurants Attract Las Vegas Condo Buyers
Some developers are trying a new tactic to entice buyers. Taking a cue from the boom in hotel condos, where developers combine residential units with hotel rooms, they are signing on big-name restaurants and chefs, opening trendy bars and building clubs on the property.
Las Vegas Allure condos is adding an upscale steakhouse to its project and planning to offer room-service-like delivery to residents. And although Vegas 888 won’t open until 2008, its developers are touting its 35th-floor nightclub, where owners and those who pay a hefty membership fee can sip cocktails while sitting in a pool and checking out sweeping views of the Las Vegas Strip.
“It’s meant to be as exclusive as the building is,” says Matt Brimhall, spokesman for Del American, which is building Vegas 888 condos. “It’ll have fire pits, outdoor rain showers — you can take guests there to have a drink and check it out.”
Developers say they’re turning to restaurants and nightlife to set themselves apart from competitors in an increasingly crowded high-end condo market. “There are about 4,000 units that are built or currently under construction within a few blocks” of the project. “We wanted to offer something different.”
Developers say restaurants, bars and other hotel-like amenities appeal to second-home shoppers, who are increasingly picking condos over single-family houses. Rogelio Garcia, a retired property manager who lives in Laguna Hills, Calif., but regularly visits Las Vegas, says Allure Condos Las Vegas’s restaurant and high-end concierge service were “giant factors” in his decision to buy a $655,000 two-bedroom condo there. “Having all those things at your fingertips is important,” he says.
Putting nightclubs and restaurants in condos could have some drawbacks. Diners and clubgoers won’t be able to access the residential floors, but crowds and rowdy drinkers could get in the way of a good night’s sleep.
Ownership doesn’t always have its privileges. Vegas 888 plans to offer residents full access to its clubs.
Source: The Wall Street Journal Online
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Hip clubs and swanky restaurants attract Las Vegas condo buyers.