No money to buy a luxuy Las Vegas condo due to the tightened credit market and increased down payment? A new idea for a local Las Vegas real estate developer has come up with a solution for a slump in sales, rent unsold condominiums.
Now you can live like a king on a smaller budget. Trump Las Vegas will lease their furnished upscale apartments for up to one year. If all goes well, other developers could jump on the bandwagon. Slowed or stalled sales at future condo hotels including units at MGM Mirage Project CityCenter could follow.
Slow sales in the residential real estate and hotel sales have lead to the reduction of staff and reduced pricing. The recent opening of Encore Las Vegas has lowered nightly hotel rates to compete with neighboring properties.
Approximately one third of the 1,282 units available at Trump International have closed. Most other units during 2008 had contracts but have since gone cold. A few have seen a solution necessary to satisfy the mortgage loan on the real estate and create higher operating revenue for the property. Donald Trump is not exempt from mortgage payback.
All of the units at Trump Las Vegas will be available including studios, one bedrooms, two bedrooms and penthouses, too.
Lease prices for a term of year is $1,600 a month for a luxury furnished studio condo. Included amenities are services of a high-end hotel with maid service, upscale restaurants, health club and spa. One bedrooms start at $2,600 and go up to $6,500 a month for a three bedroom penthouse with a term of one year. Pricing per month is higher with a six month lease at $7,200 or $7,500 for three months.
Depending what the consumer confidence says about this program the Las Vegas condo hotel could become the more affordable luxury residential.