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Jul. 09, 2007
Copyright © Las Vegas Review-Journal

Allure luxury condo tower nearing completion

Developer expects closings in September

By HUBBLE SMITH
REVIEW-JOURNAL
MILLION-DOLLAR HOME SALES

Luxury Homes of Las Vegas reported the following million-dollar home sales last week:

$1.7 million, 4 bedroom, 4.5 bath, 5,240 square feet, partially furnished, spectacular mountain views, MacDonald Ranch.

$1.57 million, 4 bedroom, 4.5 bath, 3,876 square feet, Strip and golf view, flagstone floors, Anthem Country Club.

$1.27 million, 6 bedroom, 5.5 bath, 5,092 square feet, basement, slate floors, built-in barbecue, Anthem Country Club.

$3.9 million, 5 bedroom, 5.5 bath, 6,810 square feet, waterfront, theater, elevator, five fireplaces, Lake Las Vegas.

$1.6 million, 3 bedroom, 3.5 bath, 3,798 square feet, over an acre, 12-car garage, guest house, Southwest.

$7.71 million, 5 bedroom, 6.5 bath, 10,311 square feet, Strip view, furnished, The Ridges, Summerlin.

$2.25 million, 5 bedroom, 6.5 bath, 6,764 square feet, hardwood floors, waterscape location, Canyon Gate Country Club.

$1.8 million, 4 bedroom, 4.5 bath, 4,628 square feet, Strip, mountain and fairway views, beach entry pool, Red Rock Country Club.

$1.7 million, 4 bedroom, 4.5 bath, 3,600 square feet, city views, casita, marble floors, single story, Summerlin.

$1.31 million, 3 bedroom, 3.5 bath, 3,823 square feet, golf and mountain views, single story, retractable awning, Red Rock Country Club.

$2.36 million, 5 bedroom, 5.5 bath, 6,695 square feet, granite counters, custom cabinets, Eagle Hills, Summerlin.

$1.7 million, 4 bedroom, 4.5 bath, 4,964 square feet, remodeled floor plan, large walk-in closet, Eagle Hills, Summerlin.

$1.13, million, 5 bedroom, 3.5 bath, 4,067 square feet, golf and mountain views, limestone floors, Summerlin.

$1.15 million, 3 bedroom, 3.5 bath, 3,594 square feet, chef's kitchen, open floor plan, Canyon Fairways, Summerlin.

$1.1 million, 5 bedroom, 4.5 bath, 4,280 square feet, city, Strip and mountain views, casita, putting green, Summerlin.

$1.15 million, 4 bedroom, 3.5 bath, 4,012 square feet, cul-de-sac lot, Viking appliances, pool, Summerlin.

$1.13 million, 5 bedroom, 4.5 bath, 4,582 square feet, Strip and valley views, movie room, balconies, Summerlin.


Floor plans at the Allure Tower, a condominium project going up on Sahara Avenue, range from 671 square feet to 4,400 square feet.
Photo by Gary Thompson.

The 41-story, 428-unit Allure luxury condo tower on Sahara Avenue is about 85 percent completed with the first escrow closings expected in September, an executive for the developer said Tuesday.

"The building's almost buttoned up," said Richard Cavenaugh, president and chief operating officer of Chicago-based Fifield Cos. "Our goal is to be finished and off the project by the end of the year."

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    • Sales have been relatively slow with 30 units remaining priced from the mid-$500,000s, he said. Floor plans range from 671 square feet to 4,400 square feet. A penthouse at Allure sold for $4.5 million last year.

    Maintaining an aggressive 25-month schedule, general contractor Bovis Lend Lease is making its final push on construction, working mostly on the interior of the building with glass infill in strategic locations.

    The five-story parking garage is near completion, making way for construction to begin on Allure's pool, landscaped deck and private cabanas on the sixth floor.

    Allure's place in the Las Vegas skyline will be distinguished by its signature crown that will be lit sometime next month.

    Project cost is estimated at $150 million.

    The north end of the Strip has become the focus of redevelopment activity with a flurry of recent real estate transactions, including MGM Mirage's purchase of 26 acres at Sahara and the Strip, across from Allure.

    Fifield secured the site in a joint venture with land owner Andrew Fonfa. A condo-hotel tower planned for the site was canceled.

    Fifield Senior Vice President Alan Schachtman said the north Strip will soon be known for its high-end hotels and casinos and mixed-use projects.

    Fifield has developed and built more than 50 projects in the United States worth more than $4 billion and has 13 projects under development worth an estimated $2 billion. Cavenaugh said the company may look at doing luxury apartments in Las Vegas.

    TAHITI VILLAGE: Martin-Harris Construction topped off second-phase construction at Tahiti Village time share resort on Las Vegas Boulevard, consisting of three 10-story towers totaling 554,000 square feet. The 370,000-square-foot first phase was completed in 2006.

    Also, Whitehall Street Global Real Estate, affiliated with Goldman Sachs Group, has made a "substantial investment" in ASNY Corp., parent company of Tahiti Village developer Consolidated Resorts. The transaction's terms weren't disclosed.

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    Henry Amen wrote on July 19, 2007 12:09 PM: Would be interested initially renting prior to purchasing.


    LandBaron wrote on July 09, 2007 02:25 PM: The facts are that only 60% of the units have reservations...not sales...so specuaktion is rampent on whether all these will close their sales...of those "presales" 30% are reportedly for sale by flippers trying to unload prior to close of escrow...everyone is holding their breath on what this scenario portends for the high rise condo market,,