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Recently celebrities have been trading in their luxury suites at local casinos for more sound investments in new luxury high-rises that have been popping up all over the Strip. Pamela Anderson invested in the Panorama Towers. It has been reported that she owns a $1 billion condo in the building. Her unit is 2,000 square feet with views of the Strip that face, north, south and east. The Panorama Towers are not scheduled to open until late 2008. However, it has been reported that Leonardo DiCaprio and Tobey Maguire have also bought units in the development.
Jessica Simpson recently invested in a one bedroom suite at Las Vegas’ newest residential resort community, Palms Place which opened on February 29th and is located right next to the Palms Casino Resort. Condos in the building range in price from $500,000 to $7 million. The building is connected to the Palms by a moving walkway so residents always have access to all hotel amenities. Jessica Simpson will also be living among neighbors such as Hulk Hogan and Eminem.
Another celebrity hot spot will be the Harmon Hotel located inside the brand new City Center complex. Real estate agent to the stars, Aaron Auxier recently broke records when selling units to some of the celebrities who will be living in the building. His sales were higher than any other property in Las Vegas per square foot. Auxier sold units at $1,500; $2,000; and $2,400 per square foot. The previous sales record was set at $1,300 per square foot. The irony of these sales is that they have come at a time when the market is supposed to be at an all time low. However, the Las Vegas Strip seems to be unaffected.
Since new high-rises continue to outdo themselves it has been hard for older properties to compete. The Signature at MGM Grand, which used to be a celebrity favorite when it comes to buying property on the Strip, has been forced to lower their prices because of the shift buyers are making to much more luxurious residential resorts. Bungalows at the Signature are now selling for as low as $345,000 which is unbelievably low considering what the units originally sold for. Sky Las Vegas used to be the only high-rise condominium tower on the strip. However, people seem to be moving out at rapid rates. The building currently has 70 units on the market and some are selling for as low as $365,000.
Another new high-rise that is set to open in mid-2008 is the Cosmopolitan. Luxury home buyers in this building include Robin Leach. The resort will cost $1.8 billion to build. The buildings (a main tower and an east tower) will also alter the Las Vegas skyline by adding flair and artistic value to the already aesthetically pleasing Vegas Strip skyline. Many units in resort/residential communities come fully furnished. The main tower is already sold out, but units in the east tower include fully furnished studio or corner one bedroom units. All units at Cosmopolitan include balconies.
With amenities like spas, butlers, and concierge services, residents will feel like they are staying at a resort, instead of coming home. Residents will have access to things like room service, fully staffed resort pools, restaurants, and entertainment venues right in their community…no wonder celebrities are buying early!
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