Neighbors or Hey, Paris, Can I borrow a cup of Sugar?
March 21, 2006 | 6:55
am
It was announced yesterday that Pamela Anderson purchased a condo at Panorama one of the many as yet unbuilt high rise rich people condos being created in the Las Vegas area. Here is a partial breakdown of which celebrities will be where:W Las Vegas Casino, Hotel Residence: Paris Hilton
Panorama: Leonardo DiCaprio, Toby McGuire and now Pamela Anderson
The Palms: Paul Stanley (Kiss), Hulk Hogan, Jessica and Nick(interesting to see who gets this choice item in the property split), Mario Andretti.
The Palms: Paul Stanley (Kiss), Hulk Hogan, Jessica and Nick(interesting to see who gets this choice item in the property split), Mario Andretti.
The Cosmopolitan: Derek Jeter and Robin Leach
Meanwhile the members of Motley Crue will need to get their deposits back from the Hard Rock where the condo expansion has been delayed indefinitely.
Celebrities are among the first to buy these luxury units because they are encouraged to. Las Vegas uses celebrities to sell everything else so condominiums are a logical next step. Paris Hilton, for example, was reportedly offered her down payment of $50,000 as an incentive to buy at W. The result is that your run-of-the-mill rich people feel comfortable and safe investing in an expensive dream home that makes them her neighbor. But for those who follow this trend be warned: having celebrities like Toby, Leonardo and Pam committed to a building is sure to drive the price of the remaining units up. That means instant profit for the celebrities and my guess is that some will sell out long before they move to Vegas even as a second home. After all, if Paris or Pam or Leonardo ever needs a place to stay in Vegas the resorts will happily line up to give them comped rooms for their presence.
(photo by Louis Lanzano/AP)
welcome to the real world. celebs have always been used to promote everything. You finally figured it out? the first tower at Panorama is almost complete. It was sold out long ago. they are selling tower 2 like 'hotcakes'. My friend is up 300k on his purchase in tower 1. You sound like "sour grapes". I will make big bucks on my Cosmopolitan condo. Did you get left behind?
Posted by: s candland | March 21, 2006 at 09:11 PM
I was wondering whether it is possible to buy a condo just opposite of the condo of PAM.
Thanks.
Paul
Posted by: paul | March 22, 2006 at 01:42 AM
I don't hear sour grapes. He was pointing out a fact and the only sour grapes I hear is from you, "s.candland" as I'm sure that now people are starting to figure out what a scam it is to buy unbuilt, over priced condos with non existent celebs as your "neighbor", your "friend's $300k" and your "big bucks" are now going down.
Snap.
Oh and for the record -- I can "say" that I've got a condo in Las Vegas as well, but that doesn't make it so.
Posted by: madmyk | March 22, 2006 at 06:42 PM
The 300K profit you think of may be short lived. Consider the variables, More than one person in your building has the same idea as you, therefore when the building closes..the market will be flooded with resales, so it will take time to sell your unit and most likely at a reduced price. 2nd, you will be competing with all of the new construction and recently released condo projects, if an investor has a choice of unbuilt vs. existing for the same price, they would most likely purchase the new construction. Yes, you did make a smart investment...but your not going to be able to flip it as fast as you think.
I would bet it takes 18-36 months to find a buyer,..but then again you might be lucky. Good luck anyway.
Posted by: MARK | March 23, 2006 at 10:10 AM