Posted on: Tuesday, June 4, 2002
Luxury condos hit Vegas
By Lisa Snedeker
Associated Press
LAS VEGAS — In the opulent Stirling Club, members relax at an elegant piano bar, compete in a game of billiards while puffing on Cohiba cigars, and rejuvenate in the Vinotherapie Spa.
In the Park Towers wine cellar, members of the private enclave are treated to tasting parties with guest sommeliers and dinners prepared by renowned chefs. Afterward, they can catch a film in a Hollywood-style screening room.
Such decadence isn't reserved for high rollers in the Las Vegas Strip's glittering megaresorts. They are everyday perks for a different kind of members-only club — the resort condominium owner.
"If you want a bottle of Opus (wine) at 2 a.m., you're going to get it," said Cindy DellaValle, Park Towers sales director. "It's a Four Seasons lifestyle that's very private."
Developers are using spectacular views and proximity to the action coupled with hotel-style amenities such as round-the-clock concierge service to lure residents to several new luxury high-rise condominium resorts just off the Strip.
"We are selling a lifestyle," said Jeffrey Soffer, developer of the $600 million Turnberry Place.
What many perceived as a gamble — the first upscale high-rise community to be built in Las Vegas in nearly 30 years — is paying off. More than half of the 740 units in the four-tower project have been sold, Soffer said.
And only a few available condominiums remain at the $120 million Park Towers, codeveloped by casino mogul Steve Wynn, who created the Bellagio and Mirage hotel-casinos, and real estate entrepreneur Irwin Molasky.
Luxury condominiums are even luring Donald Trump to Sin City. The real estate and casino developer recently announced a partnership with New Frontier hotel-casino owner Phil Ruffin to build a 60-story, 300-unit condominium tower less than a block from the Strip.
"We are going to bring a level of quality design, construction, services and amenities in high-rise development that Las Vegas has not yet seen," Trump said in announcing the $300 million Trump Tower Las Vegas.
While steps away from 99-cent shrimp cocktails and free drinks for gamblers, the high-rise lifestyle in Las Vegas doesn't come cheap.
Condominiums at Turnberry Place and Park Towers range from $500,000 to $5 million-plus.
"It's a very small piece of the pie," DellaValle said of the potential buyer market. "It's not about a price per square foot. It's all about image and how it (the condominium) enhances your life and the lifestyle you want to lead. Lifestyle living is a want, it's not a need."
Developers know it takes more than impressive square footage and imported marble to attract buyers in the million-plus price range.
Turnberry's units feature private elevator lobbies, floor-to-ceiling glass walls that open to private balconies, Sub-Zero appliances and whirlpool baths.
Then there are the perks one wouldn't find in most single-family homes.
"Valet and porter service as well as concierge, room and limousine service provide the advantage of a totally luxurious lifestyle for our residents," said John Riordan, Turnberry's vice president of sales and marketing.
Park Towers' residents enter the lobby under a dome, hand-painted by Russian artist Genia.
Buyers include corporations, empty-nesters and second-home owners looking for a life free from yard work and full of convenience.
"Typically, you will find people in a high-rise who want to retire yet lead an active lifestyle," DellaValle said.
Andrea Tomich, a 35-year-old real estate agent, is trading her upscale home on the Red Rock Country Club golf course in the city's western outskirts for Turnberry's views, airport accessibility, security and maintenance-free living.
"I live by myself, so one of the most important things for me was security," she said. "I travel a lot and I don't have to worry when I travel, I just lock the door. A limo takes you to the airport and when you come home, they are there to pick you up."
Tomich said her condominium is less expensive to maintain than her country club home that was a 30-minute drive from the Strip.
"You have all the luxuries of life and incredible views from the tower," she said. "When you wake up in the morning, your car is vacuumed. It's hard to beat a lifestyle like this. It's like being on vacation 365 days a year."
Celebrities living at Turnberry Place include actor James Caan and comedian Rita Rudner, who headlines at the New York-New York hotel-casino.
