Las Vegas: from €238,069 Investors could be onto a winner if they buy into an apartment scheme that promises quick capital appreciation. Kate McMorrow reports.
Celebrating its centenary on May 15th, Las Vegas is better known for its gaming tables and getting hitched than property speculation.
Parties next month will include vintage planes flying over The Strip, 100 wedding couples under one huge canopy and the world's biggest birthday cake, weighing in at over 58,000kgs.
Las Vegas is also the location of the latest scheme being sold by Colliers Jackson-Stops, launching with an exhibition in the Westbury Hotel this weekend. The Meridian, just two blocks from the famous Las Vegas strip, is a luxury development aimed primarily at the investment market and promising a good rental return and capital appreciation.
Canny investors around the world are chasing the good value to be found in the US right now, where the exchange rate is advantageous to buyers with stronger currencies, such as the euro, to spend.
Las Vegas is going through a strong period of growth just now and its economic outlook is among the best in the US.
Apart from the top class location, the main point of interest is guaranteed rental income for the first two years of ownership, at 5.5 per cent net. Maintenance fees and property taxes are also paid for this period. No owner-occupancy is factored into this return.
Located on East Flamingo Road, The Meridian Private Residences is a refurbishment project of six mid-rise buildings, each with 135 residential units. First-class amenities are promised, in line with the Meridian Group's international reputation.
Eight different floor plans are available in a mix of studios, one and two-bedroom apartments and penthouses.
Price ranges and sizes at The Meridian range from $308,600 (€238,069) for a 48sq m (515sq ft) studio apartment to $675,900 (€521,414) for a 99sq m (1,062sq ft) two-bed two-bathroom apartment on an upper floor. Payment is in stages, with completions expected within 14 months.
Prices cover a Mediterranean-style interior, fully furnished and with floor tiling, granite-topped kitchens with appliances and wardrobes. Broadband access, cable television and wireless infrastructures will be in place.
The buildings were originally built in 1992 as a luxurious apartment complex and are in the process of being revamped by developer American Invsco. Two tennis courts, two swimming pools, Jacuzzis, a theatre screening room, gymnasium and indoor courts and a clubhouse will be available for residents' use. Each apartment has its own private deck or balcony and heating and air-conditioning are supplied.
Gillian Ryan of Colliers Jackson-Stops expects most Irish buyers to sell on once the initial two years are up, hoping by then to be sitting on a healthy slice of capital appreciation. Developer American Invsco will undertake to sell the property on the owner's behalf or continue to lease it. Owners also have the option of retaining the apartment for their own use.
American Invsco has a long track record in the condominium market across the US, producing over 40,000 units in 40 cities since the company was founded in 1969.
Previous schemes include Chicago's Lake Point Tower and the New York Private Residences conversion.
While this city is best known for its gambling casinos and these are still the city's number one attraction, tourists are increasingly lured here by the showbiz glitz which is all part of the Las Vegas package.
Conventions form a large part of overall hotel occupancy, with Las Vegas second only to Chicago in total convention space.
