Las Vegas – not just a realm for money mavericks

Future Properties, the investment focused sister agency of leading agent PURE International, has launched one of the most unique lifestyle and investment opportunities available in the US. Situated in South West Las Vegas, Sullivan Square is a 1,300 unit, 16.5 acre mixed-use urban project, which is ideally positioned to benefit from the area’s growing economy and strong demand for high quality term rental property. As a result, 50% of the first phase has already been sold.

Over the 12-month period ending July 2006, Las Vegas has gained nearly 50,000 jobs with a year-on-year growth rate of 5.6%, the best among the largest metro areas in the US*. While the economy is directly tied into the regions immense gaming industry other sectors are also contributing to growth. The leisure/hospitality and professional/business service sectors increased 2.5% and 9.9% respectively in 2006 and are strong factors in the 7,000 professionals moving to the area each month.

“Vegas is a unique market in the US and the continued expansion of the gaming sector is spearheading growth across the board,” says Rebecca Jaques, Managing Director of Future Properties. “By 2010 five new major casinos are to be delivered, each bringing 15,000 more jobs and more significantly, previous trends indicate that each delivery of a new casino has led to a spike in property prices; an attractive trend for would be investors.”

Another factor affecting the investment climate of Las Vegas is the clearly defined limit up to which the city can expand. Much of the land surrounding Las Vegas is federally owned national parkland and as a result market analysts have predicted that there are only six more years of developable land available.

“This capped supply of developable land, combined with a flourishing rental market will put further upward pressure on real estate values,” adds Jaques. “Current buyers have realised the potential this market offers. By the time the first properties are completed there will not only be a higher domestic demand for resales and long-term quality rental property, but the US economy and dollar rate is likely to play well in their favour too.”

The project…

Inspired by the timeless designs of Louis Sullivan, whose work at the turn of the century influenced architecture in every major city worldwide, Sullivan Square offers a wide range of living options throughout nine buildings, including:

- High-rise condominium towers with a variety of unit sizes and more than 20 floor plans ranging in size from 590 sq ft to more than 2,212 sq ft

- Chicago-style lofts with rugged minimalism and exposed ceilings

- Townhouses with three-story floor plans and street/park front entrances

- Terraced condominiums which are exquisite with spacious balconies

- Live/work Space which includes, one or two-story floor plans, living above retail and direct street access.

The first phase will consist of circa 350 units across two ‘Madison Towers’.

The project is designed to provide residents with comfortable living amidst conveniences and services like those found in neighbourhoods of major metropolitan cities such as Chicago, San Francisco and Toronto. One of the main features of Sullivan Square will be ‘Market Street’ which will offer 25 shops and services including independently owned cafés, restaurants, bars, florist, full-service deli, fresh fish market, bakery and butcher are among the retailers planned and all are within walking distance for the project’s residents.

The use of outside space is a prominent feature at Sullivan Square and the 1.5 acre ‘Central Park’ will play an important part of this. Outside space is also a feature for the variety of units which offer BBQ and sunbathing decks, cabanas, saunas and hot tubs as additional options. A fitness centre, swimming pool, dry cleaner, billiards & card facilities, movie rooms and separate dog park will also be available.

The developer…

Leading Irish company Harcourt Developments have teamed up with US firm Glen, Smith & Glen to develop Sullivan Square. Harcourt Developments is one of Ireland’s largest and most successful privately owned property companies boasting extensive Irish and international experience in delivering exceptional resort destinations such as the award winning Carlisle Bay luxury resort in Antigua.

Getting there…

Las Vegas is becoming more and more accessible with frequent direct 10 hour flights available from London Gatwick and Manchester. Other routes include Dublin – Los Angeles – Las Vegas and Belfast – Dallas – Las Vegas.

Prices and sizes…

Prices for the studio, one, two and three bedroom apartments in the first phase , which reach sizes of up to 2,212 sq ft, range from £138,000 (€191,000) to £731,000 (€1,013,000). On units below $400,000 only a 5% deposit is needed with 95% payable on completion. Our clients are recognising that this is an ideal opportunity for their portfolios as on a 5% deposit they only need around £8,000 cash to buy there.

For further sales information, visit futureproperties.com.