One of the things that has worked out really well for ManhattanWest was my decision to locate our corporate offices adjacent to the construction site. This makes it easy for my construction team and myself to walk over a couple of times a day (and sometimes more frequently) to keep an eye on construction, discuss design issues with our general contractor and subcontractor, and keep things moving forward briskly.
Lately, the focus has been on concrete and plumbing. The concrete is being poured for the parking levels and to create the base for the residential floors. Before the concrete can go in, though, the underground plumbing lines need to be put in. This is about as deep as we go into the earth. The most interesting moments are when we hit pockets of mineral-hard "caliche", a sort of rock formation common to Las Vegas. The good news is that caliche is a great bedrock upon which to build. The bad news is that trying to dig a trench through pure rock is not as easy as digging it through desert sand!
Our construction team has brought in special equipment to handle the caliche. They take standard-issue loaders and attach a device called a ram-hoe. It's like a really really big jackhammer. And sometimes, when there's enough room, they wheel in the big mama: a Trencher. This big beast can grind through rock at an impressive clip.
We've gotten the first slab poured, and we're starting to deploy the framers to the site to begin framing work. Things are moving quickly as we press on an around-the-clock, 7x24 construction schedule.
Alex
Monday, November 19, 2007
Wednesday, November 7, 2007
New Home Sales on the Rise
The overabundance of available homes and its impact on the future of the Las Vegas market has been a major concern for potential buyers and investors.
Recent reports show however, that sales have been increasing and the inventory of new homes has dropped for six consecutive months.
Fact #1 - New Single Family Homes Sales Increase by 4.8% - 37% in the West.
Sales increased to 770,000 in September, an unexpected rise over the estimated 3.1% decline. The West region showed the sharpest gain at 37%.
Fact #2 - The Supply of Unsold New Homes is Dwindling
Six months of consecutive inventory drops brings the supply of unsold new homes to 8.3 months, or 523,000 homes. This number is a 6.6% decrease over last September’s count of 560,000 homes. As the supply decreases, builders will be able to sell at a higher price points, as opposed to lowering prices and adding incentives to close sales.
Fact #3 - Price of New Homes is Up
September showed a 5% increase over last year with the median price of new homes sold going from $226,000, up to $238,000. The increase is an indicator that the demand and ability to obtain loans are both improving.
The combination of builders slowing down production and cutting prices has led to more homes being sold and has contributed to a decrease in new home inventory over the last six months. This trend is a good sign, because as inventories decrease, the market will continue to improve.
Recent reports show however, that sales have been increasing and the inventory of new homes has dropped for six consecutive months.
Fact #1 - New Single Family Homes Sales Increase by 4.8% - 37% in the West.
Sales increased to 770,000 in September, an unexpected rise over the estimated 3.1% decline. The West region showed the sharpest gain at 37%.
Fact #2 - The Supply of Unsold New Homes is Dwindling
Six months of consecutive inventory drops brings the supply of unsold new homes to 8.3 months, or 523,000 homes. This number is a 6.6% decrease over last September’s count of 560,000 homes. As the supply decreases, builders will be able to sell at a higher price points, as opposed to lowering prices and adding incentives to close sales.
Fact #3 - Price of New Homes is Up
September showed a 5% increase over last year with the median price of new homes sold going from $226,000, up to $238,000. The increase is an indicator that the demand and ability to obtain loans are both improving.
The combination of builders slowing down production and cutting prices has led to more homes being sold and has contributed to a decrease in new home inventory over the last six months. This trend is a good sign, because as inventories decrease, the market will continue to improve.
Next Sales Release will be Celebrated with a Cocktail Party
Please join us in the ManhattanWest Sales Center as we celebrate our next sales release with a cocktail party on Thursday, November 15, 2007, from 6:30-8:30pm. Enjoy live music by the HagerRivera Project, along with great hors dourves and ManhattanWest Martinis.
Tour our full-sized model residence, view 3-D animations, and learn more about the community in a relaxed atmosphere.
Be sure to register now to join our VIP list or call 702.893.2663 to reserve your invitation to a night not to be missed!
Tour our full-sized model residence, view 3-D animations, and learn more about the community in a relaxed atmosphere.
Be sure to register now to join our VIP list or call 702.893.2663 to reserve your invitation to a night not to be missed!
ManhattanWest Teams Up With 944/Spy On Vegas for Sales Event
A great time was had as ManhattanWest sponsored the Spy On Vegas Open Bar at the sales center on Thursday, October 25th. Guests enjoyed live music by the HagerRiver Project, delicious hors dourves, and specialty cocktails provided by Skyy Vodka. The sales team provided model tours as four new residents reserved their homes that night.
Friday, September 28, 2007
ManhattanWest Soiree A Success
ManhattanWest hosted a New York Soiree on September 27, 2007, celebrating our newest sales release. A great crowd was on hand to sample delicious hors dourves, hear great live jazz music, and indulge in a few special ManhattanWest Martinis.
Friday, September 21, 2007
VIP Sales Release and Cocktail Party: Thursday, September 27th, 2007, 6:00pm - 8:30pm Manhattanwest Sales Center:9121 West Russell Road
Please join us at the ManhattanWest Sales Center on September 27th from 6:00-8:30pm for a New York Soiree as we celebrate our newest sales release! Enjoy live jazz, great food, and special ManhattanWest cocktails.
Tour our full-sized model residence, view 3-D animations, and learn more about the community in a relaxed atmosphere.
Be sure to register now to join our VIP list or call 702.893.2663 to reserve your invitation to a night not to be missed!
Tour our full-sized model residence, view 3-D animations, and learn more about the community in a relaxed atmosphere.
Be sure to register now to join our VIP list or call 702.893.2663 to reserve your invitation to a night not to be missed!
Tuesday, August 28, 2007
Manhattan Brand Delivers What it Promises
Two of the things we make a big deal about at ManhattanWest are our track record of delivering what we promise, and our ability to create social environments at our communities where you can meet new people and enjoy time with your friends. The slide show below features images from Manhattan Condominiums, our project on the South Las Vegas Boulevard, where you can see first-hand that the Manhattan brand delivers on what it promises.
Wednesday, August 8, 2007
Massive Job Growth Significantly Boosts Demand For Housing
The opening of the Palazzo Hotel and Casino in November of this year marks the start of massive job growth tied to casino and convention based projects. Higher job growth equals higher demand for housing, a very positive long term trend for the Las Vegas economy.
Fact # 1-The Palazzo has already begun to hire for more than 4,000 new positions.
While most people outside of Las Vegas have not heard of it, this is a very significant project, and will be one of the largest employers in Las Vegas.
It marks the start of a new wave of massive hiring needs for the casino and convention industries.
Fact # 2- The Palazzo is just the beginning. Hotels and casinos alone will need to fill an estimated 125,000 positions by 2012.
While the Palazzo itself will have a significant impact on the Las Vegas economy, it is just the start.
The initial tower of the non-gaming Trump International Hotel & Tower opens next year as will Station Casino's $650 million Aliante Station in North Las Vegas.
Boyd Gaming Corp.'s $4.8 billion, 5,000-room Echelon project broke ground last week.
Wall Street firm Deutsche Bank said the Las Vegas casino industry will need to fill some 113,500 positions by 2012. The report was completed before the New York-based Elad Group announced plans in May to replace the New Frontier with a $5 billion resort, and the announcement of a joint-venture development on the Strip's north end between MGM Mirage and Kerzner International. With those projects the estimate rises above 125,000 new positions.
Conclusion:
While the 24,000+ new homes on the market today is a high, the 125,000 new workers in the hotel and casino industry alone will easily absorb many times that inventory. The trend in job growth means a strong long term housing market for the Las Vegas Valley.
Fact # 1-The Palazzo has already begun to hire for more than 4,000 new positions.
While most people outside of Las Vegas have not heard of it, this is a very significant project, and will be one of the largest employers in Las Vegas.
It marks the start of a new wave of massive hiring needs for the casino and convention industries.
Fact # 2- The Palazzo is just the beginning. Hotels and casinos alone will need to fill an estimated 125,000 positions by 2012.
While the Palazzo itself will have a significant impact on the Las Vegas economy, it is just the start.
The initial tower of the non-gaming Trump International Hotel & Tower opens next year as will Station Casino's $650 million Aliante Station in North Las Vegas.
Boyd Gaming Corp.'s $4.8 billion, 5,000-room Echelon project broke ground last week.
Wall Street firm Deutsche Bank said the Las Vegas casino industry will need to fill some 113,500 positions by 2012. The report was completed before the New York-based Elad Group announced plans in May to replace the New Frontier with a $5 billion resort, and the announcement of a joint-venture development on the Strip's north end between MGM Mirage and Kerzner International. With those projects the estimate rises above 125,000 new positions.
Conclusion:
While the 24,000+ new homes on the market today is a high, the 125,000 new workers in the hotel and casino industry alone will easily absorb many times that inventory. The trend in job growth means a strong long term housing market for the Las Vegas Valley.
Wednesday, August 1, 2007
Monday, July 16, 2007
The Market for ManhattanWest Holds Strong
Condominium Inventory in ManhattanWest’s $250K-$500K “sweet spot” dropped more than 5% in June.
This is a substantial drop and means that the market not only started to stabilize in June, but that the previous trend of inventory build-up actually reversed. Buyers purchased more condominiums in this price range than sellers put on the market. If the trend continues, inventory will keep going down. Lower inventory means less competition, higher buyer confidence, and eventually higher prices.
Condo Inventory between $250 and $500K Dropped More than Inventory Outside That Range
Inventory priced from $250K-$500K dropped more than three times as much as inventory outside that range. The vast majority of ManhattanWest inventory is in this “sweet spot”, the best performing segment of market.
You Can’t Lump Condo Data with Single Family Home Numbers
The press tends to bury good news about condominiums in the middle of negative articles about the market as a whole, but the numbers speak for themselves. If you want a true picture of the market you must separate condominium data from SFR numbers.
This is a substantial drop and means that the market not only started to stabilize in June, but that the previous trend of inventory build-up actually reversed. Buyers purchased more condominiums in this price range than sellers put on the market. If the trend continues, inventory will keep going down. Lower inventory means less competition, higher buyer confidence, and eventually higher prices.
Condo Inventory between $250 and $500K Dropped More than Inventory Outside That Range
Inventory priced from $250K-$500K dropped more than three times as much as inventory outside that range. The vast majority of ManhattanWest inventory is in this “sweet spot”, the best performing segment of market.
You Can’t Lump Condo Data with Single Family Home Numbers
The press tends to bury good news about condominiums in the middle of negative articles about the market as a whole, but the numbers speak for themselves. If you want a true picture of the market you must separate condominium data from SFR numbers.
Tuesday, July 10, 2007
Wine Tasting Recap and New Event: Thursday July 26, 2007 6:30-8:30pm
The buzz about our first Rock N Roll Wine tasting event was so positive that we're hosting another Wine Tasting on Thursday July 26,2007, from 6:30-8:30 pm in the ManhattanWest Sales Center.
"The event was a great way to learn more about both wine and ManhattanWest in a no-pressure environment", said guest Stefanie Schneider about the ManhattanWest Wine Tasting event held in June. "The music and food were great, and I got to meet a lot of interesting people. There was definitely a good vibe in the air."
Guests were excited to experience what the ManhattanWest wine bar will be like, which featured live acoustic guitar playing and exotic wines from across the world provided by Rock N Roll Wines.
This next event is shaping up to be just as exciting, with more great music, food and wines to come. You'll have a chance to tour our full-sized model residence, view 3-D animations, and learn more about the community in a relaxed atmosphere.
Register now at ManhattanWest.com to be put on the VIP list, get directions and learn more about the ManhattanWest community.
We look forward to seeing you there!
"The event was a great way to learn more about both wine and ManhattanWest in a no-pressure environment", said guest Stefanie Schneider about the ManhattanWest Wine Tasting event held in June. "The music and food were great, and I got to meet a lot of interesting people. There was definitely a good vibe in the air."
Guests were excited to experience what the ManhattanWest wine bar will be like, which featured live acoustic guitar playing and exotic wines from across the world provided by Rock N Roll Wines.
This next event is shaping up to be just as exciting, with more great music, food and wines to come. You'll have a chance to tour our full-sized model residence, view 3-D animations, and learn more about the community in a relaxed atmosphere.
Register now at ManhattanWest.com to be put on the VIP list, get directions and learn more about the ManhattanWest community.
We look forward to seeing you there!
Wednesday, June 20, 2007
Wine Tasting: Thursday, June 28, 2007, 6pm-8:30pm ManhattanWest Sales Center: 9121 W. Russell Road
Join us at the ManhattanWest sales center for an evening of Rock and Roll Wine tasting. Crafted to give you a sneak preview of a typical night at the ManhattanWest wine bar, you’ll enjoy live music, good food, and great wines.
Tour our full-sized model residence, view 3-D animations, and learn more about the community in a relaxed atmosphere.
Register now at ManhattanWest.com to join our VIP interest list, and to secure your invitation to an evening you won’t want to miss.
Tour our full-sized model residence, view 3-D animations, and learn more about the community in a relaxed atmosphere.
Register now at ManhattanWest.com to join our VIP interest list, and to secure your invitation to an evening you won’t want to miss.
Monday, June 11, 2007
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