In today’s Las Vegas Review Journal, Salestraq is cited claiming that in Las Vegas, there are 12,479 “luxury condominium tower units” under construction.
Frothing Developer thinks this number is, in the words of Frothing Developer’s Minnesota-born father, malarkey.
We are aware of the following:
CityCenter: 2500 units, MOST of which are hotel rooms
Fontainebleau: 1018 hotel room units
Palazzo: 270 units, ALL of which are likely hotel rooms
Cosmpolitan: 1300 hotel room condominiums, according to Salestraq
Panorama Tower 3: about 300 units
Juhl: 346 units
Element House at ManhattanWest: 76 units
Can you think of any we’ve missed? We leave out Sullivan Square, which technically has started excavation on a couple of hundred units, but has stalled out as the developer and financier sue each other.
This true pipeline of under-construction units adds up to 5,886. That’s less than half of what the LVRJ reported today. It’s also mostly made up of itty-bitty hotel rooms.
If anyone can find the missing 7000 under-construction high-rise units that Salestraq and Jennifer Robison of the LVRJ reported exist this morning, please let Frothing Developer know.
In the meantime, Frothing Developer thinks the numbers published this morning dramatically misrepresent the state of the market.
UPDATE: We just talked with Larry Murphy at Salestraq and confirmed that the LVRJ mislabelled a report that covered ALL condominiums under construction as just HIGH-RISES under construction, dramatically overstating inventory.