Framing nears completion at Luxe Lofts project

2016540

Steel is going up and framing is 75 percent to 80 percent finished on Luxe Lofts, a three-story, 83-unit residential development on West Flamingo Road. Completion is scheduled for November or December, developer Frank Hamadani said.

Oakview Building Consensus is general contractor for the $38 million project and the architect is Eric Miller of Las Vegas. Floor plans range from 1,225 square feet to 2,578 square feet and prices start from the high $400,000s.

Hamadani is confident his project, which was fully financed before starting construction, will be successful even in the slumping Las Vegas housing market.

The inventory of midrise luxury condos in Las Vegas ranges from 2,000 to 2,700 units, but there’s an incredibly small number of units for this type of product on the west side, he said.

Projects such as Sullivan Square, Manhattan West, Promenada, Mercer and Spa Lofts have yet to be built. A fence around a parcel on West Flamingo advertises a new project, Metreon Lofts. C2 Lofts had only eight units remaining for sale the last time Hamadani checked.

“If I was building (single-family) homes, I’d be nervous,” he said. “I feel good about finishing our building and having people come in and see it.”

Hamadani said the amenities at Luxe Lofts set it apart from other projects.

The outside area has three distinct themes: the fire courtyard, the water courtyard and the earth courtyard. The community has a lounge with a light-duty kitchen for special events, billiards room, theater and fitness center with pilates and yoga.

Interior features include granite countertops, wood flooring, European cabinetry and kitchen islands, Internet wiring, double-wide entry doors and dual-glazed, floor-to-ceiling windows with views of the Strip and mountains.

LAND VALUES: Excluding Strip transactions, the average price for an acre of vacant land in Las Vegas Valley was $718,500 in the second quarter, an 11.2 percent decline from a year ago, local research firm Applied Analysis reported. It’s down 9.5 percent from the previous quarter.

The figure is based on 531 acres sold during the period, down 60 percent from 1,312 acres sold in the year-ago period.

Applied Analysis principal Brian Gordon noted that price declines are caused by the mix and size of parcels sold during the reporting periods. Factoring in the 33 acres of resort property purchased by MGM Mirage at an average of $17 million an acre, the second-quarter land value was $1.7 million an acre, or nearly $40 a square foot.

LAUGHLIN RANCH: The Lewis Group of Cos. from California is reportedly interested in acquiring Laughlin Ranch, a master-planned community in Bullhead City, Ariz., that recently filed for bankruptcy, according to the Mohave Daily News.

Chapter 11 bankruptcy was filed “in order to implement a planned acquisition of Laughlin Ranch by The Lewis Group of Companies,” attorney Jordan Kroop stated in a press release.

Laughlin Ranch began downsizing its workforce this year and creditors announced plans in March to foreclose on 640 acres, including the golf course.

SALT LICK: Scott Loughridge of SR Construction said his firm has completed the remodeling of the 10,200-square-foot Salt Lick restaurant at Santa Fe Station. Construction costs are estimated at $5.6 million. Freidmutter Group served as architect for the remodel.

LOOKING BRIGHTER: California-based housing analyst John Burns has changed his outlook for Las Vegas. After commenting (when?) that home prices need to drop 30 percent, or roughly $100,000, in order for Las Vegas to return to a “normal market,” he’s now got Las Vegas on his list of favorite long-term markets.

Las Vegas joins Phoenix, Atlanta and Orlando, Fla., as places where current growth is happening and where future growth is coming.

“These markets are competitive; however, so you have to be one of the best builders in town to make some good money,” Burns said in his latest market report. “These markets were speculator favorites too, so their corrections this year will be steep.”