SKY LAS VEGAS NEWEST ADDITION TO LAS VEGAS SKYLINE

            Sky Las Vegasä, a 45-story luxury condominium high rise located directly on the Las Vegas Strip, is the newest addition to the dazzling Las Vegas skyline as construction on the project is already up to the 12th floor, according to Matt Joens, who is overseeing construction of the $325 million project for developers, Aaron Yashouafar and David Pourbaba of Sky Las Vegas Condominiums, Inc.

            “We are on track for a December 2006 completion that will make Sky the first finished luxury condominium tower located directly on the Las Vegas Strip,” said Joens.

            According to Joens, the underground parking garage, along with retail and amenity floors located on the first four levels of Sky are complete with new residential floors quickly being added – giving Sky several more feet of verticality every day.

• According to Sky Las Vegas developer Aaron Yashouafar, Sky Las Vegas has been designed not only to offer the most luxurious high rise living on the Strip, but to take its rightful place alongside the many landmark towers that form the skyline of the world’s most exciting city.

“Sky Las Vegas’ sleek and contemporary blue glass exterior will be a real stand-out,” said Yashouafar of the tower that has been designed by award-winning Klai Juba Architecture in collaboration with Desjardins Design Group, a Miami, Florida-based design firm specializing in hospitality and condominium development throughout the U.S. and abroad. 

“In a city where luxury is the standard, we’ve pushed our design team to build a condominium tower that will exceed the Las Vegas standard for beauty and glamour.”

Already more than 85 percent sold, including all four penthouse suites and ___four__ of six SkySuites, Sky Las Vegas is proving popular with hip, young professionals, second-home and vacation home buyers and an internationally sophisticated and cosmopolitan group, according to Yashouafar.

 “All are seeking the same incomparable luxury right on the Strip, along with immediate access to the city’s world-class shopping, dining and entertainment venues.”

According to Yashouafar, the top 10 floors of Sky Las Vegas include 54 special Tower Suites that range from 1,179 to 2,000 square feet on floors 36 to 41.  Tower Suites are priced from $650,000 to $ 1.5 million. 

“The Tower suites, penthouses and SkySuites have been designed as the most luxurious condominiums at Sky Las Vegas,” Yashouafar said. “In addition to the obvious view advantages, these premium units will feature many added luxury upgrades above and beyond those already included throughout the project, including subzero refrigeration, stainless appliances, granite counter tops, hardwood floors, sumptuous marble flooring and Jacuzzi.”

According to Bea Goodwin, Sky Las Vegas marketing director, the premier units are being offered in a variety of sizes to accommodate diverse needs and interests of those seeking the most luxurious living environment on the Las Vegas Strip.  “From second home vacation nests to primary residences, Sky Las Vegas offers the ultimate in luxury in Las Vegas,” she said.    

SkySuites, located on floors 43 to 45, are priced at approximately $4 million.  All units include a private elevator inside the unit, outdoor living areas, such as patios and roof top patio decks, ideal for entertaining and enjoying the view of the Las Vegas Strip.

According to Goodwin, Sky Las Vegas has met with tremendous success, having sold more than 85 percent of its 405 units since the project’s introduction in August 2004. “Sky’s phased development schedule has ensured availability of most types of residences throughout the sales cycle.  “By slowly releasing units, we have been able to ensure that a wide range of units are available to buyers within each phase,” she said.  “Today, there are still select one-, two- and three-bedroom units available, in addition to two remaining three-story ultra-luxurious SkySuites.” 

Priced from approximately $400,000 (change to $600,000) to more than $4 million, Sky Las Vegas is located on Las Vegas Boulevard, just south of Sahara Avenue. Now in its __5th___ sales phase, (Melissa – I would like to add “Sky Las Vegas price point is still considered an exceptional value by local high-rise experts.”  According to one local source (Bruce Hiatt) Sky’s per square foot price, coupled with a one-of-a-kind location and contemporary elegance, gives Sky tremendous market value which I continue to recommend to my most sophisticated clients.”  Sky Las Vegas offers several distinct advantages, including both location and ownership, according to Richard Lee, vice president for First American Title Co. of Nevada

“While many of the city’s emerging high rise projects are located near the Las Vegas Strip, few are located directly on Las Vegas Boulevard,” said Lee.  “Location, coupled with an amenity package on steroids makes Sky Las Vegas very appealing to the market seeking luxury high rise Las Vegas living.  These advantages account for the project’s early and strong success.”

Sky Las Vegas amenities include an outdoor recreation area encompassing more than one acre that features a large pool, lush garden space, a putting green, outdoor fire pit, barbecue area and an outdoor pet area.  Interior amenities include retail and dining space, a party room, private screening room, billiards room with bar, valet parking, concierge services and state-of-the-art security.

.           According to Goodwin, Sky Las Vegas has a greater preponderance of buyers wishing to live, not just invest, in Las Vegas real estate as compared to other luxury high rise projects currently under development in the city. 

‘More than two-thirds of our buyers to date have purchased units as primary residences or second and third homes.  Less than one-third of our buyers are investors,” said Goodwin.

 “This significantly enhances the sense of community we are seeking to create at Sky. Our buyers are seeking all the amenities expected in a luxury residence – recreational areas, great services, beautiful views and convenience.  But more than this, they are looking for a sense of home where even their pets are welcomed.  That’s why Sky’s pet-friendly orientation is an important feature. Several future residents currently live in the suburbs of Las Vegas and are looking forward to leaving behind commuting to their places of employment on the Strip, as well as the responsibilities of lawn and home care.” 

            Bruce Hiatt, a longtime Las Vegas luxury real estate agent and president of Luxury Realty Group Inc., echoes Lee’s high opinions of Sky Las Vegas and adds ownership to Sky’s list of advantages.

            “Sky is the only luxury high rise residence located directly on the Strip,” said Hiatt.  “Compared to other current projects which are timeshares and condominium hotels, Sky offers buyers the opportunity to own their own piece of the Las Vegas skyline.”

The strong demand and market for luxury high rise living in Las Vegas, coupled with the financial uncertainty and viability of many similar announced projects, has made Sky Las Vegas a premium Las Vegas value at a cost per square foot significantly below the competition, according to Goodwin. “We maintain our position as the first and currently the only luxury high rise residential tower on the Las Vegas Strip,” said Goodwin.   “The fact that Sky offers residential opportunities further differentiates it from what is perceived as our competition,” said Goodwin.  “This, coupled with our visible construction progress and nearly sold out status, further solidifies our position of strength within the dynamic and fluctuating high rise market in Las Vegas.” 

Sky Las Vegas is a project of Sky Las Vegas Condominiums, Inc., a joint effort of Aaron Yashouafar, chief executive officer of Milbank Real Estate Services, Inc., a 27-year-old Los Angeles-based full service real estate company specializing in development and high-rise asset management, and David Pourbaba, a noted Southern California real estate developer.

The Sky Las Vegas sales center is located at 2780 Las Vegas Boulevard South – adjacent to the condominium tower site. For more information, visit www.skylasvegas.com or call 1.877.SKYLIFE.