December 28, 2015 - 10:55 am
The advent of high-rise luxury condo buildings is relatively new to Las Vegas, and a lot of their value comes from the opulent view such a home affords. You have to wonder then if the biggest gambles are being waged in the local casinos or the sales office of these lavish dwellings. If the view changes, how does that affect the overall value?
The blue twin Panorama Towers on Dean Martin Drive west of Interstate 15 opened at the height of the Las Vegas real estate bubble, so it’s hard to determine if the stagnant prices of the units are because of an overall market drop or because of the subsequent building of The Martin, which blocked the north views from Tower I.
“It all depends on your perspective,” said Randy Char, owner/broker of Char Luxury Real Estate, who has sold many units there and owns one.
“The Martin killed the north view, and your west view is basically unchanged. The side facing the Strip is definitely a premium, and levels 24 and above command higher price because of the spectacular view.”
The chic, modern Panorama retains a cache of sophistication nearly 10 years after opening. Residents can take advantage of VIP services, such as free concierge and limo rides to the airport; a 5,000-square-foot fitness facility with lavish spa amenities; a guarded gate and valet parking for a monthly fee.
Another benefit is Panoramas’ proximity to the Strip’s hot spots, and enjoying the upcoming New Year’s Eve fireworks from the comfort of your own home, without having to fight traffic to get there.
Two condos currently for sale in Tower I are described below.
Unit 2400 custom-built
Unit 2400 was built in 2006 as a stopping point for City Center President and CEO Bobby Baldwin, who spared no expense in creating a luxurious urban retreat that is stylish and comfortable.
By combining three single gray shells facing north, east and west, the early bird got a bird’s eye 270-degree view of Las Vegas, at least until the completion of The Martin directly north, which diminished but didn’t obliterate it. The east balcony featuring river rocks and a bubbling fountain offers great views from Mandalay Bay to Bellagio, including the new arena. From the west balcony is a view that includes the Spring Mountains, the Rio and Palms Place.
The floor plan is wide-open between both terraces, and when both the 10-foot pocket doors are open, it creates a literal breezeway for sky living.
With only two bedrooms and two full baths, most of the 3,400 square footage is devoted to common areas. From the kitchen on the east side to the dining area and atriums on the west side, the living areas all connect seamlessly.
Although Baldwin reportedly spent more than $4 million dollars to build the unit, it’s for sale now at less than half that.
“It’s a steal for whatever buyer gets the property,” said Kamran Zand of Luxury Estates International, who has the listing.
The home is modern but warm. Across from the stylish teak entry, a monolithic wall houses a low rectangular fireplace insert alongside a fresh water aquarium. Dual atriums allow nature into the mix, wrapping a corner that leads to the east balcony enclosure.
“You won’t get this in any other unit because it was done before the HOA (homeowners association) was formed,” said Zand, who added that the gas insert fireplace won’t be found any other place except possibly Queensridge because of ventilation restrictions in most high-rises.
The atrium is made of a type of glass that also creates a sound barrier. It has the same surround sound speakers in the rest of the home.
The materials used are a mixture of slates, Xilo tile, Caesarstone countertops, Italian porcelain tile on the walls, chrome globe light fixtures, and leather-paneled walls. Each helps distinguish the different areas yet blend together well.
Every door is a pocket door — none swing (except the entry).
“The quality and custom finishes in this home are equivalent to what you would see in The Ridges,” Zand said. “A lot of elements in this unit create a different aesthetic than you would see in any other unit.”
All windows have sheers and blackout drapes, and everything is controlled by an automation system, he said. “There’s nothing you need to get up for.”
The kitchen has white countertops, a six-burner stove, flat-panel cabinets, a built-in wine fridge and a pull-out pantry, Sub-Zero refrigerator and espresso maker. Its Melange tile floor is matte-finish porcelain with interwoven threads for strength giving the appearance of linen.
The master suite has its own small balcony that touches but doesn’t connect with the east balcony. It features a wall-mounted headboard of a leather-look wood, a TV niche and wooden bookshelf recessed into the wall. The black porcelain tile floor continues into the bath.
Three steps lead to a slate-walled master bath that includes a limestone soaker tub nestled into a corner, with a view of Aria. The omnidirectional, 12-foot, walk-through shower has been compared to a human car wash. The vanity features a single, troughlike white vessel sink with dual chrome faucets and backlit wall mirror. After a long day, retreating to this bathroom, opening the drapes, lighting a candle and dropping into the tub would no doubt invoke a drop in blood pressure.
The current owner paid $2,225,000 for it in June 2009. “Bobby Baldwin sold it to him at a great rate, and he’s passing it on at an even better rate to the next purchaser, Zand said. “There are so many custom features in here, I could spend hours going through them all.”
The second bedroom is set up like a home office, with a queen-sized Murphy bed.
Zand said, “This home is meant for a single person or maybe a couple. Could be a poker player who just needs one bedroom, who wants an office but wants the option to have guests in as well. For entertaining, you can easily fit a hundred people … and not be crowded at all. It could be their main residence or a second home, but it would be an amazing second home where you could turn everything on and off with one button … and live an awesome life here.”
“If this unit was in Mandarin (Oriental) we’d be at $1,500 to $1,800 per square foot easily,” he said.
Unit 3303 a penthouse
On the top floor of Tower I, unit 3303 is a bona fide penthouse with a view of the Strip and City Center.
It was built from a gray shell by owners Joe and Susan Casper, who live in Boulder City but use it for the occasional night on the town. “We’ve spent maybe 10 nights total in the unit. That makes it a very expensive hotel,” Joe Casper said. “But we bought the view, which is extraordinary. You can see the Stratosphere, and as far south as you can see it’s an unobstructed view.”
“It’s truly one-of-a-kind,” said Kristen Routh-Silberman of Synergy Sotheby’s International Realty, who has the listing. “This unit is a middle, center unit, so this penthouse was never blocked by The Martin or the other Panorama Tower going up. Its windows are 100 percent straight on the Strip; it doesn’t wrap around the corner … which is why this penthouse is the best-positioned” she said.
Every room has a view. At almost 4,000 square feet, it has two master suites, with oversized baths featuring luxurious vanities and jetted tubs alongside a glass and marble shower stall.
There is a half bath, a dining room with custom-cut crystal light fixtures; open kitchen with prep island and eating bar and cherry cabinets with black granite countertops; an office nook and lots of entertaining area. The ceilings are 12 feet, which according to the owner, is not true of other units, and there is plenty of glass window to go around. The marble floor features an inlaid detail at the front entry.
It’s priced at $1,999,999, which works out about $590 per square foot.
Will luxury condo prices ever rise high again?
“High-rises across the board are not selling for their replacement costs,” Char said. “Eventually, demand will catch up to value. So the good stuff gets better as prices rise.”
ABOUT THE HIGH-RISE
LOCATION: 4525 Dean Martin Drive No. 2400, Panorama Tower I
PRICE: $2 million, $586 per square foot
SIZE: 3,414 square feet, two bedroom suites, two baths, three private terraces, three parking spaces
FEATURES: 270-degree views of City Center, Palms
HISTORY: Designed by Jones & Greenwold Architecture + Interiors in 2007 for Bobby Baldwin, CEO of City Center; sold for $2.250 million in 2009 to Jim Kroner
LISTING: Kamran Zand of Luxury Estates International
ABOUT THE PENTHOUSE
LOCATION: 4525 Dean Martin Drive No. 3303, Panorama Tower I
PRICE: $1,999,999, $590 per square foot
SIZE: 3,390 square feet, two master bedroom suites, 2.75 baths, two terraces, three parking spaces
FEATURES: A middle, center unit with east view of City Center, only penthouse in Tower I; one of only two penthouses in Panorama
HISTORY: Sold for $2,052,012 in July, 2007 to Joseph and Susan Casper
LISTING: Kristen Routh-Silberman, Synergy Sotheby’s International Realty