Panorama Sales Group closes high-priced, high-rise unit

According to Panorama Towers Sales Group President of Sales Tony Preus, "things are doing just fine."

He says his group of four sales agents are in the business of selling not only new developer units in their recently opened third tower, Panorama North, but also resale units at the company's initial two towers located on Dean Martin Drive across from the MGM/Mirage CityCenter which is slated to open in December.

The Panorama Sales Group was responsible for selling all inventory in Tower I and Tower II between 2004-2005. The third tower, Panorama North, enjoyed brisk sales prior to the market downturn and is in the lengthy process of trying to close buyers, according to Preus.

He said the Panorama Sales Group has been successful in other wise "rough waters" because of the experience and knowledge of his team and the location and views offered at Panorama Towers.

Preus said his company has represented the buyer or seller in nearly 60 percent of the 25 resale transactions that have taken place this year at Panorama Towers.

He said that sellers have the opportunity to list with any licensed Realtor in town, but his company has been successful at listing and selling the condos. According to Preus, the 25 resale units sold at Panorama represent more year-to-date sales then other high-rise condos sold on the Strip or downtown.

Preus said his team closed one of the highest priced penthouses earlier this month. A 3,314-square-feet home sold for $2.25 million dollars, which equates to $678 per square foot.

"That is a very impressive number and it's very encouraging," Preus said.

According to Preus, housing has hit bottom and potential homeowners are buying, especially foreclosures, for many reasons including the $8,000 federal tax credit.

"The best thing that can happen to the market is we get consumers to purchase all of the foreclosures and as long as there is growth and absorption, things will fall into place," he said.

According to Preus, currently all residential is basically worth the replacement cost, plus 10 percent.

In Panorama's case, that works out to be about $500 per square feet and the final sales price for foreclosures are coming in about half that for Panorama Towers resale units.

"The smart investors are aware of this and that is why we are seeing consumers buying, not only in our towers but all over town, especially in the newer neighborhoods," he said.

For more information, call 736-5008 or visit panoramasalesgroup.com.