Youngson Properties - INVESTMENT Property of the month

Las Vegas Strip (South Las Vegas Blvd.)

The Deal:

The units are located on the Las Vegas Strip (South Las Vegas Blvd.) about two miles from Mandalay Bay. The project is about a 10 minute drive to both McCarran International Airport and the University of Nevada Las Vegas (25,000 students). These units will achieve excellent rental yields and huge capital uplift potential based on this builder fire sale. Units are brand new and already completed but based on leverage purposes we have negotiated to push closings out until April 1, 2009. There are quite a few closed sales for the exact same 2 bedroom units in this project in the mid $400,000s. This makes the units over 40% off!

Why 40% is simple, the builder wants out. He has sold 660 of the 700 units here to local buyers. He has paid off his bank loan and well into his profit margain. All he wants to do is liquidate the remaining units at fire sale prices. This is an absolute fantastic deal. Across from Vegas they have the M Resort going up (Tony Martels latest) . He is one of the biggest hotel/real estate guys in the city. It will be employing over 3000 people. This is in an area that is already at a 96% occupancy rate from the rental market. That deal is a great one!

Purchase Structure:

$5000 to reserve
Balance of 10% within 60 days of reservation
Completion – April 1st , 2009 (Up to 75-80% LTV available)

The Project:

Manhattan Condominiums is just minutes away from the heart of The Strip and brings the best of the urban lifestyle to Las Vegas. The community covers 20 acres and features over 700 elegant condominiums in nine four story buildings.

The community’s hub is a contemporary, 10,000 sq ft glass clubhouse. The clubhouse includes a business center and separate conference room, a screening room with a state of the art projection system, and a lounge with a full kitchen and bar, which are available to reserve for parties. The 24 hour fitness facility has commercial grade equipment, including treadmills and elliptical machines, with personal entertainment centers at each work out station, and a separate room featuring free weights. A sauna, massage rooms, and separate men’s and women’s locker rooms are available.

The community features extensive outdoor facilities, all in a beautifully landscaped environment. A 1.5 acre grassy Central Park is the perfect place to meet your neighbors, and provides ample space for volleyball, or lounging in the hammock, and is the backdrop to the centrally located barbeque pavilion. Two pools, a tennis court lit for night use, and a basketball court also available. The community is pet friendly, featuring a dog run.

Manhattan Condominiums offers an ample set of services. A full time concierge facilitates everything from dry cleaning delivery to restaurant reservations and show tickets. The community security consists of a manned guard gate, 24/7 roving patrols, closed circuit security cameras which monitor activities and are available to view within your home, and programmable electronic key fobs which allow access to elevators and buildings. Guest suites are available to reserve for visiting friends and family. Free WiFi internet is provided in the park, pool and clubhouse areas.

‘Why Las Vegas’:

Even during the height of the real estate boom from 2004 to 2006, international investors were wary of gambling in Vegas real estate. In 2006, the city was only the 16th most popular locale for international money. But since the market has turned south--and projects ranging from residential complexes to casinos and offices have suddenly stalled--international investors are starting to look for big discounts. Big Discounts are exactly what we have to offer. With over a handful of closed sales at and above $400,000 for these 2 bedroom units, we are able to offer our investors not only a 35-40% discount but also delayed closing until April of next year allowing additional time for market regeneration. Being discounted to levels below $250 per square foot, we are certain that these prices are below replacement costs – a fundamental component of real estate investment.

Availability:

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