$3M Renovation of Las Vegas Building Proves Lucky for Investor
- Jul 30, 2012
Las Vegas—Investing millions into a redesign is sometimes a gamble. If so, iStar Residential, a division of iStar Financial, has hit the jackpot. The company recently invested $3 million in a redesign of The Martin in Las Vegas, and in the four months since the building’s relaunch, sales have risen by 300 percent.
The Martin, a 45-story residential building west of the Las Vegas Strip, includes 374 one- and two-bedroom units, ranging in size from 1,035 to 1,962 square feet. Additionally there are seven penthouses that range from 3,653 to over 13,000 square feet.
The redesign of The Martin included a renovation of almost all the common areas, including landscaping, the lobby, pool and spa area, the lounge and the fitness center.
Pricing for most of the units has not changed since 2010, with the exception of a few floor plans where the prices increased. The one- and two-bedroom units are priced from mid-$200,000 to over $1.5 million. The penthouses are priced up to $7 million.
“Our larger homes with a view, especially in the $500K price range, are flying off the market, and the activity that we are seeing is allowing many prospective buyers to regain optimism about the Vegas market,” Tripp DuBois, of The Kor Group, the company handling the sales and marketing for The Martin, tells MHN. “They attribute their decision to feeling confident that the market has stabilized, and they love the way we’ve transformed the building. Buyers who have been watching and waiting on the sidelines are now making a move, largely in part [due] to our sustained sales and the fact that prices have remained steady. Without a doubt, our success is attributed to the $3 million redesign and offering residents five-star amenities and services at an attractive price point.”
DuBois says that in addition to the new façade and amenities, new residents are signing up because of word-of-mouth.
“We’ve also seen a substantial increase in owner referrals,” he says. “Now that our renovation is complete, we’ve been hosting cocktail mixers, fitness classes, pool parties, cultural tours and the like. Prospective buyers, friends of owners and realtors experience first-hand the strength of our community and world-class service. This strong emotional connection has allowed us to build loyal, long-term, successful relationships that benefit all stakeholders.”