| VERTICAL
UPDATE
High-Rise News & Updates
for Las Vegas
| Amenity Driven—Perks
in High-Rise Real Estate |
by: Brenda Calvin,
The Calvin Group, LLC
|
 In
a marketplace competing for the finicky luxury buyer, high-rise
developers are finding new ways to entice vertical dwellers—by
touting outrageous building amenities and services. Now commonplace
are rooftop infinity-edge pools, theater rooms, guest suites,
business centers, fitness facilities complete with trainers
and massage therapists, tennis courts, wine cellars and concierge
services—many of which exist in luxury high-rise buildings
in Las Vegas.
However, some developers have
begun upping the ante, thinking outside of the box. John Sughrue
and Dan Boeckman, developers of Museum Tower in Dallas have
included some unconventional amenities and services, taking
the lead from their new building’s surroundings. The
42-story building—scheduled to be complete in 2010—will
be located in the heart of the Dallas’ ever growing
Arts District. It will offer, among other things, an executive
director, a culinary ambassador and a wellness director.
The executive director
will ensure a high level of impeccable personal attention
and will be an on-staff professional dedicated to the seamless
delivery of all owner services. As a well-connected aficionado
of the arts, the executive director will be able to personally
orchestrate a wide array of arts-related activities and adventures.
These will include private lectures, symposiums, culinary
tours, children’s programs and special book signings.
Residents will have access to 24-hour concierge services and
housekeeping services. Priority reservations with Dallas’
dining establishments will be offered, as well as restaurant
take-out, grocery delivery and stocking.
 Museum
Tower’s culinary ambassador, Stephan Pyles, owns a posh
restaurant in the Dallas Arts District and was Esquire Magazine’s
distinguished “2006 Chef of the Year.” Stephan
has designed a demonstration kitchen as well as the outdoor
grilling area, adjacent to the swimming pool and bocce ball
court. Additionally, he will assist buyers with the design
of their very own culinary kitchen, as well as assist in menu
planning for special evenings. Also available will be Stephen
Pyles’ pre-packaged treasures—did someone say
Wolfgang Puck?
This amenity-rich building
will also provide a wellness director. A full-time practitioner
will work with residents on comprehensive fitness and nutrition
plans, arrange for spa services or arrange for specialized
medical care. This means that you too, can arrange for an
individual yoga session in the building’s meditation
garden.
For a developer, there
is a balance to be struck, however. Each amenity adds to the
cost to build the facility and therefore, increases the purchase
price of the units. However, the right amenities—amenities
that entice buyers—help to substantiate unit prices.
Also, increased amenities and services translate to higher
maintenance fees for unit owners. Least we forget; salaries
of additional homeowner’s association employees and
the upkeep of added amenities add to the owner’s ongoing
maintenance fees. Savvy buyers give careful consideration
to the cost of the monthly maintenance fees in the overall
decision to purchase.
Interestingly enough, a
few developers in Manhattan have recently begun to take quite
the opposite approach, according to a recent New York Sun
article. They are cutting back on building amenities in Manhattan
properties. The article stated that there has been a paradigm
shift to scaled-back amenities, with builders scrapping costly
features to appease the value-hungry buyers who are balking
at shelling out higher prices in exchange for elaborate items
they don’t consider necessities.
This supposed trend of
scaling back of amenities and services may be simply an alternate
choice as opposed to a broad-stroke change. I am compelled
to think that it could also be limited to below a certain
price point. With true luxury items; the unusual or unique
qualities are what set you apart from other options and increases
perceived value. As with the highest priced building in Manhattan,
15 Central Park West, those who pay $6,000 per square foot
generally want the latest and the greatest amenities in their
building.
 The
holy grail of amenity havens is Time Warner Center Residences
by developer, Related Companies. Completed in 2001, this property
provides all services and amenities from Mandarin Oriental
Hotel, including the luxurious Mandarin Spa; a fabulous 1,200
seat Jazz at Lincoln Center concert hall, plus other small
jazz performing venues; an astonishing four-story retail complex,
including some of the finest dining choices in NYC; the world
headquarters of Time Warner; and a very large Whole Foods
grocery store. This is surely Webster’s definition of
amenity rich! Naturally, the high-rise homes are “high-end,”
selling from $7 million to $60 million. I also love that this
is a property true to its context; it is an amenity to the
surrounding neighborhood as well, providing stellar shopping,
dining and cultural performance venues.
The truth is that both
amenity-rich properties and amenity-conservative properties
have a place in the marketplace and can exist simultaneously,
as they appeal to different facets of buyers.
Until next time,
here’s wishing you “elevated” sales!
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Brenda
Calvin is the Broker of The Calvin Group, LLC, and has
a 20-year successful track record of selling high-rise
and mid-rise condominiums in multiple states. The Calvin
Group is a boutique brokerage specializing the innovative
sales, marketing and developer consulting of residential
high-rise properties. To contact Brenda, you may phone
(702) 939-5638 or e-mail Brenda@TheCalvinGroup.com.
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