It is almost impossible not to notice Panorama Towers as you drive down Interstate 15 in Las Vegas.  Panorama Towers is located on the west side of Interstate 15 on Dean Martin Drive and Harmon, directly across from Project City Center.  The third Panorama Tower is currently under construction.

Panorama Towerscomprises of two 33-story towers with each tower containing over 300 units.  The third tower that is under construction is slated to be a 44 story tower.  The luxury units range from 700 to 4,400 square feet.  Amenities include Spa and Fitness Facilities, Valet and Concierge Services, Pool and Jacuzzis and much much more!

According to the Las Vegas Review Journal in late 2007 ”developer Satoshi Nakayama paid $10 million for a 10,500-square-foot gray-shell penthouse on the 34th floor of Panorama Towers.”  Mr. Nakayama has plans to spend an additional $5 million to build out the unit.  Guess you can say that the Las Vegas High Rise Condo Market is doing alright when you have someone paying $10 million for a unit?

If you haven’t seen one of these units, I encourage you to make an appointment and take a tour of Panorama Towers and don’t be surprised if you run into Panorama Tower residents Leonardo DiCaprio or Pamela Anderson.

Encore, part of Wynn Las Vegas is expected to open in December 2008.  The Encore Tower will add an additional 2,034 suites to the resort at an estimated cost of $2.2 Billion.  Applications will be accepted for the 5,300 positions at the hiring center starting in mid July.

How will Encore effect the local economy?  The obvious, 5,300 new jobs will have a long term effect.  The short term effect will be the tens of thousands that come to Las Vegas for the grand opening of Encore.  December is usually the slow time of year for the Hotel and Casino Industry, so the grand opening of Encore would bring in much needed revenue for the local economy.

Many of the new jobs created will be filled by employees from other hotels leaving openings at these other properties.  The increase in available jobs will cause an influx of people relocating to the Las Vegas Valley.  These new Las Vegas residents will need some type of housing whether it be an apartment, rental home or home ownership, which will be good for the local Las Vegas Housing market.

The Las Vegas Real Estate Market is currently doing better and there are many positive signs on the horizon like the opening of Encore that indicate we are on our way to a recovery.