Las Vegas, Nevada (PRWEB) November 01, 2012
After months of record-setting sales activity, The Martin has blown past its 50 percent sold mark within the past few weeks, selling 203 of its 374 residences, making it the fastest selling high-rise residential tower in Las Vegas.
The milestone has been reached months ahead of expectations and is attributed to owner iStar Residential’s completion of a $3 million redesign completed in March 2012. iStar engaged The Kor Group, the developers and design team behind The Viceroy Santa Monica and The Viceroy Anguilla, to spearhead the redesign and marketing efforts.
The redesign sparked an incredible flurry of buyer activity and sales volume for the first nine months of the year is up a staggering 150 percent compared to the same period in 2011. The Martin currently makes up a commanding 27 percent market share of Strip condominiums compared to six percent in 2011. Closings are also up 200 percent when compared to the same period last year, April through September, with 51 closings in 2012 compared to 17 in 2011.
“Surpassing the 50 percent sold threshold so soon after our re-launch is nothing short of spectacular. We’re thrilled with the response to our redesign and happy to see the appreciation of our new homeowners. This validates our belief in the depth of demand in the Las Vegas residential market for high-end services and design at very approachable price points,” said David Sotolov, senior vice president at iStar Residential.
The extensive renovation addressed nearly every inch of the building’s common areas, including the exterior landscaping, porte-cochere, lobby, pool and spa area, garden lounge and fitness center. The improvements have resonated with prospective buyers and have led to an increase in activity that has far outpaced the broader Las Vegas condominium market.
“We are fortunate to be uniquely positioned in the market,” said Tripp DuBois, of The Kor Group. “The local and national markets continue to improve and demand is strong for well appointed, newly constructed, luxury high-rise properties. Our sales success validates our strong value proposition.”
Pricing has largely remained unchanged since 2010, despite improvements to the local and national markets. One- and two-bedroom residences are priced from the mid $200s to over $1.5 million. Seven penthouses grace the top floors and are priced up to $7 million.
For more information about The Martin, call 702-425-3801 or visit http://www.themartin.com. The Martin is located at 4471 Dean Martin Drive, with entry off Jerry Lewis Way.
About The Martin
Located one-block west of the Las Vegas Strip and steps from the heart of CityCenter, The Martin is a 45-story high-rise residential tower offering unparalleled views, five-star services and amenities and exclusive access to the best of what Las Vegas has to offer. The Martin features 374 one- and two-bedroom modern, spacious residences, all of which have views of the Strip, designer finishes, state-of-the-art technology and spacious floor plans, ranging in size from 1,035 to 1,962 square feet. Seven spectacular penthouses, from 3,653 to over 13,000 square feet, grace the top floors. A $3 million renovation was recently completed by The Kor Group, the developers and design team behind The Viceroy Santa Monica and The Viceroy Anguilla, and award-winning landscape architect Mark Tessier. For more information, visit http://www.themartin.com or call 702-425-3801.
About iStar Residential
iStar Residential is one of the largest investors in luxury condominium, multifamily and master-planned residential developments throughout the United States, having financed and invested in $10 billion of residential projects since 1993. iStar Residential’s portfolio has included interests in over 18,000 condominium units in the nation’s top markets and 65,000 acres in master planned communities having the potential for an estimated 50,000 single family and multifamily units. The Company’s unique, fully-integrated platform extends from property entitlement and development to construction, bridge and long-term financing through asset servicing, property and portfolio management. iStar Residential is a division of iStar Financial, a $7 billion finance and investment company focused on the real estate industry and traded on the New York Stock Exchange under the symbol “SFI.” For more information, visit http://www.istarresidential.com.
About The Kor Group
Founded in 1999, The Kor Group is a fully-integrated real estate investment, development and management firm that also works with third-party clients to deliver a comprehensive package of advisory services. Kor has been recognized in the industry as a leading innovator in the design and development of lifestyle properties. Its track record demonstrates its expertise in bringing new life to an investment, often through design coupled with extensive rehabilitation and repositioning. By fusing creative design with an agile investment and development discipline, Kor has amassed a portfolio of high performing assets and has built a signature brand translatable across its properties. Since inception, Kor has acquired and developed hospitality, residential, and office assets valued in excess of $2 billion. Kor was also the force behind the origination and development of the renowned Viceroy hotel brand, whose immense success led to the spin-off of its hotel management division, Viceroy Hotel Group, in 2008. Today, Kor maintains the same commitment to creative design and distinctive branding to bring enhanced value to its investments and the investments of its third-party clients. Visit http://www.thekorgroup.com.