Why are there so many units for sale?

Forum: Polo Towers

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By Sue H.

Why are there so many units for sale?

There must be a lot of unhappy owners because there are so many units for sale. Is it the assessment or are there other issues?

Avatar for Sue H. Sue H.

11 years ago
Jul 09, 2007

By Orville F.

I'm not sure, but I read that they're buiding a 60 floor highrise directly in front of the polo towers. Perhaps some people are not interested in feeling dwarfed, or maybe it will diminish the view?

Avatar for Orville F. Orville F.

11 years ago
Jul 16, 2007

By Orville F.

I did some looking into, and found out that they are building a whole shopping,casino,resort community across the street. Look up MGM/Mirage City Center on the WEB. It is supposed to have light shows and lots more. Because of this I just bought a 1 bdrm on E-bay for a total of $2300. I hope I'm not making a mistake. It sounds like it will enhance the desire to go to Vegas rather than hinder it.

Avatar for Orville F. Orville F.

11 years ago
Jul 18, 2007

By Doug P.

There is no 60 story high rise going in directly in front of PT's. The land that sits in front of the resort has deed restrictions on it that control the height of any building built there and an easement to allow PT's owners access to the resort from the strip.

That land has recently been sold (again) to FX Luxury Resorts. FX purchased the land from the corner of Harmon Ave. (Harley Davidson Cafe, Travel Lodge and parking lot) all the way down to Smith and Wollinski's. The have stated a desire to build a hotel/casino with an Elvis theme. My bet is it will never be built but that they'll hold the land for 2 or 3 years and sell it for a profit.

Many of the units are probably for sale thanks to inept management of the resort and the special assessment that's going to run over $1,000 for owners of a 2 bedroom unit.

Avatar for Doug P. Doug P.

11 years ago
Jul 31, 2007

By Orville F.

I don't claim to be in the know, however, the management at polo towers and the Internet confirm this huge and elaborate building being built at this moment directly across the street from tower #1. I realize the Towers sit back off the strip a little bit. I was not referring to the land between the Towers and the street.

Avatar for Orville F. Orville F.

11 years ago
Aug 02, 2007

By Bryan H.

I have researched the MGM/Mirage project for the past several months, and YES it is a reality. After all the crap, hype, and lies PT owners have had to endure for the past 10 years about the future of the location, this may be the best thing to happen.

After purchasing the 60+ acres directly across the street from Polo Towers and finally tearing down the old Boardwalk Hotel and Casino that was located on it, The MGM Grand has broken ground to develop the largest Hotel/Casino/Condo/Shopping property in the world at $7 billion. It will have an international theme and look similar to the United Nations towers and plaza in New York, with a circular international shopping and dining plaza. Here is the developer's public description:

"Construction is now underway on MGM/Mirage’s CityCenter, which is the largest privately financed project in the country at an estimated $7 Billion. This 66-acre project will establish a complete vertical city directly on the Las Vegas Strip between the Monte Carlo and the Bellagio. With internationally renowned architects, including Pelli Clarke Pelli, RV Architecture, LLC, Helmut Jahn Architects, KPF Architects, and Foster and Partners, this urban metropolis will serve as an icon of contemporary design and sophistication. CityCenter is anticipated to open in 2009 with a 60-story, 4,000-room hotel and casino along with two 400-room boutique hotels (non-gaming) and 500,000 square feet of premier retail shops, entertainment venues and fine dining. In addition, there will be 2,800 residential units for those who will live in this new urban metropolis rather than just visit."

Lets hope MGM's CityScape together with the newly renovated Polo Towers suites, improves the atmosphere and desirability for all the owners....just wish we could fire Diamond Resorts Management in favor of a more customer/owner friendly company.

Avatar for Bryan H. Bryan H.

11 years ago
Aug 14, 2007

By Doug P.

Sorry guys, I thought you were talking about FX Reality purchasing the land from Metroflag that extends from the Harley Davidson Cafe all the way down to Smith and Wollinski's including the land the Hawaiian Marketplace sits on directly in front of PT's. Not the MGM project all the way across the street.

FX Reality recently purchased the land in front of PT's and announced that they wanted to build a high rise hotel/condo/casino on that land with an Elvis theme. Apparently they've also announced the same plans for the Riviera, which they are in a bidding war to buy.

City Center will only make PT's a better location IMO. We'll have the newest and biggest thing in Vegas for a little while right across the street from us. It's a big improvement IMO over the old HI Boardwalk, which should have been imploded years ago.

Avatar for Doug P. Doug P.

11 years ago
Aug 14, 2007

By Bryan H.

dougp43 wrote:
Sorry guys, I thought you were talking about FX Reality purchasing the land from Metroflag that extends from the Harley Davidson Cafe all the way down to Smith and Wollinski's including the land the Hawaiian Marketplace sits on directly in front of PT's. Not the MGM project all the way across the street.

FX Reality recently purchased the land in front of PT's and announced that they wanted to build a high rise hotel/condo/casino on that land with an Elvis theme. Apparently they've also announced the same plans for the Riviera, which they are in a bidding war to buy.

City Center will only make PT's a better location IMO. We'll have the newest and biggest thing in Vegas for a little while right across the street from us. It's a big improvement IMO over the old HI Boardwalk, which should have been imploded years ago.

Hey, thanks for the info on the Hawaiian marketplace land purchase....I had not heard or read that. The PT mgmt and owners council do a HORRIBLE job of telling us anything, least not in a timely manner if at all. We need more comments an observations from involved members/owners (provided its factual).

Avatar for Bryan H. Bryan H.

11 years ago
Aug 14, 2007

By Doug P.

The Vegastodayandtomorrow.com web site is pretty good at keeping up to date information on most transactions around Vegas. Streettalkblog.com also has some good information but it's more from the timeshare sales reps prespective than that of timeshare owners. There was a lot of chatter about the Sunterra buy out and even more when DRI (Polo Towers) was the eventual buyer.

Avatar for Doug P. Doug P.

11 years ago
Aug 15, 2007

By David L.

Point at Poipu Owners!! Here is the announcement for which we have all been waiting! The lawsuit has been filed! It was filed Friday in Federal District Court in Hawaii. COPP will be mailing out a note with the lawsuit attached. It will also be going up on our website. I think that we will have DRI's attention now! What did Mr. C say? Yes, that's right, there are "10" unhappy customers. We'll see...

Avatar for David L. David L.

7 years ago
Apr 10, 2012

By Rich V.

Hi - Sorry we are off topic here. trying to make contact with your management. We are from Fl Gulf coast, Seminole area. We have time share Commodore here. We would like to visit your resort next time we are in Las Vegas. who do we make contact with...sorry to take your time. Richard & Margaret

Avatar for Rich V. Rich V.

6 years ago
Jul 11, 2012

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