Pros and celebrities boost Vegas real estate sales

Pro players and celebrities are inadvertently helping to sell units in spectacular high-rise condominiums on the Las Vegas Strip by purchasing second-homes in the luxury development projects.

Approximately 8,000 units in 100 residential skyscrapers will be constructed on the Vegas Strip this year, prompting some developers to use celebrity residents in the hopes of luring buyers into purchasing property within feet of the rich and famous. And, while none of the projects are officially endorsed by any celebrities, the stars are likely getting very good deals on their purchases due to their marketing value.

Currently, poker star Barry Greenstein (along with a number of other unnamed pro players) has purchased a $1.2 million unit on the 16th floor of the Panorama Towers due to its proximity to the Bellagio. Leonardo DiCaprio and Tobey Maguire have also reserved spots in the Panorama complex. Jessica Simpson has purchased a unit at the Palms Palace, and baseball star Reggie Jackson at the Icon Las Vegas.

The developments are expected to offer concierge service, valet parking, restaurants, fitness centers, and spas, and are being constructed near casinos, restaurants, theatres, clubs, and retail outlets. Most units boast prices in the range of $500 to $1,000 per square foot.

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