Know your condo neighbor

Mar 28, 2006 6:01 AM

It seems like all the new high-rise condos in Las Vegas are waging a kind of "celebrity owner" war.

After all, it seems like every week we hear of the latest Hollywood star to buy one of the fast-growing condo townhouses in town.

The latest to announce was bombshell Pamela Anderson, who just purchased a condo at the rapidly-rising Panorama Towers.

Pamela joins Leonardo DiCaprio and Toby McGuire at the twin high-rises on Industrial Road (sorry, make that Dean Martin Drive).

Others to have recently purchased condos include Paris Hilton at W Las Vegas Casino; Paul Stanley (Kiss), Hulk Hogan, Mario Andretti, Jessica and Nick (it will be interesting to see who gets the condo in the property split) at the Palms; and Derek Jeter and Robin Leach at The Cosmopolitan.

Meanwhile, members of Motley Crew will need to get their deposits back from the Hard Rock, where the condo expansion has been delayed indefinitely.

Celebrities are often among the first to buy these luxury residences because they are encouraged to do so by financial advisors, who point out they can often turn a nice profit even before the units are completed.

Some celebs are even offered incentives, such as the $50,000 down payment that Paris Hilton was offered.

Of course, the condo developers believe it’s money well-spent having a film, TV or rock star on their address list. "It makes your run-of-the-mill rich people feel comfortable and safe investing in a residence that has a celebrity for a neighbor," said a Las Vegas real estate broker.

Conversely, the broker added, having a celebrity can drive up the price of the remaining units.

Regardless, it must be comforting to know you can always knock on Pamela Anderson’s door when you need to borrow a cup of sugar.