LAS VEGAS–(BUSINESS WIRE)–Feb. 27, 2006–Panorama Towers developer Laurence Hallier said the Las Vegas high-rise market remains strong, despite some well-publicized projects folding recently.

For proof, Hallier points to the success of Panorama, which overlooks the Las Vegas Strip. It recently exceeded $750 million in sales and moves in its first buyers this summer.

"There were a couple of factors that were huge for us. First, we were early to the market at a time when there were few high-rise projects," Hallier said. "The other major factor for us is our view. We have a unique panoramic view of the Strip, and buyers know that the view is the most important component of high-rise living, even more than the price. A view of the Strip is like having an ocean or Central Park view."

As he talked, Hallier looked out at the lights of the Strip from his nearly completed three-story condo on the 24th floor of Panorama's first tower. When he broke ground in 2004, some questioned his project.

He no longer responds to such cynics, he said. Two nearly complete 33-story towers speak for themselves.

Besides the view, value and Las Vegas lifestyle, Hallier credits Panorama's success to planning and preparation. He acknowledges some competitors have fallen short. Some developers cited rising construction costs in canceling projects. But Hallier said most were not prepared for the level of planning and sales effort involved in a successful high-rise worth hundreds of millions of dollars.

Nearly 100 high-rise residential projects have been announced here in the past two years. At least 13 are complete or under construction. About six have folded.

"Our first three towers are virtually sold out," Hallier said. "Most of our buyers weren't planning to buy in Las Vegas, but were swayed by the lifestyle. Locals love the ease of high-rise living, and Las Vegas is a paradise for second home ownership. In the end, the best sites, the best locations and the best developers are going to be the most successful."