Saturday, December 17, 2005

This is Encouraging

Las Vegas condos toppling before they start.


[Liberty Tower and Ivana Las Vegas will not be built, county and other land records indicate. And while these towers aren't the first condominium plans to bite the dust, experts say other failures will surely follow.

"It's the combination of rising construction costs, rising land prices and the fact that the mid- and high-rise condo market (in Las Vegas) is still in its infancy," said John Restrepo, principal of Restrepo Consulting Group.

He said the fever to build a condo tower in Las Vegas was equivalent to a gold rush. But getting a condo project off the ground is tougher than drawing up a rendering and having a slick marketing campaign.]



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