Thursday, January 26, 2006

Condo Cancellations in Vegas

This story was linked from Drudge this morning. It should get lots of attention.


"Now that several high rollers in the Las Vegas condo-hotel game, with properties linked to the likes of Michael Jordan and Ivana Trump, are either folding or selling their holdings, a growing number of players are losing their taste for big bets on high-rise residential real estate development.

Over the past two years, as high-rise fever spread across town, prices for the luxury apartments ballooned, fetching as much as $500 to $1,000 a square foot—or up to $1.5 million for a one-bedroom— at the peak. Buyers, mostly interested in flipping them for quick profits, eagerly anted up five-figure down payments, while developers planned more than 70 luxury towers holding a total of about 43,000 units on or near the Strip and downtown. But the intense competition for the city's limited supply of contractors sent construction costs skyrocketing 30% last year, just as lending policies tightened, interest rates climbed and sales started to slow."

More...

4 Comments:

Anonymous Buyer said...

Has the Housing Bubble popped? Boca Raton says "Yes!" A typical subdivision -- the Boca Country Club -- characterizes the area, and the problem. Read more ....

Tuesday, February 14, 2006 9:16:00 PM  
Blogger real estate expert said...

Pop goes the Housing Bubble? A Florida subdivision -- the Boca Country Club -- characterizes the area, the problem, and the answer. Read more ....

Sunday, February 26, 2006 10:44:00 AM  
Anonymous real estate listings said...

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Tuesday, March 07, 2006 7:18:00 AM  
Anonymous real estate listings said...

You have a great website here, and I'm going to tell all my friends about it.

Tuesday, March 07, 2006 7:25:00 AM  

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