Wednesday, March 15, 2006

High-rise Market - Survival of the Fittest:

Six months ago every developer worth his name, every celebrity worth their two-minutes of fame wanted a piece of the pie called the Las Vegas real estate boom. Condo craze was at its peak. Investors from all over the world hoping to rub shoulders with Hollywood stars as they rode the elevators upto to their high-rise condos joined the frenzy to own these ultra-modern ultra-luxurious homes. Finacing problems -who cares,construction workers shortage - what's that? rising prices - no problems - what goes up has to come down right? Seemed to be logic ruling the market. In a short span of time projects that would have added 50,000 - 70,000 condo units to the Las Vegas market were announced. Does Las Vegas have that many buyers - who knows, they might just be sitting inside some casino right now making their millions and will come to buy two or three of these units - one as a vacation home, another for the kids and third for the guests may be?As the dust settles and reality set in. Projects are falling by the way side. Fewer than 500 luxury condo units are available for sale on the Strip. Rest of the projects have been shelved. Ivana can not after all stare down her imperial nose at Trump Towers as the proposed Ivana condo project has been shelved. Las Vegas cannot even boast of an ICON. That too will not see the light of the day. It was a painful decision to finally let go of the project said that the developer behind ICON. No doubt!
posted by Real Estate News Watcher