Las Vegas Million Dollar Luxury Condo Busts!
As the real estate crunch continues, the Wall Street Journal today reported on serious problems with the new Cosmopolitan luxury condo/casino in Las Vegas. The luxury market is not immune to a real estate sell off. The losses in this area can be huge. How many million dollar apartments can they sell in Vegas? Trump is getting ready for the finish on his first tower on the Vegas strip. Many buyers of the condos on the Cosmopolitan, MGM Signature, Trump and others felt they could flip these units for a profit at time of closing. Now many of the buyers want out and some are walking away from deposits as high as 100,000 rather than closing and having to cover several thousand a month plus real estate taxes and maintenance. My point all along was that the only ones to profit from these overpriced units were the developers looking for a huge payday. The “little guy” is not going to outsmart these professionals selling these units. In any case visitors of Vegas have the ability to rent these units and see what is all about. A few weeks ago I stayed at the MGM Signature building and thought it was nice and a good deal for me at $150.00 a night, but the buyers got screwed on these units. I am predicting a huge washout of these Vegas condos and I am not impressed by the MGM City Center as they claim to have sold 50% of their units according to the Las Vegas Review Journal.
Tags: las vegas condos, luxury condos
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