Since the down turn in our national economy there has been many changes and stalled plans on our Las Vegas North Strip. The once planed Fountainebleau High Rise Condo project sits idle after being purchased by multi billionaire Carl Ichon who has not yet announced his future plans for the 70% completed site. Boyd gaming's Echelon site still sits uncompleted with no sign in the near future of when this resort will be completed or what the outcome of it being stalled will be. The Elad group has not done anything with its purchased land of the Old Frontier property which was once going to be the home of The Las Vegas Plaza High Rise Condo Resort now it's not clear what will be happening with this prime strip parcel that was purchased for a record amount during the boom.
All of these properties are not finished but when you look back at the timing of all 3 you can see they had already made a huge commitment all in their own ways which forced them to take certain actions due to the economy such as stall their projects and in some cases they were lost all together. Basically the timing of all the projects mentioned here today in this post were off and now they are suffering because of it. Despite the attention placed on these trouble stricken projects we have heard little about the turnaround Las Vegas has been experiencing since the begging of this year especially with the Las Vegas High Rise Condo market.
For starters my phone continually rings with questions and interest about the Las Vegas High Rise Condo market and for those of you who don't know I am a Realtor here in Las Vegas with Realty One Group. People are now seeing the extreme value they can receive if they purchase a Las Vegas High Rise Condo in this market. Prices are lower than ever on just about every building that has inventory available and in some cases we are seeing 50-60% differences from original purchase price to current list price on the re-sale market. With the combination of low prices and excess inventory we now are seeing a true buyers market in the Las Vegas High Rise Condo sector. For more detailed information about the Las Vegas High Rise Condo market or a specific Las Vegas High Rise Condo development please feel free to give me a call at 702-542-1883 or you can send me a direct email with any questions you may have turnermakea@cox.net. Don't forget to leave your comments about today's post below and thanks for taking the time to stop by and read this post.
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