The Cosmopolitan Las Vegas financial difficulties may impact the already sluggish Las Vegas high rise condo market. Time to hop on a luxury condo deal? Many Las Vegas CondoPredators (tm) are on the hunt.
The Stark Team of Ezra International Realty has developed www.LasVegasCondoBargains.com in response to the numerous requests we are getting to locate distressed luxury condos in the many new Las Vegas high rise towers on & near the Las Vegas strip. Many of these new high rise towers are vacant & dark at night, as the investors who purchased them are servicing debt and living in a state of denial as to the true state of the market and the economic conditions that are affecting the Las Vegas real estate market.
With today's press releases about the financial problems plaguing the COSMOPOLITAN RESORT I expect the market to experience another slowdown. (COSMO BUYERS - your deposits are safe & in escrow & rumors are that a white knight is on the horizon)
Who is out there buying? CondoPredators (tm), Bottom feeders, savvy investors, all on the prowl for the ultimate luxury condo deal.
Sellers are beginning to catch onto the Las Vegas High Rise Condo Scenario - 2008 style.
There is a glut of high rise condo property purchased by flippers who can not find someone to flip to.
The would be sellers are servicing debt each month.
Those who purchased "Decorator Ready" units in Turnberry Towers and Turnberry Place are not even in a position to rent them until they invest even more money & build them out.
Allure is closing it units now, and Turnberry Towers West as early as March. Both offered units "Decorator Ready". More inventory will hit the market.
What can a Seller do? Rent at a loss and service debt each month? Sell at a loss? Those who purchased for their own use have beautiful units in stunning buildings in fantastic locations. But the flippers have a long haul ahead of them unless they can sell lower than their competition and often for less than what they paid.
Many are in a state of deep denial. What will result once the denial turns into a state of depression remains to be seen. Stay tuned and if you are a bulk buyer, discount buyer, looking for a steal of a deal - visit www.LasVegasCondoBargains.com . The Stark Team can sift thru the inventory & find the deals & bargains and the few foreclosures that we are beginning to see in the Las Vegas High Rise real estate market. We know where they are! Fill out our Hot Deal Alert Form. We will be in touch.
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