The Meridian Condos/Meridian Private Residences located at 250 E. Flamingo (Flamingo & Koval Lane NE corner) are extremely popular for three main reasons:
1. They are just one block east of the Strip
2. They deliver resort-style landscaping, atmosphere and facilities
3. They are cheaper that luxury high-rise condos
This popularity is despite of the development’s legal woes, and in fact it is these legal issues that are contributing factors in keeping prices depressed. Meridian started out life as an apartment complex, was converted to condos, and then converted into a hotel. This hotel operation was declared illegal by Clark County and the development reverted to a condo.
LAS VEGAS MERIDIAN CONDOS FOR SALE
The Development
The Meridian Private Residences has 16 acres of private gated grounds, that have a Mediterranean-style atmosphere. But don’t worry, its courtyards, fountains and pools are more sophisticated that the Caesar’s Palace. On site there is a Resident Service Center which has DVD rental, cleaning, mail services, and food. There is also a concierge service, conference rooms, movie theatre room, clubhouse and a business center. All residents benefit from gated underground parking, and there is outside parking for guests.
- Athens, Studio, 530 Sq Ft
- Barcelona, One Bedroom, 692 Sq Ft.
- Calais, One Bedroom, 757 Sq Ft
- Florence, One Bedroom, 760 Sq Ft
- Genoa, Two Bedroom, 1,005 Sq Ft
Background to the Meridian’s Legal Issues
Owners have filed a number of complaints with the Nevada Real Estate Commission about the development, including that the Meridian violated state laws on how homeowner associations are to run. However, the property’s dramas started when it was found to have been operating as an illegal hotel.
American Invsco, a Chicago-based company, converted the Meridian from apartments to condos in 2005. It then went on to sell individual units to individuals and operate it as a hotel. Clark County shut down the unauthorized hotel operation in July 2008 and it was subsequently fined $568,000 for back taxes.
Meridian employee Rebekah DeSmet was taken to court and faced two misdemeanor charges for zoning and licensing infractions. The Meridian owners contested that Clark County knew that it had been operating as a hotel, and that this was evidenced by in November 2007 when a "renewal" of a business license to operate transient lodging at the Meridian was issued. However, the county stated that this was an error in its records and that a renewal could not be issued since no active license was issued in the first place.
The hotel shutdown saw the end of the rental income that some owners claim they had been promised at the time of purchase. With most owners counting on the rental income to make mortgage payments many units went into foreclosure. The owners made a number of complaints, from the fact that they had been unwittingly underinsured and not covered for the liabilities that a hotel is exposed to, right up to mortgage fraud. The plaintiffs asked the court to rescind their purchase contracts, and award punitive and other damages.
The legal fight has two sides. Plaintiff attorney Michael Mushkin stated, “If (defendants) had dealt straight up, and it was a bad investment -- then, buyer beware. But orchestrated fraud is simply wrong.” Whereas attorney Ken Morgan (defending Koval Flamingo LLC, a company that was formed to purchase the Meridian to convert it from apartments to condos) stated, “The allegations of the complaint are largely false. And the conclusions that the plaintiffs' counsel would have anyone draw from an inaccurate set of statements are largely invalid.”
The fraud allegation stems from the fact that some plaintiffs claim that the seller, Koval Flamingo LLC, led them to secure residential mortgages suitable for a primary residence, rather that a higher rate investment property loan. This is used to substantiate the plaintiff’s claims that an investment opportunity was disguised as a residential community.
Development Summary
GOURMET KITCHENS
* Granite Counter Tops
* Pantry
* Breakfast Bar
* Microwave
* Dishwasher
* Refrigerator
CUSTOM DECORATOR CONDOMINIUMS
* Spectacular Views Available*
* Vaulted Ceilings*
* Mirrored Closet Doors
* Tile Floors
* Extra Storage
* Cable Ready
LUXURIOUS INTERIORS
* Private Balcony or Patio
* Spacious Walk-In Closets
* Roommate Split Floor Plan*
* Some Paid Utilities
* 9 Foot Ceilings
* Washer and Dryer Available
COMMUNITY ADVANTAGES
* Gated Access
* Lush Mediterranean-Style Landscaping
* Elevator
* Business Center
* Conference Center
* Concierge Services
* On Call Maintenance
* Easy Access to Freeways and Shopping
FUN & FITNESS
* Shimmering Swimming Pool
* Soothing Spa
* State-Of-The-Art Fitness Center
* Clubhouse
* Video Library
* Racquetball Court
* Tennis Court
Comments(0)