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.
The Stark Team Specializes in Luxury Real Estate in Las Vegas and Henderson NV, focusing on homes and condos in Anthem Country Club, Green Valley, Seven Hills, Inspirada, Summerlin, Lake Las Vegas, and the High Rise Condos on and Off the Strip, TRUMP TOWER Vegas Condos, SKY Las Vegas on the Strip, Turnberry Place and Turnberry Towers, Panorama Towers, Las Vegas Lofts, Retirement Communities in Sun City Anthem, Summerlin Real Estate, and Foreclosures in Las Vegas and in Henderson NV.
Las Vegas Condo Experts: Lauren, Travis, and June
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June Stark Lauren Stark-Scholl Travis Scholl
702 376-5220 702 236-8364 702 232-5376
June:
Great post. I enjoy keeping with the Vegas market and as I just moved here from there, I am very familiar with what you are talking about. Thanks for sharing your thoughts and the current events.
I find it interesting that there are no updates on this site? With over 20,000 foreclusers (more who knows) I think that this site is more important then ever. Did you loose your hat and go out of business?
Actually, the COSMO powers that be have released no news at all. As for updates, we have beem too busy selling to blog - much as we njoy it! There are over 12,000+ properties under contract in the MLS and our team has atken on some new partners in an effort to keep up with Buyer demand.
Thanks for visiting - I do have some news on some other bank owned high rises that we have access to at reduced prices. If interested - best to call me - 702 376-5220.