Las Vegas high rise condo filed for bankruptcy protection this week. The 21 story downtown luxury condominium project filed for Chapter 11 bankruptcy protection.
Real estate developer Dusty Allen for Streamline Tower racked up approximately $125 million in construction costs of the 275 unit high rise. Corus Bank of Chicago financed the downtown development.
Calendar of Conventions in Las Vegas Nevada Hotels
Las Vegas Convention Schedule For May 12 - 18 2009
Foreclosures in Las Vegas have affected home sale prices dramatically. Sale prices have fallen to levels only seen eight years ago due to two thirds of homes due to foreclosures.
Nearly the past 12 months rising home sales due to a multiple listing service median existing home price of $134,900 in March. The median price same month in 2008 has fallen 41.3 percent.
Record closings of totaled 3,626 homes or an increase of 85.6 percent. The median price of bank owned home closings during March was even lower at $127,000.
Visitors flying into Las Vegas via McCarran International Airport fell 11.8 percent in March 2009. Approximately 3.6 million visitors flew in and out from Las Vegas, Nevada.
All top five airlines serving Las Vegas were affected by the decrease in traffic.
The decrease in passengers is more than the population of Henderson, Nevada of 244,000 fewer visitors at McCarran Airport.