Liens against real estate developer pile up halting condo progress in Las Vegas. Economic downturn and improper construction has stopped construction on this $350 million ManhattanWest Las Vegas mid rise real estate development.
Problems arose for ManhattanWest last August. During this time the general contractor Camco Pacific replaced Apco Construction.
Residential real estate in Las Vegas, NV prices median home prices decline that haven’t been seen for six years. Prices were looking good for the end of Dec. 2008, but prices and sales took a dive.
Median Las Vegas home prices fell to a record low in 2003. The January price was a 8.6 percent decrease from Dec. and year to date huge 36 percent decrease.
The Greater Las Vegas Association of REALTORs or, GLVAR, show a 126.2 percent gain of year to date totals, but fell 11 percent from a month earlier. Home sales levels topped 2,000 at May and finished the year at the same level.
No money to buy a luxuy Las Vegas condo due to the tightened credit market and increased down payment? A new idea for a local Las Vegas real estate developer has come up with a solution for a slump in sales, rent unsold condominiums.
Now you can live like a king on a smaller budget. Trump Las Vegas will lease their furnished upscale apartments for up to one year. If all goes well, other developers could jump on the bandwagon. Slowed or stalled sales at future condo hotels including units at MGM Mirage Project CityCenter could follow.
Project CityCenter Harmon Las Vegas condos have been canceled along with a one year construction delay. Structural integrity construction issues have forced the Harmon residential component of 200 units to be canceled from the $9.2 billion resort and delay the opening of the luxury Harmon Hotel.
Update 1/5/09: Project CityCenter Jobs are now available.