Credit for housing mortgages now takes longer for luxury condo buyers in Las Vegas real estate. Condo hotel units are currently appraised at a significant discount from the contracted price several years ago. Some units are valued 30 percent less and the mortgage lender is lending on the current appraisal. Most Las Vegas condos on the Strip had a deposit from 20 to 30 percent down.
Golf Course condos in Las Vegas Nevada to be auctioned for as little as $49,000 on Oct 26. The nation’s largest real estate auction company will auction Monterey condos for sale at the Las Vegas Country Club.
Onyx Condominiums in Las Vegas were placed into Chapter 11 bankruptcy. The mid rise development near MGM Grand had been placed into involuntary bankruptcy by Precision Concrete, Alpine Steel and Perlman Architects of California.
The real estate developer, Crestone Co. was building the 63 unit condos on the 2 acre site, formerly the Tropicana Inn motel.
St Regis Residences at the Venetian Palazzo Las Vegas is expected to open the luxury high rise condos in 2010. The St. Regis brand, from Starwood Hotels & Resorts Worldwide, will operate the project.
Las Vegas Sands Corp. has announced the joint venture with Starwood for the $600 million luxury condos on the Strip. The entire real estate development will include 398 upscale residences in a 632 foot tower between the Palazzo hotel and The Venetian.