Sandhurst Las Vegas condos has been cancelled in Las Vegas real estate. A Downtown Las Vegas condo project bites the dust. Yesterday, Las Vegas new home buyer’s deposits have been returned totaling $7 million. Rising real estate construction costs have closed this Las Vegas condominium project.
Sandhurst condos says it has been cancelled doesn’t mean it might not have a chance in the future. Several investors who have title to the Las Vegas land wish to continue building. It is a possibility in the future for this new condo project.
More than 60 percent of Sandhurst Las Vegas condos were under contract. Corus Bank was working with Sandhurst for a $250 million in construction financing, but equity financing was difficult for the real estate developer.
With the increasing construction prices, especially last year, real estate investors wanted to wait for stabilizing costs.
Sandhurst real estate in Las Vegas, Nevada is the site of the former Union Pacific Railroad land near Interstate 15 and Charleston Boulevard equaling 3.2 acres. Tens of millions of dollars were invested in site planning, entitlements, marketing and design. The land was purchased for $2.8 million in July 2004 and has been appraised for $24 million.
Within weeks from pulling permits from the Clark County building department Sandhurst hadn’t received funding.
Sandhurst Las Vegas high rise condominium was planned for 398 condos for sale originally priced from $250,000 when the real estate project was announced two years ago. The price almost doubled to $475,000 when construction costs rose by 30 percent.
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Sandhurst Las Vegas condos project cancelled and $7M in deposits returned.