Spanish View Towers Las Vegas high rise foreclosure sale is set for June 4, 2007. As of yesterday, the luxury condo project faced foreclosure.
This project is located on the I-215 and Buffalo Drive. Homes range in size from 1,835 to 9,500 square feet in three 18 story buildings. The 444 total residences are priced from $795, 000 to $8 million.
Rod Yanke is the developer for Spanish View Towers in Las Vegas, Nevada. The high rise development broke ground the beginning of 2006. Now there are mechanics liens and lawsuits from Nevada Ready Mix for $1.5 million, HB Parkco for $25 million and Helix Electric for $500,000.
There are also 91 condo owners who have deposits with Spanish View real estate.
Currently, the Las Vegas high rise is 18 months behind in construction. The scheduled development was going to be a total of 2.38 million square feet. There has been mostly dirt movement along with the building crane being completely disassembled.
Due to the rising construction costs in Las Vegas of more than 40 percent for this project, from $475 to $800 million, the future of this seems doomed. Sullivan Square Las Vegas condos is a nearby project already underway.
Receiving deposit could be difficult in this project. The funds were used a collateral for another mortgage loan.
OneCap mortgage loan company has four deeds of trust on the 15 acre Spanish View Towers real estate. The foreclosure sale was set for June 4, 2007.
During this foreclosure sale the minimum purchase price would have to be over $2 million an acre to pay for the liens. Additionally the new developer would have to demolish and re grade for the real estate to become buildable. Source: LV Business Press
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