Credit For Housing Mortgages Now Takes Longer For Luxury Condo Buyers

Palms Place HotelCredit 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.

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Palms Place Luxury Las Vegas Condos Expects Opening February 29 2008

Palms Place HotelPalms Place luxury Las Vegas condos expects opening February 29, 2008. Palms Place has received a temporary certificate of occupancy Friday from Clark County inspectors. New condo buyers will be able to close their real estate transactions and start moving in at the end of the month.

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Palms Place Las Vegas Condo Hotel Expects Certificate Of Occupancy

Palms Place Las VegasPalms Place Las Vegas condo hotel expects its certificate of occupancy for the 599 unit, 47 story, luxury Las Vegas, NV hotel by the end of February 2008. Palms Place condos and the Palms Fantasy Tower, distinguishable Playboy Club emblem, complete a $650 million real estate expansion.

Several condo hotels near or on the Strip, include Trump Towers Las Vegas, The Signature at MGM Grand and the Platinum.

Construction costs were expected to have been lower, but not too much of a cost overage.

The previous general contractor for the Fantasy Tower, Whiting Turner, had to turn down the same position for Palms Place due to previous construction projects. M.J. Dean was then chosen as the general contractor.

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W Las Vegas Condos By Edge Group Sold To Billionaire For $625 Million


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W Las Vegas real estate sold to Africa Israel Investments, an Israeli company by billionaire Lev Leviev. He and his partners have agreed to purchase 60 acres of land for $625 million of the failed W Las Vegas condos and Las Ramblas projects.

The plan is to build several luxury hotels, commercial real estate, and a casino within the next five years reported by Israeli media and Bloomberg News.

The group purchased the property near the Hard Rock Hotel with an expected sale completion by August 2007.

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