Verge Downtown Las Vegas Condo: Need A Face Lift Or Is It A Pop Tart?

ForeclosuresVerge downtown Las Vegas condos have been on a sales roller coaster ride.  Last year there was a lot of press and hype about their one day condominium sales.  Lowered deposits fueled the excitement for downtown Las Vegas Nevada real estate.  Now the momentum has all but come to a screeching halt.

Verge developer is currently going through a $2 million redesign for the project located at Main Street and Bonanza Road in downtown Las Vegas, NV.

Gerald Schaffer, real estate developer, will add 52 new units to the existing 318 units at the mid rise development.

Earlier this year condo buyers and real estate agents have passed the sales office located at Boyd Gaming Corp. property to find it up on stilts, parking lot tore up and landscaping non-existent.

We have been told the $135 million project has only 20 percent remaining for a complete project sell out.  Previous condo buyers are confident Verge condos will continue with its construction and haven’t requested their deposits.

The sales center on stilts has since been moved to the 2.7 acres of land, but has not reopened.  Apparently saving the developer $13,000 in rent per month.

Sales have stopped at the request of the developer.  Although he has met the 50 percent pre-sales need by the bank for financing.

What’s next for the real estate? Permitting and approval by the city has and will cause future delays.  Architectural redesign will take three months of delays, too.

Is Verge on the verge of rediscovery for condo buyers and start construction or will it be a pop tart, once consumed and can’t find it anymore?  The saga continues.

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Verge downtown Las Vegas condos need a face lift or is it a pop tart?

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