Condo Craze in Las Vegas Slowing Down
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The “condo craze” period in Las Vegas may be slowing down rapidly, as many projects that were on the drawing board are being postponed or cancelled.
The advertising blitz for hi-end condos is aggressive. But some projects, like the well publicized “Ivana Trump Las Vegas” are failing to just break ground.
The Ivana promised to tower over the Las Vegas skyline. But, experts say that if a high end project fails at first, that doesn’t spell it’s doom. There is a good chance that another developer will pick it up and be successful with it.
Linda Rheinberger, with the Greater Las Vegas Association of Realtors says rising construction costs, poor planning, and just bad timing are some of the reasons why some hi-end condo projects are not making it. But, Rheinberger says that more of these projects are making it than what was initially thought. via KLASTV.com
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