In Las Vegas, They Sell Condos Twice
The Las Vegas RE crowd got some bad press when one condo project pulled a fast one. "First it was the housing market, now it's the condo market. It's almost a given in Las Vegas, buy low and sell high. But Jim Snyder has a story that one attorney says could badly hurt the condo market in Las Vegas."
"Imagine my disgust when I get a similar package in the mail that says, it's not a half a million dollars any more, it is eight hundred and seventy-four thousand," said one burned speculator.
"They all attended a Vegas Grand sales event, put down anywhere from five thousand to 25 thousand dollars and signed letters of intent to buy a unit. That all screeched to a halt when they got a notice in the mail telling them they had two options: pay a revised price almost double the amount they agreed to, or get their deposit back with five percent interest."
"Personally, my feeling is, they have dollar signs in their eyes and they know that if they can get rid of me they're going to make a whole lot more money off my unit." If this is how everybody behaves going up, imagine the chaos when it heads down?