Monday, May 23, 2005

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?

8 Comments:

At 3:57 PM, Anonymous Anonymous said...

"Personally, my feeling is, they have dollar signs in their eyes..."

How ironic coming from a speculator!!

 
At 4:33 PM, Anonymous mine eyes hath said...

@@

I thought it was also ironic that ad above the article about LV RE was promoting "Wheel of Fortune".

 
At 5:27 PM, Blogger Melody said...

Now the builders want the profit if you flip it. Time will tell how this will all end.

 
At 5:28 PM, Anonymous Anonymous said...

4:33 anon -- The future for RE speculators...

 
At 7:16 PM, Anonymous Anonymous said...

wow, even builders nock speculators down, that's something; they must be worring that they might endup with unsold buildings to worry about.

 
At 2:46 AM, Anonymous Anonymous said...

kudos to the developers- this is a great, if crude, strategy. They can claim that the property is 100% sold, inspiring confidence in buyers while avoiding the low lock-ins.

I hope that the early buyers crush them in court, but here is the paradox: of they are forced to lock, the developer can just walk away from the deal.

 
At 2:50 AM, Anonymous Anonymous said...

A sure sign that the bubble has ended- When the realtors try to block illegal immigration. This would eliminate the low-cost work pool, offering one last way to prop up the housing stock by increasing the price of new product..

 
At 1:14 PM, Anonymous Anonymous said...

Faites vos jeux. Rien ne va plus. LAS VEGAS. Meyer Lansky would be proud. Real Estate. Just the name is Real the rest is a nice fantasy. Casino Economics is REAL nice word that should be used to describe what is going on with "real estate".

 

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