Saw this one coming a mile away - and not just vegas, but we'll be reporting these in Phoenix, LA, Miami, Boston, DC, etc (thanks HP reader Arioch for the lead)
Remember the classic dot-com collapse site "f*ckedcompany.com"? I think we need "f*ckedcondoproject.com" - anyone want to start that one?
You'll really know the bubble has burst when you see not only the never-started condo projects pulled, but the ones that are in the middle of their builds. Shells of buildings mothballed, perhaps for years and years.
Here's the report from Vegas. This list is gonna get longer and longer and longer...
Despite substantial sales hype over the past year and several lavish promotional events, Australian developer Victor Altomare announced that he is closing down operations on his two Las Vegas high rise condo projects, Liberty Towers and Ivana.
Even though it was over 85% sold out, the Liberty Towers site has already been purchased and the Ivana site is actively on the block.
Unlucky buyers in Liberty Towers believed they had firm contracts on their units, but found out too late that the developer had never signed them and was not obligated to complete the transaction.
Earlier this year several other high profile projects also tanked, including Krystal Sands, Michael Jordan’s Aqua Blue, and the Conrad Majestic. Vegas Grand re-priced their units up more than $100,000 above original reservation estimates, shocking buyers who had waited over a year to go to contract.
Dead Projects (may be purchased later by another developer):
Ivana -- site currently on the market
Aqua Blue -- site sold but no announcement yet on new use
Majestic -- rumors that this project may come back
Krystal Sands -- site sold to Turnberry
Liberty Towers -- site sold to another Australian developer
Urban Village -- site sold to Centex
December 29, 2005
Posted by blogger at 12/29/2005