City Center - Las Vegas

[CougBear_IHB]

Wow, has anyone checked out the City Center project in Vegas lately? Looks like things keep on getting worse... not only for MGM Mirage, but for the previous buyers.



Boy, I'd like to get my hands on one of those condos in the middle of the strip. But there's no way in hell I'd pay anything close to what they were asking in 2007.



http://online.wsj.com/article/SB124683603903997941.html

 

[usctrojanman29_IHB]

[quote author="CougBear" date=1246971041]Wow, has anyone checked out the City Center project in Vegas lately? Looks like things keep on getting worse... not only for MGM Mirage, but for the previous buyers.



Boy, I'd like to get my hands on one of those condos in the middle of the strip. But there's no way in hell I'd pay anything close to what they were asking in 2007.



http://online.wsj.com/article/SB124683603903997941.html</blockquote>
Same thing happened with the Trump Condotel. Only 20-30% of the condotel units closed and they other units are being run as hotel rooms. The whole condotel investment is one of the biggest scams out there, basically a hotel finds a sucker...buyer...to finance the construction of a hotel room for the hotel operator. Then the hotel operator takes 50% of the rental rate plus a monthly HOA and maid service charge. These unsold City Center condos will be converted to hotel rooms.