The Michael Jordan high rise condo (Aqua Blue), that was slated to be built here in Vegas was canceled. The builders cite high construction costs as the reason as if the problem was us and not them. Tell that to the other 64 towers going up.
I think what happened was they undercharged some and did not have the numbers right. It was 50% or so sold as well. All the deposit holders get their cash back, which means the other pre-sale places should be getting some visitors.
The 2nd Trump tower is going to be pre-selling in the fall.
The spot AB was going to be on is still open for a high-rise condo building, so odds are it will see some action shortly. That is one thing that happened to another project that pulled the plug. They canceled the tower and sold the land to another developer.
It is amazing at how many people here (we are talking many thousands) who are putting $20-100k down in earnest money to have the shot at buying a condo for 500k-Ms.
Anyway, just thought I would share some info since it was about a Hall of Famer.
the bldrs probably realized that they could make more money flipping the land without even blding anything. especially if they were more than 50% sold out.
happened to me in florida. the bldr sat on my deposit for 7 months and then just sent the money back. meanwhile i lost out on 75k worth of appreciation.
Yep. Also I heard of one builder raising the prices of the condos. Those who have units held had to either accept the new price or get a full refund.
That is the dangerous thing about pre-buying high rise condos here. Your deposit just lets you purchase a unit. You are not putting money down on any particular unit or price, just the option to purchase.
I need to make up a high rise condo plan, get a permit and pre-sell. I will use other people’s money for 7 months and then return it all, cancel, and sell the land. Sounds like an easy way to make $$$.
The scary thing is, it will work here too. You price your condos below estimated market and ask for 20k deposits. People will be lining up.
I heard Trump recently sold a tract of land in upper manhattan for over a billion. A piece of land he bought years back for a few mil. Talk about profit without having to build a thing.