Las Vegas Condos - Las Vegas Condominiums » real estate news

Fontainebleau Woes Continue

admin — Wed, 24 Jun 2009 02:12:48 +0000

It has been a very rocky road for Turnberry Associate’s latest project Fontainebleau. Earlier this year it was in an enviable position having secured 100% of its financing prior to construction. However, despite the best planning the project was forced to file Ch. 11 bankruptcy earlier this month. The project ran out of money after the final-stage lenders withheld $675 million in revolver financing in March, citing an unspecific breach of loan covenants. Fontainebleau denies breaching any loan covenants in the lawsuit. Construction on the project has slowed to a halt, with the majority of the workforce laid off.

However it is not all bad news for the future of the project. A short time ago the bankruptcy court approved several of Fontainebleau’s first-day motions, providing partial access to $201 million in cash as well as payment of back wages. Fontainebleau has also asked for an expedited hearing on the matter.

But that’s not all. An unnamed lender has stepped forward to provide enough financing to finish the project if the banks involved will unfreeze current loans. The bankruptcy judge Jay Cristol hearing the case is urging all parties involved to try to work a compromise.

Condos Battling it Out

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Trouble for Fontainebleau

admin — Mon, 23 Feb 2009 03:42:56 +0000

One thing is for certain, you have to play the odds in Las Vegas. Last month, it was reported that the Turnberry’s Fontainebleau was ahead of the curve in financing. With so many projects falling into limbo half completed, unable to get financing, Fontainebleau had reported that they would be able to complete the project.

Now the future of the project is not looking as rosy. An article in the Las Vegas Sun is stating that Fontainebleau may have trouble making payments. The recent downturn in the economy coupled with the location of the project has contributed to the reduced rating by S&P. Even though Fontainebleau will have roughly 1,000 condos for sale, the expected revenue will not be enough.

So will Fontainebleau beat the odds?

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Does the Fate of Vegas rest on CityCenter?

admin — Wed, 05 Nov 2008 23:43:28 +0000

With so many foreclosures in the Las Vegas real estate market and the current state of the economy, many experts have been weighing in about the fate of the market. Last month the Las Vegas high rise & condominium association discussed CityCenter and its importance to the city. One member went so far as to state that CityCenter will be vital in gauging outsider confidence in Las Vegas.

Others didn’t think that it would be a factor at all, given that the project is due to be completed towards the end of next year. Accordingly to CityCenter officials, sales have been robust. Some are looking at the market as a huge opportunity to snap up properties at bargain prices. Personally I think that condo buyers buying now will be happy they did in the next several years. Despite the downturn of visitors, people are still coming to Las Vegas and more importantly, people are still moving here to work and live. In the long run, that will lead to lower inventory levels and higher prices.

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Property Auctions Aren’t Always A Place For Bargains

admin — Mon, 03 Nov 2008 18:48:13 +0000

Years ago, some real estate investors would almost get misty eyed at the mere mention of a property auction or foreclosure in Las Vegas. Of course back then, both were exceedingly rare and offered some fairly hefty bargains—usually. Marketers haven’t forgotten their response so it has been no surprise to see commercials and press releases about massive foreclosure sales and property auctions here in the valley. The hype generated has been fairly huge but the reality has come up short. With so many bank owned properties for sale in Las Vegas, competition for home buyers has reached unheard of heights.

A good example would be the recent Monterey condos auction. There were 80 condos up for auction on October 26th. A few days later, I received an email stating that there were several condominiums still available for sale. I think part of the problem with recent auctions are two fold. First that they are competing with so many other properties for sale already. Inventory levels have been going down in Las Vegas, but they are still way about normal. Second, because they are attracting a lot of first time auction goers and many aren’t familiar with the rules, regarding minium bids, buyer’s premiums (% of the winning bid tacked on the price) and the big one, financing and deposits. Plus other fees that are added.

If you are looking for a “great deal”, your best bet is to talk to an agent familiar with the area. Call us at 702-493-8033 with the type of property you are looking for. Let us help you find your next home or condo.

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Don’t cross the SAR

admin — Sun, 19 Oct 2008 06:15:08 +0000

What happens when the organization you pay dues to, who is supposed to be on your side and working for you decides that they want what you have? Take a look at this post on the bloodhound blog.

So you work hard, building a brand up, paying your dues and one day you are told you are ‘confusing’ people?! Okay. Fine. Take the site down because it is copyright infringement (a little bit of a stretch). But then they decide no, we want to take all of your hard work as well. Hey Sarasota Association of Realtors, what happened to serving your members? What is next? Trying to claim any url with Sarasota + real estate? Sarasota + homes?

C’mon, take the high road while you still have a chance. Why would you intentionally try to drive out of business one of your own members? Check out Cal’s post about the Sarasota MLS grab.

Thanks for stopping by preview vegas condos. Want to help Marc? Post the SAR Jacking badge on your website (available at the Bloundhound blog) or write about Marc’s new url.

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