It seems that the Las Vegas real estate market is rapidly becoming a serial soap opera. The local courts have been kept very busy with lawsuits. Earlier this year it was Fontainebleau suing over financing along with CityCenter, then CityCenter was being sued by early condo buyers requesting large price reductions on their units. Not to mention the other lawsuits against developers and financiers on other projects.
Now it seems the lawsuits have come full circle. A group of six real estate agents in Las Vegas are suing Deutsche Bank (they foreclosed on the Cosmopolitan taking over the project from Ian Eichner, their Cosmopolitan unit Nevada Property 1 LLC is named in the suit), Prudential Americana Group, REALTORS the listing agency and Eichner’s 3700 Associates.
The lawsuit filed in Las Vegas district court is demanding the remaining third of their commissions for about 1,800 units the agents sold in the development. The suit also alleges that the delay in construction made it impossible to close the units.
Deutsche Bank has stated that they will vigorously defend themselves against the allegations in an emailed statement to Bloomberg.com.
Currently the Cosmopolitan is scheduled to open in September of 2010.
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