Las Vegas has always been a town about long odds since its conception. That fact still holds true today, especially with the decline in tourism. In 2008 several smaller home builder went bankrupt, halting projects all over the Las Vegas valley. Westmark Homes, the developer of Mira Villa stopped construction on phase of the project in early 2008 after filing bankruptcy.
Now despite the soft condo market, three banks are coming up with the $37 million in financing to finish the first phase of the development. The phase will have 113 condos and the sales office will be open in June of this year.
Part of the sales strategy will be to contact the 90 former buyers of the first phase units, offering prices that start in low $500,000s, which is more in line with current pricing for luxury condos. The banks involved in the financing are Colonial Bank, Nevada State Bank and TierOne Bank. Mira Villa was roughly 60 percent plus complete before construction stopped.
Usually when projects are halted the communities are not completed. Another exception to this rule is the Cosmopolitan, located on the Las Vegas strip.
There is an interest list forming. If you would like to placed on it, call 702-493-8033 or contact us by email.
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