Roadblocks Hampering Las Vegas Condo Projects
Over 103 Condo projects are in the pipeline in Las Vegas, but according to reports only are actively under construction. If all the 103 projects are completed then Las Vegas would have a total of 50,500 units on the market. But according to media reports it doesn't seem to be happening.
What is the reason behind this amazing disparity?
1. Lack of institutional financing
2. Lack of Developer equity
3. Lack of hard contracts
are all hampering the construction projects. A lot of people reserve units in more than one condo project. As most of these reservations are based on a refundable deposit people don't see need to stop at one condo unit preferring to spread their eggs.
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