Roadblocks Hampering Las Vegas Condo Projects ...Continued
...continued from the previous post
When the time comes to finally pay up non-refundable deposits comes a lot of investors back out looking for the most lucrative condo to invest their money in.
Developers need to raise a lot of cash to get permits, zoning and planning approvals, architectural and engineering designs, plans etc all of which need hard cash that developers lack. Then there is need to market the condos. With so much competition unless the developer really pushes his condos to the public he is not likely to make many sales.
Institutional investors provide only about 75 percent of the cash and that too after pursuing every single aspect of the project and finding that it meets all their requirements.
All these are proving to be real speed-breakers in the road to the development of condo projects.
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.
...continued
Real Estate Residential Projects In Las Vegas
The Las Vegas valley consists of Las Vegas, Henderson, Boulder City and North Las Vegas cities. If you are looking for real estate in any of these areas you can choose to live in the Master Planned Communities like Summerlin, Green Valley, Anthem etc.
Some of Las Vegas high rise condos projects include Metropolis, Turnberry Place, Park Avenue, Vegas Grand Condos, Park Towers, Residences at the MGM, The Platinum, Panorama Towers, Manhattan, Turnberry Towers, Cielo Vista, Soho Las Vegas Lofts, Boca Raton, Sandhurst, Vantage Lofts, Urban Village, Icon, Las Vegas Central, The Curve, Hard Rock, C2 Lofts, Trump and many more.
Other condo projects include Viera, Mantova, Rhodes Ranch, Bella Vita, Laguna Palms, Luna Di Lusso, Terra Bella, Garden Terrace, Coronado, Mira Villa.
Then there are the Las Vegas Golf course homes like Rhodes Ranch, Queensridge, Canyon Gate, Southern Highlands, Los Prados, Red Rock Country Club, Spanish Trail, Aliante and Silverstone Ranch.
