Another Condo Project Bites The Dust In Las Vegas

by Deidre Woollard (RSS feed)
Jan 7th 2006 at 9:02AM

It's really getting dicey in Vegas. According to the Las Vegas Sun, another big condo development has been scrapped. This time it's the the Icon project. The Icon was an ambitious 502-unit condo complex of two glass towers that had originally had a ton of buzz surrounding it. The project was scrapped due to the high cost of construction and multiple delays. The project was just one for Related, which is also working on the World Market Center, a convention hall and mall for the furniture industry and planned to work on the maybe-doomed Las Ramblas.

Tags: condo, condominium, icon, las ramblas, las vegas

Filed under: Estates

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David Weiss Jan 7th 2006 8:40PM

If true, this is a bit of a shock! As I've mentioned a few times on my Vegas Real Estate blog - http://vegas.yourinternetagents.com - the projects we have always thought would be successful were the ones backed by large developers with a lot of experience and good financing. Related Companies was certainly one of those developers we thought fit that description, as they have completed nearly 100 other projects.

What will this do for the rest of the Vegas condo and condo / hotel market? Only time will tell. My feeling is that primary construction financing will have to be in place and construction will have to begin earlier in the pre-sales process. Buyers will be hesitant to put money toward a reservation when they are not sure the project will be built.

We are still positive on Allure - http://vegas.yourinternetagents.com/allure_condos_las_vegas/ - a project one block west of the Las Vegas Strip on Sahara Avenue. The project is under construction and is currently selling Tower Two of the two tower complex.

At a larger perspective, this may be the beginning of using real estate attorneys to assist with the contract modification process in Las Vegas, a practice that has been shunned through present day.

james haft Jan 8th 2006 5:49PM

We have established the US Condo Exchange as an ebay for the condo market. We have 40,000 units available in Florida and have just entered the Las Vegas market.

Please visit http://www.uscondex.com to keep tabs on the Las Vegas market.

Also, we run http://everythingcondo.blogspot.com , which is a blog covering issues relevant to the condo market.

All the best,

jh

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