Real Estate, The Biggest Gamble in Vegas?
The almighty king of all real estate in Las Vegas, City Center, is continuously facing major problems leading up to it’s opening late this year. They have fought through everything from bankruptcy to an internal legal feud. They are now having to face furious early investors. This state of the art hotel, condominium, and shopping development is the most highly anticipated structure to hit Vegas in Years. It has been in development for many years. Everyone wanted a residence in the building. This was apparent early on back in 2006 when many contracts were signed, claiming the condos. But today, the value of those condos has, obviously, significantly dropped, creating financial chaos. A lawyer has been hired to represent many of these buyers who are demanding that the prices be brought down to what is reasonable in today’s market. It is an incredibly difficult situation because this property cannot afford to lose out on more money, but they certainly can’t afford to upset their best clients. This is just one of many examples of properties in trouble because they set out to build extraordinary things when the market was booming, and now have to face today’s economy. What do you think about this? Should they cut these early buyers some slack? Or should they just accept that it was a real estate gamble gone bad? We all know there are no guarantees in life, that’s why we have contracts, but also why we have lawyers!