Las Vegas Real Estate Agent, Las Vegas Homes, Condos, Land, Commercial Real Estate and Personal Blog

I have written repeatedly that I have never recommended a hotel condo property in Las Vegas and guess what, I have been right. Want proof? Show me one investor who has made one dollar profit from buying a Las Vegas high rise condo. Quite contrary, many have decided to forgo their earnest money deposits and never close on their luxury high rise condos or have put it for sale in the Las Vegas MLS for tens of thousands of dollars less than the original price. Others just let the banks foreclose on their condo or are trying to short sell them.

At any rate, I was and am right. However, no verdict should be hacked in stone as we live in a dynamic world and at some point in the future my opinion may change, but believe me we are not there yet.

 The same goes with the CityCenter high rise hotel condo towers, as I am not discussing their residential high rise Veer Towers. The problem with hotel condos in Las Vegas is that there is a huge over supply of condo hotels in Las Vegas and when Las Vegas casinos have a hard time selling out; hotel condominiums will not be filled up. In addition to CityCenter, Fountainebleau will add 1000 hotel condominiums to the inflated inventory.

Dubai World filed a lawsuit against City Center for cost overruns in City Center and I don’t blame them. If I bought a few billion dollars of MGM stocks at $88 a share and lost most of it when MGM shares fell to $3 and now have to deal with the problem of selling unsold units in CityCenter Las Vegas, I would be mad too.

Now MGM has paid the 200 million dollars to keep the project alive and is talking with Colony Capital LLC to get $750 million loan to finish construction. So, I am asking, what is the rush to buy CityCenter hotel condo units? Although CityCenter is in a class by itself, investors have nothing to lose by waiting till the dust settles.

I watched an infomercial by a couple of “dignified looking” Persian real estate brokers from California about the CityCenter the day before yesterday. These jackasses were advertising CityCenter as 70% sold, and were looking for additional investors. There is a difference between, reserved, under contract and sold. Ask Mr. Trump if you don’t believe me. This is proof positive that looks can be deceiving, do not trust these guys.