Las Vegas Real Estate Development Fails

[Las Vegas Homes]

Looks like all the investors who lined up to purchase the Kyrstal Sands condominium development wont be cashing in on this real estate project. It seems the developer is having some problems. Over the course of the next several years here in Las vegas we have about 50 new real estate projects planned and in my opinion only about 60% of those will ever get off the ground.

[chachi]

So, are you seeing the market out there soften up? Interest rate fears/inflation fears getting to people?

[Las Vegas Homes]

No the real estate market here is booming, but there are alot of developers that are trying to cash in on the high rise luxury condos market here and they cant afford what some of these projects will cost. We presently have over 50 condominium projects planned here in Las Vegas. I personally only expect about 60 % of them to get off the ground.

[Jade456]

The deal with Krystle Sands is that they were offered a deal too good to refuse by Turnberry Associates. Turnberry had been after them for a little while and finally offered them more money than they would have made by building. Sooooooooooo they sold the land to Turnberry.