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2 Condo Developments to Open in Tough Climate | Housing

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2 Condo Developments to Open in Tough Climate
Housing

LAS VEGAS -- Like water, Las Vegas' high-rise market can best be described as fluid.

"We had a boom around 2005 and we went through a lot of challenges," said realtor Aaron Auxier.

High-rise enemy number one is the economy. Lack of funds and loss of interest from buyers dwindled development.

"There's approximately only 20 high-rise projects in Las Vegas. There's two separate types of product, we have condo hotel and high-rise residential," said Auxier.

The Residences at Mandarin Oriental is one of the newest. It unveiled its 227-unit property this week. The posh place isn't cheap -- units start at the low millions and it's penthouse just sold for $6.9 million.

"It treats them in a mental, cerebral way as well as a physical way and delivers creative comforts that really is a home of the future," said CityCenter Residential Division Executive Vice President Tony Dennis.

At 90-percent capacity, the property cured buyer uncertainty with creativity. 

"We've supported them with price reduction, with cellar financing and a lot of other creative tools to complete their purchases," said Dennis.

Right next door, the 2,000-condo hotel Cosmopolitan project is trying to turn things around. Relators say because construction took so long, buyers recently filed a class action lawsuit against the property. As a result, they say nearly 70-percent of the buyers have been refunded part of their deposit.

High rise prices are reduced as much as 30- percent. So realtors say it's a good time get a great deal, but buyers still need to beware.

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