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2 Condo Developments to Open in Tough Climate

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.

More Homeowners Falling Delinquent on Mortgages

LAS VEGAS -- The number of Southern Nevada homeowners delinquent on their mortgage payments has climbed steadily for the past several months. In some cases, it's people just willing to walk away from their homes, and in other cases, homeowners are holding out hope that they will get a loan modification.

In any given neighborhood, chances are good that a homeowner is the process of walking away from their mortgage. In the past, five months was typically the longest a homeowner could stay in their home until the bank would come knocking. But that is no longer the case.

Nick Nolf with The Nolf Group has been in the real estate business through the boom, the bust, and now the slow turn-around.