Las Vegas Luxury Properties Link

I've been very interested in the condo/hotel market in Las Vegas. Back in 2005 when Trump Towers, and Palms Place were announced and started selling, they were the hottest ticket in town. These units sold quickly. Fast forward to 2008, our market has depreciated over 30% and the credit market has frozen up. In terms of loan availability, which loans do you think go away first when lenders are nervous about people walking away from a property? Investor loans. Now try to get a loan on a high rise that is also an investment property? It's very difficult right now to get a loan on these types of properties without having to put at least 25%-35% down. There are still some lenders able to finance these properties, but it's more difficult then in the past. That is one of the biggest reasons the developer for both Palms Place and Trump Towers still have units for sale. Many of the original buyers can't qualify and had to forfeit their unit. 

Having said that, the first resale in Trump Tower Las Vegas sold August 4, 2008. Take a look at this statistics of the property:

• This is a One-bedroom with 983 sq ft
• It was listed on 4/4/08
• It was listed at $1,195,900
• On 7/08/08 the price was reduced to $999,000
• On 7/23/08 the property went to contract
• The property closed on 8/4/08 at $925,000
• Term of the purchase was cash with no concessions from the seller
• That unit sold at $941 sq/ft
• The unit sold at 75% of the original RESALE LIST price.
• Click HERE to see this Trump Tower Condo Las Vegas Unit

If you would like to get a FREE list of all the condos available in Trump Tower Las Vegas, please click the contact me button to the right and fill out the form. Your information is private and NEVER given out to anyone. If you'd like to start your own FREE MLS search for homes in Las Vegas, click on the icon below to find your dream home. If you'd like to discuss your needs with me over the phone, please call me toll free at 1-866-589-1646 or email me a felipe@felipecrook.com  Felipe Crook Prudential Americana Group Realtors Las Vegas NV 89117 1-866-589-1646