Vegas RE - A little change at the margin here?
reviewjournal.com
A high-rise luxury condominium project proposed on the site of the former Algiers motel appears to be "dead in the water," a local real estate industry source said Tuesday.
Krystle Sands, a planned 45-story, 568-unit condominium hotel, is no longer offering units for sale and no forwarding number was given, said a Realtor who asked not to be identified.
And many real estate experts believe it could be just the first of many of the 100 or so announced high-rise local projects to fail.
Las Vegas can expect some turbulence in the condominium market, mirroring what has happened in Toronto, said a broker who's familiar with both markets.
"Although Toronto's condo market is likely to come down from the stratosphere over the next few years, the correction should be relatively mild and short-lived, and represent a brief departure from an otherwise bright longer-term path," TD Bank Financial Group senior economist Derek Burleton wrote in an October 2004 report.
During the 1980s housing expansion, condo starts in Toronto skyrocketed from "humble beginnings" to more than 13,000 units in 1989, the report said. It tailed off to less than 4,000 from 1991 to 1993, and then climbed again to 14,000 units in 2001 and 2003.
"What followed during the 1990-93 period was a particularly painful experience for condo owners in Toronto. With sales barely registering on the radar screen during that four-year period, average resale prices of Toronto condominiums tumbled from $200,000 to $132,000 (Canadian), or roughly one-third," Burleton said. |
