OK, let’s put the challenges facing the downtown Boston condo market into a little context.
Just check out the fiasco in Las Vegas, which is being flooded with thousands of new luxury even as prices plummet and foreclosures soar.
After buying condos for $600,000 in MGM’s luxury towers, some owners are now desperately trying to unload them for $200,000, a BusinessWeek blog notes.
The business mag also points to a new study that finds condo sales on the once booming Las Vegas Strip have slowed to a grand total of – get this – four a month.
It makes the one sale a month new downtown Boston condo projects are cranking out look positively frenzied.
At the center of the storm is MGM’s $9 billion CityCenter luxury condo project, slated to open in December.
Only about half of the development’s 2,400 condos have been sold, and the buyers who on-average shelled out a million bucks to live there are none too happy now.
And why wouldn’t they?
Now that’s a real meltdown.
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