Boston’s condo market and the meltdown in Las Vegas
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?
In July, 70 percent of all condo and home sales in Las Vegas were of previously foreclosed properties.
Now that’s a real meltdown.
