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Bostonís condo market and the meltdown in Las Vegas

Posted by Scott Van Voorhis September 16, 2009 09:00 AM

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OK, letís 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 MGMís 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 Ė get this Ė 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 MGMís $9 billion CityCenter luxury condo project, slated to open in December.

Only about half of the developmentís 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.

They are aggressively pushing for discounts, threatening lawsuits and have even started their own blog.

And why wouldnít they?

In July, 70 percent of all condo and home sales in Las Vegas were of previously foreclosed properties.

Now thatís a real meltdown.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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