Right here on the Las Vegas Strip, condominiums towers are competing with each other. Near Hilton hotels sits a tower that is being marketed to eventual owners. Right up the Strip, Donald Trump is building his hotels.
Timeshares are a huge business here in Las Vegas. Something has been happening to the condo market. Well, sorry to say, the market for condos is no more. Banks have started scaling back loans to condo builders. Some industry insiders are saying that some bankers have even demanded builders to sell and cut back on their projected developments. So these lenders are tightening the purse strings for the condo market. It was too much of a good thing. Who does not remember the rush to convert any apartments into condos just a few months ago? As the investors fly out to greener pastures, there is a reconversion of the condos to apartments.
Posts
