Summerlin mid-rise condo development back on track
These types of news items are rare today. Vegas real estate has been wallowing in a terrible slump for a while, longer than many would like to admit. Lately, though, it has shown some promising signs that it still does have a pulse. Record-low mortgage interest rates have kept it in the game, as have steadily declining home values. The best action right now in Las Vegas is in the lower end of the market sector where many first-time buyers and smart investors are having a field day.
And then there is a surprise revelation for all Southern Nevada housing experts that a luxury condo project in Summerlin is back in business. Developer's bankruptcy had Mira Villa construction brought to a standstill in early 2008 when it was up to 90% complete. Three banks involved in the project have now agreed to provide the needed funding to complete the first phase of a total of 113 units there, as was reported by Nexus 30, the company responsible for its marketing and sales.
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2 comments:
This is great news for the area and for the construction workers who were put out of work when this project was placed on hold. Let's just hope they can finish it and the units sell.
Tony,
It really is good news for many reasons. The workers, of course, but also that banks are now extending funding for condo projects in Las Vegas.
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