Ron Costa

Boyd gaming has reworked an agreement they made with Morgans Hotel Group which in effect makes it entirely possible we'll see movement with the $4.8 billion dollar development.

The deadline to obtain construction financing has now been extended through 2009 and Boyd Gaming will now return a $30 million dollar deposit plus interest. The result is Morgans having sole control over the use of all brands associated with the development.

Too bad it's not that easy for your everyday, typical, high rise condo purchasers to have their deposits refunded for the units they now longer wish to close on.

"Well, you see at the time, I thought it was a good idea to buy that high rise condo, but now that it's worth maybe half of what I bought it for, I no longer want to close, so please refund my deposit... and by the way, I'd like interest on all that money as well." Try that line out on Trump, or Allure, or MGM, or any of the other projects in town that are having a tough time converting contracts to closings.

So is this good news? Perhaps - but keep in mind this new agreement can be terminated by either company at any time before December 31st, 2009. Like with the Major League Baseball season, we may have to wait until the last minute to see how things shake out.

In the meantime, may I suggest some Las Vegas condo foreclosures? Plus there's many other options were you can put your money to use with high yield investments as well.

Ever hear of the Federal Housing Tax Credit? This $7,500 credit for new home buyers, or those who have not owned a home in the past 3 years, will be a nice tool to motivate real estate buyers. At this point, with the market hitting bottom and inventory being reduced due to the slowdown of builders, I believe this credit will help.

But there's no question that obtaining financing is still the major issue we face before this economy turns around. The continued tightening of credit increases the inability of homeowners to get loans. Add to that rising unemployment and you get the recipe that'll still hurt housing sales despite whatever the home is priced at.

Hopefully this $7,500 housing credit will stimulate sales regardless. But like with GO Zone investing, it's not a gimme - the government requires the credit to be repaid over 15 years, making it more of an interest-free loan than a credit. Ah, there's always the catch!

When the Las Vegas Sands teams up with Starwood Hotel & Resorts, amazing things happen. Case in point: in a joint venture between the two, the world renowned St. Regis brand is now set to enter the Las Vegas high rise condo marketplace with 398 private luxury residences currently under construction between the Las Vegas Sands' Palazzo and Venetian resorts located right on the famed Las Vegas Strip.

This news brings this project to the forefront for all discerning high rise condo buyers searching for the ultimate in luxury, world-class amenities, and high rise life. Suffice to say, the St. Regis name alone makes this project the most compelling and exciting project in town, dwarfing even the presigious Project CityCenter in my opinion.

Here's the bottom line: quality and luxury sell in any type of financial environment. Add to that the premium location of these residences which make the St. Regis perhaps the rarest of opportunities to live the ultimate in high rise condo lifestyle in a one of a kind residence on the Strip.

When this high rise condo project opens in March 2010, the St. Regis Residences unit owners will be treated to everything that's made the St. Regis brand the finest in the world, including the signature St. Regis Butler Service, meticulously designed interiors with no detail overlooked or expense spared, the custom tailored experiences, access to luxury accommodations in the best addresses in the world, and so much more. The residences will range in size from a 1,700 square foot unit to over 10,000 square feet for a duplex villa with a private pool. Said Venetian owner Sheldon Adelson:

"The St. Regis Residences at The Venetian Palazzo, Las Vegas will provide its occupants a private, secure sanctuary combined with instant access to more than 30 world-class restaurants, two state-of-the-art spa and fitness facilities, four exciting theatres, and more than 150 premium retailers... The glamour and excitement of the Las Vegas Strip will literally be right at your doorstep -- where else in the world would residents of a high rise be able to go downstairs every night and choose between Mario Batali, Emeril Lagasse, Wolfgang Puck, Thomas Keller, or Charlie Trotter for dinner?"

Las Vegas has already seen it's share of high rise condo projects that have come and gone. But none have had the staying power of controversy that's been associated with the Cosmopolitan project. One day it's dead. The next day it's back on. The owners change, the financing comes and goes, the rumors persist that someone will step in and build it to completion, then the project's dead again.

No question condo unit buyers in this building have every right to feel like they're riding a very expensive roller coaster ride.

However, the latest news on this project is actually quite good as it realistically looks like this project WILL be completed and unit owners can expect to close on their condotel units in the first half of 2010. Although that date seems well into the future, we all know how quickly time flies, and if all goes as the "experts" predict, we'll be healthily out of the "down market" we still find ourselves in at the present.

Why the optimism? Deutsche Bank paid approximately $1 BILLION at a foreclosure sale and announced the Related Cos. will complete the 2,998 condo hotel development project. Normally, the words "Related" and "complete" are rarely found in the same sentence, but based on what's happening in the market these days, this can only be seen as good news.

Now, condo buyers at the Cosmo can see light at the end of the tunnel. Over 80% of the project has been sold to the tune of $1.35 billion in sales. According to sources familiar with the project, a hotel and casino operator will be announced shortly, further adding to the good vibes being generated with respect to this Las Vegas high rise Strip condo.

Finally, a reason to get involved with the Cosmo. Remember that 80% sold out stat? That only means the remaining 20 are ready for you to act on. Get our take on what you should be doing right now...

What does it mean when a high rise condo Buyer in one of the "hippest" Las Vegas high rise condo projects can't close on their units due to an inability to obtain financing in this crazy market? It means YOU get presented with some MAJOR buying opportunities.

How about a 26th floor, 674 square foot high rise condo unit at Palms Place with a gorgeous Strip view for $653,260!?!?!

Or a 34th floor studio with views of the mountains for just $525,300.

Why so low? These prices are based on "employee discounts". If you've done your high rise condo shopping and have studied what's been going on in this Las Vegas real estate marketplace, you'd have to agree these are two sweet deals.

And the best part? For this deal, the developer (Palms Place) is actually allowing a contract assignment in this case. In other words, you - the buyer - get a contract officially assigned to you straight from the developer. No hassles or worries. Just step in and sign and it's yours.

Need I have to remind you of the dedicated concierge services available 24/7... your exclusive, toll-free number and special invites for your Inner Circle arrangements... the complimentary access to Palms Place Spa and Hammam, including a state-of-the-art fitness center... pre-sale ticket purchase notice for concerts and events at the Pearl Concert Theatre... the special invites to select events and activities at the Palms Casino Resort... the owner's only VIP check-in lounge... pre-arrival grocery shopping service... access to an in-room chef... assistance with golf course tee times... or the complimentary use of a Palms Place limousine airport service??? And we all know how spectacular the rest of the amenities that the Palms Place is associated with.

The Palms is quite an exclusive project and has been sold out for as long as I can remember. Even when fallouts happen, this project has seen success and units go fast. It's already built and it's ready for YOU. Contact us now for more information on how you can take advantage of this Palms Place condo deal.