City Center Development Resists Requests to Renegotiate Prices of Condos Sold in Boom
One of the costliest and highest-profile condominium developments in the country — the $8.4 billion City Center project in Las Vegas — is facing a revolt from some early buyers.Some buyers who signed contracts are demanding significant price reductions, and have hired a law firm to take their grievances to the project’s principal developer, gambling company MGM Mirage…So far, buyers have put down $313 million in deposits on 1,500 units in the 2,440-unit complex. Those who agreed to buy early on now fear they will take possession of condos whose market values are far below what they agreed to pay. Many of the contracts were signed in 2006 and 2007, when Vegas was booming.
By Tamara Audi, July 6, 2009, WSJ