Vegas 888, a Las Vegas high rise condo project of Florida-based Del American has stopped sales for its 542 unit project on 10 acres at Flamingo Road and Valley View Boulevard. With sales not strong enough to sustain their initial marketing efforts, Vegas 888 developers decided to pull the plug on the project since beginning their selling effort on May 4th, 2006.
What's amazing about this project is they actually had contracts to sell 38 of their units to begin with. The project was priced at over $1,000 per square foot with units selling for $750,000 to $10 million each. That's quite expensive for being off the Strip and not located in Queensridge, where at least I can see that kind of pricing work.
While the neighboring Pinnacle's tag line is "Las Vegas is so ready for this", it's obvious that Las Vegas is no where near ready for Vegas 888. Like the Ivana Las Vegas fiasco, this project was doomed from the start. More people should be reading Las Vegas high rise condo blogs.
If you're one of the unlucky people who had reservations at Vegas 888, my advice is take the money you get back from your deposit (plus the interest earned in escrow), then take a quarter of that, and get into the Pinnacle Las Vegas high rise condo resort project instead. Better price... better design... better amenities... better developer... all for so much less!
Isn't that what people say, when life hands you lemons, make lemonade?
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