Las Vegas Cosmopolitan High Rise Condo Hotel Buyers Not In Limbo Any Longer

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...