BluefoxToday blog : Palms Place just about ready for occupancy

Palms Place just about ready for occupancy

 

Palms PlaceThe condominium tower standing west of Palms Casino Resort was recently granted a temporary certificate of occupancy by Clark County. Buyers who have purchased property there may now close on them and start ferrying in furniture as early as February 29.

The project will add 599 units, ranging in size from a 600-square-foot studio to a 1,200-square-foot one-bedroom suite, to the already saturated Las Vegas condo scene. In addition, the buildings highest four floors hold 21 penthouses that are still being worked on and are scheduled for completion in May. Despite the currently soft real estate market here in Southern Nevada, the stellar, celebrity-flavored reputation of Palms should give it an extra boost in selling the condominiums. To read the entire article please click on the link in this paragraph. 

 

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 5 commentsEsko Kiuru • February 26 2008 03:44PM

Comments

Esko New Condo constrution is struggling a little around here because 51% of the units per phase have to have sales contracts in order to meet Fannie and Freddie guidelines before any of them can close.  That can be a little bit of a challenge these days.
Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 10 years ago

George,

I couldn't find out how many units they have sold so far and what the guidelines are for mortgages.

Posted by Esko Kiuru almost 10 years ago
FNMA and Freddie won't touch condotels...doesn't seem like many alternate investors will either.
Posted by Bill Parrott (Watermark) almost 10 years ago

Bill,

Usually it's a portfolio lender who does these projects.

Posted by Esko Kiuru almost 10 years ago
Was totally stuck until I read this, now back up and rniunng.
Posted by Trix over 6 years ago

Participate