What is a Condo?
Real estate is all about comps, and if one of the comps in your building is undervalued, yours could be next. Higher interest rates: Since condos come with the potential for issues from other owners, lenders tend to charge slightly higher rates for loans to buy one to compensate for that elevated risk. “Condos can be a riskier investment because you are sharing ownership with other people in the building,” Leonard says.
Condos also provide a community life that single-family homes often don’t provide, including shared spaces and amenities, events and more. Condos can make great investments, particularly in neighborhoods with lots of renters or in locations with heavy tourism. Many buy condos to use as a rental property. It’s a lot easier to take off and pursue travel or live seasonally in another area with the peace of mind of knowing that once you lock the door, everything will be taken care of. This can especially be a draw for single homeowners or empty-nesters.
Plaintiffs sought at least $70 million in damages, as well as the return of escrow money to the buyers. Turnberry stated that all deposits made on Krystle Sands units had been returned and that the company had no intention of building the project. One lawsuit alleged that Turnberry had made false statements regarding its reason for cancelling Krystle Sands, noting that four days earlier, Turnberry had announced that it received construction financing for a separate 636-unit tower at its Turnberry Place complex. A class action lawsuit consisting of 150 buyers was underway by June 2006, alleging that Turnberry had an obligation to provide condominium units to buyers who signed purchase and sale agreements and placed 10 percent of the purchase price in escrow.
Shubinski, Jennifer (December 16, 2005). “LV condos toppling before they start”. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. Text is available under the Creative Commons Attribution-ShareAlike License 3.0; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. This page was last edited on 22 January 2021, at 15:54 (UTC). Should you loved this post and you wish to receive much more information regarding new condo for sale in bangkok (My Page) i implore you to visit the site. Smith, Hubble (August 2, 2009). “High-rise plans go flat in Las Vegas”.
Krystle Sands was a proposed 45-story condo hotel that was to be built on the Las Vegas Strip in Winchester, Nevada. Schinz, a Florida developer. Krystle Sands was being planned by F.W. The land later became the site of Turnberry’s Fontainebleau resort. Several people who bought units in the project filed lawsuits against Schinz and Turnberry over the cancellation. Krystle Sands would have replaced the Algiers Hotel, although the project was canceled in March 2005, when developer F.W. Schinz sold the property to Turnberry Associates.
A condominium boom was underway in Las Vegas at the time, and Krystle Sands was the first of the newly proposed projects to be canceled. Other claims in the lawsuits included allegations of fraud, deceptive trade practices and civil conspiracy. Each lawsuit alleged that Schinz never planned to build the tower and was in the process of seeking a buyer for the property while selling the project’s 600 units, in an alleged attempt to make what would ultimately become a $70 million profit. One lawsuit sought class-action status. Shortly after the cancellation was announced, some buyers of the project’s condominium units filed five lawsuits against Schinz, Krystle Sands LLC, Krystle Towers LLC, and Fidelity National Title Agency of Nevada.
