Capital Gains Tax on the Sale of a Home: how it Works, who Pays

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However, sales of new condominiums were down, and the condo-hotel market also continued to suffer. Prices for existing high-rise condominiums had increased by that time. High-rise sales were expected to increase in 2015 as the market continued to recover. Demand for high-rise homes on the Las Vegas Strip was projected to increase because of the opening of the T-Mobile Arena, as well as the announcement of an NHL expansion franchise and discussions about a potential NFL team in Las Vegas. By 2016, the construction industry in Las Vegas had been revived, although there were no plans for any new high-rise condominium projects.

Corus had $770 million of its loan portfolio allocated to Las Vegas condominium projects, while Hypo had approximately $850 million allocated to such projects. The condo-hotel market, consisting of projects on and near the Las Vegas Strip, condo bangkok for sale also suffered that year because of low sales; thousands of condo-hotel units had been cancelled up to that point. During 2006, multiple condominium projects were under construction in downtown Las Vegas. Mayor Oscar Goodman, who was elected in 1999, had made it a priority to revitalize the downtown area.

Smith, Hubble (July 15, 2006). “Spanish View Towers work halted; Vegas 888 shuts sales office”. Moore, Thomas (December 15, 2017). “17-story hotel under construction next to Palms on Flamingo Road”. Segall, Eli (May 24, 2019). “New hotel to open near the Palms in 2021”. Las Vegas Review-Journal. Smith, Hubble (August 14, 2006). “Construction continues apace at Pebble Place”. Segall, Eli (June 26, 2019). “Hotel project near the Palms in Las Vegas breaks ground”.