Here it comes, the avalanche of lawsuits because owners are claiming that they bought because they were promised one thing and then they delivered another.
Here is what I wrote in November 2006:
Here is what is going on now:
- InBusiness Las Vegas April 18, 2008 issue: Luster Fades for Condo Hotels
- RealEstateJournal.com, April 8, 2008: Condo-Hotel Buyers See Investments Sour
- Las Vegas Review Journal February 10, 2008: Condo-Hotel Project Faces Class Action Lawsuit
Apparently the condotel owners are not seeing the returns they are promised and are trying to do something about it. Just a little trip to the Las Vegas Convention & Visitor Authority's website could have saved a ton of money and heart ache for people who didn't understand that the amount of rooms (%wise) does not add up to the increase in visitor volume (%wise).
A good long term investment, the verdict is still out. An immediate return on your buck, HECK NO! Seriously, you probably would have received a better return buying a regular high rise condo on or near the strip, buy some cheap furniture from Ikea and straight out rent it out yourself.