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Old January 26th, 2006, 01:33 AM   #1
elliot
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Guess who is next!!!

Burj Dubai capped at 80 storeys!!![

--------------------
Vegas Condos Go Cold

Developers are suddenly scaling back their bets on the town's once sizzling luxury real estate market


By SONJA STEPTOE/LOS ANGELES

Posted Wednesday, Jan. 25, 2006

Now that several high rollers in the Las Vegas condo-hotel game, including luxury properties linked to Michael Jordan and Ivana Trump, are either folding or selling their holdings, a growing number of players are losing their taste for big bets on high-rise, residential real estate development.

Over the past two years, as high-rise fever spread across town, prices for the luxury apartments ballooned, fetching as much as $500 - $1,000 a square foot— or up to $1.5 million for a one-bedroom— at the peak. Buyers, mostly interested in flipping them for quick profits, eagerly anted up five-figure down payments, while developers planned more than 70 luxury towers holding a total of about 43,000 units on or near the Strip and downtown. But the intense competition for the city's limited supply of contractors sent construction costs skyrocketing 30% last year, just as lending policies tightened, interest rates climbed and sales started to slow.

Currently, just 18 projects are underway, and nervous developers have called off three high-profile projects over the past seven months. A number of others, including one backed by a group including George Clooney, either are being revised or postponed. Experts now forecast that only a quarter to a half of the seven dozen originally proposed projects will ever be built. Brian Gordon, a principal at Applied Analysis, a real estate research firm, says the developers with experience building luxury high rises, whose properties are located on or near the Strip and which carry a strong and recognizable brand name— such as Donald Trump, Hard Rock and MGM Grand— are the ones playing winning hands in Vegas now.
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Old January 26th, 2006, 01:49 AM   #2
spyguy
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We knew much of this information already. No need to bring in doubt about Burj Dubai in to a thread about Las Vegas, a city half a world away with its own circumstances.
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Old January 26th, 2006, 02:08 AM   #3
malec
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Quote:
Originally Posted by elliot
Burj Dubai capped at 80 storeys!!![
Any reasons why you think so? Burj Dubai doesn't seem to be included in that article so I wouldn't mind if you explained to us why you think this. If you have a source for this then fair enough, we'll be able to have a proper discussion about this. What do you say?
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Old January 26th, 2006, 01:42 PM   #4
dubaiflo
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Las Vegas is sth totally different you cannot compare it to dubai.

burj dubai capped at 80F this is riddiculous and just bullshit.
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Old January 26th, 2006, 01:53 PM   #5
warnings
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exactally
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Old January 26th, 2006, 04:42 PM   #6
Citystyle
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WTF?
__________________
Sec. 31 But how far has he given it us? To enjoy. As much as anyone can make use of to any advantage of life before it spoils, whatever is beyond this, is more than his share, and belongs to others. Nothing was made by God for man to spoil or destroy. And thus considering the plenty of natural provisions there was a long time in the world, and the few spenders, and to how small a part provision the industry of one man could extend itself, and ingross itself to the prejudice of others.
- John Locke
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Old January 26th, 2006, 06:30 PM   #7
AltinD
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What else can you expect from a TROLL.

As soon as I read the title and the thread starter I suspected something like this, and was not "dissapointed".
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Old January 26th, 2006, 07:10 PM   #8
godblessbotox
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what a wennie... this has nothing to do with anything about this building.
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Old January 26th, 2006, 07:17 PM   #9
dubaiflo
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Quote:
Originally Posted by AltinD
What else can you expect from a TROLL.

As soon as I read the title and the thread starter I suspected something like this, and was not "dissapointed".
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