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Old July 17th, 2008, 02:44 AM   #161
smp7032b
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any updates

Any news on the foreclosure?

Is there is construction going on?
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Old July 17th, 2008, 04:09 AM   #162
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Still building.
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Old July 17th, 2008, 04:31 AM   #163
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edit..

Last edited by Dubai Spacescraper; July 17th, 2008 at 10:06 AM.
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Old July 17th, 2008, 05:18 AM   #164
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all of those pics are of CityCenter, probably should repost them in that thread but the Harmon cladding looks great!, I love the different shades of glass.
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Old July 18th, 2008, 05:30 PM   #165
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New construction pics, progress seems quite fast:



I love how vdara looms in the background, it looks so Miami-style, beautiful.




Last edited by BarbaricManchurian; August 12th, 2008 at 08:43 PM.
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Old July 19th, 2008, 11:43 PM   #166
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Another beauty love Vegas.
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Old July 20th, 2008, 05:47 AM   #167
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I bet the owners association for the Jockey Club condominiums are having second thoughts about not accepting a buyout offer. They're certainly not going to have any views (except of the Bellagio for now) and extremely limited access. The only advantage is they'll have indoor parking in the Cosmopolitan's garage. I know I certainly won't be trading to stay there anymore!
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Old July 24th, 2008, 04:32 PM   #168
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Anyone know the status of the foreclosure or hotel contact?


Thanks
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Old July 25th, 2008, 09:10 PM   #169
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Does anyone have a picture of the Cosmo Casino tower South side? I know you would have to be working at the site or at the City Center to have a good view of the South side.

Thanks
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Old July 26th, 2008, 09:55 AM   #170
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7.22 vegastodayandtomorrow.com

Southeast view


Last edited by BarbaricManchurian; August 12th, 2008 at 08:42 PM.
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Old July 29th, 2008, 07:16 AM   #171
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Thanks Barb., appreciated it! though I was hoping for a direct Southern view of the Casino tower.
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Old August 2nd, 2008, 05:53 AM   #172
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New Cosmopolitan pic:

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Old August 7th, 2008, 11:25 PM   #173
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Forclosure is done

Do you know where the owners stand. There are over a billion dollars in condos sold. I cannot get anything out of the cosmo people!
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Old August 9th, 2008, 07:25 PM   #174
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Quote:
Originally Posted by smp7032b View Post
Do you know where the owners stand. There are over a billion dollars in condos sold. I cannot get anything out of the cosmo people!
The owners monies are completely safe in an untouchable escrow account. I continue to check to make sure continually.

It appears as if the foreclosure sale is on the 14th but I do not believe anyone will step up to meet the debt burden Deutche has. There are ongoing, high level discussions and hopefully we will have some announcements soon after the sale. There are still NO definitive information given to the street about the future of this project but since so many other major developments have either been put on hold or halted altogether Cosmo may continue to be a project worth completing. Someone must think so as construction has not slowed down at all.

One of the big considerations, as we are seeing at Trump, is whomever ends up with the completed project that developer will be entitled to the sales revenue, currently over one billion dollars, upon obtaining a Certificate of Occupancy. As at Trump the only question then becomes how many unit owners, with 20% deposits will be able to actually qualify for loans or come up with larger cash deposits. Should they not be able to arrange for financing the developers will be entitled to the deposits.

The good news in this writers opinion is, unlike Trump which neither has the location or gambling potential, Cosmo is a much more desirable property with Location, Location, Location going for it thus, perhaps, the comps will be higher than for trump and owners will not lose 20 - 30% of the value upon close of escrow. Most all the big boys I have spoken to said even in todays market, Eichner sold the main tower and prime beach club tower units at too low a price. Good news for us owners not so good for the new developer.

Worst case for us buyers is we get our monies back and just walk away.

FOD
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Old August 12th, 2008, 08:16 AM   #175
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Quote:
Originally Posted by zepres View Post
Does anyone have a picture of the Cosmo Casino tower South side? I know you would have to be working at the site or at the City Center to have a good view of the South side.

Thanks
You can kind of see it in this shot.



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Old August 12th, 2008, 09:09 PM   #176
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8.9 vegastodayandtomorrow.com

Beach Club Tower:



Casino and Spa Tower, the glass on the right actually does look a bit 'opressive':



The Jockey Club is dwarfed by the massive Cosmopolitan towers:





Strip-side podium:

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Old August 15th, 2008, 07:15 PM   #177
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Nice pic! Thanks! But what happened to my terace? in xx28 near hotel rooms?
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Old August 15th, 2008, 07:16 PM   #178
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My question was in ref to the pic posted by mdiederi .
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Old August 16th, 2008, 09:11 AM   #179
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Las Vegas..., always advancing!
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Old August 19th, 2008, 05:31 AM   #180
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Cosmo

Talked to the cosmo people today. Actually very pleasant and helpful. The manager said that they do not know who the buyer will be. Construction will continue, but the pace is unknown. The finishing date of the project is completely in the air. It depends on how long duesche bank will have to hold on to the project. The quicker it is sold the faster it will finish. Again the manager reminded me that the deposits are in a different bank and cannot be used to finance the defaulted loan. I was getting a little (alot) paranoid, because I could not reach anyone helpful over the last few months.
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