Property investors demand discounts and deposits back in high profile US condo projec

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Nicholas Wallwork

Nicholas Wallwork

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Property investors in one of the costliest and highest-profile apartment developments in the US are demanding significant reductions and in some cases their deposits back because of plummeting values.

The 67 acre $8.4 billion City Center project in Las Vegas is due to open in November and includes 5,000 hotel rooms and 2,440 apartments as well as public parks, its own monorail, malls and a theatre.

But some buyers who signed contracts in 2006 and 2007 at the height of the property boom when prices in Las Vegas were rocketing now fear that when they take possession of their apartments they will be worth much less than they agreed to pay. Las Vegas has been badly hit by the property crisis with prices falling 30% in the last 12 months.



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