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Sarasota Florida Real Estate –Resort Living in Coastal CitiesIf you are selling your Myrtle Beach real estate and heading a little closer to the Gulf of Mexico, Annette Smith and John Allen of Allen Real Estate Services, Inc. have provided some insight on this coastal city.
Sarasota, Florida is the cultural capital on Florida’s South West Coast. With the Sarasota Symphony Orchestra, the Ringling Museum of Art and the Van Wetzel Hall of Performing Arts, Sarasota’s residents experience outstanding performances and view galleries featuring extraordinary art collections.
John Ringling’s artistic influence spread to Sarasota’s famous St. Armands Circle where Ringing coordinated the development of Circle. A Park in the Center of the Circle provides the circus history of Sarasota as well as providing a stage for many outdoor concerts and events.
Sarasota’s Bayfront is as captivating as any painting in Ringling’s collection. Passing the Marina, visitors from around the world lose their breath as they pass moored sailboats that never seem to change locations. The Bayfront Park is home to multiple sculptures and the Dophin Fountain is featured at the tip of the Park across from the Marina.
The barrier islands of Sarasota provide some of the world’s whitest beaches. Casey Key, Siesta Key, Lido Key and Longboat Key are perfect for those visitors and residents who just require sand in their toes.
The Barrier Islands
Siesta Key just moved from last years 3rd place to runner-up in Dr. Beach’s list of 2009 Best Beach in the country announced May 22 by Stephen P. Leatherman, known as Dr. Beach. This world famous beach is famous for it sparking white sand which is cool to the touch. The sand is perfect for walking barefoot and building sandcastles. Many Siesta Key homes are on winding canals leading to the Intracoastl Waterway.
Casey Key to the south of Siesta Key is home to many celebrities and this 8 mile barrier island features luxurious mansions and estates. Many small beach cottages still exist on
Casey Key but are being bought for land value and raised. Homes on Casey Key start in the millions and the island is popular with celebrities due to its privacy.
Lido Key just west of St. Armands Circle is a European style beach. Many visitors to Lido Beach travel from France, England and Italy for extended holidays. St. Armands Circle’s shopping world-class restaurants are steps away.
Manicured Longboat Key is slightly north of St. Armands Circle. Visitors and residents enjoy private beaches, long walks and cool ocean breezes. Restaurants on Longboat Key are excellent. St. Armands Circle and downtown Sarasota restaurants, shopping and Palm Avenue galleries are a short drive from Longboat too.
Downtown Sarasota
Downtown Sarasota provides an urban lifestyle that residents are requesting. Walking to the library, bookstore, specialty shops, professional building, galleries or driving short distances is the new wave in most cities, and Sarasota is providing outstanding venues in the downtown area for its residents. A new roundabout is schedule to start construction in 2009. Downtown Sarasota condominiums are popular with each generation of Sarasotans.
Come visit Sarasota to enjoy not only our beaches but experience the culture and excitement of our vibrant city. Sarasota homes for sale are available on the mainland, the barrier island as well as downtown Sarasota.
Email Annette or John Allen for more information on the Sarasota area. Sarasota Florida real estate is experiencing a market comeback being one of South West Florida prime destinations. ######Visit my website for Florida Oceanfront Property for more info on other Florida resorts.

Tonight I had the pleasure of attending one of the most outstanding live shows I've ever been lucky enough to hear about - The Carolina Forest High School's production of
"Cats".Cats is a musical composed by Andrew Lloyd Webber based on "Old Possum's Book of Practical Cats", by T. S. Eliot. It introduced the well known song,
"Memory", recorded by Barbra Streisand. (her version unrelated to the actual show)
The story is about a tribe of cats that call themselves the
Jellicle Cats, who meet in a junkyard once a year for the
Jellicle Ball. The party each year ends as the head of the Jellicles,
Old Deutoronomy, chooses one cat who can be reborn and find happiness.
Much of the musical is introducing various cats of notoriety, and suggestions of which cat is most worthy of the honor. A few of the characters were most noteworthy for me to mention:
The Rum Tum Tugger is a tom with leopard spots and a wild mane, who is arrogant and loves the women. Bustopher Jones is a huge fat cat with a fastidiious black coat, very rich and very proud and prissy. (and did I mention FAT)

The main character in the story is old Grizabella...a tired, worn out ex-glamour cat who is now old, tattered, and miserable. The other cats shun her, nobody will touch her, and she sings the very sad song, "Memory".
Memory, all alone in the moonlight
I can smile at the old days
I was beautiful then
I remember the time I knew what happiness was...
Let the memory live again
(the last verse)
Touch me - It's so easy to leave me
All alone with the memory
Of my days in the sun
If you touch me
You'll understand what happiness is
Look - A new day has begun

Another old cat,
Asparagus, or Gus The Theatre Cat, was once a famous actor but now is old and his paws shake with palsy. He too sings of his youth and the lives that he lived.
Then the evil cat of the tribe,
MaCavity, kidnaps Old Deuteronomy and a battle ensues to get him back. The cats drive MaCavity away, but it takes
Mistoffelees the Magic Cat to bring Deutoronomy back, just in time for the "choosing" to be made.


Just as I was fussing to myself why Old Deutoronomy allowed the poor Grizabella to be so badly treated, he chooses HER to be reborn and find her happiness. He leads her to a stairway to the stars, and though she is fearful, she crosses to find her destiny and be happy again.

I've seen the Broadway tour of
Cats twice, and this high school production was every bit as professional and talented as the singers and dancers on the Broadway show. Everyone in the audience was positively amazed at the beautiful voices and fabulous dancing these kids put forth.
If you can imagine the dancers from the show "Fame", coupled with a live orchestra (the Carolina Forest Band) that
didn't miss a note, you can begin to understand just what a fantastic show this was. The stage was perfect, the costumes elaborate and true to the Broadway show. It was just a magical experience, and especially enjoyable to someone like me who loves cats. I think I smiled the entire first hour of the show, as one after another of the characters sashayed around the stage with tails held high. (well maybe not high...but very apparent!)
In the second set, they even had a group of "kittens" playing, as the mothers washed and pushed them around the stage. It was unbelievably cute.

If Myrtle Beach can produce high school talent like this, there's at least one school in South Carolina that goes beyond excellence. Carolina Forest is also one of five district schools that surpassed the national SAT average, with a score of 1024. We can stand with the best in the country claiming this wonderful school as our own.
The students and faculty of Carolina Forest High School must be proud enough to burst. For sure the sold out audience was thrilled and proud that Myrtle Beach has been blessed with these amazing and talented young people. What an awesome production!
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Looking for
Myrtle Beach Kids Attractions? Amusement Parks, Mini Golf, Entertainment for kids.
Find the most comprehensive
Myrtle Beach real estate information and
Myrtle Beach Vacations with
Condolux of North Myrtle Beach.
Myrtle Beach Golf Industry Still in the Green
Condolux of North Myrtle Beach is having one of the best years in a long time with golf packages and vacation rentals up around 10% from last year. I've spoken with Martin Brown several times a month since the beginning of January, and he's been happy with business since the last part of December. I'm at a loss to understand why the newspapers are still full of doom and gloom about our tourism industry.
At any rate, here's our latest press release about Myrtle Beach Golf, and some new pictures to go with it. Myrtle Beach real estate sales are also REALLY doing well now, and at least in our little corner of the world, things are looking up. Spring and sun and warm weather are on the way, too, so Myrtle Beach is coming back to the paradise we all enjoy so much!

March 20, 2009 (Bankrate.com)I found a gadget on Bankrate.com that gives you "real-time" rates for your area on mortgages and other credit extensions. As of March the 20th, 2009, this is what it said...
10 Year Fixed
Average rates on 10-year fixed mortgages in South Carolina fell 4 basis points to 4.51 on Friday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percent. The mortgages in the survey had an average of 0.68 discount and origination points.
A 10-year fixed mortgage is a loan that has an interest rate that stays the same for the 10-year term of the loan. The principal amount is reduced, slowly at first, and then at an accelerating pace, over the life of the loan. Someone taking out a $165,000.00 10-year fixed mortgage at the current average would pay $1,710.83 a month for the life of the loan.
The highest rate in South Carolina on a 10-year fixed mortgage was found at one institution that charged 5.625 percent. The lowest rate was found at one institution that charged 4.000 percent. Six months ago, the average rate in South Carolina was 5.53 percent.
20 Year Fixed
Average rates on 20-year fixed mortgages in South Carolina fell 9 basis points to 4.82 on Friday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percent. The mortgages in the survey had an average of 0.55 discount and origination points.
A 20-year fixed mortgage is a loan that has an interest rate that stays the same for the 20-year term of the loan. The principal amount is reduced, slowly at first, and then at an accelerating pace, over the life of the loan. Someone taking out a $165,000.00 20-year fixed mortgage at the current average would pay $1,072.59 a month for the life of the loan.
The highest rate in South Carolina on a 20-year fixed mortgage was found at one institution that charged 6.000 percent. The lowest rate was found at one institution that charged 4.250 percent. Six months ago, the average rate in South Carolina was 5.91 percent.
30 Year Fixed
Average rates on 30-year fixed mortgages in South Carolina fell 10 basis points to 5.06 on Friday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percent. The mortgages in the survey had an average of 0.59 discount and origination points.
A 30-year fixed mortgage is a loan that has an interest rate that stays the same for the 30-year term of the loan. Someone taking out a $165,000.00 30-year fixed mortgage at the current average would pay $891.82 a month for the life of the loan.
The highest rate in South Carolina on a 30-year fixed mortgage was found at one institution that charged 10.000 percent. The lowest rate was found at three institutions that charged 4.250 percent. Six months ago, the average rate in South Carolina was 5.83 percent.
To see all of the results of Bankrate.com's surveys, go to
www.bankrate.com.
The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states.

Google co-founders Larry Page (left) and Sergey Brin (right) field
questions from an audience in front of a backdrop patterned with their company
logo. Photo: Associated Press / Noah Berger
It's just been announced that Sergey Brin, co-founder of Google, is donating some of his marvelous profits from the world famous search engine to create a new study on Parkinson's Disease.
Sergey's wife, Ann Wojcicki, (the news media reported the name as Ann Wojcocki) co-owns a company for genome study called 23andMe. Her company, Sergey, the Michael J. Fox Foundation, and the Parkinson's Institute of California will fund a DNA type test for Parkinson's sufferers to mail in. Referred to as a "spit kit", the genetic test usually costs around $400. Sergey will pay the difference and offer it to the members of these charities for $25, in hopes that more information can be used with the internet to speed up the treatment or cure for the disease.
This is one more reason that I have to love Google and the two boys who created it. My mother suffered from the disease and finally died from it after about 15 years. It is a horrible, crippling, and humiliating way to end your life...in some ways worse than Alzheimers. The medication taken for Parkinson's causes schizophrenic symptoms eventually, and creates a phenomenon called the on-off syndrome, in which you are either wired and jerking from the medication being so high, or frozen like stone as it has worn off. Tolerance to the medication "Sinemet" builds up until the dosage is too high for the body to handle. The worst part is that for most of the years the patient is fully aware of everything, yet cannot control his body - or even his senses - as hallucinations, uncontrollable movements, and freezing come and go.

Some progress was made with injecting embryonic stem cells directly into the brain, but was cut short with Bush's refusal to allow the usage of them. Michael J. Fox is probably hoping with all his heart that Obama's reversal of that foolish and wasteful law will allow him to find a cure before it is too late. Parkinson's Disease is particularly devastating to younger victims... progressing faster and more completely than with older ones. Part of the needed research may find out why this is so.
Sergey's mother suffers from Parkinson's Disease and he himself carries a gene variant that increases his odds of getting it.
Those who participate in the study will also complete surveys online that document their symptoms, history with the disease, types of medications they are on, and how their disease progresses.
I would not be the least bit surprised if Google's empire and its creators lead the world into a "Star Trek Universe" of conquered disease, the end to world hunger, and eventually going "where no man has gone before". I am ever hopeful, and so proud of those two and Google itself.
Source:
UPI.com/Health

I had the pleasure of reading one of the most enjoyable, easy to read, and informative books the other day.
Similar to the
"for Dummies" line of books, but much more engaging, Jim Randel is the author of a series of books under
"The Skinny On™" line, and illustrated with
"Stick People™" which are absolutely a hoot. I've always enjoyed simplistic , tongue in cheek comics, (South Park is my favorite!) and Jim has managed to use his excellent little "people" to capture your attention and make learning about a sometimes boring subject FUN.
Let me preface this with the fact that I have
NOT been paid or compensated in any way for this review. They sent me a free copy of the book and I read it in a couple of hours. I have another one to read as well and may also blog about it.

This book is
Stick People Books™, The Skinny On: The Housing Crisis. For anyone who has asked the questions WHY and HOW we ended up with this real estate and mortgage mess, you will know the answers after you follow the little stick people Billy and Beth...as they decide to explore the American dream of buying a home back about 2005.
Jim's little couple will make you chuckle and grin as you learn how NOT to buy a house. He explains the little known problems with independent mortgage brokers who depend on the real estate agent for business. Likewise, Billy and Beth naively trust in using an inspector who also depends on the agent for his bread and butter, and the agent herself...whose livlihood depends on that commission, and proves that there's an almost invisible line between being a good salesman and taking advantage. As an agent back during that time, "Charlotte" merely goes with the flow, and allows the young couple to buy a house they can't afford, with a mortgage that should never have been invented, and a house that wasn't worth what they paid.

The book taught ME a few things, and I thought I was pretty savvy about real estate now.
With as few words as possible to explain things, and an adorable comic to illustrate and occasionally poke fun at the system, this book is a must-read for a first time home buyer, and would be a very good checklist reminder for the average person who may not understand the pitfalls of making a home purchase the lazy way.
Randel's website tells about the book, and explains it further like this:
The Skinny On™ The Housing Crisis takes the reader through Billy and Beth’s experiences dealing with real estate agents, house inspectors, appraisers, mortgage brokers, lenders and attorneys. Each of these encounters is a lesson for any person considering the purchase or sale of a home, investing in real estate or, just taking out a mortgage. After Billy and Beth close on their home, The Skinny On™ The Housing Crisis follows the story of their mortgage from lender to investment bank to investor in Europe. We learn how mortgage sales and securitizations became a trillion dollar
business, disconnecting the American borrower from the lender and de-humanizing the process.
The Skinny On™ The Housing Crisis can be purchased on his website, or through Amazon.com for $12.95 for a paperback or $9.95 for an E-Book. If you are the parents of a young couple just starting out, this would be a wonderful gift to give. But everyone will learn something from it, and I don't think you'll be disappointed.
************
If you want to learn more about Myrtle Beach real estate, visit any of our websites listed on the right!

Ever wondered what it would be like to live in Myrtle Beach? According to the Chamber of Commerce figures in Myrtle Beach and North Myrtle Beach, there are 25,000 permanent residents in the former, and 12,000 in the latter. Most of us came from somewhere else. Many are retirees. What is life like for those of us who have made our home in Myrtle Beach? I think most of us stay...I know I did, and couldn't imagine living anywhere else. Here is what some of my friends and acquaintences have to say about life in the Grand Strand...
Richard Brooks - Myrtle Beach Real Estate Agent with Condolux
I have lived in the North Myrtle Beach area off and on for over thirty years. Each time I have moved away, it hasn’t taken long to realize that North Myrtle Beach is my home and I come running back. I love the weather here! It never gets too cold for too long and the Spring/Summer/Fall season brings us warm days, cool nights and tons of activity.
From golfing, swimming, boating, to beaching, there is something for every taste! The choices here are limitless. You can have a great meal at Joe’s Bar & Grill dining on the freshest seafood while you watch the raccoon walk overlooking the majestic White Swash. Or you can watch the gentle surf with a cold beer at Molly Darcy’s on their oceanfront deck. Living here is “being Southern at its best”…so come on down, run barefoot on the sand, and fix yourself a glass of sweet iced tea. It’s time to relax…
Mit Tressler - Works at Home for a Travel Agency
I love the winters in Myrtle Beach. One of my favorite things to do is take my dog for a walk on the beach and have a cup of coffee. It gets cold here, but if you layer a bit, it's just perfect. The beach is almost deserted and I like listening to ocean. When I get home, I always feel relaxed and like I had a good workout from walking in the sand.
Right now, I would love to have a 2nd floor condo in Market Common. Having everything within walking distance would suit me to a T, and the park across the street is amazing. I love the boardwalk in Virginia Beach. Myrtle Beach is planning
one, but it doesn't look like it will cater to people on bikes and inline skates. A boardwalk should promote all types of healthy lifestyles. I recommend Myrtle Beach to people all the time. I wish my entire family would move here.
Scott Todd - Todd Insurance Agency (Allstate)
Except for college, I have lived in the Myrtle Beach area my entire life. Over the years, I have had the opportunity to travel to almost every state and several foreign countries. I've been able to enjoy many beaches from the west coast of California and white sands of Maui to the rocky shores of Ireland and beautiful coast of Portugal.
Honestly, I have yet to find a more beautiful stretch of beach than right here in Myrtle Beach, SC. When you think of it, Myrtle Beach has a lot to
offer. It is big enough to have many of the conveniences of a much larger city but small enough to have a "hometown feel". I also find it really nice to live in an area that is still actually growing and moving forward. I wouldn't live anywhere else.
Jeremy Lenkowski - Myrtle Beach Web Designer- Web Hosting Provider
Myrtle Beach is a beautiful place. Millions of people visit here yearly. Thousands decide to stay. I am a transplant from New Jersey, right across the river from Philadelphia. I am in the IT field, and never had any issues landing a high paying position. I figured, like so many others, that I could move here, land a decent paying position, and enjoy the beach and temperate climate. It was in 2001 I decided to finally move here. I was fortunate; my sister had transplanted here with a local 3 years before, and allowed me to stay with them until I found a job.
Myrtle Beach and the surrounding areas are vacation destinations. As a result, most of the businesses operating in this area are geared toward the tourism / service industry. Much to my dismay, there is winter here. When I moved here in January, it wasn't what I expected. Myrtle Beach shut down! Anyone who has lived in a resort town can tell you, the winters are long. After the vacationers leave, and before the snowbirds arrive, there is a three to four month period where time slows down, and a transformation takes place. Myrtle Beach belongs to the locals again.
The number of people who actually reside here year round is relatively small. Some grew up here, and some like me are transplants. Like any small town, most of us know each other, or at least know of one another. If we don't directly, a call to a friend can fill in any information you need. After living here for two years, performing odd jobs, etc, in 2003 I received a call from a large local company offering me a position. A position I never applied for, and not listed in any paper. They had heard of me, and based on a recommendation offered me the position on my reputation alone. Finally, this was my breakthrough.
Five years later and I am still here. I decided to start providing small business websites in Myrtle Beach, and hosting for them at a great rate. I have many clients whom have been with me for years and others who hear about me by word of mouth. I don't advertise here; treating people right and providing an honest service is advertising enough.
In short, Myrtle Beach is a beautiful place. The people are great. There are lots of opportunities here, even now. My advice to anyone looking to move here: Treat people right, it will come back to you!
For myself, I love being able to go to the grocery store or a restauarant at midnight. I love having live theatre, gambling boats, cruises, the beach, and other entertainment you could only find in a big city, WITHOUT that big city. I could never be happy living in Atlanta or even Charlotte. I hate snow and ice, so further north is not an option. You can live well in Myrtle Beach on an average salary, too, unlike Florida and other areas. I found my niche with the web industry in Myrtle Beach real estate and Myrtle Beach vacation rentals. I moved here nearly 20 years ago, and have loved every minute of it. I often stop and reflect on just how lucky I really am to live in paradise!
I don't see many people leave once they've come here. One of my friends is a 60-something year old lady from New Jersey whose husband died several years ago. She left her kids and grandkids up there and moved down here all by herself. Her family didn't want her to do it, but she wanted to spend her remaining years in the place she loved best. And so she bought a condo, which she couldn't have done in New Jersey on her modest income. She lives where I do in Little River, for the most part safely and in a crime-free neighborhood... close to the beach and in the middle of everything. You couldn't pay her to move back. Myrtle Beach may not be for everyone, but there aren't many who would not be happy in our beautiful town!
See the Home Buyers Top 10 Trends

Several of my Realtor friends across the country wanted to get together and do a press release about how everyone's real estate market was gaining ground this year, and we came up with a
coast to coast review of real estate in 2009.
Annette Smith in Sarasota says her home prices have come down enough to bring in buyers from Europe and Canada as well as the usual areas this year. She reports that Sarasota was number 11 on RealtyTrac's list of the top 100 cities with foreclosures. I have also seen an increase in leads from those interested in
Florida oceanfront property.
Lee Cunningham in Greenville, SC reports an increase in sales in January, and is proud to say that home prices there have not taken the tumble they have in other areas of the nation. Their unemployment rates are lower than most, and had over 1300 new jobs created in 2008.
Fran Vernon, one half of the Los Angeles Realtor team of Fran and Rowena, says buyer interest in her area has returned, and is proud to say that the "California lifestyle" continues to be an American dream.
Myrtle Beach SC real estate has definately taken off since the beginning of 2009. We've seen the internet interest nearly double, and one of my friends, Richard Brooks, says he's getting leads and buyer inquiries enough to have high hopes for this year.
Martin Brown, who owns the condo rental company CondoLux, has gotten so many rental reservations that he's positively bragging about the vacation market being good this year.
As an aside, the local
MB Sun Blog has a blog and
picked up our press release to use as an indicator of a good year to come as well!
We probably can't help for instant recovery, but all the signs are pointing to 2009 as the beginning of the end of this real estate crisis!

As the entire country tries to deal with our flattened economy, resorts everywhere are doing what they can to keep the vacationers coming and the buyers buying. The Grand Strand is no exception, and the state of South Carolina is reported to have the highest unemployment rates since 1983. Out of all the cities in the state, however...and probably North Carolina as well, Myrtle Beach is managing to hold its own the best. We haven't seen a lack of vacation rentals, and during this season, winter rentals and
Myrtle Beach golf packages have always kept the bills paid.
For many reasons, our strongest property management companies such as CondoLux fare better when it comes to
Myrtle Beach real estate, and that extends to golf course condos, homes and property close to the beach. More recently, the Waterway condominium resorts such as Barefoot Resort and Grande Dunes have gotten popular. With only a couple of strong condo rental companies in the area that have proven track records and longtime customer loyalty, CondoLux in particular is better able to market the properties to a built-in customer base and have access to the best condos to sell. Because of this, many of the stand-alone real estate agencies are in trouble, while
Myrtle Beach condo rentals keep the beach's economy going.
The owners of Condolux are now expanding to Myrtle Beach, opening a new sales and rental office, and putting a lot of money into websites and marketing. By doing so even when the other agencies can't, it will actually increase even its own productivity and income.
The internet has become the most important of all marketing methods in real estate and vacation rentals. The ones that invested in an excellent website and search engine marketing early on have the advantage now. Again, Condolux has exceeded them all in the number of powerful websites promoting
real estate sales,
vacation rentals, luxury condo specialties,
golf packages, beach houses, and even restaurants and attractions. They are joining forces with some of Myrtle Beach's other website empires as they go, and becoming giants in the field. This will benefit their
property management customers and real estate sales more than anyone can imagine.
Look for more expansion and greater things to come from Condolux. There are no question that they have become the Grand Strand's leading real estate experts.

Cosmopolitan Condo Hotel Project Continues Forward
by Diann Tonnesen
Many proposed high rise condo projects around the country have had the plug pulled in the past two years due to cost overruns and tightening credit. Since Deutsche Bank announced they were beginning foreclosure proceedings on the Las Vegas Cosmopolitan condo hotel project at the beginning of 2008 on their $760 million dollar loan, over 1800 contract owners were holding their breath, wondering if the development would be completed. Or if they would get their money back in full if the development was canceled.
There were many "interested parties" making bids to purchase the project, but Deutsche Bank finally took over full ownership of the Cosmopolitan under an affiliate, Nevada Property I. Deutsche Bank was the high bidder, paying $1 billion at a recent foreclosure sale to acquire ownership of the project. Those still hoping to own a piece of the
Las Vegas real estate market on the Strip breathed a bit easier.
And Deutsche Bank didn't let any grass grow under its feet to make sure the project went forward. It had already inked contracts with Related Companies to take over as the resort's new developer. In addition Perini Corp. signed a new contract to complete construction work on the project. Perini had been working on the project from the beginning, and was being paid under an interim agreement since March 2008 when Deutsche Bank began foreclosing after the original developer, Bruce Eichner, failed to complete a deal to secure more financing. Increased construction costs helped drive the Cosmopolitan's construction budget from its original $2 billion price in early 2006 to its current $3.9 billion price, and Eichner was unable to find a new partner with enough capital to infuse into the project.
A letter was drafted to contract owners by the resort's new developer, Related Companies, letting them know of the management changes and informing them of progress to date. This went out to almost 1825 contract holders, assuring them of the project's completion. To date over 50% of the Cosmopolitan's exterior construction has been completed, and it is anticipated that by December of 2008 owners will be celebrating the "topping off" of both towers, including the penthouse units. The new proposed completion date for the entire project is estimated for the second quarter of 2010.
Along with a rebounding resale housing market, this is great news for the local Las Vegas real estate market. For four months straight (July, August, September and October) statistics have shown a significant rise in
Las Vegas homes sales, with multiple offers on lower end properties, especially in the segment of
Las Vegas foreclosures.
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About the Author
Diann Tonnesen has been selling real estate in the Las Vegas valley for more than 25 years and is considered one the city's foremost high rise specialists.
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Shelley
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