ICON, Ivana Projects Shelved:
A lot of high-profile high-rise luxury condominium projects announced during the condo craze phase last year are coming tumbling down. There will no ICON for Las Vegas nor will Ivana Las Vegas be able to taunt the Trump Towers. Both the projects have fallen by the wayside as both have become financially unviable for the developers.The reservations are being refunded for the condos already sold. The rash of the projects announced over the last two years by people not familiar with Las Vegas building and construction industry have found market reality completely different. Construction workers for high-rises, funds are all limited. Added to that are the increasing costs of building materials a direct result of the Hurricane Katrina flattenining the city of New Orleans have all added to the developers woes.
With many high-profile celebrities lending their names to these projects many investors from within the country and outside were tempted to buy these luxury condos. Rich Americans hoping to be neighbors to a Michael Jordan or an Ivana Trump rushed to buy these ultra luxurious homes touted as ultimate in modern luxurious living are finding that they can no longer hope to own these homes.
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