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Old 01-16-2011, 12:42 AM  
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Henderson, Nevada
Join Date: Jan 2011
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The Cosmopolitan started out as a condo hotel project, but the developer went under and Deutsche Bank ended up acquiring it through foreclosure. There has been ongoing litigation - there were about 2000 units under contract and Deutsche Bank has negotiated with almost 1800 of the contract holders to only give back about 60% of their deposit money. Pretty sweet for Deutsche Bank since they got to keep about $100 million in their pockets! (Most people were hurting with the economy and just needed the money.)

There are just over 200 holdouts trying to make them do the right thing and refund the entire deposit amount since they are not delivering a condominium project any more. The next six months should be interesting as they bring the cases to court finally.

Actually the Cosmo itself has been very happening since it opened. Great crowds and seems to be drawing a lot of the hip Palmsters away. The property is very nice - more impressive than the Aria at MGM City Center next door.
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Old 01-16-2011, 12:46 AM  
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California
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Thanks for this information. What did the original condos sell for initially?
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Old 01-17-2011, 11:59 AM  
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Henderson, Nevada
Join Date: Jan 2011
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Studios initially started out at $500k for the lowest floor to the mid $600s on the highest floors, but after the grand opening in February 2005 they went up in price considerably to where the range was more like $650k to $850k. Actually Vdara condo hotels at the MGM City Center next door are still priced about where the Cosmopolitan units were originally, even with the 30% reduction they had in pricing at the beginning of last year. The other condo hotel projects: Palms Place, MGM Signature and Platinum, have seen significant reductions to under $200k on studios. But of course, they do not have the center Strip location either.
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Old 01-17-2011, 11:59 AM  
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Las Vegas, Nevada
Join Date: Oct 2010
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Quote:
Originally Posted by VegasAgent View Post
The Cosmopolitan started out as a condo hotel project, but the developer went under and Deutsche Bank ended up acquiring it through foreclosure. There has been ongoing litigation - there were about 2000 units under contract and Deutsche Bank has negotiated with almost 1800 of the contract holders to only give back about 60% of their deposit money. Pretty sweet for Deutsche Bank since they got to keep about $100 million in their pockets! (Most people were hurting with the economy and just needed the money.)

There are just over 200 holdouts trying to make them do the right thing and refund the entire deposit amount since they are not delivering a condominium project any more. The next six months should be interesting as they bring the cases to court finally.

Actually the Cosmo itself has been very happening since it opened. Great crowds and seems to be drawing a lot of the hip Palmsters away. The property is very nice - more impressive than the Aria at MGM City Center next door.
Cool...did not know about the residence part of the business. Just gaming.
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Old 01-21-2011, 06:32 PM  
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Fond du Lac, WI
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When I was at nellis in the 1950's we used to have to go out to indian springs afb out on the tonopah highway, I think. It was a small place run by the air force for training. Is that still active yet? Does any one know?
Signed old sgt.
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Old 01-28-2011, 10:35 AM  
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Henderson, Nevada
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Originally Posted by oldsgt View Post
When I was at nellis in the 1950's we used to have to go out to indian springs afb out on the tonopah highway, I think. It was a small place run by the air force for training. Is that still active yet? Does any one know?
Signed old sgt.
Indian Springs Auxiliary AF Base is now, "Creech Air Force Base". Its main mission is being the headquarters for all unmanned airplane (drones) flight operations and training. All those Drones flying over Afghanistan are being piloted from that local.

Up to last year all the 'pilots' had been actual commissioned pilots of the USAF. Last year the AF graduated its first class of Remotely Controlled Drone Pilots that had not been actual pilots previously. That class of 'pilots' have been doing just as well as their predecessors. They wear their own version of 'pilot' wings on their uniforms. ......... NevSmith
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Old 04-18-2011, 03:19 PM  
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N. Las Vegas, Nevada/Washington
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What is up with the streets that dead end and then pick back up 4 miles away?! There could be 6 parts to the same street but they dont join up. Its stupid.
I think the road department hires morons.. Las Vegas has a big majority of them.. every road is torn up, cones are everywhere.. should rename the town, "Cone City".. Roads change names every mile or so.. those guys can't seem to get their **** together!
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Old 04-18-2011, 04:25 PM  
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Shuswap, BC
Join Date: Jan 2011
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Some cities have vast under ground tunnel systems, and tours of them.
Does Vegas have anything like that?
I want to ride down next summer with a few friends, we will have 6 or 7 motorbikes.
What is the best place to stay near the main area, with security for motorbikes?
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Old 05-11-2011, 01:25 PM  
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was Las Vegas, now Orland Park, Was Nevada, now Illinois
Join Date: Feb 2011
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Vegas isn't old enough for dungeons and cisterns. Older properties are demolished. There are modern flood control tunnels but are occupied by homeless. Lisa Ling did a show on it a while back. For some reason, basements are a rarity in residential homes. I think there are only a few in Vegas. You could hit Great Basin National Park on the way down (or going home). They have a very cool cavern.

Check with Valet at any property. If it isn't a killer weekend, they could let you park right up front. Don't forget to grease his/her palm!!!!
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Old 05-12-2011, 09:11 AM  
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N. Las Vegas, Nevada/Washington
Join Date: Nov 2010
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Originally Posted by Josh View Post
What is up with the streets that dead end and then pick back up 4 miles away?! There could be 6 parts to the same street but they dont join up. Its stupid.
two words for that problem 'ROAD DEPARTMENT" the road department, like the road departments in all cities throughout the US, are the dumbest bunch of flunkies out in the working world.. road engineers, hiway designers, all come from the same school.. they are taught to tear up a road during peak season, put cones out for miles where no work is going on just to screw up traffic, see how many pot holes they can cover with something that looks like asphalt, but acts like marshmallow so you blow out your suspension going over them.. Las Vegas really should be re-named "CONE CITY".. I got there in 1948, not much has gone on behind my back that I didn't see.. and driving from south of las Vegas to Nellis only took 20 minutes.. now ... ha ha ha what a joke.. you have the road department competing with NE drivers (who are maniacs on the road).. look how many times the street your on changes names.. what the ? is up with that?...
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