Palms Place-Vegas-Palms Casino-George Maloof-Vegas real estate
Palms Place condo prices tank
March 6, 2015  //  By:   //  US News  //  No Comment

by Carol Thompson

Palms Place condominiums in Las Vegas are selling at cut-rate prices. The upscale condos are advertised as selling for a minimum list price of $155,000.

The condos were constructed with a mix of 600-square-foot studio units and 1,200-square-foot one-bedroom suites in Las Vegas in close proximity to the Palms Casino. There are also reportedly 21 penthouses on the top four floors, ranging in size from 2,000 square feet to 7,000 square feet.

One Realtor is describing the sales at “near foreclosure prices.” According to Las Vegas High Rise Condo Tour, “Prices at Palms Place are in the Tank in 2015. There are a glut of previously unsold units on the market,  for the first time.  Therefore inventory is up and prices are down. We have been surprised to see the prices at Palms Place approach the low price levels when short sales and foreclosures glutted the Las Vegas real estate market. This has been one of the only high rise condo towers to have had such a radical upward and downward and upward and plunge downward again price swing.  If you graphed the sales prices at Palms Place over the recent years it would look like an interval training routine on a treadmill!!  Palms Place prices as of this writing, February, 2015 are LOW!”

The condominiums were the subject of controversy after several buyers were forced into arbitration when they believed there were breaches to the contract. None of the parties won their case.

The units were constructed in 2006, reportedly the brainchild of George Maloof. Several of the condo buyers went to arbitration alleging fraud with the sale. Not only were their delays, but buyers had difficulty obtaining information in regard to their purchases.

Maloof reportedly has no ownership now or only a small stake in Palms Place.

An Internet search will return many of the condos currently on the market.

 

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