Urban Village Condos In Las Vegas Cancelled By Centex Homes

Urban Village Las Vegas condos a real estate mixed-use development has been shelfed. Urban Village Las Vegas on Las Vegas Boulevard has stopped before it ever started.

Several sources in the local luxury Las Vegas real estate industry said the $1 billion, 50-acre project, by Centex Destination Properties, a resort-style subsidiary of Centex Homes, has been canceled.

Centex Destination in Denver division president confirmed that Centex Destination Properties has stopped sales at Urban Village Las Vegas condos effective immediately and refunded deposits to more than 70 buyers of the Las Vegas brownstones.

Capital costs were reviewed by Centex after interest fell short of Centex’s presale requirements of the real estate in Las Vegas development. It was necessary for them to allocate their resources elsewhere.

Many national home builders are improving their balance sheets by selling their land holdings and cutting back on new home construction in Las Vegas who have excess inventory.

Centex homes started infrastructure work and grading during the summer for the first phase of "brownstone" homes for sale in Las Vegas, four-story condominiums modeled after the type of homes found on the East Coast. Urban Village condos were priced from $360,000 to $760,000 with reservations on more than 300 units.

The mixed-use project at Urban Village Las Vegas real estate was to eventually have commercial businesses such as postal services, dry cleaners, restaurants and boutique retail. A condo-hotel was also planned.

Las Vegas commercial real estate investor Philippe Pageau Goyette in April 2005 acquired the land for $35 million after dissolving his partnership with Manhattan condominiums in Las Vegas developer Alex Edelstein. Construction was scheduled to begin in June 2005.

Pageau Goyette, also the developer of Club Renaissance Las Vegas condos, which has yet to begin construction in downtown Las Vegas. Late last year, he sold the land to Centex Destination Properties.

Centex paid about $38 million for 15 acres with an option to buy the rest, putting down a significant deposit on the land.

Call 702-505-6988 for VIP Las Vegas home buyer representation by a Las Vegas real estate agent.

Selling, buying or refinancing a piece of Las Vegas Real Estate today? Visit Fine Homes Real Estate for more information and VIP representation by a Las Vegas Luxury Real Estate REALTOR for investment Las Vegas Real Estate, 1031 exchange, condos such as Trump Towers Las Vegas, Turnberry Towers, Allure, Panorama Tower, The Signature MGM Residences, W Residences, RED Rock real estate, commercial, residential and Las Vegas land.

Urban Village condos in Las Vegas have been cancelled by Centex Destination Properties.