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 @PatrickSF 

 

This wasn't an investment property. The contract specifically prohibited renting the units or reselling them within one year of purchase. They wanted people to live in the units, and we wanted to live there.

 

The first problem was liens were placed on the property that prevented them from closing within the 2 year term outlined in the contract. We had to wait for that to clear up before we could close.

 

While trying to close, the developer's bank defaulted on the loan and the government took it over, again preventing us from closing.

 

The government awarded the property to Starwood Residential (for 31 cents on the dollar and Federal funding to make improvements) and they canceled the contracts, keeping our money. They are preparing the units to be rented and have no intention of negotiating with the contract holders.

 

That's what happened.

 

What's stopping us from living downtown? I'm certainly not going to rent from these guys.

 

http://www.costar.com/News/Article/Starwood-Capital-Wins-Rights-to-Corus-Bank-Assets/115438

 

 

1 year, 10 months ago on Delivering Reality: To Succeed, Tony Hsieh’s Downtown Project Can’t Please Everybody

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As a 29 year Las Vegas resident, I am very interested in this project. I've gone to some of the events like the Jelly and plan to attend the next LaunchUp. I've also worked downtown and loved it, and am a big fan of co-working and most of the things the project is trying to promote.

 

One of the problems the project is running into is getting people who want to live in the area. Unfortunately there were hundreds of professionals who invested in condos downtown only to run into the financial collapse that put their contracts in limbo. I think one unintentional consequence of Zappos moving downtown and the Downtown Project is that the new owner of these developments canceled the contracts, hoping to cash in by renting to the people they think will work in the area.

 

People with skills who want to invest in the area and want to live downtown are needed to help make the changes envisioned by Tony Hsieh and the Downtown Project. It's unfortunate that 200+ professionals who wanted to live in the area cannot. I happen to be one of them.

 

There's a lot of excitement, energy and hope for downtown. I hope the project helps coordinate efforts between government and business to help make these changes happen. This is a whole new approach for Las Vegas, which has typically been a "hit it and quit it" attitude.

1 year, 10 months ago on Delivering Reality: To Succeed, Tony Hsieh’s Downtown Project Can’t Please Everybody

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