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Condo Default Pain Not Limited to Phuket

Category: Real estate, Posted:04 Sep 2010 | 06:00 am

Despite a few isolated cases of developer defaults in the island's challenged condo market, consumer pain in something that can be felt increasingly around the globe.
Take for instance the glitzy luxury Cosmopolitan condo-hotel development in Las Vegas. With management by the Grand Hyatt flag and 2,600 units on offer, the original brainchild of entrepreneur Bruce Eichner has now seen the project revert to Deutsche Bank.
A number of very public legal disputes with disgruntled purchasers have placed the bank under the gun in media accounts. An assortment of well known personalities have issues comments about tying money up for a number of years and units still not being delivered.
Sounds familiar?
Property and the global financial crises have become unlikely bedfellows and for now until the larger outside world goes into an economic upswing expect more pain then pleasure for unhappy off plan investment and real estate buyers.

Other News

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Thailand’s Sandbox Is Not A Quarantine

Category: Tourism, Posted:12 Jun 2021 | 10:45 am As we are 19 days away from Thailand’s Sandbox tourism reopening in Phuket, there continues to be a misunderstanding of the overall rules and the term quarantine is incorrectly used. Quarantine by definition is isolation, whereby Sandbox travelers will be able to move throughout their hotel, visit beaches, restaurants, shops etc. Remember Phuket is about […]
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C9 Hotelworks Releases New Krabi Report

Category: Hotels, Posted:07 Jun 2021 | 06:00 am Comparing major Southern Thai resort destinations, Krabi is one that historically balances well between the international and domestic markets. In the new Krabi Hotel Market Update from C9 Hotelworks, we take a look back at pre-Covid trading to examine from what point hoteliers hope tourism will upcycle towards recovery and what will the trends be. […]
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SHA Plus Program In Focus

Category: Hotels, Posted:06 Jun 2021 | 13:17 pm A key part of the upcoming Phuket Sandbox reopening process is the requirement for incoming international travelers to stay in an SHA Plus hotel for 14 days, or shorter if only visiting the island. Those who want to travel onward to other destinations in Thailand can proceed after a 14-day period. As travelers are scrambling […]