Condo Default Pain Not Limited to Phuket
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.
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.