Luxury homes for sale in Las Vegas

Ouch! The president of the “Luxury Homes Group,” a Las Vegas- based luxury real estate company has just listed his 6,600+ sqft home for sale on Innisbrook Avenue for $1.299 million. Mr Morco Kozlowski paid $2.3 million for the property back in 2006, and the property was foreclosed upon in March for $1,45 million, which gives some kind of indication of the fall in values in Las Vegas.

Las Vegas has one of the highest foreclosure and default rates in the country, and this includes the luxury homes sector. Las Vegas continues to hit the news, as the casino business is suffering as badly as any industr, and the MGM Mirage’s directors were sued twice by individual shareholders Monday over the decline in the Las Vegas company’s stock price since 2007 according to the Las Vegas Sun.

Three similar lawsuits are pendingin Clark County District Court against Las Vegas Sands Corp. directors over a decline in that company’s stock price. MGM Mirage’s directors have not yet responded to Monday’s lawsuits and the company policy is to generally not comment on pending litigation. However, the company has denied the allegations in the August shareholder lawsuit that seeks class-action status covering all purchasers of MGM Mirage stock during the time frame at issue.

2010 is shaping up to be one of the most litigious years on record. Donald Trump has numerous suits for and against him to deal with, and I will be watching these and Mr Trump’s with interest. Who needs a TV?

MGM Mirage directors sued