CityCenter, Las Vegas’ latest luxury condo development has announced a 30% cut in prices for deals that were already agreed. This is an unusual move and one that is hoped will rejuvenate the Las Vegas condominium market. But the thinking is that this is flawed – most agree that  a 30% cut in prices is nowhere near enough to persuade people to go through with a purchase.

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A mood change has been going around investors worldwide in the last couple of months. The current recovery of the global bourse has boosted investors’ moods, and banks in stabilising countries resumed lending once more, even though with a slow start. This optimistic effect has also caught the local stock markets. Much like the oil price rally, Dubai’s stock market has greatly recovered over the last quarter of 2009. Instead of cutback discussions in coffee breaks, there is talk of confidence and cheer. The government has also caught on this optimistic trend.

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The luxury hotel industry has been showing signs of struggling over the last year or so, with a number of high end hotels defaulting on loans, but a recent report from Realpoint LLC, a credit rating agency that follows the commercial mortgage-backed securities suggests the problem may be somewhat larger than originally thought. According to Realpoint, $24.5 billion may be in danger of default, representing loans against some 1,500 luxury hotels.

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Five luxury homes in a development in Kilmacanogue, Co Wicklow, Ireland, have had their prices slashed by up to €1 million each.

Five luxury homes in Rocky Valley Crescent, have been dropped to under €900,000 – the original asking prices were in excess of  €1.8 million, meaning a reduction of over 50%. Roscommon builder Alan Hanly’s Laragan Developments,  went bust earlier thsi year ad the homes have been siezed and offered for sale by a receiver.

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We have been suggesting for some time that the luxury real estate market in Dubai was going to collapse and slowly but surely that has come to pass. Dubai is finished. The Times has finally acknowledged that Dubai is all but finished as any sort of investment destination with the indefinite “delay,” of the World Island development meaning the elements are taking over once again.Of course, just a few weeks ago, the times was also selling us on the idea that Britain’s property market has bounced back and a “recovery” is under way.

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Things are continuing to get ugly in the luxury condo development world as the credit crunch continues. I suspect 2010 will be the year of the record lawsuits, but 2009 is shaping up nicely. It is still anyone’s guess just how long Donald Trump will be spending in court over the next couple of years, but he is by no means alone.

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