Failed Spanish View Towers Las Vegas condos
The Failing Spanish View Towers located in Las Vegas a luxury condominium project that failed its completion had its day in court today. The condo units were in the $800k to $5mill price range. A total of 22 complaints were heard due to there earnest deposits being burned from the developers .. In most cases an earnest deposit is held in escrow but in the case of a new development the buyers sign a release of earnest deposit at different stages of construction allowing the builders to use such
funds until financing kicks in,, in this case the financing never kicked in due to the mortgage melt down that hit the valley. The deposit money was traced and the
builder developer used much of that cash for mortgage payments on his Spanish Trails home and a yacht purchase in Florida. Many local Real Estate Agents
in Las Vegas also cashed in on commissions from this project. The builder has agreed to pay up to $1,000,000 back to buyers,, that money has not been seen
as of yet.