New Shots of Cosmopolitan

I just uploaded several new photos of the Cosmopolitan. Its slow-but-sure progress can be seen when compared to the last set.
The most newsworthy feature is that the ziggy-zaggy facade will be outlined with white (neonish) light which will look awesome (IMO).

 
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  • 12/28/2009 2:46 AM Chad wrote:
    Deutsche bank is takin their time with this thing... time is money, money they don't have.
    Reply to this
  • 12/28/2009 9:51 AM Greg wrote:
    Earlier in the year they were lighting up several of the horizontal blue strips on the Spa Tower for testing--nice look!...it should blend well with the white lighting you mentioned....
    Reply to this
  • 12/28/2009 11:16 AM Andy wrote:
    What is the deal with this place lately? I know it is still bank owned and that they have slowed construction. But are they trying to sell it or find a new operator? And have they scrapped the condo idea (I hope so, I've never been a fan of condos on the strip from the beginning)?
    Reply to this
    1. 12/29/2009 8:23 AM Alan wrote:
      Really wanted to have this place finished before I come out in April. As a Jockey Club owner, I get to look at a blank wall if I get a south side unit (blue lights will give me flash backs to my cop days), north side is a great view of fountains. The pool will never see the light of day ever again. But, can't blame the owners group the old parking lot was not owned by the Jockey Club. Condo's are great... 2 br 2 ba on the strip for the price of tax and HOA fees, works out to be $80 per night after up front cost is done.
      Mark, Thanks for the pics.
      Reply to this
  • 12/28/2009 11:54 AM Gary Mann wrote:
    The COSMO is not going to open until late 2010. And they don't actually have a date yet.
    So if they say late 2010, that means Nov or Dec at the earliest.
    Reply to this
  • 12/28/2009 7:47 PM devron gibbon wrote:
    This building is like a zit on your face, it's out of place and ugly.
    It will be a jumpers para-dice, open balcony? Somehow every time I see it I envision bed sheets, towels, undies, and any other fresh washed piece of clothing hanging from each and every balcony.
    This is a monument to greedy parasitic bankers who tried, and failed to sink MGM. This will end up in receivership inside of 1 year from opening. Bankers cannot, and should not run a business. Please don't support it.
    Reply to this
  • 12/30/2009 12:49 AM Joe wrote:
    It's a shame that the Cosmo is being built by two of the most corrupt construction companies in the world - Perini and Duetsch Bank. The reason it is taking so long is because everyone is taking care of everyone around there, so everyone gets money in their own pockets.
    Reply to this
  • 12/30/2009 7:58 AM Mike from Canada wrote:
    Of all the various projects recently completed or currently under construction, the Cosmopolitan is the biggest puzzle to me. First of all, I feel that squeezing it in-between City Center and Bellagio and right up against The Jockey Club is similar to a bad neighbor building a tall fence to block the view in spite. And what is Cosmo all about anyway? Will it be a hip hotel similar to The Palms? Will it still be marketed as a condo-hotel? Will its shopping area compete with The Crystals mall or will they fill it with more reasonably-priced retailers? And as Devron mentioned, the balconies are a poor idea, in my opinion. Yes, it scares me as well to think about 'jumpers' or even just drunken idiots tossing bottles/cans/whatever over the railing. As for the balconies, how many people will actually go stand on a glassed-railed balcony 30, 40 or more floors up? A lot of people will be scared to even get near the balcony. It would have been cheaper to have gone with a curtain wall design like City Center has done. Deutsche Bank will be wise to delay the opening until late 2010 or later. Hopefully the economy will improve a little by then.
    Reply to this
  • 1/2/2010 8:31 PM derek marlowe wrote:
    I have never read so many nut-ball comments in my life. I wouldn't even know where to begin.
    LOL
    Reply to this
    1. 1/4/2010 8:53 PM CHelsea Dreamer wrote:
      Just a FYI.
      I was an owner in the Casino tower (36 floor, 1BR, Bellagio Fountain View) A class action lawsuit was filed by the contract holders against DBank. We settled for 75% of our deposits back. Close to 1,100 owners took their deposits back and canceled their contracts.
      With MGM's City Center cutting their condo prices by 40% (just to get contracted owners to come to the settlement table) and DBank letting 1,100 owners out of their Cosmopolitan contracts - I have no idea what is going to happen to this building.
      I am happy to have most of my deposit money back, but I must admit, I am sad that I will not have the opportunity to own a condominium RIGHT ON the Las Vegas strip.
      Best wishes to Cosmopolitan. It was an amazing idea - just came at a terrible time in real-estate history.
      Reply to this
  • 1/6/2010 7:38 PM derek wrote:
    MGM cut prices 30% (not 40%) but many ridiculous conditions were required in order to get the discount. There are several groups of buyers who have hired attorneys and have no intention of closing. MGM is trying to force buyers who dont want to close on VDARA to shift to another condo at CityCenter.

    The condo/hotel concept is defunct and neither Vdara or Cosmo will end up being one. In the end Cosmo will void all contracts in order to sell the project.
    Reply to this
    1. 1/7/2010 8:47 AM Bill wrote:
      How can you be so sure of this? Maybe DB will try to force the remaining contract holders to: 1. close or 2. walk away from their deposits. Once they finish that stage, then they can change the project concept. DB is greedy, so it is unlikely they will just payoff all the remaining deposit holders. Just my humble opinion. Any other viewpoints appreciated.
      Reply to this
      1. 1/7/2010 11:16 PM derek wrote:
        Nothing in life is certain. Anything is possible. I am talking probabilities.
        Your point 1.
        There is NO financing available on vacation or second homes NONE. So nobody, except an eccentric cash buyer can close. How many of those are there?

        your point 2.
        If you are proposing that they force the contracts and then keep the deposit on those who cant close. Then turn it into a straight hotel?
        This would be a lawyers dream. You would have lawsuits for years to come and DB is not that stupid.

        If DB closes even one condo sale, then the whole building becomes a condo building. Since they cant sell the others for the reasons I stated above. What would be their benefit? DB ultimately wants to sell the project, they have said that themselves. If if is half unsold condo, how is that attractive for a buyer. They need to clear out the litigation also before a new buyer would be interested.

        Sure they would like to keep the deposits, but they just gave back 1100 deposits without even a fight, so they don't want them bad enough to fight over.

        The Beech Tower units will be settled this year and owners will get between 60-70% back, minus attorney fees of around 15%, just like the Casino Tower people just got.
        Reply to this
        1. 1/8/2010 10:13 PM Jake wrote:
          Well I am one of these eccentric cash buyers. And I am not going to settle for 60-70% back of my deposit.
          I will buy it and then yet them deal with me if they want me out.
          Reply to this
        2. 1/9/2010 6:38 AM Chelsea Dreamer wrote:
          When you talk about DBank selling this property to someone and turning it into a straight hotel, remember 1 main problem. Hotels in Las Vegas are NOT permitted to have balconies. This is why the Hotel portion of the Casino Tower does not have balconies. Any perspective buyer has to consider buying this small property from DBank for Billions of dollars (More than Wynn spent on the Bellagio - More than he spent on the Wynn) and then dump a ton more cash into it to do a renovation project which pushes the rooms out (eliminating balconies)
          A perspective buyer will have to deal with the water problem in the underground garage (the pumps are running down there 24/7 - to prevent the garage from flooding)
          Bottom line is - the property was an amazing idea on the drafting table. I believed in this project 100% in theory. When it started to go up, and it went from a project that had a projected cost of 1.1 billion to a project that will cost 3.5 billion to complete ... I realized the dream of owning a Chelsea Unit was just that - a dream. The reality is something very different (and keep in mind this cost will NOT deliver you a unit that you saw as a model - DB has redesigned and scaled back the quality of the interiors twice so far)
          I too had the cash to close without financing - I was thinking about the long run. I had visions of leaving this property to my children and grandchildren ... but it just seems doomed for my lifetime - forget about generations to come.
          Before you guys in the beach tower go to the closing table - you should take into consideration the option to get a portion of your deposits back. I'm sure you are aware of the Marquis and Auerbach group that just settled the Casino Tower and are just now back to work on getting the Beach Tower a similar deal.
          Just remember, this property is no longer being designed and built by people who are in the hotel business - it is being designed and built by bankers. I was afraid of closing on my unit and being terribly disappointed in what the quality finished product was going to be - so I bailed.
          Bailing now is not the end of your opportunity to own in this building. Don't forget there are now 1,100 units available in the Casino tower. There will always be opportunities to buy re-sales in this building. You will probably be able to buy a resale much cheaper than you purchased your current unit for (for at least a few more years)
          Think about taking a ding on your deposit -take the lump of the money you get back and go back in and buy for hundreds of thousands of dollars less than your current contract (give up tens of thousands to save hundreds of thousands)
          Also, let other people go through the growing pains of starting ownership in the building. You can walk in to a resale and have solid facts available when you purchase. You'll know what the association fees are, you'll know what the interiors look like, you'll know what the problems are - you won't have to guess.
          Best wishes!
          Reply to this
          1. 2/15/2010 1:43 PM Eric wrote:
            What in the world are you talking about when you say "hotels in Las Vegas are NOT permitted to have balconies"????

            Plenty of Vegas hotels have balconies, including some rooms at both Bally's and Caesars. MGM rents lots of balcony rooms at Signature as hotel rooms as well.

            I don't know if balconies are a great idea for Vegas hotels; but they are certainly not prohibited.
            Reply to this
      2. 1/8/2010 10:02 PM Jake wrote:
        Well I have a deposit for a studio and have no intention to give it away.

        looking forward to own it and enjoy for many years to come.

        Markets may have their up and downs. I am in it for long term, not to get in for a quick money.

        Hope they will renegotiate the price...
        Reply to this
  • 1/8/2010 10:07 PM Jake wrote:
    I am one of the future owner of a studio. And don't want my deposit back.
    Hoping that Cosmo will negotiate the price.

    I intend to buy it and enjoy for many years to come.
    Reply to this
  • 1/9/2010 6:22 PM Jake wrote:
    Chelsea your comments are well taken.
    And I agree with you 100%. I rather renegotiate the buying price at this time. instead of taking my deposit back with 70% dent on it. then try to by it again.
    Attorneys fees gets much bigger then buying at present market value.

    As you say and I agree with you they can not convert these units to a hotel that easily.
    Reply to this
  • 1/10/2010 12:03 AM derek wrote:
    The balcony issue is easily handled:
    1.ask the city for a variance, lots of cities have hotels with balconies.
    2. just put in glass that has windows only, so there is no way to go on the balcony, lots of building have overhangs.

    Chelsea Dreamer,
    DB didn't give back 1100 deposit without a fight just to put them back on the market. The sales office has been closed for going on two years and no contracts are being signed. The website has been down for about as long. Does this sound like they want to sell units?

    At this point DB is in league with the attorneys and they cut a deal to each take a nice chunk of the deposits, which they just did, to the tune of millions of dollars.

    It is true that there are water problems, design re-dos, currently they don't have a design plan for the interior and no finish work is being done on the interior of the condos. The painters were all laid off many months ago. But the project is not going away and needs to be opened at some point by someone and will be sold at some price (a lot less than cost).

    Everyone must make their own decision, but common sense tells you that the Cosmo will not be a condo/hotel in the end. Wait and see........
    Reply to this
  • 1/12/2010 1:42 PM Bill wrote:
    Haven't heard any news from DB ever since the Settlement in Dec 2009. For the people in the West Casino Tower that opted out of the settlement, I presume before Q4 2010 a decision is required to either: 1. wait and try and close (maybe at a lower negotiated price) or 2. to accept a return of their deposit or a portion of from DB. If not 100% returned, what would be a reasonable and acceptable portion given what has occurred and what is know to date? Hard to say... maybe 75%... maybe 90%? Probably without attorney's involvement or fees? I guess this is Vegas we are talking about, with calculated bets and odds. What is the best bet? Hmmmm.
    Reply to this
  • 1/12/2010 11:34 PM Jake wrote:
    I think 100% refund of deposits will beresonable. Or renegotiate the buying price at fair market value.
    Reply to this
  • 1/14/2010 4:05 PM laguna wrote:
    The 30% discount that Vdara has is not enough to entice me to close on my Cosmo unit. 50% would make me close since I already have 20% in the game.
    700k minus 1/2 = 350k minus 150k = 200k more. I would go for that. I am only dreaming, I don,t think DB will cut it in half. I think they will just dump the whole thing. I saw today that Carl Icahn looks like the buyer for Fontainbleau at 156 million. Maybe he can come buy the Cosmo also. The low price should give DB the shivers about their prospects to sell Cosmo for much more than that. A reality check for sure!
    Reply to this
  • 1/20/2010 11:55 PM Jake wrote:
    Hi Laguna,

    What do you think is realistic price per sq. today?
    And can you give me reasons of your thoughts as real value of Cosmo in Vegas (Price/sq. of course)
    Reply to this
  • 1/22/2010 11:48 AM laguna wrote:
    I think you can buy condo/hotel units at MGM Signature for less than 200k. The location is not as good as Cosmo, so factor that in. I don't know of any other comps. to use to find a value for Cosmo?

    Carl Icahn is buying Fontainbleau for around 160 million, it is mostly completed like Cosmo. The location is not as good, but it is on a much bigger piece of property and is still on the strip. So that makes Cosmo worth ten cents on the dollar, at this point of completion, if you use comparable real estate sales price.

    Something interesting is currently happening with Cosmo deposits. DB has contacted some owners, who were not part of the big settlement, and offered them 75% refund. This will save the attorneys fees that the recent group payed.
    Reply to this
  • 1/22/2010 2:11 PM Jake wrote:
    Hi Laguna,

    Where did you hear about DB has contacted some owners.
    Do you know any names or contacts at DB for any kind of negotiation?
    Reply to this
    1. 1/22/2010 7:36 PM laguna wrote:
      I am in the Beach Tower and I have not received a letter. So I am assuming it is for the remainder of the West Tower, at this point.

      There is also a group that has filed suit and have some pretty compelling evidence. They are holding out for Full Refund plus Interest and attorneys fees.

      The first group was represented by lawyers who were only interested in settling and collecting multi  millions without doing any discovery, depositions or trial. DB gave in without a fight and collected 68 million plus interest of tens of millions. Why would everyone settle so easily?
      Reply to this
      1. 1/23/2010 4:19 AM Chelsea Dreamer wrote:
        I was one of the people who settled "so easily"

        I can't speak for everyone else, but I can tell you why I settled.

        If you read through your contract, you will see that DB is allowed to take your escrow money at any time in this part of the construction phase to fund construction costs necessary to complete the property. If they choose to do this, the escrow money is gone and you have nothing to fight over - all you can do is wait to close on your unit.
        I have mentioned in past posts - I would rather gather my remaining ammo and return to fight another day.

        I kept reminding myself that Cosmopolitan is not the only condominium project available for purchase in Las Vegas. As much as I love this property and this location - I will learn to love something else for 1/3 the price of my current contract with Cosmo. I'll take the hit on tens of thousands of my deposit money - in an effort to save hundreds of thousands on my purchase price.
        If Cosmo comes back on the market for a much reduced rate, I'll buy back in. If they don't, I'm happy to have walked away with something.
        I simply wanted to get away from this disaster in its current state. DB is spinning wildly out of control in regard to this project, they are in way over their head. As they look around them and see what other projects are selling for, they are going to become more desperate and make worse decisions. I simply wanted to get away and recover something.
        If you guys have hung in there and wind up getting more of your deposits back, I salute you.

        For a Las Vegas property, perhaps the following explanation is best understood:

        Have you ever sat at a blackjack table with $200 and watched your stack shrink with each hand? I am the kind of guy who will quit and walk away from the table with $140 in chips - before I lose everything. I know lots of guys who will stay at the table and grind away trying to get back to the $200 they started with. Sometimes, the guys who stay at the tables win their $200 back - some guys even make a profit on top of the original buy-in. Unfortunately, most of the people who stay at the tables lose everything they started with.

        In conclusion, I think it is a business/gambling style that made people take their money and run. Everyone does business differently, everyone gambles differently.

        I just like being in a position to be able to act on some other deal at another property if it presents itself - without having to worry about being obligated and locked into Cosmo.

        Example: I can take my deposit refund from Cosmo and go buy a property at MGM (formerly 'The Residences at MGM') for cash. This is not the location I desire, but you get the idea.

        Again, best wishes to those who are hanging in there to capture your entire $200 in chips back ... good luck to those who took their remaining $140 in chips and ran.

        Its just a shame we all couldn't have been neighbors at Cosmopolitan ...
        Reply to this
  • 1/28/2010 3:33 PM Dax wrote:
    Did anyone notice on January 26 they briefly had a sign up on the tower that is closest to the strip? It was a big purple C in a cosmopolitan font on a huge round silver disk that was right in the big section of the triangle at the top of the building. Within just a few hours after I noticed it, it had promptly disappeared?
    Reply to this
  • 1/28/2010 10:10 PM laguna wrote:
    http://www.dailyfinance.com/story/credit/deutsche-bank-rolls-snake-eyes-buys-a-vegas-casino-by-mistake/19332320/

    This is what I meant by my question, 'why would everyone settle so easily (meaning DB and the plaintiffs attorneys). Lawsuits of this huge size don't just settle with a whimper, unless their is a reason?
    Now you can see why the lawyers didn't do any discovery, depositions or go to court. They agreed to a hasty settlement, knowing that DB was going to settle anyway. They just wanted a big payday and got it!

    And guess who else got a nice payday? Lets see who figures it out first.

    Come on Chelsea, put your thinking cap on and focus like a laser.
    Reply to this
    1. 1/29/2010 7:06 AM Chelsea Dreamer wrote:
      Calm down Iguana, no one is challenging your brilliance and absolute perfection. (you must have been bottle fed as a baby)

      I know everyone made money off of the deposits. We ALL know EVERYONE had their hand in it. I never said you were wrong to wait - read my post - I simply said everyone had their own reason for doing what they did.

      Again, I wish you well in your quest to get all of your chips back.

      Meanwhile, relax the buttox - take a deep breath in through your nose (hold it) and exhale slowly through your mouth ...
      Reply to this
      1. 1/29/2010 10:24 PM laguna wrote:
        Its Laguna not Iquana, but I'll let that slide. How could I not after all your gushing accolades. It's especially nice to be correct when ones money is at stake. I would be really ticked if I donated tens of thousands to the 'shyster lawyer' fund only to find out that if I had waited a week I wouldn't have to. But I would be crazed at the prospect of Kay and Sonny getting their palms greased handsomely for keeping the monkeys in their cages while their pockets were being picked. They instilled just the right amount of panic, which you seem to have consumed rather heartily, to cause a stampede for the check out line to pick up a bit over half your money. I have been telling people to sit tight for many months, but few listened. Oh well!

        And yes I was bottle fed as an infant but I sure have made up for it with the real thing since then.

        Thanks for asking.
        Reply to this
  • 1/30/2010 5:40 PM Chelsea Dreamer wrote:
    Iguana,

    Oh, so thats it. You are bitter about Kay and Sonny allegedly getting a piece of the action.

    Even if they were 'in on it' it is well deserved. I don't care what you (or anyone else believe) without them starting the whole class - no deposit money would have been made available by DB.

    DB would have sat on the deposits, finished the building and made everyone step up to the closing table. They know full well that 95% of the contract holders had NO way to finance the remaining 80% of their deals. When this scenario takes place, DB gets 100% of 95% of the deposits.

    So there were two people who logged hundreds of hours in an attempt to create enough trouble and interference to foil DB's plan. And in the end, they got the giant to the table. Do you think I care if their pockets got lined? You shouldn't care either - because your 74.4% would not been available to you if they didn't start this thing.

    Kay and Sonny ... this is what you are so bitter about ...

    That is so sad.

    Have fun with the 74.4% of your deposit. Sounds like you need every spare nickel you are fighting for.

    Unlike you, I am not terribly concerned with the 35% loss. I'm actually relieved to have a loss in calendar year 2009 that I can use to write off gains I had last year. I will still have to pay capital gain taxes this April, but this Cosmo hit will help soften the tax blow. So, the lawyers got paid - the Title company got paid - Sonny and Kay got paid - DB got paid ... and I have don't have to pay big gains thanks to the money I lost on Cosmo ... sounds like the American way to me.

    Keep grinding for your noble cause. I'm sure the extra 10 grand will go a long way toward your fixed, monthly retirement income.
    Reply to this
    1. 1/30/2010 9:29 PM laguna wrote:
      I can easily see why you view a loss as a gain. You are so mixed up that I will try again to help you. Firstly, I am NOT taking the 74.4, where in my postings have I ever said that I was? I am not a scared rabbit that is easily led like you and the others. I have posted all along that Cosmo will never be a condo/hotel. This phoney lawsuit was filed so that DB could swipe tens of millions and the plaintiff lawyers were happy to take their cut. Didn't you get suspicious that a corporation that size of DB (2nd largest bank in the world) with its ability to fight off or delay any suit would just settle without any discovery, depositions or going to court. If they truly wanted to go thru with the condo concept or force the closing (and keep the deposits) then why didn't they slug it out? I have been involved in a couple of civil lawsuits, nothing even close to the size of this but one did involve one of the largest U.S. retail chains. It took 4 years and numerous depositions, claims, counter claims, court dates,counter suits, it never seemed to end. Finally it went to court and eventually a trial. It was over peanuts compared to this case but my point is that big companies dont handle business the way this was handled. There werent even any offers and counters, it was just 'here's the deal folks'. Sign up today or fall off the ends of the earth tomorrow. The fix was in and it was obvious to anybody that has been around the block, apparently you haven't. I could not care less what Sonny and Kay get, I just dont like the lack of disclosure on their part, people should have been told what was up. Its not anything to me other than I believe in transparency and there was none.

      And I couldn't care less about your tax situation and all your bs, you mean nothing to me, you are funny to play with. Your insults are laughable, you know nothing about me or my finances, but you certainly have let the readers know alot about you and you should be embarassed by your rants and attempts at bragging in order to make you loss look like a gain. Maybe you could go to work for Obama, you seem to have the same way of looking at losing money is really ok because its really a good thing in the end.

      This will be my last foray into the mud hole with you. Wallor their in peace.

      If you post I will not read it, so go ahead and further embarass yourself.
      Reply to this
    2. 1/30/2010 10:24 PM laguna wrote:
      And I forgot to add. Fishordie was kicked off the Cosmopolitanowners site for posting alternate theories and other possible lawsuits, his posts were deleted. If Kay and Sonny just had peoples best interests at heart, why would they not welcome other ways to go?

      And I have seen YOU call the attorney 'bloodsuckers' on that site and over here you say 'so, the lawyers got paid', like its no big deal. You are a very confused person.

      just for the record I was never a member of any of the suits and have no intention of being one in the future. when this whole thig is said and done, I will not need an apology, it wouldnt mean anything.

      If it turns out that I am wrong, which I doubt, I can and might just buy my units (yes, I have deposits on more than one) for cash,(you know it will be discounted like Vdara). Then Chelsea and others can come and rent them from me.
      Reply to this
  • 1/30/2010 11:02 PM laguna wrote:
    Chelsea the Dreamer, I just reviewed everyone of your posts on Cosmopolitanowners and you whinned about the fee from the title company, the $1000 retainer, the lawyers never called you back and are bloodsuckers and on and on, wa,wa,wa. On Jan. 23, 2010 you gave your theory that DB was positioning Cosmo to be sold as a straight hotel. Then you have the nerve to come over here and say just the opposite and criticize me for saying the very things that you said over there. Anybody can go over there and access your posts as I did. You have been exposed for all to see! We now know what you are.
    Reply to this
  • 1/31/2010 7:59 PM Chelsea Dreamer wrote:
    Iguana,

    Oh sure, take your ball and leave the playground -sure you will. You'll read this ... for sure (I own you)

    I remember the late 1970's when there were rows of residential homes on the beach blocks in Atlantic City. The casinos were trying to buy these homes in order to build the hotels.

    The first wave of home owners took the initial deal. There were some hold outs who got a slightly better deal. (i.e. 65% return of deposit and 75% and returned deposit)

    There were two holdouts who thought they were so smart and believed they were amazing business minds (like you) These people were going to hold out and stand up to these large corporations and get "everything that was coming to them."

    When I hear you talk about holding out, it takes me right back to the articles about these poor saps in Atlantic City.

    In the end, Bally's and the Penthouse (which is now Trump Plaza) built the hotels right around the houses. The same way Cosmo built right around The Jockey Club.

    The casinos hooked in with the state and forced the homeowner property taxes up exponentially due to "the new tax structure of the beach block." The big corporations tried to be fair at first and even entertained the next wave of negotiations ... but when some small timer tried to hold a gun to their head and demand more than was reasonable - they used their muscle to choke them out of existence.

    Hang on to your contract with all of your "worldly business experience" and keep believing that you have the upper hand. DB will play with you for a while before they squash you. But they will ultimately smash you like a bug.

    When you can't pay your association fees or property taxes - or whatever DB throws in place to "choke you out" ... you have to walk away with an overwhelming loss on your precious condo ... then you will think of me.

    Oh, and by the way ... I do complain like a whiner on the owners site, because I know the Lawyers and DB reads that site daily. I want to represent that all former owners are miserable. I want to represent dissatisfaction, so that the Beach Tower people may get a slightly better deal. Since you read my posts like the Chelsea Dreamer groupie you really are - you'll see my last post on the owners site was me arguing with Kay to help out the Beach Tower people.

    And, rentals? You are right, I can't wait to rent your place at Cosmo (for $69.00 per night) You will get your cut of my $69.00 - your share will be 45% minus housekeeping charges. Your unit will hardly cost you anything to carry each month. How high is the occupancy rate in Vegas these days? 60% per month? That is before the thousands of City Center rooms opened ...

    Finally, don't go bragging about your love for Obama. He stuck his socialist dagger in the heart of the Las Vegas strip his first days in office. The faster he's gone, the better off the world will be.

    So, don't reply because you are pretending not to read it.

    Signed,
    Your Daddy
    Reply to this
  • 2/1/2010 12:10 PM Bill wrote:
    Laguna and Chelsea,
    Your volleys back and forth are entertaining, but they are starting to diminish in value. They are switching from "informational and insightful" to "confrontational and personal." Enough yet?

    I am in the same boat as the non-majority who OPTED out of the West Tower Settlement. I am happy I have the choice to choose the 75% now or possibly grind it out seeking full deposit. If anyone has updates on the construction status, please share here or email me at billme247@yahoo.com.

    Also, it seems that Kay and Sonny pulled the class action together using a ton of personal hours merely for the benefit of the class and to get their deposits back. As the situation and time advanced, did their incentives/motives shift? Now that their deposits are received, are Sonny/Kay still involved? Will Beach Tower owners or West Tower owners that have opted out get some help? At the end of the day... EVERYONE's actions including mine are no more than to improve one's own asset position. Anyone that states/pretends otherwise is rubbish.

    I have followed the sites: cosmosettlement.com and cosmopolitanownerslv.com; and after reading in-between the lines along with the biasedness and censuring, I was convinced to opt out of the Settlement.
    Reply to this
    1. 2/3/2010 5:14 AM Chelsea Dreamer wrote:
      Bill,

      You are absolutely correct about content diminishing. I just can't help myself when foolish Iguana types have to keep shouting louder and louder in order to subconsciously convince themselves that their decision is correct.

      Sharing one's reasoning may help others come to a decision. I know that is what Iguana is trying to do, as am I.

      When you eventually make a decision, just be prepared to let go to the "what-ifs" and look at all of the positives in what you did. I've been sharing the many pros I associate with taking the money.

      You are in a position to walk away with most of your chips, there is a lot of good in that. Even when people win money, greed can make you second guess whether or not you should have tried to get "more." Don't get too greedy.

      By the way, I have still not heard of one single person who has confirmed that this 74.4% offer is available. Do you actually have a letter - or contact information on how to exercise this option? If so, please share it and I will post it on the owners website. There are many who would like to have this information from DB.

      Back to your comment. Yes, everyone who got involved initially hoped to improve their asset position. But I have a question (and admit to yourself -no one has a crystal ball to see if DB will lower prices on units)

      Knowing what we know HERE AND NOW, what is the best decision one can make in regard to the assets invested?

      And when you answer this question remember to factor the many, many unknowns. (What the final unit price will be, what the HOA's will be, what the taxes will be, what the percentage of rent an owner will receive from the rental program, what monthly occupancy will be, how City Center will impact Cosmo rentals, and so much more) Will it be a worthy investment after all of these things are factored into the equation?

      There is not one single Condo Hotel project anywhere in the US where owners are pleased with the arrangement of owning. Not one of these owners have seen anything close to what was sold to them at the time of contract. Again, just a few things to think about.

      In the end, I accepted 64.4% of my deposit and I have accepted the hit and am choosing to view all of the positives associated with the decision. I am no longer at risk to lose one more dime on cosmo - and that makes me happy with my decision. Allegedly, you have the opportunity to take 74.4% of your deposit back and (from my position) I can see more reasons for you to be happy with that settlement than I am with mine. 10% more reasons!

      Anyone who is holding on for more is rolling the dice and making decisions on sheer speculation. I can appreciate why a rube like Iguana is chewing his nails. He has $0.00 of his deposit in the bank. He will lash out at guys like me because he is truly insecure and second guessing himself every minute. His money is under someone else's control.

      Do what is best for you, based on facts available TODAY and best wishes!
      Reply to this
  • 2/4/2010 7:36 AM McFly wrote:
    Will the Cosmo when complete raise the value for the Jockey Club time share owners?(If they wanted to sell?) They may be two 'shoe-box's but they are in a perfect spot!
    Reply to this
  • 2/22/2010 8:14 PM Jason wrote:
    I have a deposit on the east tower, does anyone know if they actually will reduce the sell price.
    Reply to this
  • 3/3/2010 7:15 PM Jake wrote:
    Hello All, I have a contract to buy a unit in the East Tower, and have given a very substantial down payment, as have all buyers. The proposed settlement results in my receiving only 60% of my deposit back. It is very clear that the owners cannot deliver what I agreed to purchase, and under the agreement they have to return my deposit. I don't see why I should agree to take just 60%. If you agree, let me know and we can share thoughts about how to do better than 60%.
    Reply to this
  • 4/6/2010 2:26 PM Bill J wrote:
    I haven't seen any recent blogs posted on this site. On the other site, there are some (however, not alot of) insightful comments. Here is one that some blogger (named "Voice of Reason") wrote that seems to be well-thought and positive for those of that have opted out: "The resort was sold to the buyers with a specific 'mix' of hotel rooms and condos. People bought into the project based on what was presented to them at the time of the sale. the number of condos and hotel rooms at the resort was certainly a major consideration and selling point. In legal parlance its called 'a meeting of the minds', courts have ruled for hundreds of years that this concept defines a legal contract. If it is not specified in the contract that a major aspect of the project can be changed, then it is a breech of contract to change it. Drastically changing the number of condos vs. the number of hotel rooms would be a huge change and would be a loser for DB to litigate, not that they would even want to. As you stated, 'its not in the contract'. If your point is that 'if its not in the contract, then they can do it?' I would have to think think you were not really trying to be serious. Some things were given leeway for changes, like management of the resort, name of resort, room decor, etc. so they can be changed, other things cant be changed unless the buyers were to agree in writing.

    If you read the contract sect. 8.5 states the the 'if the seller doesn't obtain executed sales contracts for 50% of the condo units, it can refund the buyers full deposits'. Thankfully, they have now met that number."

    Here is the URL:
    http://cosmopolitanownerslv.com/index.php?PHPSESSID=ka928v2l462tusej8gg611om57&action=recent;start=0

    Good Luck All!
    Bill
    Reply to this

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