Here is a link to a Calculated Risk post on a condo conversion gone bad in Las Vegas. Here is a quote from the blog that is quoting an article in the Las Vegas Sun:
The property, which had a failed attempt at trying to convert into a condo-hotel because of Clark County regulations, sold for $604 per square foot when it first entered the market. The average price was $539,000, Murphy said.At the middle of all this is Corus Bank, the condo lending king that will soon be a pauper.
Through June, the average resale price has fallen to $87,611 or $121 a square foot, Murphy said. With that drop in price has come rising foreclosures. Murphy reports that 201 of the 680 units or 30 percent have been foreclosed upon, and that number is likely to rise. The foreclosures have been running as high as 25 a month so far in 2009, he said.