The following is from an article describing the shutdown of the Krystal Sands condo development in Las Vegas before anything was actually built (having taken deposits whose status is now unknown):

“According to Victor Altomare, developer of The Summit, “Unless a residential condo is at $600-$800 per foot, I question the project’s viability. Construction costs the same next to the Bellagio or on an old downtown redevelopment site. Although land is expensive, it’s content is minor compared to construction costs. A hotel condo needs to be forward priced at $800-$1,200 per foot, or it’s just not viable. Land and construction costs are skyrocketing, which inevitably means fabulous capital gains for the buyer upon delivery. In the short to medium term (2-5 years) capital gains in Vegas are assured. The risk for buyers is the knowledge, experience and judgment of the developer in forward pricing accurately. The trick for buyers and their estate agents will be to buy in a project where the developer has charged enough in the first place!””

Prudential Realtors Press Release

KVBC Las Vegas