Thursday, August 25, 2011

The U.S. housing market: A synecdoche

The Harmon Hotel tower in Las Vegas perfectly captures the absurdity of the U.S. real estate market.
The days of the Harmon Hotel tower in Las Vegas may be numbered -- even before the hotel welcomes a single guest.

Begun during the Las Vegas high-rise condo boom, the hotel tower -- first proposed as a 49-story mixed-use condo and hotel project -- is an empty, if flashy, shell that its owner, MGM Resorts International, seeks to demolish.

The building's downfall has been blamed on massive construction defects and the market downturn. MGM and the building's general contractor, Perini Building Co., are embroiled in litigation over the building's problems -- and the outcome may ultimately decide its fate.
Listen to an MPR story about the Harmon Tower here.

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(Image courtesy of Flickr user Vrysxy under a Creative Commons license)

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