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Las Vegas Real Estate Blog

Your Las Vegas real estate information source. The latest news, new construction, scandals, additions to the strip and other Las Vegas and related information.

Wednesday, June 04, 2008

Yet another real estate lawsuit

It seems that there are at least one group of professionals profiting from the real estate slump-----lawyers. The developers of Sullivan Square, a large green high rise project are suing their equity partner, Harcourt Nevada.

Now there is a suit pending against D. R. Horton filed by real estate developer and two other home builders. The suit is alleging breach of contract for failing meet funding obligations for the Park Highlands community in North Las Vegas. The agreement that they are claiming DRHI violated stated that they were to fund 20% of the backbone infrastructure costs via regular monthly payments. The plaintiffs are claiming DRHI is more than $4 million in arears.

Construction of Park Highlands commenced in January of 2007 and despite the lawsuit, the plaintiffs state that the project is going forward.

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2 Comments:

At 6:53 PM, Anonymous las vegas said...

I could not agree more.

 
At 2:29 PM, Anonymous Mo said...

It's like rats leaving a sinking ship. There oughta be a law that really sticks it to them.

 

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