Condo buyers struggling for closure amid credit squeeze
Ronald Cowan thought he’d be living the high life in Las Vegas, rubbing elbows with sports stars and celebrities who frequent hip places like ghostbar, Rain, Playboy Club and the Pearl concert hall at the Palms.
Cowan plunked down $132,000 for a deposit at Palms Place, the swank condo-hotel tower that opened earlier this year next to the Palms.
One slight problem: He can’t close escrow on his $663,000 unit.
Cowan, of Cambria, Calif., was hoping to sell his property in nearby Grover Beach and use the proceeds in an Internal Revenue Service code 1031 exchange to buy the unit at Palms Place.