The LA Times reports on the latest Las Vegas condo cancellation. "Some of the newest high-profile luxury condominium projects in Sin City have been folding like a house of cards. The latest to throw in his hand was actor George Clooney, who announced an agreement with his partners Monday to sell his stake in a proposed $3-billion condo-casino project near the Strip."

"New York-based developer Related Cos. cited rising construction costs and slowing sales in unloading its 25-acre, 11-tower Las Ramblas condominium. Only about half of the 31,000 condo units under construction or planned in the so-called resort corridor that includes the Strip are expected to be completed, said Brian Gordon of an independent Las Vegas real estate market research firm."

"'There is a shortage of qualified developers with the financial wherewithal to pull these projects off,' Gordon said. Also, he said, 'a significant number of sites may not have the resources to bring some of the projects to fruition.' About 50 projects are planned for the resort corridor within one mile of the Strip."

"Like most other once-scorching housing markets, Las Vegas is cooling off, particularly for new homes including condos, townhomes and single-family residences. Year to date, sales were down 31% in Clark County, and the cancellation rate rose 25% from the same period a year earlier."

The Miami Herald. "The sale marks another failed attempt by the Miami-based developer Jorge Perez to build in Las Vegas. Perez, whose privately owned company was recently ranked by a builder trade publication as the biggest condo developer in the country, ventured out to Las Vegas in recent years aiming to replicate his South Florida success."

"But earlier this year, again citing exorbitant construction costs, Perez pulled the plug on a two-tower project called ICON Las Vegas near the Las Vegas Strip."

"'There is always disappointment when you don't build a project you announce,' Perez said. 'But is it better that we made a lot of money by selling the land rather than building and losing a lot of money? Of course it is better.'"

"Edge Group bought the land in a deal that closed last week. The company said it's considering a hotel on the site."