condominiums

Altessa gets a sugar daddy

A luxury condominium community in Summerlin seemed like a no brainer a few years ago. Real estate was booming in the valley, prices were going up and supply was low. Like all things, that came to end as the market slowed, prices leveled out, then started to drop. Pacific Contractors, owned by Steve Molasky, ran into some trouble (foreclosure) like some other developers around town and Altessa was suspended. Despite the notice I've posted on the Altessa page, people are still interested in the project. So there is some potentially good news for people interested in living in Altessa.

Irwin Molasky, (Steve's dad) developer of Park Towers, has stepped in and offered to buy the project and pay off the existing contractor liens. Pacific contractor license has been suspended, and the contractor's board is reticent about reinstating the license, even with the financial support provided by his father. A foreclosure auction is scheduled for March 12, and the newly formed Asset L.A. by Mr. Molasky has already been in negotiations with the note holder. The contractor's board will meet again on March 26th. Provided the acquisition goes smoothly and the liens are paid, I would expect to see Altessa units back on the market within the next couple of months.

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