More Inaccuracies in the LVRJ

The LVRJ numbers published earlier this week citing more than 12,000 in-construction “tower” condominiums, which come from Salestraq, include 83 condominiums at Luxe, except that Luxe is now being converted into a hotel.

And they include 100 condominiums from Metreon. Except that the actual number of condominiums at Metreon is 14.

I’ve already mentioned the improper inclusion of 1200 timeshare units in a previous posting.

The numbers included 1140 units at Sullivan Square. That’s misleading on two different levels. In the first place, the project at Sullivan Square has been halted. In the second place, even when it was going, it only had a single building, of about 200 units under construction.

ManhattanWest is listed as 700 units under construction, but only the phase 1 is being built right now, with 228 units.

One Las Vegas is listed as under construction with 961 units. A couple of problems there: Only two buildings, with a couple of hundred total units, have been put under construction, and, well, they’re done. So there are actually 0 condominiums under construction at One Las Vegas.

Streamline was included as “under construction” and it’s done too.

So, as posted below, the LVRJ’s number is off by about 50%.

In fairness to Salestraq, the LVRJ published numbers from an April report. At that time, Streamline was still under construction.

Overall, though, this misreporting is pretty unfortunate and indicative of the tendency of media to overstate the doom and gloom scenario.


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