The growing condo shadow inventory – CityCenter in Las Vegas and Lexington Park in Chicago

``78 of 1,543 units is not a good start rate for a supposedly ultra-hot piece of property. The spin might be out there but just look at what is happening with price. Some units are already seeing price drops of hundreds of dollars per square foot. Many prospective buyers are waiting for 40 to 50 percent price cuts. Prices on some units have been cut by 30 percent but that doesn’t seem to be pushing inventory... The fascinating thing is these units don’t show up in national data as inventory. Clearly these kinds of projects will skew statistics and it is clear that these are available properties.''