The FDIC is ordering the liquidation of properties held by Corus Bankshares, which the FDIC took over last week. Corus lent a lot of money to condo developers locally:

Other local projects [besides One Las Vegas and Streamline Towers] financed by Corus include Meridian ($111.3 million), Platinum ($87.6 million), Loft 5 ($56.5 million), Juhl ($106.2 million), Newport Lofts ($67.1 million), Panorama Towers ($236.3 million), Village Green ($60 million), the Residence Las Vegas ($56.8 million), Soho Lofts ($49.3 million), Copper Canyon ($43 million), Boulders at Lone Mountain ($40.2 million), Verano ($39.5 million) and Spanish Palms ($28.2 million).

At least 3 condo developments and one commercial property are likely to be sold. Of $7 billion in loans, $2 billion are “non-performing” — bank talk for not being paid. While this could be a great opportunity for a well-capitalized investor, it more likely spells future trouble for our luxury and high rise condo market.