I own 2 units at the Jockey Club. I will be staying there in a couple of weeks. (Jan 13-18th) so, I will post back about the Cosmo. I purchased my units a few years ago, shortly after the Cosmo began construction. Most JC owners were angry, and the price of units were at an all time low. I spent less than $1000 on my units. And over half of that was closing costs. Before I purchased, I visited the property and asked for a map. That way, I could determine before purchasing, if the units were on the Bellagio side. Both of my units face the fountains. One is on the 3rd floor, and does not have a great view. The other is on the 9th floor and is in the perfect location. The JC is going to be updating all their rooms this year, with new furnishings and flat screen tv's.
Since I visit LV at least once a year, it made sense to buy a unit. At the time of purchase rooms rates were approaching $100 a night. Now that the Cosmo is finished, its makes the ownership 10x better. I will probably look at selling one of my units later this year, when the remodels are done.
The JC owners were not offered a buyout before construction. It was nearly impossible. Each building has 11 floors with 18 rooms per floor. Thats 198 rooms/units per building. Each unit can/will have a separate owner for each of the 52 weeks. 198 x 52 = 10,296 owners. Since there are 2 buildings you need to double that number. 2 x 10,296 = 20,592 owners would have needed to agree on a buyout. There was no way for Jockey Club/Tricomm Mgmt to force a buyout, since each unit/week is deeded as real property.
I stuck it out because I saw potential. To be able to stay at a prime place on the strip. For a decent price. I have a large room, with a full kitchen, living room, free wifi, and view of the Bellagio Fountains. And now, I will have a private elevator to the newest casino in Las Vegas. Plus, if I ever decide to sell, I will more than likely make money.
