Las Vegas strip luxury condo market... when to buy?

[DespotInExile]

Sort of an off-topic investment thesis, but have any of you considered whether to step into the Las Vegas strip luxury condo market? Some distressed sales are appearing on the MGM Signature property, and a large supply overhang will come online in 2009 through the CityCenter project. I was thinking of setting up a fractional LLC with some friends to purchase a luxury strip condo. The only question is timing. Thoughts?