Las Vegas condominium market has fared as poorly in recent years as the battered single-family sector. The malaise is afflicting everything with the condo banner hanging over it; the luxury high-rises, the contemporary mid-rises and the homey low-rises. A host of units on Strip glass towers have gone unsold for a long while, dating back to when the bubble started noisily leaking air. The ones, easily hundreds, that have deposits on them haven't closed either because mortgage financing has pretty much dried up. Moreover, the drastic value erosion has caused many would-be buyers to balk at finalizing their purchases.

CityCenter condos, notably Veer Towers, Vdara Condo Hotel and The Residences at Mandarin Oriental Las Vegas, are in the middle of that type of a row. A while back MGM Mirage stood rather firm at the original price structure despite loud appeals that they work with the buyers. But the gaming giant's mind has changed recently.

These luxury condominiums at CityCenter will now be reappraised, while the details of how far they will go are still to be worked out. If the prices will be adjusted strictly to the current real estate market, the cuts will be substantial. It's fair to assume that they won't go quite there, probably stopping somewhere around the lower half of the range. Regardless, it can still be beneficial to both sides.

Mortgage availability is also on the table. MGM Mirage is engaging a number of banks to get them to offer financing, likely holding talks with the same lenders that are funding the entire $8.5 billion project. It appears it would be in the banks' best interest to play ball and thus assure that at least a good portion of the condominiums would sell and subsequently make the development more stable. This approach was actually adopted not so long ago at the Palms Place Las Vegas, although the success rate there is still to be established.

MGM Mirage is also listening to its existing resort clients, as many of the condo buyers are long-time visitors, okay players, with a decent or better financial background. Clearly, the decision to readjust the prices is more than a real estate market necessity.